SEALSQ Corp

SEALSQ reported fiscal 2025 revenue of $18.3 million, up 66% from $11 million in 2024. Gross profit was $8.6 million versus $3.7 million a year earlier, and gross margin expanded to 47% from 34%, a 13-point increase. Net loss was $34.2 million versus $21.2 million in 2024, and operating expenses were $48.4 million versus $20.9 million, including $11.2 million of noncash stock-based compensation. Cash and cash equivalents were $417.7 million, plus $10 million of short-term investments, and management said total cash raised since November 2024 was over $575 million. For 2026, management expects revenue to grow by between 50% and 100%, with Q1 expected to more than double year over year and first production revenues from QS7001 and QVault TPM in the second half of 2026.

Carlos Moreira framed 2025 as a defining year as SEALSQ moved toward becoming a platform for post-quantum secure semiconductors and trusted digital infrastructure. He emphasized the commercial launch of QS7001, the “Made in U.S.” strategy, and expansion through partnerships, acquisitions, and a quantum-focused investment ecosystem. His tone was highly optimistic and strategic, repeatedly pointing to regulatory deadlines, customer urgency, and SEALSQ’s claimed first-mover position in hardware-native post-quantum security.

John O'Hara highlighted a stronger financial profile driven by revenue growth, higher-margin ASIC revenue, and a significantly larger cash balance. He said the ASIC segment contributed $3.6 million in 2025 after the IC'ALPS acquisition, while semiconductor revenue rose to $14.7 million and trust services grew by almost 600% from a small base. He also noted $8.9 million of nonoperating income, including $6.1 million of interest income, $31.3 million of operating cash outflow, $35.3 million of investing outflow, and total debt of $1.7 million tied to French government-supported loans. O'Hara said cash and projected liquidity are sufficient through March 2027 and tied the capital base to funding personalization centers, R&D, and strategic investments.

Analysts focused on how quickly the quantum product pipeline could convert into customer engagements and revenue, given the certification and integration timelines. Management said regulatory pressure from CNSA 2.0 and the EU Cyber Resilience Act, plus faster-than-expected quantum risk awareness, should expand demand and that more major companies are approaching SEALSQ and partners like Lattice. On personalization centers, management said the U.S. buildout is now intended to be done through an existing partner to cut the timeline to roughly 6 months to 1 year, and they expected to announce the location before the end of June. On margins and pricing, management said it did not have specific information on AI-driven component pricing effects, but argued demand is concentrated in smart metering, energy tokenization, and related secure-transaction use cases.