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SEALSQ Corp
(NASDAQ:LAES)
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Rating:51Neutral
Price Target:
$2.00
▼(-21.26% Downside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by weak financial performance (large ongoing losses and persistent cash burn) and bearish technical trend signals. These are partly offset by a more constructive earnings-call outlook with reaffirmed high-growth revenue guidance, strong gross margin progress, and substantial liquidity, while valuation remains challenged due to negative earnings and no dividend support.
Positive Factors
Strong revenue and gross-margin growth
Rapid revenue growth combined with materially higher gross margin indicates stronger demand and a more favorable business mix across secure elements, PKI, identity, ASIC design and engineering. If sustained, this can improve operating leverage and support broader customer adoption over the next several quarters.
Negative Factors
Persistent cash consumption
SEALSQ continues to consume cash rather than generate it, with negative operating and free cash flow across the reported years. Sustained cash burn can reduce the resources available for product development and acquisitions, making successful commercialization essential to preserve financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and gross-margin growth
Rapid revenue growth combined with materially higher gross margin indicates stronger demand and a more favorable business mix across secure elements, PKI, identity, ASIC design and engineering. If sustained, this can improve operating leverage and support broader customer adoption over the next several quarters.
Read all positive factors
SEALSQ Corp (LAES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$466.48M
Dividend YieldN/A
Average Volume (3M)4.43M
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth144.68%
EPS Growth47.76%
CountryUS
Employees185
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.25
Shares Outstanding223,430,770
10 Day Avg. Volume3,625,989
30 Day Avg. Volume4,432,705
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.11
Price to Sales (P/S)27.96
P/FCF Ratio-15.70
Enterprise Value/Market Cap0.21
Enterprise Value/Revenue3.61
Enterprise Value/Gross Profit7.12
Enterprise Value/Ebitda-2.07
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.18
Revenue Forecast (FY)$29.10M
SEALSQ Corp Business Overview & Revenue Model
Company Description
SEALSQ Corp, a subsidiary of WISeKey International Holding AG, was founded in 2022 and operates out of Cointrin, Switzerland. The company specializes in the creation and distribution of semiconductor components, serving both governmental and comme...
How the Company Makes Money
SEALSQ makes money primarily by selling semiconductor and security products and services to customers that need embedded, hardware-rooted security in their devices. Key revenue streams typically include: (1) Product revenue from secure chips/micro...
SEALSQ Corp Earnings Call Summary
Earnings Call Date:Sep 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 25, 2027
Earnings Call Sentiment Positive
The call was strongly optimistic, led by 131% revenue growth, 233% gross profit growth, approximately 48% gross margin, substantial liquidity, multiple certification milestones, expanding customer engagement, and a commercial pipeline exceeding $225 million. The main negatives were higher operating expenses, larger operating, net, and EBITDA losses, a slight decline in operating income, and the still-early-stage nature and certification-dependent timing of the post-quantum and quantum businesses. Highlights significantly outweighed the lowlights.Positive Updates
Strong First-Half Revenue Growth
First-half 2026 revenue increased 131% to $11.2 million from $4.8 million in the first half of 2025. Growth was driven by renewed demand for VaultIC secure elements, expansion in PKI subscriptions and digital identity services, initial Quantix Edge Security revenue, and six months of IC'Alps contribution.
Negative Updates
Operating and Net Losses Increased
Operating loss increased to $32.2 million from $21.2 million in the first half of 2025, while net loss increased to $27.8 million from $20.0 million. EBITDA loss increased to $29.5 million from $20.9 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Revenue Growth
First-half 2026 revenue increased 131% to $11.2 million from $4.8 million in the first half of 2025. Growth was driven by renewed demand for VaultIC secure elements, expansion in PKI subscriptions and digital identity services, initial Quantix Edge Security revenue, and six months of IC'Alps contribution.
