SEALSQ (LAES) H2 2025 earnings summary

Executive summary

• Fiscal 2025 was transformative, focusing on post-quantum secure semiconductors, trusted digital infrastructure, and quantum technologies.

• Achieved $1B+ market valuation, NASDAQ Global Select Market upgrade, and completed IC'Alps acquisition; Letter of Intent signed to acquire Miraex.

• Raised over $530M in capital since November 2024, including a $125M raise in March 2026, supporting accelerated growth and innovation.

• Launched QS7001, the world's first commercial post-quantum secure semiconductor, and expanded the product pipeline to $200M.

• Entered 2026 with strong commercial momentum and a business pipeline exceeding $200M for 2026–2029.

Financial highlights

• Total revenue for 2025 was $18.3M, up 66% year-over-year from $11M in 2024.

• Semiconductor segment revenue grew to $14.7M; ASIC segment contributed $3.6M post-IC'Alps acquisition.

• Gross profit rose to $8.6M with gross margin expanding to 47%, driven by high-margin ASIC business.

• Operating expenses increased to $48.4M, mainly due to a one-time $11.2M stock-based compensation and consolidation of IC'Alps.

• Net loss widened to $34.2M, offset by $8.9M in non-operating income, primarily interest income.

• Cash and short-term investments stood at $425M at year-end 2025, rising to over $525M by March 31, 2026.

Outlook and guidance

• FY 2026 revenue expected to grow 50–100%, with Q1 2026 revenue projected to exceed $4M, more than doubling Q1 2025.

• Anticipate first production revenues from QS7001 and QVault TPM in H2 2026.

• R&D spending to increase, focusing on post-quantum cryptography and global personalization hubs.

• Strategic investments to continue via the $200M Quantum Fund.