WISeKey International Holding AG

For the first half of 2025, revenue was $5.3 million, up by $0.1 million year over year. Operating loss increased by $30.2 million to $27.3 million, with the company citing a $10.1 million stock-based compensation charge at SEALSQ, higher R&D, and higher G&A. Nonoperating income included a $3.7 million one-off gain from settling the ExWorks loan and $1.6 million of interest income on cash deposits, resulting in a net loss of $22.3 million for the six months ended June 30, 2025, up $6.8 million versus the prior year. R&D spending was $5.8 million in the first half, and cash and cash equivalents were $124.6 million at June 30. Outlook: management expects strong second-half growth and full-year revenue of $18 million to $21 million, supported by demand recovery in SEALSQ’s traditional semiconductor products, the consolidation of IC'ALPS after the August 4, 2025 acquisition, and growth in other business divisions.

Carlos Moreira framed the company around a “quantum convergence” strategy that links semiconductors, identity, satellites, blockchain and AI into one ecosystem. He emphasized the upcoming launch of SEALSQ’s post-quantum chip in November 2025, expansion of the WISeSat constellation, and movement of SEALCOIN and WISe.ART toward commercialization. His tone was highly strategic and optimistic, with repeated emphasis on building a sovereign, future-proof digital infrastructure and multiplying revenue streams through cross-selling across the ecosystem.

John O'Hara said H1 performance was in line with expectations and described the quarter as part of a transition toward next-generation products. He pointed to the $5.3 million of revenue, the $27.3 million operating loss, the $22.3 million net loss, and the $124.6 million cash balance, noting that R&D totaled $5.8 million as the company invested in quantum-resistant chips, SEALCOIN, and WISeSat. He also said second-half orders at SEALSQ are already booked out and that backlog for 2026 is roughly 300% higher than at the end of 2025, which underpins the $18 million to $21 million full-year revenue outlook.

Analysts focused first on the new Quantix personalization-center deal, asking about revenue timing, margins and whether product sales could come on top of the project fee. Management said the deal is for $25 million over 3 years, with margins varying by mix because some work is equipment-heavy while other parts are higher-margin services and IP, and they expect product revenue to begin even before the center is fully operational. Questions also centered on how much of the $170 million pipeline is TPM versus other applications; management said it is a mix of the new QS7001 chip, TPM, and personalization centers, and added that regulatory pressure around quantum resilience is a key demand driver.