SEALSQ (LAES) H1 2026 earnings summary

Executive summary

• Revenue grew 131% year-over-year to $11.2 million, driven by secure element demand, PKI expansion, and integration of IC'Alps.

• Gross margin expanded to 48% with a 233% increase in gross profit, reflecting a favorable revenue mix and higher-margin ASIC services.

• Strategic acquisitions (IC'Alps, Miraex SA, Wecan) enhanced capabilities in ASIC design, quantum photonics, and trusted data.

• The company is transforming into a vertically integrated quantum security platform, investing in a sovereign technology stack from root to space.

• Strong liquidity of $486 million supports ongoing R&D, certification, and strategic investments.

Financial highlights

• Revenue: $11.2 million, up from $4.8 million year-over-year.

• Gross profit: $5.4 million, up from $1.6 million; gross margin at 48%.

• Operating loss: $32.2 million (vs. $21.2 million prior year); net loss: $27.8 million (vs. $20 million).

• EBITDA loss: $29.5 million (vs. $20.9 million prior year).

• EPS (basic and diluted): $(0.13) vs. $(0.17).

Outlook and guidance

• Fiscal 2026 revenue guidance reaffirmed at $27–$36 million, representing 50–100% growth over 2025.

• Growth expected from full-year IC'Alps consolidation, VaultIC demand, PKI, QS7001/QVault TPM commercialization, and Quantix Edge contributions.

• Active business pipeline exceeds $225 million through 2029, with over $100 million tied to post-quantum projects.

• Outlook subject to certification, customer demand, supply chain, and execution risks.