SEALSQ Corp (LAES)
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In November 2025 SEALSQ did something nobody had done before: it shipped a chip that carries the post-quantum algorithms standardized by the U.S. standards body NIST directly in hardware. The annual report filed with the U.S. securities regulator, the SEC, tells a soberer story alongside it: $18.3 million of revenue in 2025, a $34.2 million net loss — and the celebrated chip contributed exactly nothing, with the company itself expecting no revenue from it before the fourth quarter of 2026. The build-out is paid for with new shares: 100.0 million outstanding on December 31, 2024 became 191.5 million a year later, and warrants for another 153.4 million are outstanding as of March 27, 2026. What is left standing is a $417.7 million cash pile. Read the ingredient list before you believe the front of the box.
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AI Rating
Uses AISEALSQ setzt KI nach eigener Darstellung in mehreren Bereichen des Geschäfts ein — bei der Entwicklung und Verbesserung der Softwaredienste, beim Schutz der eigenen Chips gegen fortgeschrittene Angriffe (2024 ausdrücklich gegen Seitenkanalanalysen mit Deep Learning) und beim Entwurf der Halbleiter selbst; KI ist außerdem Bestandteil der Strategie („AI identity frameworks“, „Physical AI“). Eine KI-Umsatzquelle ist das nicht: Der Umsatz 2025 von 18,25 Mio. US-Dollar verteilt sich laut Jahresbericht 20-F auf das Halbleitersegment (80 %, 14,7 Mio.) und das ASIC-Segment (20 %, 3,6 Mio.); die Zertifikatsdienste steuerten nur 2 % des Gesamtumsatzes bei, und der Markt „Physical AI“ wird ausdrücklich nur als Wachstumsziel beschrieben, für das man erst Gespräche mit Robotikanbietern begonnen hat. Deshalb „nutzt“ und nicht „verkauft“; die KI-Risikopassage betrifft die eigene KI-Nutzung, nicht eine Bedrohung des Geschäftsmodells durch KI.
View the full file — quotes, sources, reviewed filings
„SEALSQ utilizes artificial intelligence (“AI”) technologies in several aspects of its business, including the development and enhancement of its software services, and the protection of its products against advanced cyberattacks."
SEALSQ setzt Technologien der künstlichen Intelligenz („KI“) in mehreren Bereichen seines Geschäfts ein, darunter die Entwicklung und Verbesserung seiner Softwaredienste und der Schutz seiner Produkte gegen fortgeschrittene Cyberangriffe.
„AI is also a core component of SEALSQ’s strategic initiatives, including the development of AI identity frameworks and the integration of AI capabilities into its existing software platforms and services, post-quantum secure semiconductors and RISC-V-based platforms."
KI ist außerdem ein Kernbestandteil der strategischen Vorhaben von SEALSQ, darunter die Entwicklung von KI-Identitätsrahmenwerken und die Einbindung von KI-Fähigkeiten in die bestehenden Softwareplattformen und -dienste, in die quantensicheren Halbleiter und in die Plattformen auf RISC-V-Basis.
„We utilize artificial intelligence (“AI”) technologies in several aspects of our business, including the design and optimization of our secure semiconductors, the development and enhancement of our software services, and the protection of our products against advanced cyberattacks, including those utilizing deep learning techniques for side-channel analysis."
Wir setzen Technologien der künstlichen Intelligenz („KI“) in mehreren Bereichen unseres Geschäfts ein, darunter den Entwurf und die Optimierung unserer sicheren Halbleiter, die Entwicklung und Verbesserung unserer Softwaredienste und den Schutz unserer Produkte gegen fortgeschrittene Cyberangriffe, einschließlich solcher, die Deep-Learning-Verfahren für die Seitenkanalanalyse nutzen.
