WISeKey International Holding AG

For the first half of 2025, revenue grew slightly by $0.1 million to $5.3 million. Operating losses increased by $30.2 million to $27.3 million, driven largely by a one-off $10.1 million stock-based compensation charge at SEALSQ, plus higher R&D and G&A. Nonoperating income included a $3.7 million one-off credit from the ExWorks loan settlement and $1.6 million of interest income, 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 was $124.6 million at June 30. For full-year 2025, management expects revenue in the range of $18 million to $21 million. Management also said the SEALSQ backlog for 2026 is roughly 300% higher than it was at the end of 2025, and that a $170 million pipeline of revenue opportunity exists for 2026 to 2028.

Carlos Moreira framed WISeKey as a quantum-security and digital-trust platform company rather than a single-product vendor, stressing a “convergent” ecosystem spanning semiconductors, satellites, blockchain, tokenization, and identity. He repeatedly said the company is preparing for a post-quantum world and claimed the model can create multiple recurring revenue streams as customers adopt more of the stack. His tone was highly optimistic and promotional, especially around the QS7001 post-quantum chip, the November 2025 launch, WISeSat expansion, and new national-level personalization-center deals.

John O’Hara said H1 2025 performance was in line with expectations and emphasized that the business is in a transition phase toward next-generation technologies. He noted revenue of $5.3 million, operating loss of $27.3 million, and net loss of $22.3 million, with the operating loss impacted by a $10.1 million stock-based compensation charge at SEALSQ, higher R&D/G&A, and partially offset by a $3.7 million ExWorks settlement gain and $1.6 million of interest income. He highlighted $5.8 million of R&D spend and a cash balance of $124.6 million, saying that balance sheet strength supports continued development and strategic investment. On outlook, he guided to full-year revenue of $18 million to $21 million and said second-half growth should be strong.

Analyst Matthew Galinko asked about the Quantix deal economics, including whether revenue would be recognized evenly over 3 years, margin implications, and whether product revenue could come on top of project revenue. Management said the deal is $25 million over 3 years, that margins will vary depending on equipment versus services/IP, and that some product revenue could occur before the center is fully operational. He also asked about the $170 million pipeline mix, and management said it includes QS7001 chip demand, TPM-related work later in the year, and personalization-center projects. In a final question, Galinko asked how WISe.ART would be commercialized; management said it is evolving from art/NFT roots toward digital-twin and industrial identity use cases, with SEALCOIN intended as a payment layer for machine-to-machine transactions.