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LAES
Earnings call · Jun 2026 (H1 FY26)

SEALSQ H1 FY26 earnings call LAES

Sep 15, 2026 Source

Executive summary

SEALSQ H1 FY26 — Strong Revenue Growth and Quantum Security Transformation

SEALSQ reported strong H1 FY26 financial results, driven by renewed demand for secure elements and contributions from recent acquisitions, while significantly expanding gross margins. The company is actively transforming into a global leader in Post-Quantum and Quantum Security, building a sovereign vertical stack through strategic investments and certifications. Management emphasizes execution, aiming to convert technology investments into revenue and production commitments in the rapidly evolving quantum market.

Highlights

5

  • Revenue increased by 131% to $11.2 million in H1 2026 compared to $4.8 million in H1 2025.

  • Gross profit increased by 233% to $5.4 million, with gross margin expanding to approximately 48%.

  • Achieved NIST SP 800-90B secure source validation (E3333) for QS7001 and FIPS 140-3 validation (#5463) for VaultIC 408.

  • Active commercial pipeline exceeded $225 million in potential revenue opportunity through 2029, including over $100 million for Quantum projects.

  • Strong liquidity position of $486 million in cash, cash equivalents, and restricted cash at June 30, 2026.

Concerns

5

  • Operating loss increased to $32.2 million in H1 2026 from $21.2 million in H1 2025.

  • Net loss increased to $27.8 million in H1 2026 from $20 million in H1 2025.

  • EBITDA loss increased to $29.5 million in H1 2026 from $20.9 million in H1 2025.

  • R&D expense increased to $8.7 million from $4.7 million, reflecting heavy investment.

  • General administration expense increased to $23.1 million from $13.8 million due to acquired business consolidation and related costs.

Guidance & targets

CategoryTargetConfidence
Revenue
$27 million to $36 million
high materiality
High
Initial QS701 and QVault TPM revenue
late in the second half of 2026
medium materiality
Medium
Capital allocation to Quantum sovereign vertical stack
$200 million
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
North America
Generated 50% of total revenue.
50% of total revenue
$5.6 million———
Europe, Middle East and Africa
Generated 33% of total revenue.
33% of total revenue
$3.7 million———
Asia Pacific
Contributed 17% of total revenue.
17% of total revenue
$1.9 million———

Product announcements

ProductTypeDetails
QS7001 Secure Elementmilestone
VaultIC 408 Secure Elementmilestone
ISO/IEC 27001 Recertificationmilestone

Deals & partnerships

IC'ALPS Acquisition of a company specializing in custom ASIC design, secure semiconductor architecture, and advanced engineering services.

Acquisition substantially strengthened capabilities and capacities in custom ASIC design, secure semiconductor architecture, and advanced engineering services.

Miraex Acquisition of a company bringing Quantum Photonics interconnect technology.

Miraex brings Quantum Photonics interconnect technology that can help connect quantum processors, sensors, data centers and communication systems.

WeCan Group Increased ownership to 55.5% to gain control of the company.

Increased ownership in WeCan Group to 55.5% and gaining control of the company.

GLOBALFOUNDRIES Strategic relation to support migration of future secure and Post-Quantum design to advanced manufacturing platforms.

Work with GLOBALFOUNDRIES supports the migration of future secure and Post-Quantum design to advanced manufacturing platforms.

[indiscernible] Strategic relation to support Post-Quantum Security for FPGA-based systems.

Elaboration with late semiconductor supports Post-Quantum Security for FPGA-based systems.

[indiscernible] Strategic relation to provide access to important drone, robotics, and certain technology applications for defense.

Work with [indiscernible] provides access to important drone, robotics and certain technology applications for defense.

Quobly Lead investor in Series A financing for a company developing semiconductor-based quantum computer architectures. Lead investor in $150 million Series A financing

Participation as a lead investor in Quobly with $150 million Series A financing. Quobly also acquired $5 million technology from SEALSQ.

EeroQ Increased commitment to a company developing semiconductor-based quantum computer architectures.

Increased commitment to EeroQ, which provides a similar design to Quobly for quantum computer architectures.

BWT Alpine Formula 1 Collaboration progressed beyond cybersecurity into Quantum and multiphysics simulation.

Collaboration with the BWT Alpine Formula 1 has progressed beyond cybersecurity into Quantum and multiphysics simulation.

WiSA Relation supports development of Post-Quantum secure satellite and IoT connectivity and communications.

Relation with the WiSA supports development of Post-Quantum secure satellite and IoT connectivity and communications.

Capital programs

Quantix Edge Security initiative (Murcia, Spain) underway $40 million
Funding: Spanish government

Benefit:Support Europe-based semiconductor design, personalization and security provisions in 1 centralized location.