Filings Reviewed: 20-F 2026-03-31 · 20-F 2025-03-20 · 6-K 2026-07-08 · 6-K 2026-06-30 · 6-K 2026-06-11 · 424B5 2026-03-17
Rated on July 29, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2022: Q2 | – | – | 11 | 39.80 | -1.70 | -3 | -3 |
| 2023: Q2 | – | – | 15 | 30.80 | -5.90 | -1 | -3 |
| 2023: Q4 | – | – | 17 | – | -15.60 | -2 | -4 |
| 2024: Q2 | 0.00 | – | 5 | -63.20 | -222.80 | -5 | -6 |
| 2024: Q4 | -0.25 | – | 7 | -59.20 | -169.70 | -8 | -8 |
| 2025: Q2 | -0.17 | – | 6 | 3.10 | -414.50 | -14 | -14 |
| 2025: Q4 | – | – | 13 | 79.30 | -86.90 | -25 | -26 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
As of December 31, 2025 the company held $417.7 million in cash (a year earlier: $84.6 million), equity stood at $461.5 million against total assets of $504.2 million, and notes payable amounted to $1,678,281. Against that, operations consumed $31.3 million of cash in 2025. As of June 30, 2026 SEALSQ reports roughly $495 million of cash and short-term investments on a preliminary basis — against a market capitalization of roughly $521 million (data as of July 28, 2026), the market therefore pays for little more than the bank balance. There is no solvency risk visible in this balance sheet.
The 2025 annual report states that fewer than twelve companies worldwide can design and certify secure chips at Common Criteria EAL5+ or higher — SEALSQ is one of them. The QS7001, launched at the end of November 2025, is the first chip to embed the NIST algorithms ML-KEM (Kyber) and ML-DSA (Dilithium) directly in hardware; in the first half of 2026 it added a NIST entropy source validation (ESV certificate E333) and passed fault-injection and side-channel testing.
Revenue fell from $30.1 million (2023) to $11.0 million (2024) and recovered to $18.3 million in 2025 — roughly $3.6 million of which came from the IC’Alps acquisition. Over the same period the net loss grew from $3.3 million to $34.2 million. The flagship product generates no revenue according to the 2025 annual report, and the company itself expects none before the fourth quarter of 2026. The transition from the old product generation to the new one is therefore still unproven.
100,039,519 ordinary shares (31.12.2024) became 191,525,129 (31.12.2025) and, after the offering that closed on March 17, 2026, the 222,773,999 the annual report states for 27.03.2026 — more than a doubling in fifteen months. Warrants for 153,410,592 shares remain outstanding as of March 27, 2026, including 60,827,260 Class E warrants at $5.50 with a seven-year life. Since November 2024 SEALSQ says it has raised more than $575 million — the cash on the balance sheet is largely sold ownership.
Parent WISeKey owns 2.69 percent of the ordinary shares but holds 51.33 percent of the votes through the Class F shares (as of March 27, 2026). As a Nasdaq “controlled company” SEALSQ is entitled to governance exemptions — it still meets the majority-independent-board rule today per the 2025 annual report (four of seven), but expressly reserves the exemption, and it already forgoes regularly scheduled independent-director-only meetings. As of December 31, 2025 the books also carried a receivable of $8,656,171 from WISeKey and its affiliates — close to half a year of revenue.
A substantial part of the money raised flows into minority holdings: $10.0 million into WISeKey subsidiary WISeSat.Space (8.08 percent), close to EUR 15 million into quantum computing developer Quobly, plus IC’Alps, WeCan, Miraex, EeroQ, ColibriTD and Quantix Edge Security. Cash used in investing rose to $35.3 million in 2025 from $0.6 million the year before. No filing shows what revenue this is expected to produce — it is a bet on an ecosystem that does not exist yet.
SEALSQ is the label trap in its purest form: the front of the box says world’s first quantum-resistant chip, while the ingredient list on the back reads $18.3 million of revenue, a $34.2 million net loss and a flagship product that, by the company’s own annual report, will not earn a cent before the fourth quarter of 2026 at the earliest. Shareholders pay for the build-out: the share count nearly doubled in 2025, and warrants for 153.4 million further shares are ready to go. What has been built is real, though — $417.7 million of cash on December 31, 2025, roughly $495 million on June 30, 2026, and a technical lead barely a dozen companies worldwide could match. By now the market pays for little more than that bank balance: at a market capitalization of roughly $521 million (data as of July 28, 2026), about $26 million is left for technology, customers and holdings combined. The question is not whether the company survives, but whether the technology ever produces enough revenue to justify the number of shares issued to fund it. Not investment advice.
