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LAES

SEALSQ Corp

SEALSQ Corp is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in Cointrin, CH. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $18 million and a loss of $34 million (its filed statements).

Product business Semiconductors & Related Devices Cointrin, CH filings since 2022 7 of 9 filed, 2 estimated
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5.0/10headline grade
vs its business-model standard
5.5/10past 3.7/10present 6.1/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3674, Semiconductors & Related Devices); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 5.0 out of ten, 7 of 9 metrics filed and 2 estimated: past 5.5 out of ten, present 3.7 out of ten, future 6.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2022. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 3.9 out of ten. +5% a year over 6 filed years; profitable in 1 of 6. 39th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 5.9 out of ten. CrossAssetData estimate 5.9/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
  • Financial health (present): 4.4 out of ten. ROE -7%: lost 7¢ per shareholder dollar. Leverage 8%: owes 8¢ per asset dollar. 44th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 1.8 out of ten. bottom 18% of 97 in its family; net margin -187.3%. 18th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
  • Room to expand (future): 6.3 out of ten. top 37% of 94 in its family for room to expand. 63rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 7.5 out of ten. top 25% of 93 in its family for growth drivers. 75th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 3.4 out of ten. bottom 34% of 88 in its family for expectations against reality. 34th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-03-31 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 4, 2026-10-07. Filings on record since 2022. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-03-31.

The people

Carlos Moreira has been chairman and chief executive of SEALSQ since the company was formed on April 1, 2022. He founded its parent, WISeKey International Holding, which he also chairs and runs as chief executive, and he is WISeKey's largest single shareholder. John O'Hara, chief financial officer since January 24, 2024 and a director since the following month, holds the same post at WISeKey; he succeeded Peter Ward, SEALSQ's finance chief from its formation, who remains on the board. [1, 2, 3, 4]

The managers who run the operations come largely from Europe's secure chip industry. Jean-Pierre Enguent, head of research and development, spent seven years at Inside Secure, six at Atmel and eight at STMicroelectronics. Bernard Vian, general manager of SEALSQ France, was an executive vice president at INSIDE Secure. Franck Buonanno, head of global sales since January 2024, spent more than fifteen years at Atmel. Loïc Hamon, formerly global head of silicon engineering at Capgemini, is chief operating officer of SEALSQ USA, and Jean-Luc Triouleyre runs IC'Alps, the chip design house he co-founded in 2018. Andreas Moreira, the chief innovation officer, is the chief executive's son. [5, 6, 7, 8, 9, 10, 11]

WISeKey keeps control through two classes of shares. Its Class F shares carry votes fixed at 49.99% of the total however many ordinary shares are issued, so with just 3.13% of the ordinary shares WISeKey held 51.55% of the voting power at the end of 2025, which makes SEALSQ a controlled company under Nasdaq rules. The board has seven members; Dr. Hossein Rahnama resigned from it effective October 28, 2025. All 14 directors and officers on the record first filed insider reports in March 2026, the month the Section 16 reporting rules began to apply to them. [12, 13, 14, 15, 16, 17, 18]

At the end of 2025 the group had 185 employees, 160 of them in France, up from 67 a year earlier. Research and development counted 109 people, against 30 in 2024; IC'Alps alone brought about 100 engineers and professionals from its design centers in Grenoble and Toulouse. Research is run mainly from the site at Meyreuil, in France, which also houses sales, marketing and administration. [19, 20, 21, 22]

How it operates

SEALSQ designs secure chips and sells the digital trust services built around them. Its secure microcontrollers store a device's identity and keys: the VaultIC secure elements for connected devices, secure chips built on ARM platforms, older smart card reader chips, and chips made specifically for Cisco, which it plans to replace gradually with its quantum-resistant chips. Around the chips it sells digital certificates from its INeS PKI platform, meaning the public key infrastructure that issues and manages those identities, and the INeS Box that loads identities into chips on the factory floor; since buying IC'Alps it also sells ASIC design, meaning custom chips built for one customer's product. In 2025 secure chips made up 78% of revenue, ASIC design 20% and certificates 2%; in 2024 chips were all of it. [23, 24, 25, 26, 27, 28, 29]

It depends on a short list of buyers: its ten largest customers brought in 63% of 2025 revenue. Cisco is one of the largest, supplied since 2014 under a master purchase agreement that promises Cisco prices no higher than the lowest SEALSQ offers any customer buying the same or smaller volumes, and a share of supply in a shortage no less favorable than any other customer's. The filing also names Thales, Siemens, Toshiba and Landis & Gyr among the customers it serves, and Hirsh and AB Circle as buyers of its card reader chips. Most customers sign framework agreements with no committed volumes, because long-term contracts are not the industry's practice. [30, 31, 32, 33, 34, 35, 36]

