WISeKey International (WQEY) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased 116% year-over-year to $11.4 million, driven by core semiconductor and PKI product lines, initial Quantix Edge project revenues, and consolidation of IC'ALPS, Miraex, and Wecan Group SA.

• Gross profit rose 192% to $5.5 million, with gross margin expanding to 48% from 35%.

• Operating loss widened to $40.9 million from $27.3 million; net loss increased to $36.4 million from $22.3 million year-over-year.

• Cash and restricted cash reached $495 million as of June 30, 2026, with minimal debt, following a $125 million direct offering in March 2026.

• Strategic initiatives included redomiciliation to the British Virgin Islands, planned direct Nasdaq and SIX listing, and progress on WISeSat, Quantisimo, and SEALQuantum projects.

Financial highlights

• Net sales: $11.4 million in H1 2026 vs. $5.3 million in H1 2025 (+116%).

• Gross profit: $5.5 million (48% margin), up from $1.9 million (35%) in H1 2025.

• Operating loss: $40.9 million, up from $27.3 million; net loss: $36.4 million, up from $22.3 million.

• R&D expenses rose to $9.6 million, mainly due to acquisitions and increased investment in strategic platforms.

• SEALSQ commercial pipeline exceeds $225 million through 2029, with over $100 million in post-quantum projects.

Outlook and guidance

• Reaffirmed full-year 2026 revenue growth guidance of 50%-100% over 2025.

• Expects initial production revenue from QS7001 and QVault TPM in Q4 2026, with larger contributions in 2027.

• Guidance subject to risks including customer timing, certification, production schedules, and market conditions.

• Strategic focus on converting pipeline to revenue, volume production of post-quantum products, and expanding infrastructure.

• WISeSat targets Nasdaq listing in Q4 2026 and further satellite launches for the Quantum Spatial Orbital Cloud initiative.