Read all positive updates
Company Guidance
SEALSQ is reaffirming its previously announced fiscal 2026 revenue guidance of $27 million-$36 million, representing expected growth of approximately 50%-100% over the audited 2025 revenue of $18.3 million; initial QS7001 and QVault TPM revenue is expected late in the second half of 2026, with more meaningful contributions beginning in 2027, while its active commercial pipeline exceeded $225 million in potential revenue opportunities through 2029 as of September 9, 2026, including more than $100 million associated with post-quantum projects already, although this is a management estimate rather than revenue guidance and remains subject to certification, customer validation, commercial negotiation, procurement decision, execution risk, customer demand, qualification and certification timing, supply chain conditions, commercial execution, order timing, and other risks described in its SEC filings. During 2026, SEALSQ increased capital allocation to the SEALQuantum Sovereign Vertical Stack to $200 million, with more than $60 million already committed.SEALSQ Corp Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.83M | 18.25M | 12.47M | 33.45M | 24.29M | 18.59M |
| Gross Profit | 13.62M | 8.63M | 4.23M | 15.63M | 10.26M | 6.50M |
| EBITDA | -46.80M | -33.79M | -17.78M | -1.83M | 3.66M | -3.42M |
| Net Income | -46.21M | -34.19M | -24.07M | -3.64M | 6.04M | -5.28M |
Balance Sheet | ||||||
| Total Assets | 761.97M | 504.18M | 97.57M | 27.93M | 21.66M | 11.84M |
| Cash, Cash Equivalents and Short-Term Investments | 605.66M | 427.69M | 84.62M | 6.89M | 4.06M | 2.06M |
| Total Debt | 8.85M | 8.00M | 8.88M | 15.38M | 14.12M | 17.77M |
| Total Liabilities | 65.09M | 42.67M | 19.70M | 22.90M | 21.45M | 25.41M |
| Stockholders Equity | 687.64M | 461.51M | 77.86M | 5.03M | 212.00K | -13.56M |
Cash Flow | ||||||
| Free Cash Flow | -50.95M | -32.50M | -11.78M | -6.06M | -1.85M | -3.63M |
| Operating Cash Flow | -49.04M | -31.26M | -11.21M | -3.04M | -1.55M | -3.59M |
| Investing Cash Flow | -70.11M | -35.31M | -571.00K | -3.02M | -299.00K | -36.00K |
| Financing Cash Flow | 587.02M | 399.52M | 89.48M | 8.92M | 3.75M | 3.69M |
SEALSQ Corp Technical Analysis
Negative
2.54
Price Trends
2.44
Negative
2.72
Negative
3.11
Negative
Market Momentum
-0.07
Positive
30.13
Neutral
7.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAES, the sentiment is Negative. The current price of 2.54 is above the 20-day moving average (MA) of 2.30, above the 50-day MA of 2.44, and below the 200-day MA of 3.11, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 30.13 is Neutral, neither overbought nor oversold. The STOCH value of 7.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LAES.
SEALSQ Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $10.96B | 45.51 | 17.39% | ― | 17.17% | 3.84% | |
72 Outperform | $56.79B | 19.12 | 28.05% | 1.80% | 8.77% | 39.24% | |
63 Neutral | $40.09B | 102.30 | 6.90% | 2.47% | 20.93% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | $466.48M | -8.11 | -8.04% | ― | 144.68% | 47.76% | |
48 Neutral | $36.63M | -30.49 | -9.54% | ― | 110.90% | ― | |
47 Neutral | $57.68M | -3.66 | -11.17% | ― | 3.11% | 46.15% |
* Technology Sector Average
LAES
SEALSQ Corp
2.02
-5.63
-73.59%
INVE
Identiv
2.38
-1.19
-33.33%
MCHP
Microchip
73.83
10.88
17.28%
NXPI
NXP Semiconductors
225.21
12.85
6.05%
RMBS
Rambus
101.04
6.19
6.53%
WQEY
WISeQey Corp
8.77
-10.19
-53.74%
SEALSQ Corp Corporate Events
SEALSQ Boosts Stake in WISeSat.Space as SPAC Merger Closes and Nasdaq Trading Begins
Oct 2, 2026
On October 1, 2026, SEALSQ completed a key step in its space-focused investment strategy as WISeSat.Space Holdings Corp closed its business combination with Columbus Acquisition Corp, WISeSat.Space Corp d/b/a SpaceAIQ and other affiliates, with tr...
