SEALSQ Corp ((LAES)) has held its Q2 earnings call. Read on for the main highlights of the call.
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The recent earnings call for SEALSQ Corp was marked by a positive sentiment, highlighting the company’s robust growth projections and strategic investments. Despite a flat revenue performance in the first half of 2025 and significant R&D expenditures, the company remains optimistic about its future growth, supported by strong product development and an expanding customer base.
Strong Revenue Growth Projection
SEALSQ Corp is projecting an impressive revenue increase of 59% to 82% in 2025 compared to 2024. This growth is primarily driven by the rising demand for PKI services, secure hardware, and custom ASICs, which are expected to significantly boost the company’s financial performance.
Significant Capital Raised
Since November 2024, SEALSQ has successfully raised over $140 million in additional capital. This influx of funds is intended to accelerate the company’s product roadmap and support strategic investments, positioning SEALSQ for future success.
Strategic Acquisitions and Investments
The acquisition of IC’ALPS has added 100 engineers to SEALSQ’s team, enhancing its capabilities in post-quantum ASIC development. Additionally, a EUR 40 million investment in Murcia, Spain, aligns with the EU Chips Act, focusing on post-quantum RISC-V chip design.
Expansion of Customer Base
SEALSQ has seen a significant expansion in its customer base, with TPM engagement more than doubling from 35 customers at the end of 2024 to 82 customers by mid-2025. The company has also secured multi-year supply agreements with global leaders like Hager Group and Dyson.
Innovation and Product Development
The company has introduced Quantum RootCA and launched the MS6003 Secure Element with FIDO2 passwordless authentication. Furthermore, the Quantum Investment Fund has expanded to $35 million, investing in cutting-edge quantum technologies.
Robust Cash Position
SEALSQ’s cash reserves have increased to $150 million as of September 9, 2025. This strong financial position enables the company to make future investments and acquisitions, ensuring sustained growth.
Flat Revenue Performance in H1 2025
The revenue for the first half of 2025 was $4.8 million, consistent with the first half of 2024. This indicates a strategic transition period as the company prepares to launch new post-quantum technologies.
High R&D Expenditure
SEALSQ invested $4.7 million in R&D in the first half of 2025, with a full-year budget of $7.2 million. This significant expenditure underscores the company’s commitment to innovation and development.
Forward-Looking Guidance
SEALSQ’s forward-looking guidance is optimistic, with anticipated revenue growth of 59% to 82% for the full year 2025, aiming for $17.5 million to $20 million. The company has a substantial pipeline of $170 million in opportunities from 2026 to 2028. Production samples of their QS7001 post-quantum microcontroller are expected in Q3 2025, with initial revenues projected for 2026. These strategic partnerships and new product developments highlight SEALSQ’s commitment to leading the market in quantum-resistant technologies.
In conclusion, SEALSQ Corp’s earnings call reflects a positive outlook with strong growth projections and strategic investments. Despite challenges such as flat revenue in the first half of 2025 and high R&D expenditures, the company is well-positioned for future growth, supported by a robust cash position and expanding customer base.