SEALSQ (NASDAQ:LAES) reported sharply higher revenue and gross profit for the first half of 2026, while widening operating losses as the company increased spending on post-quantum security products, certifications, acquisitions and its broader quantum technology strategy.
Revenue rose 131% to $11.2 million for the six months ended June 30, from $4.8 million a year earlier. Gross profit increased 233% to $5.4 million, and gross margin expanded to about 48% from the prior-year period.
Revenue Mix and Regional Results
North America generated $5.6 million of first-half revenue, or 50% of the total. Europe, the Middle East and Africa contributed $3.7 million, representing 33%, while Asia-Pacific accounted for $1.9 million, or 17%.
Chief Financial Officer John O’Hara said the improvement in gross margin was aided by a more favorable revenue mix, including ASIC design and engineering services. He said ASIC margins are higher than the company’s traditional semiconductor margins and should continue to support profitability as that business expands.
Despite the increase in gross profit, SEALSQ’s operating loss widened to $32.2 million from $21.2 million in the first half of 2025. Net loss rose to $27.8 million from $20 million, while EBITDA loss was $29.5 million, compared with $20.9 million a year earlier.
Research and development expense increased to $8.7 million from $4.7 million, driven by the consolidation of IC’Alps, post-quantum product development, certification activities and acquisition-related amortization. Selling and marketing expense rose to $7.2 million from $6 million, while general and administrative expense increased to $23.1 million from $13.8 million.
O’Hara said acquisitions of IC’Alps, Miraex SA and Wecan added nearly $3 million of general and administrative expense, alongside $1.3 million of intangible asset amortization associated with those transactions.
Post-Quantum Product and Certification Progress
Moreira characterized the first half as an inflection point as the company works to expand from secure semiconductors and digital trust into a broader post-quantum and quantum security platform.
The company said its QS7001 secure element received NIST SP 800-90B entropy source validation under ESV Certificate E333. Moreira said the product also completed testing related to Common Criteria, fault injection and side-channel resistance, steps that bring it closer to certifications needed for deployments in government, defense and critical infrastructure markets.
SEALSQ also said engineering samples of its post-quantum QVault TPM 185 became available for customers. As of June 30, more than 150 customers and prospects were engaging with the company’s post-quantum technologies, including more than 30 that were actively evaluating or integrating QS7001 and QVault TPM products.
Management expects initial revenue from QS7001 and QVault TPM late in the second half of 2026, with more meaningful contributions expected in 2027, subject to certification, customer qualification and procurement timelines.
Since the first half ended, SEALSQ said its VaultIC408 secure element achieved FIPS 140-3 validation under NIST Certificate No. 5463. The company also reported ISO/IEC 27001 recertification.
Acquisitions and Quantum Highway Strategy
SEALSQ is building what Moreira called a “Quantum Highway,” intended to link post-quantum semiconductors, quantum computing, photonics, communications, public-key infrastructure, digital identity, provisioning, artificial intelligence and compliance capabilities.
The strategy includes IC’Alps’ ASIC design services, the acquisition of quantum photonics interconnect company Miraex SA, and SEALSQ’s increased ownership in Wecan Group to 55.5%. The company has also invested in quantum computing companies Quobly and EeroQ, and cited relationships with GlobalFoundries, Lattice Semiconductor, Parrot and WISeSat.
Moreira said SEALSQ increased capital allocated to its “SEALQuantum Sovereign Vertical Stack” to $200 million during 2026. More than $60 million had been committed across IC’Alps, Miraex, Quobly, Quantix Edge, ColibriTD, EeroQ, WISeSat and Wecan.
During the question-and-answer session, Moreira said quantum ecosystem companies, including Miraex, are generating initial revenue but that the broader quantum industry remains heavily oriented toward research and development. He said the company expects its established security, identity and ASIC businesses to provide nearer-term commercialization opportunities while quantum technology investments develop.
Liquidity, Pipeline and Outlook
SEALSQ ended June with $486 million in cash equivalents, restricted cash and short-term investments, with total liquidity of approximately $488.5 million, according to O’Hara. Moreira later referred to an approximately $495 million liquidity position.
Management said its active commercial pipeline exceeded $225 million in potential revenue opportunities through 2029 as of Sept. 9, including more than $100 million tied to post-quantum projects. The company emphasized that the pipeline is a management estimate rather than revenue guidance and remains subject to certification, customer validation, negotiations, procurement decisions and execution risks.
SEALSQ reaffirmed its fiscal 2026 revenue guidance of $27 million to $36 million, representing projected growth of about 50% to 100% from audited 2025 revenue of $18.3 million. O’Hara said the outlook is supported by a full-year contribution from IC’Alps, demand for VaultIC products, growth in recurring PKI and certificate-management revenue, Quantix Edge contributions, early commercialization of QS7001 and QVault TPM, and potential custom post-quantum ASIC programs.
The company said its priorities for the remainder of 2026 and into 2027 include completing certifications and customer qualifications, converting its pipeline into production contracts, integrating acquired businesses and expanding sovereign semiconductor design, personalization and provisioning capabilities internationally.
About SEALSQ (NASDAQ:LAES)
SEALSQ Corp. (NASDAQ: LAES) develops and supplies semiconductor and cybersecurity technologies designed to secure connected devices and digital transactions. Its offerings include secure microcontrollers, hardware security modules, cryptographic components, and public key infrastructure (PKI) services used to authenticate devices, protect data, and support trusted digital identities.
The company focuses on applications involving the Internet of Things, industrial systems, automotive technology, telecommunications, cloud infrastructure, and other connected environments.
