Insider Brief
- SEALSQ reported H1 2026 revenue of $11.2 million, up 131% year over year, while reaffirming its FY2026 revenue guidance of $27 million to $36 million.
- Gross profit increased 233% to $5.4 million, while the company reported a $32.2 million operating loss and $27.8 million net loss for the period.
- SEALSQ said its active business pipeline exceeded $225 million through 2029, including more than $100 million tied to post-quantum projects such as QS7001 and QVault TPM, although these figures remain subject to conversion and customer validation.
PRESS RELEASE — SEALSQ Corp (NASDAQ: LAES) (“ SEALSQ ” or the “Company”), a company focused on developing and commercializing post-quantum semiconductor, PKI and trusted provisioning solutions, today announced its financial and operational results for the six-month period ended June 30, 2026.
H1 2026 Financial Highlights
- Revenue increased 131% to $11.2 million, compared to revenue of $4.8 million in H1 2025.
- Gross profit increased 233% to $5.4 million, compared to gross profit of $1.6 million in H1 2025; gross margin expanded to approximately 48%.
- Operating loss was $32.2 million, compared to operating loss of $21.2 million in H1 2025.
- Net loss was $27.8 million, compared to net loss of $20.0 million in H1 2025.
- EBITDA loss was $29.5 million, compared to EBITDA loss of $20.9 million in H1 2025.
- Cash, cash equivalents and restricted cash totaled $486.1 million at June 30, 2026; the broader liquidity measure including short-term investments was approximately $495 million.
- FY2026 revenue guidance of $27 million to $36 million was reaffirmed.
- The active business pipeline as of September 9, 2026, exceeded $225 million through 2029, including more than $100 million associated with the Company’s Post-Quantum projects, including the QS7001 and QVault TPM. These figures reflect management estimates and are subject to risks such as conversion risks, customer validation, and technical integration.
Revenue Growth and Business Drivers
H1 2026 revenue growth was driven primarily by renewed demand for SEALSQ ‘s Vault-IC secure-element product family, continued growth in PKI subscriptions and digital identity services, initial revenue from the Quantix Edge Security semiconductor design center in Murcia, Spain, and six months of consolidated revenue from IC’Alps SAS (“IC’Alps”)
IC’Alps, acquired in August 2025, contributed approximately $2.5 million of revenue during H1 2026 and expanded SEALSQ ‘s capabilities in custom ASIC design, secure semiconductor architecture and specialized engineering services.
North America generated $5.6 million, representing 50% of H1 2026 revenue. Europe, the Middle East and Africa generated $3.7 million, or 33%, while Asia Pacific generated $1.9 million, or 17%. The addition of ASIC design revenue and an improved product mix contributed to the increase in gross profit and the expansion of gross margin.
Investment in Growth and Explanation of Net Loss
SEALSQ recorded an operating loss of $32.2 million compared to operating loss of $21.2 million in H1 2025, and a net loss of $27.8 million during H1 2026 compared to net loss of $20.0 million in H1 2025. The increase primarily reflects planned investments supporting the post-quantum product roadmap, integration of acquired companies and expansion of the SEALQUANTUM Sovereign Vertical Stack.
- R&D expenses increased to $8.7 million from $4.7 million, reflecting IC’Alps consolidation, product development, certification activities and acquisition-related amortization.
- G&A expenses increased to $23.1 million from $13.8 million, reflecting acquired-business consolidation, expanded corporate infrastructure, intangible-asset amortization, and legal, audit, advisory and transaction costs.
- Selling and marketing expenses increased to $7.2 million from $6.0 million as commercialization activity expanded.
- These increases were partially offset by $3.8 million of additional gross profit and improved net non-operating income, including higher interest income on liquidity reserves.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ noted, “The first half of 2026 was marked by a decisive transition for SEALSQ. Revenue increased by 131%, gross profit more than tripled, our gross margin expanded significantly as we integrated IC’Alps and benefited from stronger demand for our secure-element and PKI solutions. Our $27.8 million net loss reflects substantial investments in R&D, certification, acquisition integration, corporate infrastructure and our Root-to-Qubit strategy. Our priority for the remainder of the year is turning that investment into disciplined execution, production commitments and recurring revenue. With $486.1 million in cash, cash equivalents and restricted cash at June 30, 2026, we have the balance sheet to fund that transition on our own terms.”
John O’Hara, CFO of SEALSQ added, “H1 2026 results confirm strong top-line momentum, with revenue increasing from $4.8 million to $11.2 million and gross profit increasing from $1.6 million to $5.4 million. Higher interest and other non-operating income partially offset increased operating costs, resulting in a net loss of $27.8 million. Our liquidity position remains strong, and we intend to manage this capital carefully while prioritizing projects that support commercialization, strategic control and long-term value creation.”