SEALSQ reports in US dollars. By customers' billing addresses, North America brought in 10.5 million dollars in 2025, 57.5% of revenue and up 39.8% on the year; Europe, the Middle East and Africa 4.4 million, 24.3%; Asia Pacific 3.2 million, 17.7%, nearly double the year before; and Latin America 94 thousand. The United States alone grew 22% to 9.1 million dollars, leaving out the new ASIC business. The filing singles out Japan, where it won designs with major air conditioning makers, and Taiwan, where it counts more than 25 active customer engagements, many interested in its post-quantum chips for laptops. [37, 38, 39, 40, 41, 42]

SEALSQ is fabless, meaning it designs chips and pays others to make them: foundries fabricate its wafers and outsourced assembly and test houses package and test them. It works mainly with two leading foundries, unnamed, placing orders as it needs them without long-term contracts, and names UMC as a manufacturing partner for its new post-quantum chip. IC'Alps brought preferred partnerships with TSMC, X-FAB, ams-OSRAM, Intel Foundry and GlobalFoundries. Its personalization services, which load identities into chips, run from personalization and test centers in Europe and the United States. [43, 44, 45, 46, 47, 48]

The specifics

SEALSQ grew out of WISeKey's semiconductor business. Its French operating company, SEALSQ France SAS, once called WISeKey Semiconductors, was founded in 2010 and bought by WISeKey in 2016 for 11.0 million dollars. SEALSQ Corp was incorporated in the British Virgin Islands on April 1, 2022 and is run from Cointrin, Switzerland. WISeKey handed 20% of SEALSQ's ordinary shares to its own shareholders on May 23, 2023, and the shares were listed on Nasdaq under LAES the next day. On August 4, 2025 it completed the purchase of IC'Alps, a French chip design company, after approval from France's economy ministry under the foreign investment rules. [49, 50, 51, 52, 53, 54, 55]

Its bet is post-quantum cryptography, meaning encryption built to withstand future quantum computers. In November 2025 it launched the QS7001, which it calls the world's first commercially available secure chip with the NIST-standardized post-quantum algorithms ML-KEM and ML-DSA built directly into the hardware, on a RISC-V processor core. The chip came out of the QUASAR project begun in 2022, and a trusted platform module version, QVault TPM, is scheduled for 2026. The company holds 88 patents and runs a Swiss-based root of trust, the master authority that vouches for the certificates it issues, accredited by WebTrust, Matter, GSMA and Wi-SUN; in November 2025 it launched a second one based in the United States. [56, 25, 57, 58, 59]

It names NXP, STMicroelectronics, Samsung, Microchip and Infineon as its chip competitors, and Thales, Digicert, Keyfactor, HID and Entrust in identity services, in a market where, by its count, fewer than 12 companies can design and certify secure chips at Common Criteria EAL5+ or higher, a demanding security certification. It concedes that Infineon, Microchip, NXP and STMicroelectronics developing secure elements of their own puts it at a significant competitive disadvantage, and presents itself as the one player covering everything from the root of trust to the chip, the certificates and the personalization. [60, 61, 62]

Since November 2024 SEALSQ has raised over 575 million dollars in cash, and it ended 2025 holding 417.7 million. Much of it goes into investments around its post-quantum strategy: a Quantum Fund whose allocation reached 200 million dollars by March 2026; stakes in ColibriTD, a French quantum computing service, and EeroQ, an American quantum chip designer; 10 million dollars in WISeSat, a satellite company owned by its parent WISeKey; a 31.9% stake in WeCan Group, a Swiss blockchain company; and Quantix Edge Security, a public and private joint venture in Murcia, Spain, backed by a 40 million euro investment. Its investment policy also allows it to hold Bitcoin, Ethereum, HBAR and WECAN tokens. [63, 64, 65, 66, 67, 68, 69, 70, 71]

What drives growth, line by line

Semiconductors. The larger segment brought in 14.7 million dollars, 80% of 2025 revenue, up from 11.0 million in 2024, on more sales of its established chips to existing customers. Revenue from the SCR200 smart card reader chip rose 47%, with bigger volumes at Hirsh and AB Circle, and the VIC405 and VIC408 secure elements sold more to smart meter makers such as Landis & Gyr and to users of the P25 radio standard. Trust services, the certificates and provisioning, grew 586% but were still only 2% of revenue, pulled by smart home devices built on the Matter standard. The segment's gross margin recovered to 37%, from 34% in 2024, when inventory costs were high and customers were drawing down their own stock. [72, 73, 35, 74, 75, 76, 77]