SEALSQ Secures FIPS 140-3 Level 3 Validation for VaultIC408, Advancing Post-Quantum Hardware Strategy
Sep 25, 2026
On September 24, 2026, SEALSQ announced the commercial expansion of its VaultIC408 secure element platform after the device received FIPS 140-3 Level 3 validation as a single-chip hardware cryptographic module under NIST Certificate No. 5463, acti...
SEALSQ Updates Certification Timeline for Post-Quantum Security Chips
Sep 25, 2026
SEALSQ Corp on September 25, 2026 announced revised timelines for certifying its post-quantum semiconductor products, reflecting regulatory and technical developments affecting its roadmap. The company now expects the Hardware Common Criteria Eval...
SEALSQ Files June 2026 Interim Results Showing Revenue Surge but Wider Loss
Sep 14, 2026
SEALSQ Corp filed a Form 6-K on September 14, 2026, furnishing unaudited condensed consolidated financial statements as of June 30, 2026. The filing incorporates these interim results into the company’s existing shelf and equity compensation...
SEALSQ Posts Surging H1 2026 Revenue But Deeper Losses as Post-Quantum Investments Accelerate
Sep 11, 2026
On September 11, 2026, SEALSQ reported its financial and operational results for the six months ended June 30, 2026, highlighting sharp revenue growth alongside wider losses. Revenue rose 131% year-on-year to $11.2 million, gross profit jumped 233...
SEALSQ Corp Highlights Appointment of Group CMO Alexander Hirsch
Aug 26, 2026
On August 21, 2026, WISeKey International Holding announced the appointment of Alexander Hirsch as Chief Marketing Officer for the WISeKey Group and its affiliated companies, including SEALSQ Corp. Hirsch, who formally took up the role on August 1...
SEALSQ Commits $10 Million to WISeSat.Space De-SPAC, Extends Deal Timeline
Aug 18, 2026
On August 6, 2026, SEALSQ Corp entered into a subscription agreement with WISeSat.Space Holdings Corp and Columbus Acquisition Corp in connection with a previously announced business combination involving WISeSat.Space Corp, Pubco and WISeKey Inte...
SEALSQ Updates Post-Quantum Chip Certification Schedule, Targets QVault Revenue by End-2026
Aug 14, 2026
On August 14, 2026, SEALSQ Corp issued an update revising certification timelines for its post-quantum semiconductor portfolio, citing regulatory and technical developments. The company now plans to obtain key hardware evaluation and Common Criter...
SEALSQ CEO Letter Flags Surging H1 2026 Revenue and Quantum Security Deal With Quobly
Aug 14, 2026
In a CEO letter to shareholders dated August 13, 2026, SEALSQ reported that preliminary unaudited revenue for the first half of 2026 rose to about $11 million from $5 million a year earlier, reflecting roughly 120% year-over-year growth and a stro...
SEALSQ Corp Names Daniel Brau Chief Quantum Officer Following Miraex Acquisition
Aug 10, 2026
On August 4, 2026, SEALSQ Corp appointed technology executive and entrepreneur Daniel Brau as Chief Quantum Officer following its acquisition of Swiss photonics-based quantum interconnect firm Miraex SA, which he founded. Brau now leads the commer...
SEALSQ Names Chief Quantum Officer to Drive Sovereign Quantum Platform Strategy
Aug 6, 2026
On August 4, 2026, SEALSQ announced the appointment of former Miraex founder Daniel Brau as Chief Quantum Officer, following its full acquisition of the Swiss photonics-based quantum interconnect firm to serve as its quantum networking subsidiary....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.