Insider Brief
- SEALSQ Corp reported preliminary FY2025 revenue of $18 million, up 66% year over year, with Q4 revenue of $8 million and guidance reaffirmed for 50–100% revenue growth in FY2026.
- The company expects a FY2025 net loss of $30–40 million, reflecting increased R&D, sales and marketing expenses, acquisition-related consolidation of IC’ALPS SAS, and non-cash share-based compensation.
- SEALSQ ended 2025 with over $425 million in cash and an estimated $200+ million active pipeline through 2028, driven by demand for post-quantum semiconductor, TPM, and PKI products.
PRESS RELEASE — SEALSQ Corp (NASDAQ: LAES) (“SEALSQ” or the “Company”), a global leader in semiconductor, PKI, and post-quantum security technologies, today announces key preliminary operational and financial metrics for fourth quarter (“Q4”) and full year (“FY”) 2025, provides first quarter 2026 revenue expectations, and reaffirms FY 2026 revenue guidance. All numbers reported are preliminary and unaudited. The Company expects to publish its audited full-year financial statements on or before March 31, 2026.
FY 2025 Key Financial and Operational Highlights
- FY 2025 revenue reached $18 million, representing a 66% increase year-over-year, of which $8 million was generated in Q4 2025, as compared to $4 million in Q4 2024. Revenue growth was driven by renewed demand across core semiconductor and PKI product lines, five months of revenue contribution from IC’ALPS SAS (“IC’ALPS”) following its acquisition on August 4, 2025, which represented approximately $3.5 million and early traction in post-quantum technology programs. While 2025 numbers reflected the continued transition from current generation product offerings to next-generation post-quantum semiconductor platforms, that transition has now entered its commercial acceleration phase.
- FY 2025 net loss is expected to be in range of $30 – 40 million, representing an increase in loss against the FY 2024 net loss of $21 million. The 2025 net loss includes further investment in our research & development, and sales & marketing efforts designed to accelerate growth with the launch of the new post-quantum semiconductor product range, increased operating expenses due to the consolidation of IC’ALPS since August 2025 as well as a non-cash Share Based Compensation charge of approximately $9 million .
- Ended the year with a strong balance sheet. As of December 31, 2025, SEALSQ held over $425 million in cash, providing one of the strongest liquidity positions in its sector, even after deploying $30 million during the year toward strategic investments in WeCan Group, IC’ALPS, Quantix Edge and WISeSat.Space (WISeSat), a secure satellite and critical digital satellite infrastructure company and a subsidiary of SEALSQ’s parent company, WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company. This capital base enables accelerated post-quantum R&D, manufacturing scale-up, strategic acquisitions and ecosystem investments and vertical integration in ASIC design and quantum infrastructure.
- Active business pipeline estimated to total over $200 million as of December 31, 2025, reflecting potential revenue opportunities with both current and potential new customers from 2026 through 2028, including more than $60 million linked to QS7001 and QVault TPM programs. This pipeline highlights rising global demand for quantum-resistant security and sovereign semiconductor design and the continued evolution of our business development activities. These figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration amongst other topics.
Carlos Moreira, CEO of SEALSQ, stated: “Our 66% revenue growth in 2025, combined with initial expectations of Q1 2026 revenue exceeding $4 million, mark a clear inflection point for SEALSQ. We are transitioning from a development and investment cycle into a structured commercial acceleration phase. With more than $425 million in cash, an estimated $200+ million of new potential revenue opportunities pipeline, and growing global demand for quantum-resistant infrastructure, SEALSQ is strategically positioned to become a cornerstone player in sovereign semiconductor and quantum-security ecosystems worldwide.”
SEALSQ Enters 2026 Well Positioned for Structural Growth and Commercial Acceleration
SEALSQ has entered 2026 with clear commercial momentum. The Company remains focused on scaling production, accelerating post-quantum innovation, expanding global partnerships, and securing its role as a leader in the emerging quantum-security infrastructure market. Q1 2026 revenue is expected to exceed $4 million, representing a substantial increase of over 100% on Q1 2025 and signaling accelerated demand across our traditional product portfolios, as our pipeline continues to grow with opportunities. Specifically, the anticipated Q1 2026 growth reflects expected increased revenue from Vault-IC secure element technology increasing as more objects require Internet secure connections and the full-quarter consolidation of IC’ALPS.