Condensed Unaudited Financial Results
US GAAP – $ thousands H1 2026 H1 2025 Change Net sales 11,151 4,825 +131 % Gross profit 5,408 1,626 +233 % Other operating income 1,432 1,662 -14 % Research and development expenses (8,718) (4,724) +85 % Selling and marketing expenses (7,181) (6,025) +19 % General and administrative expenses (23,103) (13,776) +68 % Operating loss (32,162) (21,237) +51 % Loss before income tax (27,694) (20,028) +38 % Income tax income / (expense) 302 (2) – Equity in losses of unconsolidated entities (397) – – Net loss (27,789) (20,030) +39 %
EBITDA is defined as Operating income/(loss) for the reporting period before depreciation and amortization for the same reporting period.
Non-GAAP EBITDA Reconciliation
$ millions H1 2026 H1 2025 Operating loss as reported (32.2) (21.2) Depreciation expense 0.4 0.3 Amortization expense 2.3 – EBITDA (29.5) (20.9)
EBITDA is a non-GAAP financial measure provided for supplemental analysis. It should not be considered a substitute for operating loss, net loss or any other measure prepared in accordance with US GAAP.
Post-Quantum Product and Certification Progress
SEALSQ continued to advance commercialization of its post-quantum semiconductor portfolio during the first half of 2026.
- QS7001 achieved NIST SP 800-90B Entropy Source Validation under ESV Certificate #E333.
- QS7001 completed key Common Criteria fault-injection and side-channel resistance testing.
- 30 prospective customers and partners were evaluating the QVault TPM and QS7001 products at June 30, 2026.
- Customer sampling of the QVault Trusted Platform Module advanced, and engineering samples of QVault TPM-185 were reported as available.
Initial commercial revenue from QS7001 and QVault TPM is expected toward the end of H2 2026, with a more significant contribution anticipated as customers complete technical integration and move into production in 2027 and beyond. Timing remains subject to laboratory review, certification, customer qualification and procurement.
Major Strategic Developments During the First Half of 2026
- Completed the 100% acquisition of Miraex SA, adding quantum-photonics interconnect technology.
- Increased ownership of Wecan Group to 55.5%, obtaining control and supporting AI-powered post-quantum compliance and digital identity solutions.
- Participated as a lead investor in Quobly’s EUR115 million Series A financing.
- Increased the Company’s commitment to EeroQ and its electrons-on-helium quantum computing technology.
- Advanced the Quantix Edge Security project in Murcia, Spain, a EUR40 million sovereign semiconductor design and personalization initiative that generated initial H1 2026 revenue.
- Progressed the SEALKAYNESQ initiative in India to support localized post-quantum semiconductor capabilities.
- Expanded commercial and technology relationships with Lattice Semiconductor, GlobalFoundries and Parrot.
- Began the commercial phase of Miraex’s quantum-photonics technology and continued integrating acquired technologies into the Root-to-Qubit architecture.
- Increased the SEALQuantum Sovereign Vertical Stack allocation to $200 million. This strategic initiative allocates SEALSQ ’s own capital to accelerate our post-quantum and quantum capabilities through targeted acquisitions and strategic partnerships aligned with SEALSQ’s semiconductor and quantum technology roadmap. More than $60 million has been committed to date across IC’Alps, Miraex, Quobly, Quantix Edge Security, ColibriTD, EeroQ, WISeSat and the Wecan Group, each of which directly supports SEALSQ’s product development, manufacturing, or go-to-market capabilities.
Commercial Pipeline
At September 9, 2026, SEALSQ ‘s active business pipeline represented more than $225 million in potential revenue opportunities through 2029, including more than $100 million associated with our Post-Quantum projects, including the QS7001 and QVault TPM. These figures reflect management estimates and are subject to risks such as conversion risks, customer validation, and technical integration.
FY2026 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 reaffirmed FY2026 revenue guidance of $27 million to $36 million, representing expected growth of 50% to 100% compared with audited FY2025 revenue of $18.3 million. The anticipated full year growth is driven by the following factors:
- Full-year consolidation of IC’Alps revenue.
- Continued demand for Vault-IC secure elements.
- Growth in recurring PKI and certificate-management revenue.
- Initial commercialization of QS7001 and QVault TPM.
- Revenue contributions from the Quantix Edge Security project.
- Potential execution of custom post-quantum ASIC design programs.
Conference Call
SEALSQ will host a conference call to discuss these results on Tuesday, September 15, at 9:00 am ET (3:00 pm CET). If you wish to join the conference call, please use the dial-in information below:
- Toll-Free Dial-In Number: 877-445-9755
- International Dial-In Number: 201-493-6744
A simultaneous webcast of the call may be accessed online via the Investors section of SEALSQ ’s website, https://www.sealsq.com/investors/events or click here .
The archived call will also be available on the Investors section of SEALSQ ‘s website, https://www.sealsq.com/investors/events .
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