WISeKey International (WIHN) H1 2025 earnings summary

Executive summary

• Achieved $5.3 million in H1 2025 revenue, reflecting a slight year-over-year increase and aligning with expectations during a strategic transition to post-quantum technologies and ecosystem integration.

• Operating loss rose to $27.3 million, mainly due to a one-off $10.1 million stock-based compensation charge and increased R&D, S&M, and G&A expenses.

• Net loss for H1 2025 was $22.3 million, up from $15.5 million in H1 2024, with a strong cash balance of $124.6 million supporting ongoing investments.

• Gross profit margin improved to 35% from 21% in H1 2024, reflecting resumed shipments and lower cost of sales.

• Strategic focus on quantum convergence, integrating post-quantum cryptography, semiconductors, IoT, satellite, blockchain, and digital identity, positioning for future growth.

Financial highlights

• Revenue for H1 2025 was $5.3 million, a $0.1 million increase year-over-year.

• Gross profit reached $1.9 million, up 69% year-over-year.

• Operating loss increased by $13.2 million to $27.3 million, primarily due to a one-off stock-based compensation charge.

• Net loss for H1 2025 was $22.3 million, up $6.8 million from H1 2024.

• Cash and cash equivalents stood at $124.6 million as of June 30, 2025, supporting ongoing investments.

Outlook and guidance

• Full-year 2025 revenue expected in the range of $18–21 million, driven by semiconductor demand, new business divisions, and IC'ALPS consolidation.

• H2 2025 anticipated to show strong growth, with a 300% higher backlog of booked orders for 2026 compared to 2025.

• Commercial launches of QVault TPM, QAIT token, and new platforms scheduled for Q4 2025.

• $170 million revenue pipeline identified for 2026–2028, underpinned by regulatory momentum and new product launches.

• Full production of next-generation quantum-resistant products (QUASAR) expected in 2026.