Wisekey International Holding S.A. (WKEY): Financial results for H1 2026
Wisekey International Holding S.A. (WKEY) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 SEALSQ Reports H1 2026 Financial and Operational Results Revenue Increases 131% to $11.2 Million; FY2026 Guidance Reaffirmed Cash and Cash Equivalents of $486.1 Million at June 30, 2026, Support Continued R&D, Product Certification and Acquisition Integration Confere
How this was made
The 30-second read
Why it matters
Revenue growth driven by secure‑element products and acquisition integration; losses reflect heavy investment.
Market read
Earnings provide fresh data on a niche high‑growth sector; limited broader market impact.
What to watch
Strong cash position ($486M) provides runway for continued R&D and potential future profitability.
SEALSQ reported H1 2026 revenue growth of 131% to $11.2 million, gross-margin expansion to approximately 48%, and reaffirmed FY2026 revenue guidance of $27 million to $36 million.
Revenue and gross profit rose sharply, supported by IC’Alps consolidation, secure-element demand, PKI growth and ASIC design revenue, but operating loss, net loss and EBITDA loss all increased as R&D, G&A and selling costs rose.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $11.15M | – | +131 % |
| Cost of salesGAAP | −$5.49M | – | – |
| Depreciation of production assetsGAAP | −$257K | – | – |
| Gross profitGAAP | $5.41M | – | +233 % |
| Gross marginGAAP | approximately 48% | – | – |
| Other operating incomeGAAP | $1.43M | – | -14 % |
| Research & development expensesGAAP | −$8.72M | – | +85 % |
| Selling & marketing expensesGAAP | −$7.18M | – | +19 % |
| General & administrative expensesGAAP | −$23.10M | – | +68 % |
| Total operating expensesGAAP | −$37.57M | – | – |
| Operating lossGAAP | −$32.16M | – | +51 % |
| Non-operating incomeGAAP | $9.73M | – | – |
| Interest and amortization of debt discountGAAP | −$1K | – | – |
| Non-operating expensesGAAP | −$5.27M | – | – |
| Loss before income tax expenseGAAP | −$27.69M | – | +38 % |
| Income tax income / (expense)GAAP | $302K | – | – |
| Equity in earnings of unconsolidated affiliatesGAAP | −$397K | – | – |
| Net lossGAAP | −$27.79M | – | +39 % |
| Net loss attributable to SEALSQ CorpGAAP | −$27.71M | – | – |
| Earnings per Ordinary Share BasicGAAP | (0.13) USD | – | – |
| Earnings per Ordinary Share DilutedGAAP | (0.13) USD | – | – |
| Earnings per F Share BasicGAAP | (0.64) USD | – | – |
| Earnings per F Share DilutedGAAP | (0.64) USD | – | – |
| EBITDAnon-GAAP | (29.5) $ millions | – | – |
| Cash, cash equivalents and restricted cashGAAP | $486.1M | – | – |
| Cash and cash equivalentsGAAP | $479.8M | – | – |
| Restricted cash, currentGAAP | $6.31M | – | – |
| Investment, currentGAAP | $2.45M | – | – |
| Total assetsGAAP | $614.6M | – | – |
| Bonds, mortgages and other long-term debtGAAP | $696K | – | – |
| Notes payableGAAP | $555K | – | – |
| Total liabilitiesGAAP | $52.50M | – | – |
| Total shareholders’ equityGAAP | $562.1M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaRepresenting 50% of H1 2026 revenue. | $5.6M | – | – |
| Europe, the Middle East and AfricaRepresenting 33% of H1 2026 revenue. | $3.7M | – | – |
| Asia PacificRepresenting 17% of H1 2026 revenue. | $1.9M | – | – |
| IC’Alps SASContributed during H1 2026 following its acquisition in August 2025 and expanded custom ASIC design, secure semiconductor architecture and specialized engineering capabilities. | approximately $2.5 million | – | – |
FY2026 outlook
- Revenue$27 million to $36 million
- NoteExpected growth of 50% to 100% compared with audited FY2025 revenue of $18.3 million.
