SEALSQ (LAES) Q2 2025 earnings summary

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.