H1 2026
Filed Sep 30, 2026WISeKey Reports First Half 2026 Financial Results, Accelerates Quantum and Post-Quantum Strategy and Provides Outlook
Revenue more than doubled and gross margin expanded, while operating loss and net loss widened materially as research and development, selling and marketing, and general and administrative expenses increased. The Company reaffirmed FY 2026 revenue growth guidance of 50% to 100% and reported approximately $495 million in cash and restricted cash.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, six months ended June 30other | $11.43M | – | approximately 116% |
| Cost of sales, six months ended June 30other | −$5.70M | – | – |
| Depreciation of production assets, six months ended June 30other | −$257K | – | – |
| Gross profit, six months ended June 30other | $5.48M | – | 192% |
| Gross margin, six months ended June 30other | approximately 48% | – | expanded |
| Other operating income, six months ended June 30other | $71K | – | – |
| Research & development expenses, six months ended June 30other | −$9.60M | – | – |
| Selling & marketing expenses, six months ended June 30other | −$9.47M | – | – |
| General & administrative expenses, six months ended June 30other | −$27.35M | – | – |
| Total operating expenses, six months ended June 30other | −$46.36M | – | – |
| Operating loss, six months ended June 30other | −$40.88M | – | – |
| Non-operating income, six months ended June 30other | $9.66M | – | – |
| Interest and amortization of debt discount and expense, six months ended June 30other | −$1K | – | – |
| Non-operating expenses, six months ended June 30other | −$5.26M | – | – |
| Loss before income tax expense, six months ended June 30other | −$36.48M | – | – |
| Income tax income / (expense), six months ended June 30other | $302K | – | – |
| Equity in earnings of unconsolidated entities, six months ended June 30other | −$229K | – | – |
| Net loss, six months ended June 30other | −$36.41M | – | – |
| Net loss attributable to noncontrolling interests, six months ended June 30other | −$27.08M | – | – |
| Net loss attributable to WISeKey International Holding Ltd, six months ended June 30other | −$9.33M | – | – |
| Loss per Class A Share, basic, six months ended June 30other | (0.87) USD | – | – |
| Loss per Class A Share, diluted, six months ended June 30other | (0.87) USD | – | – |
| Loss per Class A Share attributable to WISeKey International Holding Ltd, basic, six months ended June 30other | (0.22) USD | – | – |
| Loss per Class A Share attributable to WISeKey International Holding Ltd, diluted, six months ended June 30other | (0.22) USD | – | – |
| Loss per Class B Share, basic, six months ended June 30other | (8.65) USD | – | – |
| Loss per Class B Share, diluted, six months ended June 30other | (8.65) USD | – | – |
| Loss per Class B Share attributable to WISeKey International Holding Ltd, basic, six months ended June 30other | (2.22) USD | – | – |
| Loss per Class B Share attributable to WISeKey International Holding Ltd, diluted, six months ended June 30other | (2.22) USD | – | – |
| Comprehensive loss, six months ended June 30other | −$36.80M | – | – |
FY 2026 outlook
- Revenue50% to 100% compared with FY 2025
- NoteThe Group expects first revenues from its post-quantum products in Q4 2026, with larger contributions anticipated in 2027.
What drove it
- SEALSQ’s commercial pipeline as of September 22, 2026 exceeded $225 million through 2029, including more than $100 million associated with post-quantum projects.
- More than 150 customers and prospects were engaging with SEALSQ’s post-quantum technologies as of June 30, 2026, and more than 30 were actively evaluating or integrating QS7001 and QVault TPM.
- Engineering samples of the QVault TPM are available to customers.
- The Quantix Edge project delivered the first revenues to the Group as the semiconductor design and personalization center in Murcia, Spain advances.
- IC’ALPS integration provides additional ASIC design capabilities and engineering capacity.
- WISeKey expects digital identity and PKI services to benefit from requirements for trusted identity across humans, machines, AI agents and connected devices.
Concerns
- Operating loss increased to (40,879) USD’000 from (27,316) USD’000 as total operating expenses increased to (46,357) USD’000 from (29,193) USD’000.
- Net loss increased to (36,410) USD’000 from (22,287) USD’000.
- The commercial pipeline is based on management estimates of potential opportunities and does not represent backlog or contracted revenue.
- Pipeline conversion depends on customer qualification, certification, production schedules, customer validation, technical integration requirements and market conditions.
- The redomiciliation and proposed WISeSat and Quantisimo transactions remain subject to closing conditions, definitive agreements, regulatory review and shareholder approvals, as applicable.
What to watch
- First revenues from post-quantum products expected in Q4 2026.
- Conversion of the SEALSQ commercial pipeline, including more than $100 million tied to post-quantum projects, into recognized revenue.
- Transition of QS7001 and QVault TPM from development, certification and customer qualification toward commercial production.
- Expected effectiveness of the redomiciliation on October 1, 2026 and expected trading of WISeQey ordinary shares under WQEY on or about October 5, 2026.