- NoteInitial commercial revenue from QS7001 and QVault TPM is expected toward the end of H2 2026.
- NoteMore significant QS7001 and QVault TPM contribution is anticipated as customers complete technical integration and move into production in 2027 and beyond.
- NoteActive business pipeline as of September 9, 2026, exceeded $225 million through 2029, including more than $100 million associated with Post-Quantum projects.
What drove it
- Renewed demand for the Vault-IC secure-element product family.
- Continued growth in PKI subscriptions and digital identity services.
- Initial revenue from the Quantix Edge Security semiconductor design center in Murcia, Spain.
- Six months of consolidated revenue from IC’Alps.
- ASIC design revenue and an improved product mix contributed to increased gross profit and gross-margin expansion.
- Higher interest income on liquidity reserves contributed to improved net non-operating income.
- QS7001 achieved NIST SP 800-90B Entropy Source Validation under ESV Certificate #E333.
- 30 prospective customers and partners were evaluating QVault TPM and QS7001 products at June 30, 2026.
Concerns
- Operating loss increased to $32.2 million from $21.2 million in H1 2025.
- Net loss increased to $27.8 million from $20.0 million in H1 2025.
- R&D expenses increased to $8.7 million from $4.7 million, G&A expenses increased to $23.1 million from $13.8 million, and selling and marketing expenses increased to $7.2 million from $6.0 million.
- Initial commercial revenue from QS7001 and QVault TPM remains subject to laboratory review, certification, customer qualification and procurement.
- The pipeline is based on management estimates and is subject to conversion risks, customer validation and technical integration.
- The company cited risks around integration of IC’Alps, Miraex and Wecan Group.
What to watch
- Execution against reaffirmed FY2026 revenue guidance of $27 million to $36 million.
- The timing of initial QS7001 and QVault TPM commercial revenue toward the end of H2 2026.
- Customer technical integration, qualification and production commitments for post-quantum products.
- Full-year consolidation of IC’Alps revenue and continuing demand for Vault-IC secure elements.
- Revenue contributions from Quantix Edge Security and potential custom post-quantum ASIC design programs.
- Deployment of the $200 million SEALQuantum Sovereign Vertical Stack allocation, of which more than $60 million has been committed to date.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash totaled $486.1 million at June 30, 2026.
- The broader liquidity measure including short-term investments was approximately $495 million.
- Accounts receivable, net of allowance for doubtful accounts: 21,706 USD’000 at June 30, 2026; 12,944 USD’000 at December 31, 2025.
- Inventories: 2,101 USD’000 at June 30, 2026; 2,012 USD’000 at December 31, 2025.
- Intangible and crypto assets, net of accumulated amortization: 30,405 USD’000 at June 30, 2026; 20,953 USD’000 at December 31, 2025.
- Goodwill: 11,695 USD’000 at June 30, 2026; 5,656 USD’000 at December 31, 2025.
- Other investments: 24,454 USD’000 at June 30, 2026; 1,000 USD’000 at December 31, 2025.
- Total current assets: 521,809 USD’000 at June 30, 2026; 449,638 USD’000 at December 31, 2025.
- Total current liabilities: 36,159 USD’000 at June 30, 2026; 28,248 USD’000 at December 31, 2025.
- No operating cash flow or free cash flow was reported.
Analysis
SEALSQ reported H1 2026 net sales of 11,151 USD’000, up 131% from 4,825 USD’000 in H1 2025. The company attributed growth to renewed Vault-IC demand, PKI subscriptions and digital identity services, initial Quantix Edge Security revenue, and six months of IC’Alps consolidation. IC’Alps contributed approximately $2.5 million of revenue. North America generated $5.6 million, Europe, the Middle East and Africa generated $3.7 million, and Asia Pacific generated $1.9 million.
Gross profit increased 233% to 5,408 USD’000 and gross margin expanded to approximately 48%. Management identified ASIC design revenue and an improved product mix as contributors. This top-line and gross-profit progress did not offset the scale of operating investment. Total operating expenses were 37,570 USD’000, compared with 22,863 USD’000, while operating loss increased to 32,162 USD’000 from 21,237 USD’000.
