SEALSQ (LAES) H1 2026 Earnings Call: Revenue Up 131%, Guidance Reaffirmed
Source Tradingkey
Key Takeaways
- First-half 2026 revenue rose 131% year over year to $11.2 million, driven by renewed VaultIC Secure Element demand, growth in PKI and digital identity services, Quantix Edge Security revenue and a $2.5 million contribution from IC’ALPS.
- Gross profit increased 233% to $5.4 million, while gross margin expanded to approximately 48%, supported by a more favorable mix and higher-margin ASIC design and engineering services.
- Investment remained elevated. Operating loss widened to $32.2 million from $21.2 million, and net loss increased to $27.8 million from $20.0 million.
- SEALSQ ended June 2026 with $486 million in cash, cash equivalents, restricted cash and short-term investments. Total liquidity was approximately $488.5 million.
- Management reaffirmed fiscal 2026 revenue guidance of $27 million to $36 million, representing approximately 50% to 100% growth from audited 2025 revenue of $18.3 million.
- The active commercial pipeline exceeded $225 million as of September 9, 2026, including more than $100 million associated with quantum projects. Management emphasized that the pipeline is an estimate, not revenue guidance.
Key Financial Data
| Metric | H1 2026 | H1 2025 | Change / Commentary |
|---|---|---|---|
| Revenue | $11.2 million | $4.8 million | Up 131% |
| Gross profit | $5.4 million | $1.6 million | Up 233% |
| Gross margin | Approximately 48% | — | Improved on revenue mix and ASIC services |
| Other operating income | $1.4 million | $1.7 million | Relatively consistent year over year |
| R&D expense | $8.7 million | $4.7 million | Higher product development, certification and IC’ALPS costs |
| Selling and marketing expense | $7.2 million | $6.0 million | Increased commercialization and customer engagement |
| General and administrative expense | $23.1 million | $13.8 million | Higher acquisition, infrastructure, amortization and advisory costs |
| Operating loss | $32.2 million | $21.2 million | Loss widened by $11.0 million |
| Net loss | $27.8 million | $20.0 million | Partly offset by higher gross profit and interest income |
| EBITDA loss | $29.5 million | $20.9 million | Included add-backs of $0.4 million depreciation and $2.3 million amortization |
| Total liquidity | $488.5 million | — | As of June 30, 2026 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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