Generated initial first half year revenue. Evaluating an expanded 'Quantix 2.0' vision to bring together additional semiconductor, Quantum AI, and satellite capabilities.

India Post-Quantum Semiconductor Capability underway

Benefit:Create localized post-quantum semiconductor capability and give SEALSQ access to one of the world's fastest growing semiconductor and digital technology market.

Advanced negotiations to build SEAL [indiscernible] initiative in India.

Risks & headwinds

Timing of QS701 and QVault TPM revenue H2 2026 and 2027

Initial revenue late in the second half of 2026, more meaningful contributions beginning in 2027.

Mitigation:Subject to certification, customer validation, and procurement cycles.

Active commercial pipeline conversion Through 2029

Pipeline exceeded $225 million, but is a management estimate rather than revenue guidance.

Mitigation:Remains subject to certification, customer validation, commercial negotiation, procurement decision, and execution risk.

High operating expenses due to strategic investments H1 2026

Operating loss $32.2 million (H1 2026), Net loss $27.8 million (H1 2026), EBITDA loss $29.5 million (H1 2026).

Mitigation:Offset by strong liquidity position ($486 million) and expected long-term value creation from quantum security platform.

What to watch next

QS7001 and QVault TPM commercial ramp

late in the second half of 2026
Current Customers sampling progress on engineering samples; over 30 actively evaluating or integrating.
Target Initial revenue generation and commercial ramp.

Why it matters

These products are central to the Post-Quantum commercialization strategy and expected to drive future revenue.

We expect initial QS701 and QVault TPM revenue late in the second half of 2026 with more meaningful contributions beginning in 2027 as customers complete integration, qualification and product planning.

Q&A highlights

Inquired about the commercial pipeline for the broader quantum stack beyond the $225M post-quantum security figure, specifically for components like quantum photonics interconnect, and when they could be commercialized. Also asked about opportunities to expand Quantix Edge personalization facilities beyond Spain to other regions like Europe and India.

Carlos Moreira explained that while the quantum industry is not yet revenue-rich, companies like Miraex are generating initial revenue. He emphasized that SEALSQ's established post-quantum semiconductor technology allows them to understand the verticalization of these technologies. He detailed how investments in Quobly and EeroQ are advancing quantum computing, and how ASIC design capabilities are bringing new applications in automotive and medical industries. For Quantix Edge, he highlighted the sovereign vertical technology model, where quantum computers act as a service in specific territories. He noted the success of the EUR 40 million deployment in Spain and the potential to replicate this model in other countries like the US, Middle East, Asia, South Korea, and India, driven by the need for national independence in the quantum era and US government mandates for PQC deployment.

“But what is -- what is very interesting in this industry is that because we have a quantum security technology and post-quantum semiconductors, very well established with amazing technology -- this is allowing us to fully understand what is going to be the the vertical on these technologies, then they're going to start to accelerate revenue.”

asked by Matthew Galinko · answered by Carlos Moreira

1 min read 5 chapters

Detailed narrative

Quantum Security Transformation

SEALSQ is undergoing a significant transformation from a secure semiconductor and digital trust company into a major quantum security platform. This involves building a "Quantum highway" architecture that connects Post-Quantum semiconductors, quantum computing, photonics, secure communications, and trusted identities, aiming for a sovereign vertical stack from "Root-to-Qubit" and "Root-to-Space."

Strategic Acquisitions and Investments

The company has made several key acquisitions and investments to build out its quantum ecosystem. These include IC'ALPS for secure design capabilities, Miraex for Quantum Photonics interconnect technology, and increased ownership in WeCan Group for compliance and digital identity. Investments in Quobly and EeroQ provide differentiated semiconductor-based quantum computer architectures.

Certification Milestones

SEALSQ achieved important certifications for its secure elements, including NIST SP 800-90B secure source validation (E3333) for QS7001 and FIPS 140-3 validation (#5463) for VaultIC 408. These certifications are crucial for addressing highly regulated markets like government, defense, and critical infrastructure.

Commercial Pipeline and Market Opportunity

The active commercial pipeline exceeded $225 million in potential revenue opportunities through 2029, with over $100 million specifically associated with Quantum projects. Management highlighted the increasing demand for Post-Quantum security, driven by government mandates like the US executive order requiring PQC deployment in critical infrastructure by 2029.

Global Expansion and Sovereign Infrastructure

SEALSQ is expanding its sovereign vertical stack strategy globally, with initiatives like the Quantix Edge Security joint venture in Spain, which generated initial revenue and is evaluating an expanded "Quantix 2.0" vision. Negotiations are also underway to build a localized Post-Quantum semiconductor capability in India, providing access to a rapidly growing market focused on sovereignty.

AI-generated summary of the company's earnings call. Not investment advice.