WSKEF · WISeQey Corp

SEALSQ's Q1 2026 preliminary revenue of $4.1 million marked a substantial over 200% year-over-year increase from $1.3 million, reflecting strong commercial momentum from scaled Vault-IC secure element demand in connected objects, full-quarter consolidation of IC'ALPS revenues following its August 4, 2025 acquisition, and sustained growth in smart meter and PKI recurring streams via partners like Landis & Gyr. This performance underscores expanding demand for SEALSQ's cybersecurity and post-quantum solutions amid rising quantum threats to traditional encryption. The balance sheet remains robust with over $525 million in cash and short-term investments as of March 31, 2026, enhanced by a $125 million at-the-market registered direct offering completed on March 16, 2026, earmarked for accelerating Post-Quantum commercialization in the US and Europe. Management reaffirmed FY 2026 revenue guidance projecting 50% to 100% year-over-year growth, underpinned by full-year IC'ALPS contributions, entry into the TPM market, launches of QS7001 and QVault TPM products with first revenues in late 2026, custom ASIC development, PKI subscription expansion, and initial Quantix Edge Security revenues. An active pipeline exceeding $200 million through 2029, including $60 million tied to QS7001 and QVault, signals robust future potential across QS7001/QVault TPM, IC'ALPS ASIC design, Quantix, smart meters/PKI, and WeCan Group. Certification progress for QS7001 advanced with SERMA confirmation of passed fault injection and side-channel tests for EAL5+, NIST-compliant Entropy Source validation, and completed Common Criteria hardware evaluation, positioning SEALSQ as a leader in quantum-resistant semiconductors. Strategic milestones like expanding the Quantum Fund to $200 million, a letter of intent for Miraex SA acquisition, and partnerships with Lattice Semiconductor and Parrot Drones further solidify the growth trajectory and US market entry.