H1 2026
Filed Sep 11, 2026Revenue Increases 131% to $11.2 Million; FY2026 Guidance Reaffirmed
Revenue and gross profit increased sharply and FY2026 revenue guidance was reaffirmed, while operating loss, net loss and EBITDA loss widened as the Company increased R&D, acquired-business integration and corporate infrastructure spending.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | 11,151 USD'000 | – | +131 % |
| Cost of salesGAAP | (5,486) USD'000 | – | – |
| Depreciation of production assetsGAAP | (257) USD'000 | – | – |
| Gross profitGAAP | 5,408 USD'000 | – | +233 % |
| Gross marginGAAP | approximately 48% | – | – |
| Other operating incomeGAAP | 1,432 USD'000 | – | -14 % |
| Research & development expensesGAAP | (8,718) USD'000 | – | +85 % |
| Selling & marketing expensesGAAP | (7,181) USD'000 | – | +19 % |
| General & administrative expensesGAAP | (23,103) USD'000 | – | +68 % |
| Total operating expensesGAAP | (37,570) USD'000 | – | – |
| Operating lossGAAP | (32,162) USD'000 | – | +51 % |
| Non-operating incomeGAAP | 9,735 USD'000 | – | – |
| Interest and amortization of debt discountGAAP | (1) USD'000 | – | – |
| Non-operating expensesGAAP | (5,266) USD'000 | – | – |
| Loss before income tax expenseGAAP | (27,694) USD'000 | – | +38 % |
| Income tax income / (expense)GAAP | 302 USD'000 | – | – |
| Equity in earnings of unconsolidated affiliatesGAAP | (397) USD'000 | – | – |
| Net lossGAAP | (27,789) USD'000 | – | +39 % |
| Net loss attributable to SEALSQ CorpGAAP | (27,712) USD'000 | – | – |
| 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 | – | – |
| Other comprehensive income / (loss)GAAP | (477) USD'000 | – | – |
| Comprehensive lossGAAP | (28,266) USD'000 | – | – |
| EBITDAnon-GAAP | (29.5) $ millions | – | – |
| Depreciation expensenon-GAAP | 0.4 $ millions | – | – |
| Amortization expensenon-GAAP | 2.3 $ millions | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaRepresenting 50% of H1 2026 revenue. | $5.6 million | – | – |
| Europe, the Middle East and AfricaRepresenting 33% of H1 2026 revenue. | $3.7 million | – | – |
| Asia PacificRepresenting 17% of H1 2026 revenue. | $1.9 million | – | – |
| IC’Alps SASSix months of consolidated revenue in H1 2026 following the August 2025 acquisition. | 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 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 SAS.
- Addition of ASIC design revenue and an improved product mix contributed to gross-profit growth and gross-margin expansion.
- Higher interest and other non-operating income partially offset increased operating costs.
Concerns
- Operating loss increased to $32.2 million from $21.2 million.
- Net loss increased to $27.8 million from $20.0 million.
- EBITDA loss increased to $29.5 million from $20.9 million.
- 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.
- Pipeline figures are management estimates and are subject to conversion risks, customer validation and technical integration.
- QS7001 and QVault TPM commercialization timing remains subject to laboratory review, certification, customer qualification and procurement.
What to watch
- Execution against FY2026 revenue guidance of $27 million to $36 million.
- Timing of initial commercial revenue from QS7001 and QVault TPM toward the end of H2 2026.
- Customer qualification, technical integration and production progression for the QS7001 and QVault TPM.
- Conversion of the more than $225 million active pipeline through 2029.
- Full-year consolidation of IC’Alps revenue and revenue contributions from the Quantix Edge Security project.
- Capital deployment under the $200 million SEALQuantum Sovereign Vertical Stack allocation.
Balance sheet and cash flow
- Cash and cash equivalents were 479,797 USD'000 as of June 30, 2026, compared with 417,657 USD'000 as of December 31, 2025.
- Restricted cash, current was 6,311 USD'000 as of June 30, 2026, compared with - as of December 31, 2025.