- The proposed WISeSat business combination and intended Nasdaq listing under SAIQ.
- The proposed Quantisimo business combination, for which the Group targets completion during the first quarter of 2027 subject to stated conditions.
Balance sheet and cash flow
- Cash and cash equivalents were 488,953 USD’000 as of June 30, 2026, compared with 429,244 USD’000 as of December 31, 2025.
- Restricted cash, current was 6,311 USD’000 as of June 30, 2026, compared with 4 USD’000 as of December 31, 2025.
- Total current assets were 518,505 USD’000 as of June 30, 2026, compared with 455,778 USD’000 as of December 31, 2025.
- Total assets were 616,378 USD’000 as of June 30, 2026, compared with 514,587 USD’000 as of December 31, 2025.
- Notes payable were 613 USD’000 as of June 30, 2026, compared with 748 USD’000 as of December 31, 2025.
- Convertible note payable, current was 10 USD’000 as of June 30, 2026, compared with 10 USD’000 as of December 31, 2025.
- Bonds, mortgages and other long-term debt were 724 USD’000 as of June 30, 2026, compared with 1,047 USD’000 as of December 31, 2025.
- Total liabilities were 61,750 USD’000 as of June 30, 2026, compared with 53,438 USD’000 as of December 31, 2025.
- Total shareholders’ equity was 554,628 USD’000 as of June 30, 2026, compared with 461,149 USD’000 as of December 31, 2025.
- No cash flow statement, operating cash flow, or free cash flow was provided.
Analysis
WISeKey reported H1 2026 net sales of 11,434 USD’000, compared with 5,293 USD’000 in H1 2025. The Company described revenue growth as approximately 116%. Gross profit rose to 5,478 USD’000 from 1,877 USD’000, while gross margin expanded to approximately 48% from 35%. The release identifies initial revenue from the Quantix Edge project and expansion in ASIC design capabilities through IC’ALPS as contributors expected to support growth through the remainder of 2026 and into 2027.
Profitability remained under pressure from increased operating spending. Research and development expenses were (9,603) USD’000, selling and marketing expenses were (9,474) USD’000, and general and administrative expenses were (27,351) USD’000. Total operating expenses increased to (46,357) USD’000 from (29,193) USD’000, producing an operating loss of (40,879) USD’000 versus (27,316) USD’000. Net loss was (36,410) USD’000, compared with (22,287) USD’000, while net loss attributable to WISeKey International Holding Ltd was (9,327) USD’000.
The balance sheet reflects substantial liquidity. Cash and cash equivalents were 488,953 USD’000 and current restricted cash was 6,311 USD’000 at June 30, 2026. The Company characterized this as approximately $495 million in cash and restricted cash with minimal debt. Reported notes payable were 613 USD’000, convertible note payable was 10 USD’000, and bonds, mortgages and other long-term debt were 724 USD’000. Total shareholders’ equity was 554,628 USD’000.
The strategic focus is commercialization of the post-quantum semiconductor portfolio and conversion of SEALSQ’s estimated opportunity pipeline. The pipeline exceeded $225 million through 2029 as of September 22, 2026, including more than $100 million tied to post-quantum projects. Management stated that first revenues from post-quantum products are expected in Q4 2026, with larger contributions anticipated in 2027. These opportunities remain subject to customer qualification, certification, production schedules and other conversion risks.
WISeKey reaffirmed FY 2026 revenue growth guidance of 50% to 100% compared with FY 2025. The release also centers on planned corporate actions, including the expected October 1, 2026 redomiciliation and expected WQEY trading on or about October 5, 2026, plus proposed WISeSat and Quantisimo transactions. The near-term financial read therefore combines strong reported top-line and gross-profit growth with larger operating losses and an execution-dependent path to monetizing the post-quantum, quantum and satellite initiatives.
Management, verbatim
2026 is the year the technologies and investments we have built over many years are coming together as one commercial ecosystem, and WISeKey is entering the most important commercialization phase in its history.
Carlos Moreira, Founder, Chairman and Chief Executive Officer of WISeKey
Our priorities are now clear and measurable: convert the SEALSQ pipeline into revenue, bring our post-quantum products into volume production, complete the WISeSat and Quantisimo transactions, and expand our sovereign semiconductor infrastructure.
Carlos Moreira, Founder, Chairman and Chief Executive Officer of WISeKey
Not in the filing
stated, not guessed- Accounting framework, including whether the unaudited financial statements are prepared under IFRS, U.S. GAAP, or another basis
- Segment revenue and segment profitability
- Operating cash flow
- Free cash flow
- Cash flow statement
- Share repurchases
- Dividends
- Prior-quarter financial comparisons
- FY 2026 gross-margin guidance
- FY 2026 operating-expense guidance
- FY 2026 tax-rate guidance
- Previous-release outlook for comparison with actual results
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.