SEALSQ reported that first-half revenue more than doubled as the company accelerated its push to build a vertically integrated post-quantum security and quantum technology business backed by nearly half a billion dollars in cash.
According to a company release, SEALSQ posted preliminary unaudited revenue of approximately $11 million for the six months ended June 30, up about 120% from $5 million in the first half of 2025. The company also reaffirmed its full-year 2026 revenue guidance while outlining an aggressive strategy that combines secure semiconductor products, digital identity software, quantum hardware investments and sovereign semiconductor manufacturing initiatives.
The preliminary results suggest that SEALSQ is attempting to position itself beyond the traditional cybersecurity market and into what it describes as a vertically integrated post-quantum ecosystem. That strategy spans secure chips, cryptographic software, semiconductor design, quantum computing investments and photonics technologies, all intended to prepare customers for a future in which large-scale quantum computers could eventually break many of today’s widely used encryption methods.
The company emphasized that all reported financial figures remain preliminary and unaudited.
Revenue Growth Broadens
According to the release, revenue growth accelerated during the second quarter.
SEALSQ reported approximately $4 million in first-quarter revenue before increasing to roughly $7 million during the second quarter, suggesting stronger commercial momentum as 2026 progressed. The company also said cash and short-term investments totaled approximately $495 million at the end of June, providing what it described as substantial resources for acquisitions, product development and strategic investments.
Management attributed the growth to several factors rather than a single product.
Demand continued to increase for the company’s Vault-IC secure element products, which serve as hardware security chips embedded inside connected devices. The acquisition of semiconductor design company IC’ALPS in 2025 also contributed a full six months of consolidated revenue during the first half of 2026, compared with only a partial contribution last year.
Additional revenue came from public key infrastructure, or PKI, subscription services. PKI systems issue and manage digital certificates that verify identities and encrypt communications across networks. Because organizations continually renew certificates and add new devices and users, these services can generate recurring revenue instead of one-time product sales.
The company also reported initial revenue from Quantix Edge Security, its semiconductor design center in Murcia, Spain, which focuses on secure semiconductor personalization and sovereign chip development.
Looking ahead, SEALSQ reaffirmed earlier guidance calling for full-year 2026 revenue between $27 million and $36 million, representing growth of between 50% and 100% over audited 2025 revenue of $18.3 million.
Management expects additional growth drivers to emerge during the second half of the year, including expanded secure chip sales, greater contributions from IC’ALPS, additional semiconductor design contracts and the anticipated commercial introduction of new post-quantum security products.
Betting on Post-Quantum Security
Much of SEALSQ’s long-term strategy centers on post-quantum cryptography.
Although today’s quantum computers cannot yet defeat modern encryption systems, governments and security agencies increasingly believe organizations should begin transitioning toward quantum-resistant encryption because sensitive information stolen today could potentially be decrypted years later once sufficiently powerful quantum computers become available.
Rather than relying solely on software updates, SEALSQ is developing specialized security chips designed to perform quantum-resistant cryptographic operations directly in hardware.
Its flagship QS7001 secure element incorporates cryptographic algorithms selected through the National Institute of Standards and Technology’s post-quantum standardization effort while supporting hybrid encryption methods that combine traditional and post-quantum algorithms.
The company is also developing QVault, a Trusted Platform Module, or TPM.
A TPM serves as a hardware “root of trust” by securely storing cryptographic keys and verifying that computer hardware and software have not been altered before systems start operating. Adding post-quantum capabilities would allow organizations to gradually migrate toward newer cryptographic standards without replacing entire computing platforms.
According to the company, both products continued advancing through technical validation during the first half of 2026.
QS7001 achieved NIST SP 800-90B Entropy Source Validation, a certification that verifies the quality of random number generation used for cryptographic operations. High-quality randomness is essential because predictable random numbers can undermine even mathematically secure encryption systems.
The company also reported that QS7001 successfully completed Common Criteria fault-injection and side-channel resistance testing. Those evaluations examine whether attackers can manipulate chips using techniques such as voltage fluctuations, electromagnetic interference or power consumption analysis to extract secret cryptographic information.
SEALSQ expects to receive its Common Criteria Evaluation Technical Report later this year while continuing work toward FIPS 140-3 Level 3 certification, an important security standard for government and regulated commercial markets.
Meanwhile, customer sampling of the QVault TPM continued during the first half of the year, with initial commercial revenue expected before the end of 2026 following customer integration and technical validation.