- 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.
- Investment, current was 2,449 USD'000 as of June 30, 2026, compared with 10,032 USD'000 as of December 31, 2025.
- Notes payable were 555 USD'000 as of June 30, 2026, compared with 689 USD'000 as of December 31, 2025.
- Bonds, mortgages and other long-term debt were 696 USD'000 as of June 30, 2026, compared with 989 USD'000 as of December 31, 2025.
- Total liabilities were 52,502 USD'000 as of June 30, 2026, compared with 42,671 USD'000 as of December 31, 2025.
- Total shareholders’ equity was 562,139 USD'000 as of June 30, 2026, compared with 461,508 USD'000 as of December 31, 2025.
- Total assets were 614,641 USD'000 as of June 30, 2026, compared with 504,179 USD'000 as of December 31, 2025.
Analysis
SEALSQ reported H1 2026 net sales of 11,151 USD'000, up +131 % from 4,825 USD'000 in H1 2025. Gross profit rose +233 % to 5,408 USD'000, and the Company reported gross margin of approximately 48%. Management attributed growth to renewed Vault-IC secure-element demand, continued PKI subscription and digital identity growth, initial Quantix Edge Security revenue, and six months of IC’Alps consolidation. IC’Alps contributed approximately $2.5 million of revenue.
Geographically, North America generated $5.6 million, or 50% of H1 revenue. Europe, the Middle East and Africa generated $3.7 million, or 33%, and Asia Pacific generated $1.9 million, or 17%. The Company cited ASIC design revenue and improved product mix as contributors to higher gross profit and margin expansion. The active business pipeline exceeded $225 million through 2029 as of September 9, 2026, including more than $100 million associated with post-quantum projects, though management identifies conversion, customer validation and technical integration risks.
Profitability moved in the opposite direction as investment spending increased. Operating loss was (32,162) USD'000 versus (21,237) USD'000, net loss was (27,789) USD'000 versus (20,030) USD'000, and non-GAAP EBITDA was (29.5) $ millions versus (20.9) $ millions. R&D expenses rose to (8,718) USD'000, G&A expenses rose to (23,103) USD'000, and selling and marketing expenses rose to (7,181) USD'000. Management tied the increase to post-quantum product development, certification, acquired-company integration, expanded infrastructure, amortization, and legal, audit, advisory and transaction costs.
Liquidity was substantial at June 30, 2026, with cash, cash equivalents and restricted cash totaling $486.1 million and broader liquidity including short-term investments of approximately $495 million. SEALSQ increased the SEALQuantum Sovereign Vertical Stack allocation to $200 million, with more than $60 million committed to date across IC’Alps, Miraex, Quobly, Quantix Edge Security, ColibriTD, EeroQ, WISeSat and Wecan Group. The Company also completed the 100% acquisition of Miraex SA and increased ownership of Wecan Group to 55.5%.
SEALSQ reaffirmed FY2026 revenue guidance of $27 million to $36 million, representing expected growth of 50% to 100% compared with audited FY2025 revenue of $18.3 million. The guide relies on full-year IC’Alps consolidation, Vault-IC demand, recurring PKI and certificate-management revenue, Quantix Edge Security contributions, initial QS7001 and QVault TPM commercialization, and potential custom post-quantum ASIC programs. Initial QS7001 and QVault TPM revenue is expected toward the end of H2 2026, while more significant contribution is anticipated in 2027 and beyond as customers complete integration and move into production.
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.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ
Our priority for the remainder of the year is turning that investment into disciplined execution, production commitments and recurring revenue.
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.
John O’Hara, CFO of SEALSQ
Not in the filing
stated, not guessed- Previous outlook section was not provided, so comparison with prior guidance is unavailable.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Non-GAAP net income or loss was not reported.
- Non-GAAP EPS was not reported.
- Prior-year gross margin was not reported.
- Prior-quarter comparisons were not reported.
- FY2026 gross-margin guidance was not reported.
- FY2026 operating-expense guidance was not reported.
- FY2026 tax-rate guidance was not reported.
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.