0001104659-26-039147
SEC filingSEALSQ Corp reported FY 2025 audited revenue of $18.3 million (66% YoY growth), reaffirmed FY 2026 revenue growth guidance of 50%-100%, and held over $525 million in cash and short-term investments as of March 31, 2026.
SEALSQ Corp's FY 2025 results mark a significant inflection point, with revenue climbing 66% year-over-year to $18.3 million. This growth was primarily fueled by renewed demand in core semiconductor and PKI product lines, alongside a five-month revenue contribution of approximately $3.5 million from the IC'ALPS SAS acquisition completed in August 2025. The company is navigating a strategic transition from traditional offerings to next-generation Post-Quantum semiconductor platforms, with initial sampling revenues recognized in 2025 and full commercialization anticipated in the latter part of 2026. Despite the top-line expansion, the GAAP net loss widened to $34.2 million, up from $21.2 million in the prior year. This increase reflects substantial investments in R&D and sales infrastructure, the consolidation of IC'ALPS operating expenses, and a notable $11.2 million non-cash share-based compensation charge.
The company enters 2026 with considerable financial flexibility, bolstered by a cash and short-term investment position exceeding $525 million as of March 31, 2026. This liquidity position was strengthened by an approximate $125 million capital raise in March 2026, providing a strategic runway for accelerated Post-Quantum R&D, manufacturing scale-up, and potential M&A activities. Management has reaffirmed its FY 2026 guidance, projecting revenue growth between 50% and 100% year-over-year. This outlook is supported by a full-year consolidation of IC'ALPS, continued traction in secure semiconductor products, and the expected commercial launch of the QS7001 Post-Quantum product range. The active business pipeline is estimated at over $200 million through 2029, underscoring rising demand for quantum-resistant security solutions. Operationally, the QS7001 certification process achieved a critical milestone in March 2026 with the successful completion of fault injection and side-channel attack testing for Common Criteria EAL5+ accreditation, positioning the company to generate initial production revenues from this platform in late 2026.