SEALSQ reaffirms approx. $27M–$36M 2026 revenue outlook
SEALSQ expects post-quantum product lines to contribute more significantly in 2027 and beyond, subject to customer and certification milestones.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
SEALSQ Corp (LAES) announced preliminary, unaudited revenue of $16.3 million for the nine months ended September 30, 2026, up 65% year on year. It reaffirmed FY 2026 revenue guidance of approximately $27 million to $36 million, representing approximately 50% to 100% growth compared with audited FY 2025 revenue of $18 million. Based on preliminary nine-month revenue, the company expects fourth-quarter 2026 revenue of $11 million to $20 million, versus $8.4 million in Q4 2025.
SEALSQ expects a more significant contribution from post-quantum product lines in 2027 and beyond as customers complete technical integration and move into volume production; timing remains subject to laboratory review, certification, customer qualification and procurement. Chief Executive Officer Carlos Moreira cited approximately $465 million in liquidity.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointPreliminary 9M revenue was $16.3 million, up 65% year on year.
Negative
- None.
Filing Explained
This is a foreign private issuer’s interim report. Its information, except Exhibit 99.1, is incorporated by reference into the identified Form F-3 and Form S-8 registration statements and their outstanding prospectuses, placing that report content in those registration materials.
Key Figures
Key Terms
PKI (Public Key Infrastructure) technical
Post-Quantum Cryptography technical
technical integration technical
volume production technical
customer qualification technical
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is LAES's 2026 revenue guidance?
What revenue does LAES expect in Q4 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
for the month of October 2026
Commission File Number: 001-41709
SEALSQ CORP
(Exact Name of Registrant as Specified in Charter)
N/A
(Translation of Registrant’s name into English)
| British Virgin Islands | Avenue Louis-Casaï 58 1216 Cointrin, Switzerland |
Not Applicable | ||
| (State or other jurisdiction of incorporation or organization) |
(Address of principal executive office) | (I.R.S. Employer Identification No.) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
On October 15, 2026, SEALSQ Corp (the “Company” or “SEALSQ”) announced its preliminary unaudited financial metrics for the nine-month period ended September 30, 2026 (“9M 2026”), reaffirmed its full-year 2026 revenue guidance and provided some key product milestones and updates.
9M 2026
| ● | SEALSQ’s preliminary unaudited financials for 9M 2026 revealed revenue of $16.3 million (65% increase in year-on-year revenue growth) compared to $9.9 million in the equivalent period last year. |
| ● | Growth drivers: this 65% growth is mostly attributable to continued demand for SEALSQ’s Vault-IC secure-element family, growth in recurring PKI and certificate-management services, nine months of consolidated revenue from IC’ALPS (approximately $3.8 million in 9M 2026), and initial revenue from the Quantix Edge Security center in Murcia, Spain. |
| ● | Treasury: cash, cash equivalents and restricted cash of approximately $463.0 million as of September 30, 2026. |
Key Product Milestones
| ● | VaultIC408 achieved NIST FIPS 140-3 Level 3 validation. |
| ● | 42 prospective customers and partners were evaluating QVault TPM and QS7001 as of September 30, 2026, compared to 30 as of June 30, 2026. |
| ● | Active business pipeline of more than $200 million through 2029 as of October 15, 2026, including more than $100 million associated with post-quantum projects. These figures represent management estimates and are subject to conversion risk, customer validation, technical integration and other commercial risks. |
Forward-Looking Statements
This Current Report on Form 6-K expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. As a result, the preliminary financial results contained in this Report on Form 6-K may materially differ from the actual results that will be reflected in the unaudited condensed consolidated financial statements as of September 30, 2026 when they are completed and publicly disclosed. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the following:
| ● | completion of SEALSQ’s financial closing procedures for the period; |
| ● | the timing of product certifications and of the launch of key products; |
| ● | customer qualification and conversion of the business pipeline into revenue; |
| ● | SEALSQ’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; |
| ● | market demand and semiconductor industry conditions; and |
| ● | the risks discussed in SEALSQ’s filings with the SEC. |
Risks and uncertainties are further described in reports filed by SEALSQ with the SEC. SEALSQ Corp is providing this Current Report on Form 6-K as of this date and does not undertake to update any forward-looking statements or preliminary financial results contained herein as a result of new information, future events or otherwise.