The loss increase reflects spending associated with the post-quantum roadmap, acquired-company integration and the SEALQUANTUM Sovereign Vertical Stack. R&D expense rose to 8,718 USD’000, G&A rose to 23,103 USD’000, and selling and marketing rose to 7,181 USD’000. Non-operating income was 9,735 USD’000, compared with 2,814 USD’000, with management citing higher interest income on liquidity reserves. Even with that offset, net loss was 27,789 USD’000 and non-GAAP EBITDA was a loss of $29.5 million.
Liquidity is substantial in the reported balance sheet, with cash, cash equivalents and restricted cash of $486.1 million, and approximately $495 million under the broader measure that includes short-term investments. SEALSQ has allocated $200 million to the SEALQuantum Sovereign Vertical Stack and stated that more than $60 million has been committed across named acquisitions, investments and initiatives. The company completed the acquisition of Miraex, increased ownership of Wecan Group to 55.5%, and cited continued integration activity.
Management reaffirmed FY2026 revenue guidance of $27 million to $36 million. The guide is tied to full-year IC’Alps consolidation, Vault-IC demand, recurring PKI and certificate-management revenue, initial QS7001 and QVault TPM commercialization, Quantix Edge Security revenue, and potential custom post-quantum ASIC programs. The main execution milestones are the expected initial commercial revenue from QS7001 and QVault TPM toward the end of H2 2026 and conversion of a pipeline exceeding $225 million through 2029, which management states remains subject to conversion, validation and integration risks.
Management, verbatim
The first half of 2026 was marked by a decisive transition for SEALSQ. Revenue increased by 131%, gross profit more than tripled, our gross margin expanded significantly as we integrated IC’Alps and benefited from stronger demand for our secure-element and PKI solutions. Our $27.8 million net loss reflects substantial investments in R&D, certification, acquisition integration, corporate infrastructure and our Root-to-Qubit strategy. Our priority for the remainder of the year is turning that investment into disciplined execution, production commitments and recurring revenue. With $486.1 million in cash, cash equivalents and restricted cash at June 30, 2026, we have the balance sheet to fund that transition on our own terms.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ
H1 2026 results confirm strong top-line momentum, with revenue increasing from $4.8 million to $11.2 million and gross profit increasing from $1.6 million to $5.4 million. Higher interest and other non-operating income partially offset increased operating costs, resulting in a net loss of $27.8 million. Our liquidity position remains strong, and we intend to manage this capital carefully while prioritizing projects that support commercialization, strategic control and long-term value creation.
John O’Hara, CFO of SEALSQ
Not in the filing
stated, not guessed- Prior outlook section was not provided, so no comparison of actual results with prior guidance is available.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- A guided gross margin, operating-expense target and tax-rate target were not reported.
- Quarter-over-quarter comparisons were not reported.
- The filing header identifies Wisekey International Holding S.A. and ticker WKEY, while the earnings release identifies SEALSQ Corp and ticker LAES.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
SEALSQ is a post‑quantum semiconductor company reporting its first half 2026 results after recent acquisitions.
Ticker impact
SEALSQ (NASDAQ:LAES) released its H1 2026 earnings with revenue up 131% to $11.2M and reaffirmed FY2026 guidance.
Modest upside if market focuses on revenue growth; downside risk if loss magnitude dominates.
Revenue surge signals demand, yet operating loss expansion may limit price appreciation; limited scale keeps impact modest.
Market effects
Highlights growth in post‑quantum semiconductor and secure‑element markets.
Positive signal for North American and European security chip suppliers.
Limited; primarily relevant to niche crypto‑security and quantum‑tech investors.
Counterpoint
Loss expansion may outweigh revenue gains, suggesting a short‑term pullback.
Key entities
- CompanySEALSQ Corp
Post‑quantum semiconductor and security solutions provider.
- Acquired CompanyIC’Alps SAS
Custom ASIC design firm contributing $2.5M revenue.
