0001104659-26-041509
SEC filingSEALSQ reported preliminary Q1 2026 revenue of $4.1 million, up over 200% from Q1 2025, reaffirmed FY 2026 revenue growth guidance of 50% to 100% year-over-year, and held over $525 million in cash.
SEALSQ's Q1 2026 preliminary revenue of approximately $4.1 million marked a substantial over 200% increase from $1.3 million in Q1 2025, reflecting strong commercial momentum from scaled production and growing demand. Key drivers included higher revenue from Vault-IC secure element technology for connected objects, full-quarter consolidation of IC'ALPS revenues following its August 4, 2025 acquisition, and sustained traction in smart meter and PKI recurring streams via partnerships like Landis & Gyr. The company's balance sheet remains robust with over $525 million in cash and short-term investments as of March 31, 2026, enhanced by a $125 million registered direct offering completed on March 16, 2026, to fund Post-Quantum and 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, expansion into TPM market, commercialization of QS7001 and QVault TPM products with first revenues in late 2026, custom Post-Quantum ASIC development, and rising adoption of Post-Quantum Cryptography amid quantum threats and regulations like CNSA 2.0. An active pipeline exceeding $200 million through 2029, including $60 million from QS7001 and QVault, signals robust future opportunities across QS7001/QVault, IC'ALPS, Quantix Edge Security, smart meter/PKI, and WeCan Group. Certification progress for QS7001 advanced positively, with SERMA confirming passage of critical EAL5+ fault injection and side-channel tests in March 2026, NIST ESV validation completed for the RNG, and Common Criteria hardware evaluation finalized ahead of ANSSI submission. Commercial traction includes over ten prospective customers evaluating QS7001, partnerships with Lattice Semiconductor and Trusted Semiconductor Solutions for US market entry, and proof-of-concept demos. Recent milestones like expanding the SEALSQ Quantum Fund to $200 million, a letter of intent to acquire Miraex SA, and collaborations with Parrot Drones and WISeSat further position SEALSQ as a leader in quantum-resistant semiconductors.