ASIC. The new segment, the design work of IC'Alps, brought in 3.6 million dollars, 20% of revenue, in the five months after the purchase closed on August 4, 2025. Its quarterly revenue rose from 1.34 million dollars in the third quarter to 2.3 million in the fourth, after a slowdown in new design requests that the filing ties to lower research spending in the automotive industry. Because it sells design services with very few direct costs, its gross margin was 88%, which helped lift the company's overall gross margin to 47%, from 34% in 2024. [72, 78, 79, 80, 81, 82]

Across the company, revenue rose 66.2% to 18.3 million dollars in 2025, after falling 63.5% in 2024 from 30.1 million in 2023; the filing says customers preparing for its next generation of chips were expected to hold back some volumes during the transition. Costs rose faster than sales: the operating loss widened to 39.8 million dollars, mainly because of share options granted to all staff, a non-cash charge of 11.2 million, and research and development spending rose to 12.5 million. [83, 84, 85, 86]

What comes next, in the company's own words: the QS7001 does not yet generate revenue and none is expected until the fourth quarter of 2026, with the first production revenues from its post-quantum chips anticipated in the latter part of 2026, and it expects the ASIC contribution to grow with a full year of IC'Alps in 2026. It puts the pipeline for the QS7001 and QVault TPM at over 60.0 million dollars for 2026 to 2028, a management estimate it says is subject to conversion risks. [87, 88, 78, 89]

What the desk infers (inferred, not filed)

  • SEALSQ's secure chip business is most likely the former secure microcontroller business of INSIDE Secure, which is why its sales to Cisco, one of its largest customers, still run on a contract INSIDE Secure signed in 2014. Because: The master purchase agreement with Cisco that governs its sales is listed among its exhibits as an agreement between Cisco Systems International and INSIDE Secure, dated 2014. [90, 31] WISeKey bought SEALSQ France SAS, the French chip company at the heart of the group, in 2016. [50] The general manager of SEALSQ France and the head of research and development both came from INSIDE Secure. [9, 6] Confidence 70 of 100. Wrong if: A filing that traces SEALSQ France SAS and its chip lines to a seller other than INSIDE Secure, or shows the Cisco agreement came to it from another company.
  • One of the two unnamed foundries that make most of SEALSQ's chips is probably UMC. Because: The filing says it works with two leading foundries as its main chip fabrication partners, without naming them. [44] UMC is the one company it calls its manufacturing partner, in its list of the partners and future customers testing its new post-quantum chip. [46] The other foundries it names, TSMC, X-FAB, ams-OSRAM, Intel Foundry and GlobalFoundries, are preferred partnerships that came with the IC'Alps design house, not the supply of its own chip lines. [47] Confidence 50 of 100. Wrong if: A filing that names SEALSQ's two main wafer suppliers without UMC among them.
  • Since 2025 SEALSQ has become the operating center of the WISeKey group rather than only its chip subsidiary: it now employs the management team and central functions and bills the parent for services, the reverse of the earlier arrangement. Because: Its administrative costs rose mainly because it recruited its own management team and central functions from January 2025; before, the parent provided them and recharged SEALSQ. [91] Its income from services to the WISeKey group rose from 0.2 million dollars in 2024 to 2.5 million in 2025, which the filing puts down to central functions moving to SEALSQ. [92, 93] Its chief executive, its chief financial officer and its company secretary hold the same roles at WISeKey. [1, 3, 94] Confidence 60 of 100. Wrong if: A later filing in which WISeKey again provides and recharges the central functions, or SEALSQ's service income from the WISeKey group falls away.
  • The fall in revenue from 30.1 million dollars in 2023 to 11.0 million in 2024 most likely came from existing customers pausing orders and using up their own stock ahead of the post-quantum generation, rather than from customers lost. Because: Revenue went from 30.1 million dollars in 2023 to 11.0 million in 2024, then back to 18.3 million in 2025. [83] The filing says customers preparing for the next generation of chips were expected to hold back volumes during the transition. [84] It says customers were using their existing stock in 2024 and that shipments to them resumed in 2025. [77] It credits the 2025 recovery to existing customers, and North America, its largest region, went from 7.5 million dollars in 2024 to 10.5 million. [73, 39] Confidence 55 of 100. Wrong if: An annual report that attributes the 2024 decline mainly to the loss of named customers rather than to the product transition.