FY 2026 Outlook
SEALSQ’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward Looking Statements” below.
The Company believes the strong Q1 2026 start reinforces confidence in its previously communicated FY 2026 guidance with revenue growth expected to be between 50% to 100% year-over-year, which is supported by:
- A full-year consolidation of the revenue of IC’ALPS compared to five months in the current year
- Continued growth in our current range of secure semiconductor products as well as entry into the Trusted Platform Module (“TPM”) market
- The commercialization of the QS7001 post-quantum and QVault TPM product range with first revenues anticipated for the latter part of 2026.
- The launch of a custom post-quantum enabled chip development with contractualization expected in the second half of 2026 reflecting our ability to deliver tailor made security integrated circuits (“ASICs”)
- The anticipated adoption of Post-Quantum Cryptography as a reaction to the threat of quantum computing to traditional encryption methods
- Growth in PKI subscription contracts as a result of multiple market trends including the growth in digital transactions, the increasing frequency and sophistication of cyberattacks and the growing adoption of cloud-based models and remote working
- Initial revenues expected to be generated by SEALSQ from the Quantix Edge project and sovereign semiconductor initiatives
Expanding Commercial Pipeline
The Company’s active business pipeline now exceeds $200 million in potential revenue opportunities from 2026 through 2028, including more than $60 million linked to QS7001 and QVault TPM programs.
This pipeline reflects:
- Rising global demand for quantum-resistant security
- Government-driven sovereign semiconductor programs
- Increasing brand awareness and global market penetration of SEALSQ
Strategic Investments and Vertical Integration
During 2025, SEALSQ deployed approximately $30 million into strategic investments aimed at strengthening our vertical integration. These investments included:
- IC’ALPS – custom semiconductor design capabilities (ASIC design – Application Specific Integrated Circuit – and QASIC, the Quantum-Resistant ASIC)
- Quantix Edge Security – semiconductor Design, Test and Personalization Centers
- WISeSat – quantum resistant enabled secure satellite communications for IoT applications
- WeCan Group – KYC infrastructure within the financial sector
- EeroQ – a quantum chip design company pioneering a breakthrough approach to building a quantum computer using electrons on helium (eHe)
Smart Meter and PKI Expansion Drives Scalable, High-Margin Recurring Revenue
SEALSQ continues to expand recurring revenue streams in its smart meter and Public Key Infrastructure (PKI) offerings, which are expected to contribute substantially to 2026 revenue growth, through new and expanded semiconductor or PKI contracts with leading industrial OEM partners like Landis & Gyr and the growing deployment of lifecycle certificate-management solutions in the US, Asia and Europe.
Other Technological Milestones
Quantum Shield QS7001, a next-generation secure chip that integrates NIST-standardized Post-Quantum Cryptography (PQC) algorithms directly at the hardware level, represents a foundational step in SEALSQ’s quantum-secure roadmap.
In 2025, SEALSQ significantly strengthened its vertical Quantum platform strategy, expanding beyond its established hardware Root of Trust leadership toward full-stack quantum integration, from secure silicon to qubit generation, interconnected through a sovereign Quantum Highway. To accelerate this vision, the Company initiated targeted investments across the quantum value chain including:
- Foundational Layer: Post-Quantum Silicon: SEALSQ reinforced its post-quantum semiconductor roadmap through investments to develop advanced cryptographic IP, next-generation secure chips, TPM architectures, and quantum-resistant chiplets. These investments aim to ensure long-term protection against emerging quantum threats to position SEALSQ as a leader in crypto-agile, quantum-secure silicon.
- Computational Layer: Quantum Processing Ecosystems: SEALSQ began strategic participation in quantum processor ecosystems, including qubit hardware platforms, and quantum-classical interface technologies. This ensures exposure to qubit generation and secure orchestration layers, extending SEALSQ’s security architecture from device authentication to quantum computing as a service.
Together, these initiatives and investments advance SEALSQ’s objective of building a vertically integrated quantum-secure ecosystem, securing identity at the silicon level, protecting communications in transit, and enabling trusted access to quantum processing environments. This strategy aims at positioning SEALSQ as a key architect of next-generation digital trust infrastructure in the emerging quantum era.
