SEALSQ more than doubled its revenue during the first half of 2026, but higher research, acquisition and corporate expenses pushed the cybersecurity chip company to a wider loss.
The Nasdaq-listed company reported revenue of $11.2 million for the six months ended June 30, up 131% from $4.8 million during the same period last year. Gross profit rose to $5.4 million from $1.6 million, while gross margin increased to approximately 48%.
Those gains were accompanied by an operating loss of $32.2 million, compared with a $21.2 million loss in the first half of 2025. SEALSQ recorded a net loss of $27.8 million, widening from $20 million a year earlier. Its loss before interest, taxes, depreciation and amortization was $29.5 million, compared with $20.9 million.
The results illustrate the company’s current position with established semiconductor and digital identity businesses growing, while management is committing substantial capital to post-quantum cybersecurity, chip design and early-stage quantum technologies that may take years to produce meaningful revenue.
SEALSQ reaffirmed its full-year revenue forecast of $27 million to $36 million. That would represent growth of roughly 50% to 100% over its audited 2025 revenue of $18.3 million.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ noted, “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.”
John O’Hara, CFO of SEALSQ added, “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.”
Acquisitions and product demand support growth
SEALSQ attributed the revenue increase primarily to stronger demand for its Vault-IC secure-element products, growth in subscriptions for public-key infrastructure, or PKI, and digital identity services. The company also recorded initial revenue from its Quantix Edge Security semiconductor design center in Murcia, Spain.
The acquisition of French semiconductor design company IC’Alps also contributed to the increase. SEALSQ acquired IC’Alps in August 2025 and therefore included six months of its results in the latest reporting period. IC’Alps generated approximately $2.5 million of first-half revenue, accounting for about 22% of SEALSQ’s total.
The acquisition added custom application-specific integrated circuit design, secure chip architecture and specialized engineering services to the company’s operations. SEALSQ said the addition of this work, along with a more favorable product mix, contributed to its higher gross margin.
North America was the company’s largest geographic market, producing $5.6 million, or half of first-half revenue. Europe, the Middle East and Africa generated $3.7 million, while the Asia-Pacific region contributed $1.9 million.
Operating expenses, however, grew more quickly than gross profit. Research and development spending increased to $8.7 million from $4.7 million as SEALSQ absorbed IC’Alps, developed products and pursued certifications.
General and administrative expenses rose to $23.1 million from $13.8 million. The company attributed the increase to acquisitions, additional corporate infrastructure, amortization and legal, audit, advisory and transaction costs. Selling and marketing expenses climbed to $7.2 million from $6 million.
Higher interest income from the company’s cash reserves partly offset those expenses. SEALSQ reported $486.1 million in cash, cash equivalents and restricted cash as of June 30. Including short-term investments, management placed its liquidity at approximately $495 million.
Post-quantum products move toward market
SEALSQ is developing security chips intended to protect devices and communications against attacks involving future quantum computers. Its leading products include the QS7001 secure chip and the QVault Trusted Platform Module, which is designed to protect cryptographic keys and verify the integrity of computing devices.
The QS7001 received a National Institute of Standards and Technology validation for its entropy source, a component used to produce the unpredictable data required for secure cryptographic keys. The chip also completed certain tests intended to measure its resistance to fault-injection and side-channel attacks, methods that attackers can use to extract protected information from hardware.
SEALSQ said 30 prospective customers and partners were evaluating the QS7001 and QVault products as of June 30. Engineering samples of the QVault TPM-185 were available, according to the company.
Management expects the products to begin generating commercial revenue toward the end of the second half of 2026, followed by a larger contribution in 2027 and later years. That schedule remains dependent on certifications, laboratory reviews, customer testing and integration into commercial products.
Investment program expands
SEALSQ continued to use acquisitions and minority investments to expand beyond its original security-chip business. During the first half, it completed its acquisition of Swiss quantum-photonics company Miraex and increased its ownership of Wecan Group to 55.5%.
The company also participated as a lead investor in Quobly’s €115 million financing round and increased its financial commitment to quantum computing company EeroQ. Other initiatives include semiconductor projects in Spain and India and relationships with Lattice Semiconductor, GlobalFoundries and drone maker Parrot.
SEALSQ increased the capital allocated to its SEALQuantum investment program to $200 million. More than $60 million has been committed across acquisitions, investments and projects involving IC’Alps, Miraex, Quobly, EeroQ and several other companies.
As of Sept. 9, SEALSQ estimated that its active commercial pipeline exceeded $225 million in potential revenue through 2029, including more than $100 million connected to the QS7001, QVault and other post-quantum projects.
The pipeline does not represent recognized revenue or firm sales. Converting those opportunities will depend on customer decisions, technical integration, product validation and the company’s ability to complete its commercialization plans.