Sources

  1. SEALSQ Corp, Form 20-F filed 2026-03-31: “Carlos Moreira has been a member of the board of directors and Chief Executive Officer and Chairman of the board of directors of SEALSQ since its inception on April 1, 2022. He is the Founder, Chairman of the board of directors and Chief Executive Officer of WISeKey International Holding AG.”
  2. SEALSQ Corp, Form 20-F filed 2026-03-31: “The largest single shareholder of WISeKey is Carlos Moreira, the Chief Executive Officer of SEALSQ.”
  3. SEALSQ Corp, Form 20-F filed 2026-03-31: “John O’Hara has served as Chief Financial Officer since January 24, 2024, and was appointed to the board of directors on February 14, 2024. He is also the Chief Financial Officer of WISeKey International Holding AG.”
  4. SEALSQ Corp, Form 20-F filed 2026-03-31: “Peter Ward has been a member of the board of directors of SEALSQ since its inception on April 1, 2022, and served as the Chief Financial Officer from April 1, 2022 until January 24, 2024.”
  5. SEALSQ Corp, Form 20-F filed 2026-03-31: “Franck Buonanno serves as Vice President Global Sales of SEALSQ since January 2024. Prior to that, Mr. Buonanno was EMEA Sales Director for over 3 years for the SEALSQ Group. He has over 30 years of experience in International Business Development and Microelectronics. Mr. Buonanno worked for over 15 years at Atmel Corporation as both a Sales Manager and Sales Director”
  6. SEALSQ Corp, Form 20-F filed 2026-03-31: “Jean-Pierre Enguent serves as Vice President of Research and Development, and Operations. Mr. Enguent is a key technology leader with 30 years of experience in Microelectronics. He joined SEALSQ as Head of Development for Semiconductors Solutions, including R&D, Operations and Global Security. Prior to joining SEALSQ, Mr. Enguent spent 7 years at Inside Secure, 6 years at Atmel and 8 years at STMicroelectronics, leading teams of engineers, scientists and technicians.”
  7. SEALSQ Corp, Form 20-F filed 2026-03-31: “Loïc Hamon serves as the Chief Operating Officer of SEALSQ USA. Mr. Hamon focuses on forging strategic partnerships and driving adoption of SEALSQ’s security technologies among government agencies and businesses that demand next-generation security solutions and leading SEALSQ’s custom secure semiconductor solutions business, following SEALSQ’s acquisition of IC’Alps. Before joining SEALSQ, Mr. Hamon was the Global Head of Silicon Engineering at Capgemini”
  8. SEALSQ Corp, Form 20-F filed 2026-03-31: “Jean-Luc Triouleyre serves as General Manager of IC’Alps, a company he co-founded in 2018 and has led since then.”
  9. SEALSQ Corp, Form 20-F filed 2026-03-31: “Bernard Vian serves as General Manager of SEALSQ France SAS. Prior to joining the SEALSQ Group, Mr. Vian served as the Executive Vice President of the Secure Transaction Business Division, Vice President of Business Development and Executive Vice President for Secure Payments at INSIDE Secure SA.”
  10. SEALSQ Corp, Form 20-F filed 2026-03-31: “Carlos Moreira is the father of Andreas Moreira; there are no other family relationships among any of SEALSQ’s executive and non-executive directors or members of senior management.”
  11. SEALSQ Corp, Form 20-F filed 2026-03-31: “Andreas Moreira serves as Chief Innovation Officer.”
  12. SEALSQ Corp, Form 20-F filed 2026-03-31: “As of December 31, 2025, WISeKey holds 3.13% of SEALSQ’s Ordinary Shares, and combined with its holding of Class F Shares, 51.55% of the voting power of SEALSQ’s outstanding shares in aggregate.”
  13. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ’s Articles provide that holders of its Class F Shares as a class are fixed at 49.99% of the Company’s voting power irrespective of the number of Ordinary Shares that may be issued in the future.”
  14. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ is a “controlled company” as defined under the Nasdaq corporate governance rules because WISeKey owns more than 50% of its total voting power.”
  15. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ currently has seven members on its board of directors.”
  16. SEALSQ Corp, Form 20-F filed 2026-03-31: “Dr. Hossein Rahnama resigned from SEALSQ’s board of directors effective October 28, 2025.”
  17. SEALSQ Corp, Form 20-F filed 2026-03-31: “Effective March 18, 2026, SEALSQ’s directors and officers are subject to the reporting requirements of Section 16(a) of the Exchange Act.”
  18. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
  19. SEALSQ Corp, Form 20-F filed 2026-03-31: “As at December 31, 2025, the SEALSQ Group had 185 employees, of which 160 were located in France.”
