SEALSQ posts 65% nine-month revenue growth, reaffirms FY2026 guide
SEALSQ Corp (NASDAQ: LAES) has reported preliminary unaudited revenue of $16.3 million for the nine months ended 30 September 2026, a 65% increase on the $9.9 million recorded in the same period of 2025. The Geneva-based post-quantum semiconductor and PKI vendor reaffirmed its full-year 2026 revenue guidance of $27 million to $36 million, implying fourth-quarter revenue of between $11 million and $20 million against a $8.4 million Q4 2025 comparator.
Carlos Moreira, founder, chairman and chief executive, said revenue grew sequentially in each quarter of 2026, and pointed to approximately $465 million in liquidity as giving the company room to fund its post-quantum commercialisation roadmap. CFO John O'Hara noted the company's priority is converting its pipeline into production revenue while deploying capital carefully.
Revenue drivers and product milestones
Three factors accounted for most of the nine-month revenue increase. Demand for the Vault-IC secure-element family held up across industrial, smart-energy IoT and P25 radio deployments. Recurring PKI subscription and certificate-management services continued to grow. And nine months of consolidated revenue from the IC'Alps SAS acquisition contributed approximately $3.8 million through custom ASIC design and secure semiconductor engineering services.
On the product certification front, the VaultIC408 secure element achieved NIST FIPS 140-3 Level 3 validation, a meaningful credential for government and critical-infrastructure procurement. SEALSQ is targeting Common Criteria EAL5+ certification for its QS7001 post-quantum chip, with a V1 hardware evaluation test report pencilled in for October 2026 and a full post-quantum V2 report for January 2027. The QVault TPM183 secured its first commercial design win: iMTC Technology has selected it for a fingerprint-recognition medical mouse. Separately, wolfSSL confirmed TPM 2.0 interoperability through its wolfTPM library, and TCG certification for the TPM183 is targeted for February 2027. The company also unveiled the VaultIC409, a quantum-ready secure element built on the QS7001 platform aimed at smart meters and industrial gateways, with engineering samples planned for Q2 2027.
The company reported that 42 prospective customers were evaluating QVault TPM and QS7001 as of 30 September 2026, up from 30 at the end of June.
Market context and regulatory tailwinds
SEALSQ sits at the intersection of two accelerating regulatory trends. NIST finalised its first post-quantum cryptography standards in 2024, and the US federal government has directed agencies to migrate away from classical asymmetric algorithms by 2030. A White House executive order on quantum security, issued in June 2026, reinforced that timeline. In France, the national cybersecurity agency ANSSI issued a post-quantum mandate that SEALSQ says its QS7001 is aligned with.
The post-quantum semiconductor space is still at an early commercial stage, with most revenue concentrated in evaluation sampling and government-sponsored programmes rather than high-volume production. SEALSQ competes with a small number of specialist secure-element vendors, as well as broader semiconductor groups that are adding post-quantum IP to existing product lines. The company's stated pipeline of more than $100 million associated with post-quantum projects through 2029 represents management estimates that carry material conversion, qualification and integration risk, as the company itself flags in its forward-looking-statements disclaimer.
SEALSQ's investment activity has also been active: it led a EUR 115 million Series A in silicon quantum-computing startup Quobly and completed the full acquisition of quantum-photonics firm Miraex in June. A $10 million PIPE supported the Nasdaq listing of sister company WISeSat.Space under the ticker "SAIQ". The company expects post-quantum product lines to become a more significant revenue contributor from 2027 as customers complete technical integration and move into volume production.