SEALSQ Corp (LAES)
NASDAQ:LAES
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SEALSQ Corp
(NASDAQ:LAES)
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Rating:48Neutral
Price Target:
$2.50
▼(-7.41% Downside)
Action:ReiteratedDate:04/15/26
The score is held down primarily by weak financial performance (large ongoing losses and negative free cash flow) and bearish technicals (downtrend with negative MACD). These are partly offset by a more positive earnings-call outlook featuring strong 2026 growth guidance and a well-funded execution plan, while valuation remains constrained by unprofitable earnings and no dividend.
Positive Factors
Strong liquidity and capital raises
A very large cash balance and multiple recent financings give SEALSQ multi-quarter runway to fund commercialization, R&D and sovereign-scale personalization centers without immediate refinancing. This durable funding reduces near-term solvency risk and supports multi-stage product certification and production ramps.
Negative Factors
Persistent negative operating and free cash flow
Sustained cash burn shows the business currently consumes capital to operate and grow. Even with strong liquidity, recurring negative OCF and FCF increase reliance on external financing for multi-year scaling, raising dilution and execution pressure if revenue conversion lags or planned investments prove larger than expected.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and capital raises
A very large cash balance and multiple recent financings give SEALSQ multi-quarter runway to fund commercialization, R&D and sovereign-scale personalization centers without immediate refinancing. This durable funding reduces near-term solvency risk and supports multi-stage product certification and production ramps.
Read all positive factors
SEALSQ Corp (LAES) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$683.91M
Dividend YieldN/A
Average Volume (3M)11.37M
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth79.31%
EPS Growth57.71%
CountryUS
Employees67
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.29
Shares Outstanding222,774,000
10 Day Avg. Volume20,031,818
30 Day Avg. Volume11,373,267
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)1.11
Price to Sales (P/S)27.96
P/FCF Ratio-15.70
Enterprise Value/Market Cap0.02
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit1.60
Enterprise Value/Ebitda-0.41
Forecast
1Y Price Target
$6.00Price Target Upside122.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$34.60M
SEALSQ Corp Business Overview & Revenue Model
Company Description
SEALSQ Corp develops and sells semiconductor chips for private and public sectors. The company offers semiconductors and smart card reader chips; identity provisioning services; and managed PKI for IoT solutions. It serves consumer electronics, ae...
How the Company Makes Money
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SEALSQ Corp Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 15, 2026
Earnings Call Sentiment Positive
The call communicated strong strategic progress: commercial product launches (QS7001), meaningful pipeline expansion (to $200M), major capital raises and a very strong cash position enabling aggressive investment in sovereign manufacturing, personalization centers and a quantum vertical stack. Gross margins improved materially and the ASIC business provides a high-margin contribution. However, near-term commercial scale remains limited (FY25 revenue $18.3M), the company reported a larger net loss and sharply higher operating expenses, and revenue realization is contingent on certifications and multi-month integration cycles. Overall the positives—robust funding, product milestones, partnerships, regulatory tailwinds and an expanding pipeline—outweigh the execution and timing risks described, but successful conversion of the pipeline and disciplined execution will be critical to validate the bullish outlook.Positive Updates
Market Valuation and Exchange Upgrade
SEALSQ surpassed a $1 billion market valuation in October 2025 and achieved an upgrade to the NASDAQ Global Select market, reflecting increased scale, governance and investor recognition.
Negative Updates
Net Loss and Rising Operating Expenses
Net loss widened to $34.2M in FY2025 from $21.2M in FY2024 (an increase of ~$13.0M, ~+61%). Total operating expenses increased 132% to $48.4M, driven in part by a one-time noncash stock-based compensation charge of $11.2M.
Read all updates
Q4-2025 Updates
Positive
Negative
Market Valuation and Exchange Upgrade
SEALSQ surpassed a $1 billion market valuation in October 2025 and achieved an upgrade to the NASDAQ Global Select market, reflecting increased scale, governance and investor recognition.