  20. SEALSQ Corp, Form 20-F filed 2026-03-31: “Area of Activity 2025 2024 2023 Cost of sales 13 5 5 Research and development 109 30 25 Selling and marketing 23 17 17 General and administrative 40 15 14 Total 185 67 61”
  21. SEALSQ Corp, Form 20-F filed 2026-03-31: “As part of the acquisition, approximately 100 highly skilled engineers and professionals from IC’Alps’ design centers in Grenoble and Toulouse joined SEALSQ.”
  22. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ conducts R&D primarily from its Meyreuil, France site, which houses research and development, sales and marketing, and administrative functions.”
  23. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ generates revenues from the design and sale of semiconductor secure chips and from Digital Certificates, Software as a Service, Software licenses and Post-Contract Customer Support for cybersecurity applications.”
  24. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ has a comprehensive range of secure elements, smart card products, and open ARM platforms offering advanced standards of security, including quantum-proof cryptography.”
  25. SEALSQ Corp, Form 20-F filed 2026-03-31: “Designed to protect and store digital identities, SEALSQ’s certified secure microcontrollers ensure robust authentication for connected devices and systems. Key products include the VaultIC range designed for IoT applications, and SEALSQ’s new line of quantum-resistant microcontrollers featuring the QS7001 (launched commercially in November 2025 with development kits available) and the upcoming QVault TPM (scheduled for launch and production in 2026).”
  26. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ also maintains legacy products that contribute to SEALSQ’s revenue as described below: ● Smart Card Reader Chips: This family provides EMV-CO and ISO 7816 compliant hardware platforms”
  27. SEALSQ Corp, Form 20-F filed 2026-03-31: “As a key supplier in Cisco’s supply chain, SEALSQ provides secure semiconductors earning the Cisco 2023 Supply Chain Security Champion Award for proactively securing Cisco IP and protecting the brand; these traditional secure chips, are planned to be gradually replaced with SEALSQ’s Quantum-Resistant chips to enhance protection against emerging quantum threats”
  28. SEALSQ Corp, Form 20-F filed 2026-03-31: “The INeS Box (part of SEALSQ’s INeS PKI-as-a-Service) is a high-security hardware appliance specifically designed for secure provisioning on the factory floor.”
  29. SEALSQ Corp, Form 20-F filed 2026-03-31: “Product category 2025 2024 2023 Secure chips 78 % 100 % 100 % Certificates 2 % <1 % <1 % ASIC Design 20”
  30. SEALSQ Corp, Form 20-F filed 2026-03-31: “In the year ended December 31, 2025, the SEALSQ Group’s ten largest customers accounted for 63% of its revenue.”
  31. SEALSQ Corp, Form 20-F filed 2026-03-31: “One of SEALSQ’s largest customers is CISCO Systems International (“Cisco”). SEALSQ operates under the terms of a Master Purchase Agreement, dated August 14, 2014.”
  32. SEALSQ Corp, Form 20-F filed 2026-03-31: “representations and warranties that the product price are, and shall be, no higher than the lowest prices offered by SEALSQ to any customer purchasing the same or lesser total sales or unit volume on an annual basis”
  33. SEALSQ Corp, Form 20-F filed 2026-03-31: “an obligation to provide Cisco, EMS Providers and any third party designated by Cisco an allocation of products during its shortage that is no less favorable than that provided to any other customer”
  34. SEALSQ Corp, Form 20-F filed 2026-03-31: “These differentiators allow SEALSQ to serve highly demanding global customers such as CISCO, THALES, SIEMENS, TOSHIBA, and Landis & Gyr.”
  35. SEALSQ Corp, Form 20-F filed 2026-03-31: “A major contributor to this growth was the 47% year-on-year revenue increase in Smart Card Reader SCR200 product, with strong volume increases at key customers such as Hirsh and AB Circle.”
  36. SEALSQ Corp, Form 20-F filed 2026-03-31: “Although most of SEALSQ’s customers are recurring customers, it is not industry practice to work with long-term contracts. Therefore, most of its customers have signed a framework agreement with SEALSQ but are not committed to certain volumes over a period of time.”
  37. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ prepares its financial statements in accordance with US GAAP. The reporting currency is the U.S. Dollar.”
  38. SEALSQ Corp, Form 20-F filed 2026-03-31: “The following table shows SEALSQ’s revenues by geography, based on customers’ billing addresses”
  39. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
