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SEALSQ (LAES) investor relations material
SEALSQ Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved significant milestones in post-quantum semiconductor innovation, including delivery of QS7001 engineering samples and expansion of secure microcontroller offerings.
Completed acquisition of IC’ALPS, adding 100 engineers and strengthening custom ASIC capabilities for medical, automotive, and IoT sectors.
Launched major strategic investments, including a $40M Quantix Edge Security Facility in Spain and expansion of a secure satellite constellation to 22 operational units.
Cash reserves surged to $121M as of June 30, 2025, and $150M by September 9, 2025, up from $19M a year earlier, supported by over $140M in new capital raised since November 2024.
Commercial momentum reflected by multi-year supply agreements with global leaders and a doubling of TPM customer engagements.
Financial highlights
First half 2025 revenue was $4.8M, flat year-over-year, in line with expectations during a strategic transition.
Gross profit reached $1.6M, with gross margin rising to 34% from 19% a year ago.
Operating loss increased to $21.2M from $8.9M in H1 2024, mainly due to a one-off $9.9M stock-based compensation charge.
R&D investment totaled $4.7M in H1 2025, with a full-year budget of $7.2M, up from $5M in 2024.
Cash reserves increased to $121M as of June 30, 2025, and $150M by September 9, 2025.
Outlook and guidance
Full-year 2025 revenue expected between $17.5M and $20M, representing 59% to 82% year-over-year growth.
2026 projected to see 50% to 100% revenue growth, driven by new product launches, IC'ALPS consolidation, and a strong $170M pipeline for 2026–2028.
Anticipates significant market inflection as regulatory mandates for PQC adoption accelerate globally.
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