SEALSQ (LAES) shares soar, revenue rises 131%, quantum pipes exceed $225 million

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SEALSQ revenue surged 131% and gross margin expanded significantly

SEALSQ Inc.(LAES) shares rose after reporting strong revenue growth and an expanding post-quantum business pipeline. LAES shares fell to around $2.38, then recovered to $2.4250, or 1.89%. Despite increased operating expenses and losses, the company maintained its revenue forecast for 2026.

SEALSQ's revenue in the first half of 2026 increased by 131% year-on-year.

SEALSQ reported that revenue in the first half of 2026 was US$11.2 million, compared with only US$4.8 million in the same period last year. As demand for secure semiconductor products and digital identity services increased, revenue increased by 131%. During the reporting period, gross profit also increased significantly by 233% to US$5.4 million.

At the same time, SEALSQ's gross margin expanded to approximately 48% thanks to a more favorable product portfolio. Rising demand for Vault-IC secure elements has driven growth, while public key infrastructure (PKI) subscription services have also increased revenue. Quantix Edge Security and IC 'Alps also made additional contributions in the first half of the year.

SEALSQ acquired IC 'Alps in August 2025, which contributed approximately US$2.5 million in revenue in the first half. The acquisition expands SEALSQ's capabilities in custom ASIC design and secure semiconductor engineering. North America generated $5.6 million in revenue, accounting for half of total revenue in the first half.

Increased expenses resulted in SEALSQ net loss of US$27.8 million

SEALSQ reported an operating loss of $32.2 million, compared to $21.2 million in the first half of 2025. The company's net loss widened to $27.8 million from $20 million in the same period last year. The increase in spending reflects product development, acquisitions, certification efforts and corporate expansion.

R & D expenses increased to US$8.7 million from US$4.7 million in the first half of last year. General and administrative expenses increased from $13.8 million to $23.1 million. As the company stepped up commercialization efforts, sales and marketing expenses also reached $7.2 million.

Despite rising costs, SEALSQ had a total of $486.1 million in cash, cash equivalents and restricted funds as of the end of June. If short-term investments are included, its broader liquidity is approximately US$495 million. This liquidity supports the company's expected investments in semiconductor development, acquisitions and post-quantum commercialization plans.

Quantum business pipeline exceeded US$225 million, SEALSQ maintains its outlook

As of September 9, SEALSQ reported that its total active business pipeline exceeded US$225 million, valid until 2029. More than $100 million of that is related to post-quantum projects, including QS7001 and QVault TPM. These pipeline data are still management estimates and depend on customer verification, technology integration and contract conversion.

In the first half of the year, the company also promoted the certification and testing of its post-QS 7001 quantum semiconductors. As of June 30, 30 potential customers and partners were evaluating QS7001 and QVault products. SEALSQ expects these products to generate initial commercial income by the end of 2026.

SEALSQ reiterated its revenue guidance of $27 million to $36 million for the full year of 2026. This range represents an expected increase of 50% to 100% compared to audited 2025 revenue of $18.3 million. Growth drivers include IC 'Alps, Vault-IC requirements, PKI services, Quantix Edge Security and commercialization of post-quantum products.