  40. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ delivered 22% revenue growth in the US in 2025 versus 2024, from $7.5 million to $9.1 million, excluding revenue from the newly acquired ASIC segment.”
  41. SEALSQ Corp, Form 20-F filed 2026-03-31: “A key milestone in H2 2025 was the achievement of multiple designs under development or design-wins with major air conditioning manufacturers, integrating MATTER protocol into next-generation products.”
  42. SEALSQ Corp, Form 20-F filed 2026-03-31: “In 2025, SEALSQ identified more than 25 active customer engagements in Taiwan, with strong interest in the QS7001 secure MCU and QVault TPM solutions, particularly for laptop and computing platforms.”
  43. SEALSQ Corp, Form 20-F filed 2026-03-31: “As a fabless semiconductor company, SEALSQ focuses on the design, verification, and sale of secure microcontrollers and ASICs, while outsourcing actual manufacturing to specialized foundries and OSAT (Outsourced Semiconductor Assembly and Test) providers that handle wafer fabrication, assembly, testing, and packaging.”
  44. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ currently works with two leading foundries as its main IC fabrication partners and places purchase orders according to its business needs.”
  45. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ operates a fabless business and relies on third-party foundries without long-term contracts”
  46. SEALSQ Corp, Form 20-F filed 2026-03-31: “Serma Security, Trusted Semiconductor Solutions, and manufacturing partner UMC”
  47. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ has expanded its ecosystem through the acquisition of IC’Alps and the establishment of preferred partnerships with leading global foundries, including TSMC, X-FAB, ams-OSRAM, Intel Foundry, and GlobalFoundries.”
  48. SEALSQ Corp, Form 20-F filed 2026-03-31: “Supported by European and U.S. personalization and test centers, these services drive recurring revenue from personalization, lifecycle management, licensing, and security.”
  49. SEALSQ Corp, Form 20-F filed 2026-03-31: “WISeKey transferred the ownership of SEALSQ France SAS (formerly known as “WISeKey Semiconductors SAS”), a French semiconductor manufacturer and distributor”
  50. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ France SAS was incorporated in France on September 30, 2010, and was acquired by WISeKey International Holding AG on September 21, 2016 for a total consideration of $11.0 million.”
  51. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ Corp (formally known as “SEAL (BVI) Corp.”) was incorporated as a BVI business company under the BVI Act, in the British Virgin Islands on April 1, 2022”
  52. The record on this page: the filing record (the EDGAR submissions feed)
  53. SEALSQ Corp, Form 20-F filed 2026-03-31: “on May 23, 2023, as the then-sole shareholder of SEALSQ, distributed 20% of SEALSQ’s outstanding Ordinary Shares to holders of WISeKey Class B Shares”
  54. SEALSQ Corp, Form 20-F filed 2026-03-31: “On May 24, 2023, SEALSQ listed its Ordinary Shares on the Nasdaq Global Market under the ticker symbol “LAES”.”
  55. SEALSQ Corp, Form 20-F filed 2026-03-31: “On August 4, 2025, SEALSQ Corp received final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty under applicable foreign investment regulations and completed the acquisition of 100% of the share capital and voting rights of IC’Alps SASU”
  56. SEALSQ Corp, Form 20-F filed 2026-03-31: “In 2025, SEALSQ marked a groundbreaking achievement with the introduction of the QS7001, the world’s first commercially available secure semiconductor embedding NIST-standardized post-quantum cryptography algorithms ML-KEM (Kyber) and ML-DSA (Dilithium) directly in hardware. This milestone stems from the QUASAR project, launched in 2022”
  57. SEALSQ Corp, Form 20-F filed 2026-03-31: “The QS7001 leverages a secure 32-bit RISC-V core, delivering up to 10× higher performance than software-based PQC implementations.”
  58. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ currently holds 88 individual patents protecting its technology.”
  59. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ’s Swiss-based Root of Trust, accredited by numerous industry ecosystems or standards such as WebTrust, Matter, GSMA and Wi-SUN, supports compliance, neutrality, and reliability. A U.S.-based sovereign post-quantum Root of Trust initiative was launched in November 2025.”