The company said evaluation kits introduced in late 2025 remain with enterprise customers undergoing qualification programs that typically require between 12 and 18 months before production deployments begin.
According to SEALSQ, more than 15 prospective customers and partners are evaluating QS7001 and its software development kit.
Building a Quantum Ecosystem
Beyond its commercial products, SEALSQ continues expanding an investment strategy designed to build capabilities across multiple parts of the quantum technology supply chain.
The company’s internally funded SEALQuantum initiative has a target allocation of $200 million and seeks to create what SEALSQ calls a “Root-to-Qubit” strategy.
Rather than focusing exclusively on cybersecurity products, the initiative invests across semiconductor design, quantum computing hardware, photonics, artificial intelligence compliance tools and space infrastructure.
According to the release, more than $60 million has already been allocated across strategic transactions including IC’ALPS, Miraex, Quobly, EeroQ, Quantix Edge Security, WISeSat, ColibriTD and Wecan Group.
During the first half of 2026, SEALSQ completed the acquisition of Miraex, adding photonics-based quantum interconnect technology that could eventually help connect quantum processors over optical networks.
The company also increased its ownership stake in Wecan Group, whose compliance software serves more than 100 financial institutions. Management said the investment supports integrating post-quantum cryptography and hardware-based trust into AI-driven compliance platforms.
SEALSQ additionally participated as a lead investor in Quobly’s €115 million Series A financing alongside STMicroelectronics, strengthening collaboration around silicon spin-qubit quantum processors.
It also expanded investments in EeroQ, which is developing electrons-on-helium quantum computing technology.
Together, those investments reflect a strategy that extends well beyond secure chips and into multiple competing quantum computing architectures.
Carlos Moreira, CEO of SEALSQ, said, “The first half of 2026 was an important inflection point for SEALSQ. We delivered approximately 120% year-over-year revenue growth, completed the acquisition of Miraex SA to add quantum photonics interconnect capabilities, increased our ownership in Wecan Group to a majority position, and participated as a lead investor in Quobly’s €115 million Series A round alongside STMicroelectronics. Together, these steps strengthen our position as a vertically integrated, sovereign-focused post-quantum security and quantum technology company, from silicon-level roots-of-trust through to quantum compute and orbital delivery. With QS7001 advancing through its final certification milestones, and a growing commercial pipeline, we believe we have the capital, technology and ecosystem required to lead in the post-quantum era.”
Chief Financial Officer John O’Hara emphasized both the company’s liquidity and future commercial pipeline.
He said, “The first half of 2026 demonstrates continued progress in our financial fundamentals. Preliminary H1 2026 revenue of approximately $11 million, more than double the $5 million revenue in H1 2025, reflects a healthy step-up from roughly $4 million revenue in Q1 to about $7 million revenue in Q2 as IC’ALPS, Vault-IC secure elements, PKI services and the Quantix Edge Security project all contributed. Our cash and short-term investments of approximately $495 million as of June 30, 2026, which were boosted by the $125.0 million Registered Direct Offering completed in March 2026, provides significant capacity to fund growth and execute on our priorities without compromising financial discipline. With an active pipeline of more than $225 million through 2029, including over $60 million tied to QS7001 and QVault TPM, and a reaffirmed FY 2026 revenue guidance range of $27 million to $36 million, we believe we have both the resources and visibility needed to support our commercial ramp and deliver on our financial objectives.”
Regulation Helps Shape Demand
SEALSQ also pointed to changing cybersecurity regulations as an important market driver.
The company noted that NIST has finalized its initial post-quantum cryptography standards while governments in both Europe and the United States continue developing migration guidance for critical infrastructure.
European regulations, including the Cyber Resilience Act, increasingly emphasize hardware-based security for connected products. Meanwhile, France’s national cybersecurity agency has indicated it intends to phase out certification of security products that lack quantum-resistant protections within defined timeframes.
Those regulatory developments could increase demand for certified hardware security products if governments and regulated industries require organizations to demonstrate compliance with emerging post-quantum standards.
At the same time, commercialization remains subject to several uncertainties.
The company’s reported business pipeline exceeding $225 million represents management estimates extending through 2029 rather than signed revenue. Converting prospective customers into production deployments depends on technical validation, customer qualification, integration schedules and procurement decisions that often span more than a year.
Similarly, several anticipated revenue sources—including QS7001, QVault TPM and additional custom semiconductor contracts—remain dependent on certification milestones and customer adoption during the second half of 2026.
