WISeKey International (WIHN) H2 2025 earnings summary

Executive summary

• Achieved 2025 revenue of CHF 19.3 million (or $19.3 million), up 62% year-over-year, with SEALSQ contributing CHF 18.3 million ($18.3 million) and growing 66% over the prior year, driven by semiconductor, PKI demand, and IC'ALPS acquisition.

• Q4 2025 revenue reached CHF 8 million ($8 million), doubling from Q4 2024.

• Transitioned from sampling to commercial revenue, with a pipeline exceeding $200 million for 2026–2029, including over $60 million tied to QS7001 and QVault TPM programs.

• Five technology pillars integrated into a single quantum secure platform, with 2026 marked as the "year of convergence."

• Regulatory and geopolitical trends, such as U.S. CNSA 2.0 and NIST PQC standards, are driving demand for post-quantum products.

Financial highlights

• Full year 2025 revenue increased 62% to CHF 19.3 million ($19.3M) from CHF 11.9 million in 2024; Q4 2025 revenue doubled year-over-year to CHF 8 million ($8M).

• Net loss for 2025 was CHF 38.2 million ($38.2M), impacted by CHF 8.3 million in non-cash share-based compensation, increased R&D, and expanded sales and marketing expenses.

• Cash and short-term investments rose to CHF 429 million ($429M) at year-end 2025, and CHF 535 million ($535M) as of April 30, 2026, following a capital raise.

• SEALSQ Quantum Fund grew from CHF 20 million at launch to CHF 200 million by April 2026.

• Strategic investments deployed in 2025 exceeded CHF 23 million ($23M+).

Outlook and guidance

• Reaffirmed 2026 revenue guidance for 50%-100% year-over-year growth, driven by SEALSQ, IC'Alps consolidation, QVault TPM, QASIC, and QS7001 production revenues.

• First production revenues from QS7001 expected in late 2026, following EAL5+ certification.

• WISeSat business combination with Columbus Acquisition Corporation expected to close in H2 2026, leading to NASDAQ listing.

• Continued capital deployment from SEALSQ Quantum Fund into vertical R&D partnerships and infrastructure in the U.S. and Europe.

• Q1 2026 unaudited revenue was $4.2M, over 200% growth versus Q1 2025.