WISeKey International Holding AG

For the first half of 2025, revenues increased by $0.1 million to $5.3 million. Operating losses increased by $30.2 million to $27.3 million, including a one-off $10.1 million stock-based compensation charge at SEALSQ. The company recorded a $3.7 million one-off credit from settlement of the ExWorks loan and $1.6 million of interest income on cash deposits, resulting in a net loss of $22.3 million for the 6 months ended June 2025, up $6.8 million year over year. R&D totaled $5.8 million and cash balance was $124.6 million at June 30. Management guided full-year 2025 revenue to $18 million to $21 million and said second-half growth should be strong, supported by a return to growth in SEALSQ traditional semiconductor demand, consolidated revenue from IC'ALPS after its August 4, 2025 acquisition, and other business divisions.

Carlos Moreira framed WISeKey as a converged ecosystem spanning quantum security, semiconductors, satellites, blockchain, and AI governance. He stressed that the company’s ‘quantum convergence’ strategy is moving from concept to execution, and said the model should create multiple layers of monetization and recurring revenue. His tone was highly strategic and promotional, with repeated emphasis on sovereign infrastructure, national-level partnerships, and the coming commercial launch of SEALSQ’s post-quantum chip in November 2025.

John O’Hara said H1 performance was in line with expectations and emphasized the company is investing for long-term growth. He pointed to $5.3 million of revenue, $27.3 million of operating loss, $22.3 million of net loss, $5.8 million of R&D, and $124.6 million of cash. He also said second-half orders are booked out at SEALSQ level and that the 2026 backlog is roughly 300% higher than at the end of 2025. Full-year revenue guidance is $18 million to $21 million.

Analysts focused on the Quantix Edge Security project, asking about revenue timing, margin profile, and whether there could be product revenue on top of the project work. Management said the $25 million over three years includes equipment, plant installation, professional services, IP transfer, and licensing, with margins varying by component and product sales expected even before the center is fully operational. Questions also covered how the $170 million pipeline breaks down across QS7001 chips, TPM, and personalization centers; management said it is a mix, with centers, chip upgrades, and TPM all contributing, and noted regulatory pressure around quantum resilience is likely to drive demand.