  60. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ operates in a specialized market with strong competitors, including semiconductor companies such as NXP, STMicroelectronics, Samsung, Microchip, and Infineon, as well as identity service providers like Thales, Digicert, Keyfactor, HID, and Entrust. This is a highly concentrated market: fewer than 12 companies globally have the capability to design and certify secure chips at Common Criteria EAL5+ or higher.”
  61. SEALSQ Corp, Form 20-F filed 2026-03-31: “some of its semiconductor competitors, including Infineon, Microchip, NXP and STMicroelectronics, have developed, and are continuing to develop, secure elements, which puts SEALSQ at a significant competitive disadvantage.”
  62. SEALSQ Corp, Form 20-F filed 2026-03-31: “The only market player integrating all aspects of a connected device’s security from the Root of Trust to the Secure Elements (secure microcontrollers), including PKI Services and industrial-scale personalization services.”
  63. SEALSQ Corp, Form 20-F filed 2026-03-31: “As of March 25, 2026, SEALSQ has raised over $575 million in cash since November 2024 to accelerate development and strategic investments. It ended the year with a strong cash position of $417.7 million as at December 31, 2025.”
  64. SEALSQ Corp, Form 20-F filed 2026-03-31: “The Quantum Fund has evolved with a total allocation of $200 million to invest as of March 27, 2026”
  65. SEALSQ Corp, Form 20-F filed 2026-03-31: “In Q1 2025, SEALSQ invested in ColibriTD, a French Quantum-as-a-Service (“QaaS”) company”
  66. SEALSQ Corp, Form 20-F filed 2026-03-31: “In December 2025, SEALSQ made a strategic investment in EeroQ, a US-based quantum chip design company”
  67. SEALSQ Corp, Form 20-F filed 2026-03-31: “In November 2025, SEALSQ invested $10 million in WISeSat to support the development of a quantum-secure satellite infrastructure platform.”
  68. SEALSQ Corp, Form 20-F filed 2026-03-31: “Throughout 2025, WISeSat, a subsidiary of WISeKey, SEALSQ’s parent company, advanced its space strategy”
  69. SEALSQ Corp, Form 20-F filed 2026-03-31: “WeCan Group SA, (a Swiss blockchain and data compliance company in which SEALSQ has a 31.9% equity stake as of December 31, 2025))”
  70. SEALSQ Corp, Form 20-F filed 2026-03-31: “Quantix Edge Security is a flagship public-private joint venture in Murcia, Spain, set up to develop a Semiconductor Design and Personalization Center backed by a €40 million investment.”
  71. SEALSQ Corp, Form 20-F filed 2026-03-31: “The Company’s Investment Policy permits the Company to invest from time to time in securities and certain cryptocurrencies as approved by the Board (collectively referred to herein as the “Approved Cryptocurrencies”), including Bitcoin, Ethereum, HBAR”
  72. SEALSQ Corp, Form 20-F filed 2026-03-31: “In FY2025, the Semiconductors segment contributed 80% of SEALSQ’s revenue with $14.7 million compared to $11.0 million in FY2024 and the ASIC segment contributed the remaining 20% with $3.6 million.”
  73. SEALSQ Corp, Form 20-F filed 2026-03-31: “SEALSQ recorded a significant increase in revenue from its semiconductors segment in FY2025 compared to FY2024 due to increased traditional chip sales revenue driven by existing customers”
  74. SEALSQ Corp, Form 20-F filed 2026-03-31: “Another contributor was the surge in demand for SEALSQ’s Secure Elements (SE), particularly the VIC405 and VIC408 products, thanks to smart metering customers like Landis & Gyr and customers using the P25 Radio protocol in their project”
  75. SEALSQ Corp, Form 20-F filed 2026-03-31: “the trust services business, which includes PKI and provisioning solutions, 2025 was marked by significant expansion, with revenue increasing by 586% compared to 2024. Although it only contributed 2% of total revenue in 2025, growth for trust services was driven by increasing demand for secure device identity and lifecycle management across IoT applications, particularly in smart home ecosystems.”
  76. SEALSQ Corp, Form 20-F filed 2026-03-31: “The Company’s PKI solutions gained traction with customers adopting interoperable standards such as Matter, supporting secure onboarding and authentication of connected devices.”
  77. SEALSQ Corp, Form 20-F filed 2026-03-31: “In 2024, the gross profit margin in the Semiconductors segment decreased to 34% due to the costs of inventory that remained high, some incompressible fixed costs, and SEALSQ customers using their existing stock. In 2025, shipments of new products to these customers have resumed, contributing to the partial recovery of its margin to 37%.”
