SEALSQ posts 131% revenue gain in H1 2026, net loss widens

SEALSQ Corp (NASDAQ: LAES) reported first-half 2026 revenue of $11.2 million, up 131% from $4.8 million in the same period a year earlier, according to a company press release. Gross profit rose 233% to $5.4 million, with gross margin expanding to approximately 48%.

The company posted a net loss of $27.8 million for the six months ended June 30, 2026, compared with a net loss of $20.0 million in H1 2025. Operating loss widened to $32.2 million from $21.2 million. EBITDA loss was $29.5 million, versus $20.9 million a year earlier.

Revenue growth was driven partly by the consolidation of IC'Alps SAS, acquired in August 2025, which contributed approximately $2.5 million in H1 2026 revenue. Additional drivers included demand for the Vault-IC secure-element product line, PKI subscription services, and initial revenue from the Quantix Edge Security semiconductor design center in Murcia, Spain. North America accounted for 50% of revenue, EMEA for 33%, and Asia Pacific for 17%.

Operating expenses increased across all categories. R&D expenses rose to $8.7 million from $4.7 million, general and administrative expenses increased to $23.1 million from $13.8 million, and selling and marketing expenses grew to $7.2 million from $6.0 million.

Cash, cash equivalents, and restricted cash totaled $486.1 million at June 30, 2026. Including short-term investments, the broader liquidity measure was approximately $495 million.

During the first half, SEALSQ completed the full acquisition of Miraex SA, increased its ownership of Wecan Group to 55.5%, and participated as a lead investor in Quobly's EUR115 million Series A financing. The company also raised its SEALQuantum Sovereign Vertical Stack capital allocation to $200 million, with more than $60 million committed to date.

The company reaffirmed its full-year 2026 revenue guidance of $27 million to $36 million, representing expected growth of 50% to 100% compared with audited FY2025 revenue of $18.3 million. Initial commercial revenue from the QS7001 and QVault TPM products is expected toward the end of H2 2026.

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