The information contained in this Report on Form 6-K, excluding Exhibit 99.1, is hereby incorporated by reference into (i) the registration statement on Form F-3 of the Company (File No. 333-286098), as supplemented by the registration statement on Form F-3 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (File No. 333-290874), (ii) the registration statement on Form F-3 of the Company (File No. 333-290963), as amended, and (iii) the registration statement on Form S-8 of the Company (File No. 333-287139), and into the base prospectus and any prospectus supplement outstanding under each of the foregoing registration statements, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
1
| Exhibit No. | Description | |
| 99.1 | Press release of SEALSQ Corp. issued on October 15, 2026 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: October 16, 2026 | SEALSQ CORP | ||
| By: | /s/ Carlos Moreira | ||
| Name: | Carlos Moreira | ||
| Title: | Chief Executive Officer | ||
| By: | /s/ John O’Hara | ||
| Name: | John O’Hara | ||
| Title: | Chief Financial Officer | ||
3
Exhibit 99.1
SEALSQ Corp Announces 9M 2026 Preliminary Revenue of $16.3 Million, Up 65% Year-on-Year; Reaffirms FY 2026 Revenue Guidance of $27 Million to $36 Million
| ● | Cash, Cash Equivalents and Restricted Cash of Approximately $463 Million at September 30, 2026 |
| ● | Q4 2026 Revenue Expected Between $11 Million and $20 Million |
| ● | VaultIC408 Achieves NIST FIPS 140-3 Level 3 Validation |
Geneva, Switzerland, October 15, 2026 -- SEALSQ Corp (NASDAQ: LAES) (“SEALSQ” or “Company”), a company that focuses
on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, today announced its preliminary
unaudited financial metrics for the nine-month period ended September 30, 2026 (“9M 2026”), provided an update on operational
milestones, and reaffirmed its full-year 2026 revenue guidance.
9M 2026 Key Financial Metrics
| ● | Revenue growth of 65%: Preliminary unaudited 9M 2026 revenue of $16.3 million, compared to $9.9 million in 9M 2025. |
| ● | Strong liquidity: Cash, cash equivalents and restricted cash of approximately $463.0 million at September 30, 2026. |
| ● | Post-quantum pipeline above $100 million: An active, evolving business pipeline of more than $200 million through 2029 as of October 15, 2026, including more than $100 million associated with Post-Quantum projects, including the QS7001 and QVault TPM. These figures represent management estimates and are subject to risks such as conversion risk, customer validation, technical integration and other commercial risks. |
Revenue Drivers
The 9M 2026 increase was driven primarily by:
| ● | Continued strong demand for SEALSQ’s Vault-IC secure-element family across industrial, smart-energy IoT and P25 Radio protocol application deployments. |
| ● | Growth in recurring PKI subscriptions, certificate-management and digital identity services. |
| ● | Nine months of consolidated revenue from IC’Alps SAS, which contributed approximately $3.8 million in 9M 2026 through custom ASIC design and secure semiconductor engineering services. |
| ● | Ramp-up of the Quantix Edge Security sovereign semiconductor design and personalization center in Murcia, Spain. |
| ● | Initial sampling and evaluation revenue from QS7001 and QVault TPM as 42 customers are now evaluating the next generation of secure semiconductor products. |
FY 2026 Revenue Outlook
SEALSQ’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.
SEALSQ reaffirms its FY 2026 revenue growth guidance of approximately 50% to 100%, representing a range of approximately $27 million to $36 million, compared with audited FY 2025 revenue of $18 million.
Based on preliminary 9M 2026 revenue of $16.3 million, the Company expects fourth-quarter 2026 revenue of between $11 million and $20 million, compared to $8.4 million in Q4 2025. Fourth-quarter performance is expected to be supported by:
| ● | Commercial ramp of the FIPS 140-3 Level 3 validated VaultIC408 in government and critical-infrastructure programs, and first QVault TPM183 design-win shipments, subject to customer qualification. |
| ● | Continued IC’Alps ASIC design programs, including potential custom post-quantum ASIC engagements. |
| ● | Further revenue contributions from the Quantix Edge Security project. |
| ● | Seasonal strength in Vault-IC secure-element shipments and continued growth in recurring PKI and certificate-management revenue. |
The Company expects a more significant contribution from its post-quantum product lines in 2027 and beyond as customers complete technical integration and move into volume production. Timing remains subject to laboratory review, certification, customer qualification and procurement.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ, said: “Our preliminary nine-month revenue of $16.3 million represents 65% growth year-over-year, with revenue increasing sequentially in each quarter of 2026. This performance supports our reaffirmed full-year revenue outlook as we continue to advance our post-quantum products toward commercialization. With approximately $465 million in liquidity, we are well positioned to fund these priorities as we prepare for post-quantum semiconductors to become a more significant contributor to revenue in 2027.”
