SEALSQ Corp reported preliminary FY25 revenue of $18 million, a 66% year‑over‑year increase from the $11 million it generated in FY24. The jump was driven by a sharp rebound in demand for its core product lines, while the company’s Q4 FY25 revenue of $8 million doubled the $4 million recorded in the same quarter a year earlier. The growth reflects a shift in customer mix toward higher‑margin quantum‑resistant chips and a recovery in the traditional semiconductor market after a period of transition.
Cash on hand at year‑end exceeded $425 million, giving SEALSQ a strong liquidity cushion to fund research and development. However, FY25 gross margin stood at 40.27% while operating and net margins were –269.07% and –277.31% respectively, underscoring the heavy operating‑expense burden associated with scaling new product lines and integrating the recently acquired IC’ALPS assets. The negative margins are largely attributable to the company’s investment in post‑quantum technology and the cost of integrating IC’ALPS’s design operations.
The acquisition of French ASIC designer IC’ALPS on August 4 2025 contributed $1.3 million to SEALSQ’s FY25 revenue in the first nine months of the year, representing roughly 7% of total sales. This integration has expanded SEALSQ’s custom chip development capabilities and added a new revenue stream that is expected to grow as the company rolls out its QS7001 quantum‑resistant chip line.
Management reiterated a FY26 revenue guidance of 50‑100% growth, citing continued expansion of the quantum‑resistant chip portfolio and early sales momentum from the QS7001 product. CEO Carlos Moreira highlighted a $200 million pipeline of opportunities from 2026 to 2028, emphasizing the company’s positioning in the rapidly expanding post‑quantum cryptography market. Moreira noted that “our 2025 revenue and expectations for further significant growth for 2026 underscore the strength of our commercial strategy, technology roadmap, and market position.”
The results signal a decisive turnaround from the –63.47% revenue decline in FY24, driven by the integration of IC’ALPS and renewed demand for core products. While the company’s cash reserves provide a buffer for continued investment, the steep operating losses highlight the ongoing cost pressures of scaling new technology. The guidance and pipeline suggest management confidence in sustained growth, but the negative margins and transition headwinds indicate that profitability will remain a challenge in the near term. Investors will likely view the strong revenue rebound and cash position as positive, while monitoring the company’s ability to convert high‑margin product demand into sustainable earnings.
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