  78. SEALSQ Corp, Form 20-F filed 2026-03-31: “The ASIC segment is a new revenue stream for the SEALSQ Group emerging from the acquisition of IC’Alps on August 4, 2025. SEALSQ consolidated five months of ASIC revenue in FY2025 and expects this contribution to grow as it consolidates a full year of ASIC revenue in 2026.”
  79. SEALSQ Corp, Form 20-F filed 2026-03-31: “performance in 2025 was impacted by a temporary slowdown in new ASIC requests, primarily driven by reduced R&D investment in the automotive sector amid broader industry challenges.”
  80. SEALSQ Corp, Form 20-F filed 2026-03-31: “Quarterly revenue from the ASIC segment grew from $1.34 million in Q3 2025 to $2.3 million in Q4 2025.”
  81. SEALSQ Corp, Form 20-F filed 2026-03-31: “Gross margins in the ASIC segment are much higher, reaching 88% in the 5 months to December 31, 2025, which contributed to the significant increase in total gross margin. This is because the ASIC segment consists of sales are derived from a design service with very few costs directly attributable to sales.”
  82. SEALSQ Corp, Form 20-F filed 2026-03-31: “Gross profit margin increased by 13 percentage points from 34% in 2024 to 47% in 2025.”
  83. The record on this page: the filed annual figures (EDGAR's company facts)
  84. SEALSQ Corp, Form 20-F filed 2026-03-31: “in the short term, this has also led some customers to also prepare the transition into the next-generation products and some holdback on volumes are expected during this transition.”
  85. SEALSQ Corp, Form 20-F filed 2026-03-31: “The main factor behind this increase in operating loss is the grant of stock-based bonuses in the form of options to all of its staff.”
  86. SEALSQ Corp, Form 20-F filed 2026-03-31: “These grants resulted in a noncash stock-based compensation charge of $11.2 million.”
  87. SEALSQ Corp, Form 20-F filed 2026-03-31: “The QS7001 currently does not generate revenue, and revenue generation is not expected until Q4 2026.”
  88. SEALSQ Corp, Form 20-F filed 2026-03-31: “with the transition expected to enter its commercialization phase with the first production revenues anticipated in the latter part of 2026.”
  89. SEALSQ Corp, Form 20-F filed 2026-03-31: “As of December 31, 2025, the estimated pipeline for QS7001 and QVault TPM exceeded $60.0 million (for the years 2026–2028), forming part of the Company’s total estimated pipeline of $200 million for the same period. These figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.”
  90. SEALSQ Corp, Form 20-F filed 2026-03-31: “Master Purchase Agreement by and between Cisco Systems International B.V. and INSIDE Secure, dated as of August 25, 2014”
  91. SEALSQ Corp, Form 20-F filed 2026-03-31: “The increase in G&A expenses is primarily attributable to two factors: (i) the recruitment of SEALSQ Corp’s management team and certain central functions beginning in January 2025, and (ii) the consolidation of five months of G&A expenses from IC’Alps. In prior periods, management services were provided by the SEALSQ’s parent company (WISeKey) and recharged to SEALSQ.”
  92. SEALSQ Corp, Form 20-F filed 2026-03-31: “In 2025, other operating income consisted of services provided to the WISeKey Group in an amount of $2.5 million and the release of unused provisions in an aggregate amount of $0.1 million. In 2024, other operating income consisted of services provided to the WISeKey Group in an amount of $0.2 million”
  93. SEALSQ Corp, Form 20-F filed 2026-03-31: “The significant increase in other income from services provided to the WISeKey Group is due to the transfer of central functions to SEALSQ while, up until 2024, these services were provided by the WISeKey Group and proportionately recharged the SEALSQ Group.”
  94. SEALSQ Corp, Form 20-F filed 2026-03-31: “Nathalie Verjus serves as Company Secretary and Financial Planning & Reporting Manager for the SEALSQ Group and the WISeKey Group.”

Where the revenue comes from

By geography: North America 57%, Europe, Middle East & Africa 24%, Asia Pacific 18%, Latin America 1%. As tagged in its annual report (Form 20-F, filed 2026-03-31).

Who runs it

Moreira, Carlos (Chief Executive Officer); Enguent, Jean-Pierre (Vice President, R&DSS); Buonanno, Franck Jean (Vice-President, Global Sales); O'Hara, John Charles (Chief Financial Officer); Hamon, Loic Jean-Claude (COO SEALSQ USA); Hirsch, Alexander Sebastian (Chief Marketing Officer); Brau, Daniel Frederic Alexandre (Chief Quantum Officer); Feuardent, Moreira Andreas (Chief Innovation Officer); Verjus, Nathalie Claude Odile (Company Secretary); Triouleyre, Jean-Luc Pierre-Marie (General Manager, IC'Alps); and 6 more. 16 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-07.

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