SEALSQ Corp reported preliminary fiscal‑year 2025 revenue of $18 million, a 66% increase from the $11 million it generated in FY24. The jump was largely driven by accelerated demand for its post‑quantum microcontrollers and secure‑element solutions, and by the integration of the IC'ALPS acquisition, which contributed roughly $3.5 million in revenue during the five months it operated under SEALSQ and added about 90 ASIC engineers to the workforce.
The company posted a net loss of $30 million to $40 million for FY25, up from a $21 million loss in FY24. The higher loss reflects increased research and development spend and the costs associated with assimilating IC'ALPS, but the revenue growth helped keep the loss from expanding further. SEALSQ’s cash balance topped $425 million at year‑end, with no debt, giving the company a four‑year runway to fund its expansion plans.
Management reiterated its 2026 revenue guidance of 50% to 100% growth, underscoring confidence that post‑quantum products will move into commercial deployment. The guidance aligns with the company’s expectation that its QS7001 and QVault TPM product lines will begin generating significant revenue in late 2025 and 2026, respectively.
CEO Carlos Moreira said, "Our 66% revenue growth in 2025, combined with initial expectations of Q1 2026 revenue exceeding $4 million, mark a clear inflection point for SEALSQ." The statement highlights the company’s view that the current results signal a transition from a development phase to a commercial acceleration phase.
Investors responded cautiously, with trading volume on the day of the release falling below the 20‑day average. The muted reaction suggests that while revenue growth was strong, concerns about the widening net loss and the company’s high valuation may have tempered enthusiasm.
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