Read all positive updates
Company Guidance
Management said 2026 should be a year of acceleration, forecasting revenue growth of 50%–100% (with Q1 expected to more than double year‑over‑year) driven by first production revenues from the QS7001 and QVault TPM in H2 2026; the combined QS7001/QVault pipeline is cited at ~ $60M across ~115 potential customers and the company’s total active pipeline is ~ $200M for 2026–2029. Key conversion gates are certification (Common Criteria EAL5+ and FIPS on track for Q4 2026) and typical semiconductor integration cycles of 6–18 months, while the ASIC segment (IC'ALPS) will contribute a full 12 months of revenue in 2026. Management says it has ample liquidity to execute—cash/equivalents were $417.7M at year‑end 2025 and rose to ~ $530M after a $125M March 2026 raise (aggregate >$575M raised since Nov 2024), working capital ~ $421M, short‑term investments $10M, and total debt $1.7M—and the Quantum Fund has a $200M allocation with ~ $30M deployed. They expect R&D spend to increase (net R&D $10.1M in 2025, ~25% of OpEx), gross margins to trend upward, and revenue scaling to drive toward profitability.SEALSQ Corp Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.25M | 12.47M | 33.45M | 24.29M | 18.59M |
| Gross Profit | 8.63M | 4.23M | 15.63M | 10.26M | 6.50M |
| EBITDA | -33.79M | -19.21M | -1.59M | 1.03M | -3.83M |
| Net Income | -34.19M | -24.07M | -3.64M | 6.04M | -5.28M |
Balance Sheet | |||||
| Total Assets | 504.18M | 97.57M | 27.93M | 21.66M | 11.84M |
| Cash, Cash Equivalents and Short-Term Investments | 427.69M | 84.62M | 6.89M | 4.06M | 2.06M |
| Total Debt | 8.00M | 8.88M | 15.38M | 14.12M | 17.77M |
| Total Liabilities | 42.67M | 19.70M | 22.90M | 21.45M | 25.41M |
| Stockholders Equity | 461.51M | 77.86M | 5.03M | 212.00K | -13.56M |
Cash Flow | |||||
| Free Cash Flow | -32.50M | -11.78M | -6.06M | -1.85M | -3.63M |
| Operating Cash Flow | -31.26M | -11.21M | -3.04M | -1.55M | -3.59M |
| Investing Cash Flow | -35.31M | -571.00K | -3.02M | -299.00K | -36.00K |
| Financing Cash Flow | 399.52M | 89.48M | 8.92M | 3.75M | 3.69M |
SEALSQ Corp Technical Analysis
Neutral
2.70
Price Trends
3.32
Negative
3.83
Negative
3.98
Negative
Market Momentum
-0.23
Negative
47.34
Neutral
81.72
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAES, the sentiment is Neutral. The current price of 2.7 is above the 20-day moving average (MA) of 2.53, below the 50-day MA of 3.32, and below the 200-day MA of 3.98, indicating a neutral trend. The MACD of -0.23 indicates Negative momentum. The RSI at 47.34 is Neutral, neither overbought nor oversold. The STOCH value of 81.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LAES.
SEALSQ Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.58B | -28.80 | 99.25% | ― | 29.18% | ― | |
62 Neutral | $2.42B | -158.49 | -7.72% | ― | 7.53% | -203.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $906.27M | -125.23 | -3.73% | ― | 2.49% | -18.72% | |
55 Neutral | $1.70B | 16.34 | 2.07% | 2.25% | 8.86% | -62.89% | |
51 Neutral | $990.60M | -5.48 | -37.84% | ― | 0.33% | 3.17% | |
48 Neutral | $683.91M | -11.60 | -11.80% | ― | 79.31% | 57.71% |
* Technology Sector Average
LAES
SEALSQ Corp
2.97
0.60
25.32%
CEVA
Ceva
32.53
5.91
22.20%
IMOS
ChipMOS Technologies
48.14
30.88
178.85%
ICHR
Ichor Holdings
69.72
48.88
234.55%
INDI
indie Semiconductor
4.36
2.35
116.92%
SKYT
SkyWater Technology
32.19
24.93
343.39%
SEALSQ Corp Corporate Events
SEALSQ Sets May 7, 2026 AGM in Miami and Seeks Board Re‑election
Apr 21, 2026
On April 17, 2026, SEALSQ Corp announced that its 2025 Annual General Meeting of shareholders will be held in person on May 7, 2026, in Miami, with shareholders of record as of April 13, 2026 entitled to attend and vote. The board is recommending ...
