SEALSQ Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow rather than red: the December 31, 2025 balance sheet shows $417.7 million of cash, $461.5 million of equity and notes payable of $1,678,281 — no going-concern qualification, no funding squeeze, no solvency risk. Yellow rather than green: the business is not proven. Revenue of $18.3 million comes nowhere near covering $48.4 million of operating expenses, the flagship QS7001 generates no revenue before the fourth quarter of 2026 on the company’s own account, and the ten largest customers account for 63 percent of sales. The heavy dilution — from 100.0 million to 191.5 million shares in 2025, plus warrants for another 153.4 million — is a price argument and does not by itself set the color; it belongs on the table anyway, because it explains where the cash came from. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Balance sheet and funding capacity
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.
Technology and market position
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.
Earnings and product transition
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.
Dilution
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.
Control and governance
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.
Use of capital
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.
Worth Noting
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.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.10 $ to 7.70 $ · Last price: 2.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| SEALSQ Corp LAES | 0.5 | – | 13.7 | 52.6 | -138.3 | 46.4 | -37.5 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Median of companies shown | 546.8 | 55.2 | 33.7 | 58.3 | 14.5 | 34.3 | 58.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | 15 | -9 | -10 | -0.65 | -3 | -9 | 13 |
| 2021 | 19 | -6 | -5 | -0.35 | -4 | -14 | 12 |
| 2022 | 24 | 1 | 6 | 0.40 | -2 | 0 | 22 |
| 2023 | 33 | -2 | -4 | -0.24 | -3 | 5 | 28 |
| 2024 | 12 | -20 | -24 | -0.68 | -11 | 78 | 98 |
| 2025 | 18 | -40 | -34 | -0.25 | -31 | 462 | 504 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.18 | -0.18 – -0.18 | 31 | 25.0% | 1 |
| 12/31/2027 | -0.21 | -0.21 – -0.21 | 40 | -16.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
SEALSQ 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.
20-F · 2026-03-31 · View SEC filing
„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.
20-F · 2026-03-31 · View SEC filing
„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.
20-F · 2025-03-20 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -9.1%
- More than 10% revenue growth is expected for the coming year 67.7%
- Share count grows by less than 3% a year 107.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -131.7%
- Gross margin at 40% or higher and without meaningful erosion 47.3%
- Goodwill from acquisitions does not grow faster than revenue 1.1%
- Net debt below twice EBITDA 420 m net cash
- Operating cash flow covers the profits of the last three years 16 m
- Return on capital at 15% or higher, or up versus two years ago -8.4%
- Insiders hold at least 10% or are net buyers 2.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.7%
- Exp. sales growth 3Y > 5% 47.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 47.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -7.9%
- ROCE > 15% -8.4%
- Expected return > 10% 37.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Enguent Jean-Pierre | Vice President, R&DSS | Sell | 15,000 | 2.40 | 36,030 |
| Sep 1, 2026 | Enguent Jean-Pierre | Vice President, R&DSS | Other | 15,000 | 0.01 | 150 |
| Aug 5, 2026 | Enguent Jean-Pierre | Vice President, R&DSS | Sell | 15,000 | 2.46 | 36,857 |
| Aug 3, 2026 | Enguent Jean-Pierre | Vice President, R&DSS | Other | 15,000 | 0.01 | 150 |
| Apr 24, 2026 | John Charles O'hara | CFO | Sell | 5,250 | 2.91 | 15,278 |
| Apr 22, 2026 | John Charles O'hara | CFO | Sell | 10,000 | 3.06 | 30,600 |
| Apr 20, 2026 | John Charles O'hara | CFO | Sell | 10,000 | 2.79 | 27,900 |
The company
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.
- Employees
- 185
- Headquarters
- Cointrin, Switzerland
- Address
- Avenue Louis-CasaI 58, 1216 Cointrin, Switzerland
- Phone
- 41 22 59 43 000
- Website
- sealsq.com
- IPO Date
- 05/24/2023
- ISIN
- VGG794831062
Management
| Name | Title | Birth Year |
|---|---|---|
| Franck Buonanno | Vice President of Global Sales | 1963 |
| Andreas Feuardent Moreira | Chief Innovation Officer | 1993 |
| Jean-Pierre Enguent | Vice President of Research & Development Systems and Solutions | 1962 |
| Carlos Creus Moreira | Chairman of the Board of Directors & CEO | 1958 |
| John O'Hara | CFO & Executive Director | 1977 |
| Alexander Hirsch | Group Chief Marketing Officer | 1983 |
| Loc Hamon | Chief Operating Officer of SEALSQ USA | – |
| Ballester Lafuente | Chief of Staff & Group AI Officer | – |
| Daniel Brau | Chief Quantum Officer | – |
| Nathalie Verjus | Company Secretary | 1975 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 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.