SEALSQ reported first-half revenue of $11 million for the period ended June 30, 2026, missing analyst expectations of $14.9 million by roughly $3.9 million, while its net loss widened to $27.8 million from $20 million a year earlier.
The company said revenue for the specific reported period came in at $11 million versus a forecast of $14.9 million, a shortfall of about 26%. Full-year revenue is now expected to fall in the middle to upper end of the company’s previously stated $27 million to $36 million range.
SEALSQ posted an operating loss of $32.2 million compared with $21.2 million in the first half of last year, and EBITDA loss widened to $29.5 million from $20.9 million. Gross profit, however, nearly tripled to $5.4 million from $1.6 million a year earlier, with the gross margin expanding to approximately 48%.
Revenue grew 131% year-over-year on a H1 basis, with North America accounting for 50% of total revenue and EMEA contributing 33%. Asia-Pacific represented 17%, according to the company’s geographic breakdown.
SEALSQ reaffirmed its full-year 2026 revenue guidance at $27 million to $36 million, representing 50% to 100% growth from audited 2025 revenue of $18.3 million. The company also cited an active commercial pipeline exceeding $225 million in potential revenue opportunities through 2029, including more than $100 million linked to post-quantum projects.
The company holds more than $486 million in cash, equivalents, and restricted cash as of June 30, with total liquidity at approximately $488.5 million and a current ratio of 14.43. Its debt-to-equity ratio stood at 0.01.
SEALSQ increased capital allocation to its SEALQuantum Sovereign Vertical Stack to $200 million, with over $60 million already committed across portfolio companies including IC’Alps, Miraex SA, Quobly, Quantix Edge, ColibriTD, EeroQ, WISeSat, and Wecan Group. Ownership in Wecan was raised to 55.5%.
On the product front, SEALSQ said its QS7001 achieved NIST SP 800-90B entropy secure source validation under ESV Certificate E333, with Common Criteria, fault injection, and side channel resistance testing completed. Over 30 customers are actively evaluating or integrating the QS7001 and QVault TPM. Engineering samples of the post-quantum QVault TPM 185 became available, with initial revenue expected late in H2 2026 and meaningful contributions anticipated in 2027. The VaultIC408 secure element received FIPS 140-3 validation under NIST certificate number 5463, and the company reported recertification under ISO/IEC 27001.
Shares traded at $2.332, up 0.52% from the previous close. The stock has declined roughly 73% from its 52-week high of $8.71, though it remains about 17% above its 52-week low of $1.99. Maxim Group’s Matthew Galinko recommended a buy-to-hold stance, with price targets ranging from $3.75 to $8.00.
CEO Carlos Moreira and CFO John O’Hara discussed results during an earnings call with analysts.
