SEALSQ Corp (NASDAQ: LAES) has reported its financial and operational results for the six-month period ended June 30, 2026. The Geneva-based post-quantum semiconductor, PKI, and trusted provisioning leader highlighted more than doubling its top-line revenue, gross margin expansion, and progress toward commercializing its flagship quantum-resistant chips.
Because SEALSQ reports semi-annually under IFRS/U.S. GAAP as a foreign private issuer, comparisons are made against H1 2025. The table below summarizes key financial metrics for H1 2026 compared with the prior semi-annual period (H1 2025).
| Amounts in $M (except per share) | H1 2026 | H1 2025 | % Change |
| Revenue | $11.15 | $4.83 | +131.1% |
| Gross Profit | $5.41 | $1.63 | +232.6% |
| Gross Margin | 48.5% | 33.7% | +1,480 bps |
| Operating Expenses | $37.57 | $22.86 | +64.3% |
| Operating Loss | ($32.16) | ($21.24) | +51.4% |
| Net Loss | ($27.79) | ($20.03) | +38.7% |
| Cash and Short-Term Investments | $495.00* | $121.00* | +309.1% |
*Note: Cash and Short-Term Investments strictly aggregates Cash, Cash Equivalents, Restricted Cash ($486.1M), and Current Short-Term Investments ($8.9M), totaling $495.0 million as of June 30, 2026. Baseline comparison reflects SEALSQ’s officially reported H1 2025 balance sheet reserves ($121.0M).
Financial Highlights & Reaffirmed FY 2026 Guidance
SEALSQ generated $11.15 million in revenue for H1 2026, representing a 131.1% increase year-over-year compared to $4.83 million in H1 2025. Revenue growth was driven by renewed demand for the Vault-IC secure-element family, expanding PKI subscription services, initial design revenue from its Quantix Edge Security center in Spain, and a full six-month consolidation ($2.5M) from custom ASIC designer IC’Alps (acquired in August 2025).
Gross profit rose 232.6% to $5.41 million, with gross margin expanding to 48.5% due to an improved product mix and high-margin ASIC engineering services.
Operating expenses increased to $37.57 million, driven by an 84.5% increase in R&D expenses ($8.72M) dedicated to post-quantum product certifications and $23.10M in G&A expenses supporting corporate expansion and M&A integration. GAAP Net Loss was ($27.79) million, partially mitigated by higher non-operating interest income earned on its substantial cash reserves.
Reaffirmed Full-Year Guidance
SEALSQ reaffirmed its full-year FY 2026 revenue guidance of $27 million to $36 million (representing expected year-over-year growth of 50% to 100% over FY 2025). Management cited an active business pipeline exceeding $225 million through 2029, with over $100 million tied directly to post-quantum projects.
Post-Quantum Semiconductor & Hardware Milestones
- NIST SP 800-90B Entropy Certification: The QS7001 Quantum Shield chip achieved NIST Entropy Source Validation under ESV Certificate #E333.
- Common Criteria EAL5+ Testing: Completed key fault-injection and side-channel attack testing required for EAL5+ security evaluation.
- QVault TPM Sampling: Advanced customer sampling of the QVault Trusted Platform Module, with engineering samples of QVault TPM-185 made available to over 30 evaluating prospective customers and partners as of June 30, 2026. Initial commercial revenue from QS7001 and QVault TPM is expected toward the end of H2 2026, scaling into 2027.
Strategic M&A & SEALQUANTUM Sovereign Stack
SEALSQ has committed more than $60 million of its $200 million SEALQUANTUM Sovereign Vertical Stack allocation to build out an integrated post-quantum hardware ecosystem:
- Miraex SA: Finalized 100% acquisition of Miraex to integrate quantum-photonic interconnect technology.
- Wecan Group: Acquired a 55.5% controlling stake to support AI-powered post-quantum compliance and digital identity solutions.
- Quobly & EeroQ Investments: Participated as a lead investor in Quobly’s €115 million Series A funding and expanded financial commitments to electrons-on-helium quantum developer EeroQ.
Additional details regarding this report can be found in the SEALSQ H1 2026 press release here.
September 11, 2026