SEALSQ Posts Q1 2026 Revenue Surge and Reaffirms Aggressive Growth Outlook on Post-Quantum Momentum
Apr 9, 2026
On April 8, 2026, SEALSQ reported preliminary, unaudited Q1 2026 revenue of about $4.1 million, more than tripling the $1.3 million recorded a year earlier on strong demand for its Vault-IC secure elements, consolidation of IC’ALPS and growt...
SEALSQ Files Form 6-K to Submit 2025 Annual Report
Apr 2, 2026
On April 2, 2026, SEALSQ Corp filed a Form 6-K with the U.S. Securities and Exchange Commission reporting the publication of its 2025 Annual Report covering the period from January to December 2025. The filing, signed by Chief Executive Officer Ca...
SEALSQ Posts 66% FY 2025 Revenue Jump, Reaffirms Strong 2026 Growth as Quantum‑Secure Chip Strategy Advances
Apr 1, 2026
SEALSQ reported audited full‑year 2025 revenue of $18.3 million on March 31, 2026, up 66% year‑on‑year, driven by renewed demand in its semiconductor and PKI lines and five months of contribution from its August 2025 acquisition ...
SEALSQ to Acquire Swiss Quantum Interconnect Firm Miraex to Complete Vertical Stack
Mar 26, 2026
SEALSQ Corp, a Geneva-based leader in post-quantum semiconductor and cybersecurity solutions, has built a portfolio that combines secure chips, PKI and provisioning services to deliver quantum-resistant cryptographic hardware and software for sect...
SEALSQ Signs LOI to Acquire Swiss Quantum Photonics Firm Miraex
Mar 26, 2026
On March 24, 2026, SEALSQ Corp announced it had signed a non-binding letter of intent to acquire 100% of Miraex SA, a Switzerland-based developer of photonics-based quantum interconnect solutions located at EPFL Innovation Park. The deal framework...
SEALSQ Raises $125 Million in At-the-Market Registered Direct Offering to Accelerate Post-Quantum Roadmap
Mar 17, 2026
On March 15, 2026, SEALSQ Corp entered into a securities purchase agreement with institutional investors for a registered direct offering of 30,413,630 ordinary shares, or pre-funded warrants in lieu thereof, plus accompanying warrants to buy up t...
SEALSQ Signs Long-Term Geneva Headquarters Lease with Swiss Life
Mar 2, 2026
SEALSQ Corp has signed a long-term commercial lease with landlord Swiss Life AG, alongside WISeKey SA as co-tenant, for new headquarters offices at Esplanade de Pont-Rouge 4-6 in Grand-Lancy, Geneva. The agreement, executed on Jan. 29, 2026, cover...
SEALSQ and WISeKey to Open Geneva Quantum Center with 2026 Move to Pont‑Rouge
Mar 2, 2026
SEALSQ Corp and its parent WISeKey International Holding Ltd, both active in cybersecurity, semiconductors and post-quantum technologies, plan to relocate their Geneva headquarters in August 2026 to the Pont‑Rouge business district in Lancy,...
SEALSQ Shifts Quobly Deal Talks From Takeover to Potential Minority Stake
Feb 23, 2026
On February 20, 2026, SEALSQ Corp said it had mutually agreed with French quantum computing developer Quobly SAS to halt talks on a potential majority investment or acquisition. Instead, the parties plan to revisit the idea of a minority stake onc...
SEALSQ Backs Away From Quobly Takeover, Eyes Future Minority Stake
Feb 23, 2026
On February 20, 2026, SEALSQ Corp and French quantum computing firm Quobly said they had mutually agreed to end talks over a potential majority investment or acquisition of Quobly by SEALSQ. Instead, the parties plan to revisit the idea of a minor...
SEALSQ Posts 66% Revenue Jump for 2025 but Projects Wider Loss on Heavy R&D Spend
Feb 18, 2026
On February 17, 2026, SEALSQ Corp reported preliminary unaudited results for the year ended December 31, 2025, highlighting revenue of $18 million, up 66% year-on-year, with fourth-quarter revenue doubling to $8 million from $4 million a year earl...
SEALSQ Posts 66% Revenue Surge for 2025 and Reaffirms Aggressive 2026 Growth Outlook
Feb 18, 2026
On February 17, 2026, SEALSQ reported preliminary unaudited results showing 2025 revenue rose 66% year on year to $18 million, with $8 million generated in the fourth quarter and about $3.5 million contributed by acquired ASIC designer IC’AL...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.