John O’Hara, CFO of SEALSQ, added: “Based on our preliminary nine-month revenue, our reaffirmed full-year 2026 revenue guidance implies fourth-quarter revenue of $11 million to $20 million. We remain focused on converting our pipeline into production revenue and deploying capital carefully to support growth.”
Post-Quantum Commercialization and Certification Progress
| ● | QS7001: Following fault-injection and side-channel testing (March 2026) and NIST SP 800-90B Entropy Source Validation, Certificate #E333 (May 2026), SEALSQ targets the QS7001 V1 Common Criteria Hardware Evaluation Test Report in October 2026 and the V2 full post-quantum report in January 2027, with formal CC EAL5+ certification progressing in 2027. |
| ● | QVault TPM first design win: iMTC Technology selected QVault TPM183 for its next-generation fingerprint-recognition medical mouse, bringing the TPM into a commercial production design. |
| ● | QVault TPM ecosystem: wolfSSL added wolfTPM support for QVault TPM, confirming TPM 2.0 interoperability. TCG certification is targeted for February 2027 (TPM183) and May 2027 (TPM185); all versions are available as engineering samples. |
| ● | VaultIC409: SEALSQ unveiled VaultIC409, a quantum-ready secure element built on the QS7001 platform for smart meters, industrial gateways and connected devices, with engineering samples planned for Q2 2027. |
| ● | SEALSQ presented peer-reviewed research on side-channel attacks and countermeasures for ML-KEM key generation at LightSec 2026, an affiliated event of CHES 2026. |
| ● | 42 prospective customers and partners were evaluating QVault TPM and QS7001 at September 30, 2026, compared to 30 at June 30, 2026. |
2
Recent Operational Milestones
SEALQuantum Sovereign Vertical Stack
| ● | Miraex SA (June 2): completed the 100% acquisition, adding quantum-photonics interconnect technology; founder Daniel Brau was appointed Chief Quantum Officer on August 4. |
| ● | Wecan Group (June 2): majority investment and CHF 5 million commitment to accelerate a post-quantum AI compliance co-pilot for financial institutions. |
| ● | Quobly (June 3): lead investor in Quobly’s EUR 115 million Series A, followed by a $5 million commercial agreement to integrate cryo CMOS IPs and post-quantum security into future Quobly’s silicon quantum computing platformsand new Quobly collaborations with TNO and Orange Quantum Systems (September 8). |
| ● | Commercial synergies (August 31): SEALSQ reported that its $24.5 million of pure-play quantum computing investments have begun generating commercial synergies. |
Semiconductor Partnerships and Customers
| ● | GlobalFoundries (July 8): strategic MoU to co-develop post-quantum security IP, secure chiplet architectures and a CryoCMOS ecosystem for quantum systems. |
| ● | L5 Cartronics (July 14): partnership to develop secure multi-package IoT modules for smart cameras and smart metering in India. |
| ● | Palm Technologies (August 18): selected SEALSQ to bring post-quantum hardware security to India’s digital payment, public transport and connected-infrastructure markets. |
| ● | IC’Alps QASIC (August 27): launched a roadmap for sovereign, quantum-resistant ASICs targeting cybersecurity, medical and automotive, and was featured for low-power secure ASICs for implantable medical devices (September 30). |
Sovereign Infrastructure and Space
| ● | Canton of Jura (September 21): SEALSQ, WISeKey and the Canton of Jura signed an MoU to establish a Swiss post-quantum semiconductor and cybersecurity center. |
| ● | Quantum Highway (September 22): expanded the network connecting sovereign technology centers from silicon to quantum and space. |
| ● | WISeSat.Space (October 5-6): Sister company, WISeSat.Space completed a business combination with Columbus Acquisition Corporation and began trading on Nasdaq under the ticker symbol “SAIQ”; SEALSQ led a $10 million PIPE to accelerate space cybersecurity and post-quantum communications. |
Regulatory Tailwinds
| ● | SEALSQ aligned QS7001 with the new ANSSI post-quantum mandate in France (June 22) and welcomed the White House Executive Order on quantum security (June 23). |
| ● | SEALSQ secured European patents for its semiconductor-embedded “Back-to-Physical” NFT technology (June 16 and 18). |
About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.
3
SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.
For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
| SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com |
SEALSQ Investor Relations (US) Lena.cati@theequitygroup.com |
4