LAES · SEALSQ Corp

SEALSQ Corp's FY 2025 results demonstrate significant revenue growth of 66% to $18.3 million, driven by renewed demand across core semiconductor and PKI product lines, along with five months of revenue contribution from the IC'ALPS acquisition completed in August 2025. The company reported a net loss of $34.2 million, which increased 61% year-over-year due to non-cash share-based compensation charges, consolidation of IC'ALPS operating expenses, increased general & administrative expenses from management team engagement, and investments in research & development and sales & marketing for the new Post-Quantum semiconductor product range. Management highlighted that the 2025 numbers reflected a transitional period between traditional product offerings and next-generation Post-Quantum semiconductor platforms, with initial revenues from sampling Post-Quantum technology products and commercialization expected to begin in late 2026. The company entered 2026 with strong commercial momentum, expecting Q1 2026 revenue to exceed $4 million with over 100% growth compared to Q1 2025, driven by increased revenue from Vault-IC secure element technology and full-quarter consolidation of IC'ALPS. SEALSQ reaffirmed its FY 2026 revenue guidance of 50%-100% year-over-year growth, supported by full-year consolidation of IC'ALPS revenue, continued growth in secure semiconductor products, entry into the TPM market, commercialization of QS7001 Post-Quantum and QVault TPM products in late 2026, and expansion of PKI subscription contracts. The company's strong liquidity position of over $525 million in cash and short-term investments as of March 31, 2026, provides significant resources to execute its growth strategy, including accelerated Post-Quantum R&D, manufacturing scale-up, strategic acquisitions, and vertical integration in ASIC design and quantum infrastructure. SEALSQ's active business pipeline exceeding $200 million for 2026-2029, including $60 million linked to QS7001 and QVault TPM programs, reflects rising global demand for quantum-resistant security and sovereign semiconductor design. The QS7001 certification process is progressing substantially in line with previous timelines, with critical Common Criteria evaluation for EAL 5+ certification passed in March 2026, and the company has more than ten prospective customers actively evaluating the QS7001, including partnerships with Trusted Semiconductor Solutions and Lattice Semiconductor.