- SEALSQ reached our desk through the mention counts in U.S. retail investor forums (as of July 29, 2026) — not through a valuation or quality filter. Such lists say nothing about the merit of a business; they only say where a lot of people are looking. Our in-house stock scanner lists are recomputed daily.
- Timeliness gate: SEALSQ is registered with the SEC as a foreign private issuer and therefore files annual reports (20-F) and interim reports (6-K) rather than quarterly reports (10-Q). The most recent annual report is the 20-F for 2025 (filed March 31, 2026). Every filing submitted afterwards was reviewed individually: the interim reports of March 31, April 2, 9 and 21, May 8, June 4 and 11, June 30 and July 8, 2026, plus the prospectus supplement 424B5 of March 17, 2026. None of those filings states a newer share count, so the most recent documented figure is the one in the annual report itself (222,773,999 ordinary shares as of March 27, 2026).
- Market-cap cross-check: passed — what was checked is the share count, not the multiplication. The market capitalization of $521.3 million (data as of July 28, 2026) arithmetically equals 222,773,999 shares times the $2.34 closing price of the same day; that those two figures agree is an identity and proves nothing on its own. What does hold up is the share count: it is not a data-feed figure but is disclosed in the annual report 20-F, Item 7.A, as "fully-paid and outstanding" as of March 27, 2026, and three Schedule 13G ownership filings of May 15, 2026 compute their percentages on exactly that number — they take it from the annual report, so they are not an independent confirmation, but they show the market works from the same denominator. The last share price stated in a mandatory filing is $3.86 on March 13, 2026 (prospectus supplement 424B5); the gap to $2.34 is the documented price decline over four and a half months, not an error in the share count. Market capitalization, price-to-sales and the comparison against cash are therefore used — each with its as-of date.
- A data trap that easily misleads anyone checking the arithmetic: the share-count series in the common metrics databases carry 135,029,729 shares for SEALSQ in 2025. That is the weighted annual average from the earnings-per-share calculation (Note 40 of the annual report), not the number of shares outstanding — 191,525,129 were outstanding on December 31, 2025. This analysis works throughout with the outstanding counts from the filings: 100,039,519 (31.12.2024), 123,731,729 (30.06.2025), 191,525,129 (31.12.2025), 192,210,129 (13.03.2026) and 222,773,999 (27.03.2026).
- Accounting basis and currency were verified against the annual report: SEALSQ reports under U.S. GAAP, not IFRS, and in U.S. dollars. The 2023 and 2024 revenue and result figures are taken from the 2025 annual report and may differ from earlier publications because the segment presentation was recast in 2025. Separately, SEALSQ corrected its prior-period balance sheet (a “little r” restatement under ASC 250): Swiss stamp duties on its own share issuances had not been accrued since inception. As of December 31, 2024 this reduces additional paid-in capital by $1.376 million to $116.568 million and raises other current liabilities by the same amount; total assets and the reported net result are unaffected, and cumulative late-payment interest of $86,474 was expensed in 2025.
About the Company
SEALSQ Corp, together with its subsidiaries, designs, develops, and markets semiconductors in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers semiconductors, such as VaultIC secure elements, quantum-resistant RISC-V secure chips, secure ARM platform, and smart card reader chips; custom chip design services; and other PKI services, including personal digital identity services. The company also provides semiconductors secure chips, SaaS, software and INeS certificate management platform, implementation, integration and other services, and ASIC design and production services. Additionally, it develops WISeRobot.ch, a platform human and artificial intelligence collaboration. It serves smart energy, smart home, automotive EV charging, consumer IoT, aerospace and military telecommunications, industry, logistics, medical, and luxury sectors. It has a strategic partnership with L5 Cartronics to develop secure multi-package IoT modules for smart cameras and smart metering. The company was founded in 2022 and is headquartered in Cointrin, Switzerland. SEALSQ Corp operates as a subsidiary of WISeKey International Holding AG.
| IPO Year | 2023 |
|---|
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Interactive price chart (TradingView).
Data as of: July 29, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.