WISeKey Reports Audited Full Year 2025 Financial Results
Schedules Conference Call for Monday, May 4 at 9:00am EDT
-- Audited FY 2025 revenue of $19.3 million, representing 62% growth
year-over-year
-- Subsidiary SEALSQ reported 66% year-over-year revenue growth
-- Reaffirms FY 2026 guidance with revenue expected to grow between 50%-100%
year-over-year; Q1 2026 unaudited revenue of $4.2 million
-- Strong cash and short-term investments of over $535 million as of April
30, 2026, well positions the WISeKey Group to execute growth strategy
-- Commercial pipeline exceeding $200 million for 2026--2029 for SEALSQ
alone, including over $60 million linked to QS7001 and QVault TPM
programs
Geneva, Switzerland - April 30, 2026 - Ad hoc announcement pursuant to Art. 53 LR - WISeKey International Holding Ltd ("WISeKey" or "WISeKey Group") (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today reported its audited financial results for the fourth quarter ("Q4 2025") and full year ("FY 2025") ended December 31, 2025.
These results include audited figures from its subsidiary SEALSQ Corp ("SEALSQ") $(LAES)$, which focuses on semiconductors, PKI, and post-quantum technology hardware and software products. WISeKey holds 52% of the voting rights in SEALSQ, enabling full consolidation of SEALSQ's revenue, cash, pipeline, and balance sheet into the WISeKey financial statements.
FY 2025 Key Financial Highlights
Metric 2025 2024 Change -------------------------------- ------ ------ ----------- Revenue $19.3M $11.9M +62% -------------------------------- ------ ------ ----------- Net loss $38.2M $31.9M +20% -------------------------------- ------ ------ ----------- Q4 Revenue $8M $4M +100% -------------------------------- ------ ------ ----------- Cash on Hand (Dec 31) $429M $91M +371% -------------------------------- ------ ------ ----------- Strategic Investments Deployed* $23M+ -- New in 2025 -------------------------------- ------ ------ ----------- QS7001 / QVault Pipeline** $60M+ $11M +426% -------------------------------- ------ ------ ----------- SEALSQ Commercial Pipeline (Dec 31)** $200M+ $115M +74% -------------------------------- ------ ------ -----------
*Excludes SEALSQ's investment in WISeSat
** Pipeline reflects potential revenue opportunities with current and prospective customers from 2026 through 2029 and only includes SEALSQ. Pipeline figures are unaudited forward-looking estimates and are not guarantees of future revenue and reflects management estimates and are subject to conversion risks, customer validation and technical integration.
FY 2025 Key Financial and Operational Highlights
-- FY 2025 revenue reached $19.3 million, representing a 62% increase
year-over-year, of which $8 million was generated in Q4 2025, as compared
to $4 million in Q4 2024. SEALSQ, a subsidiary, generated revenue of
$18.3 million for FY 2025. Revenue growth was driven by renewed demand
across core semiconductor and PKI product lines and five months of
revenue contribution from IC'ALPS SAS ("IC'ALPS") following its
acquisition by SEALSQ on August 4, 2025 (approximately $3.5 million). The
2025 numbers reflected the transitional period between the traditional
product offerings and next-generation post-quantum semiconductor
platforms, and included initial revenue from sampling the post-quantum
technology products, with the transition expected to enter its
commercialization phase with the first production revenues anticipated in
the latter part of 2026.
-- FY 2025 net loss of $38.2 million. This has increased by 20% against the
net loss in FY 2024 and includes a non-cash share-based compensation
charge of $8.3 million, in addition to increased operating expenses due
to the consolidation of IC'ALPS since August 2025, an increase in our
research & development, and sales & marketing efforts designed to
accelerate growth with the launch of the new post-quantum semiconductor
product range. This is partially offset by a one-off credit upon
settlement of the ExWorks loan and interest received on WISeKey's cash
deposits.
-- Ended the year with a strong balance sheet. As of December 31, 2025,
WISeKey had $429 million in cash and short-term investments, providing
one of the strongest liquidity positions in its sector, even after
deploying $23 million during the past year toward strategic investments
in companies such as WeCan Group ("WeCan"), IC'ALPS, and Quantix Edge
Security.
-- WISeKey via SEALSQ raised approximately $125 million in March 2026. As of
April 30, 2026, WISeKey had over $535 million in cash and short-term
investments. This capital base enables the WISeKey Group to deploy its
resources strategically in accelerated post-quantum R&D, manufacturing
scale-up, strategic acquisitions and ecosystem investments and vertical
integration in ASIC design and quantum infrastructure.
-- Active business pipeline estimated to total over $200 million as of March
31, 2026, reflecting potential revenue opportunities with both current
and potential new customers from 2026 through 2029, including $60 million
linked to QS7001 and QVault TPM programs. This pipeline highlights rising
global demand for quantum-resistant security and sovereign semiconductor
design and the continued evolution of our business development
activities. These figures reflect management estimates and are subject to
conversion risks, customer validation and technical integration.
Carlos Moreira, Founder & CEO of WISeKey, noted, "The 62% revenue growth achieved in 2025, and the strong start to 2026, clearly demonstrate the transition of our semiconductor and post-quantum strategy from investment to commercial acceleration. With strong liquidity, a rapidly expanding pipeline, and rising global demand for sovereign, quantum-resistant infrastructure, WISeKey is uniquely positioned to lead the next generation of secure digital ecosystems."
SEALSQ Corp -- Subsidiary Performance
SEALSQ delivered revenue growth of 66% year-over-year for FY 2025, driven by robust demand for its secure microcontroller and PKI product families and initial commercial contributions from its post-quantum semiconductor programs.
SEALSQ reinforces WISeKey's long-term strategy to build a vertically integrated quantum-secure platform across two foundational layers:
-- Foundational Layer -- Post-Quantum Silicon: Advanced cryptographic IP, secure elements, TPM architectures, and quantum-resistant chiplets including QS7001, QVault$(TM)$ TPM, and QASIC(TM). -- Computational Layer -- Quantum Ecosystems: Strategic participation in companies developing quantum processors (EeroQ) and quantum-classical interface technologies (ColibriTD), extending trust from silicon identity to secure quantum access.
SEALSQ Quantum Strategic Investments and Vertical Integration
During 2025, SEALSQ deployed over $20 million into strategic investments aimed at strengthening its Quantum technology expertise and its vertical integration. The total approved allocation of capital resources started at $20 million in February 2025 and was increased in multiple steps to $200 million as of April 30, 2026. Each investment is structured as an active R&D and technology co-development partnership.
Portfolio WISeKey / Investment Country & R&D Contribution & Strategic Role
Company SEALSQ Made Focus Area
Ownership /
Role
--------- ------------- ---------- ------------ -----------------------------------------------------------
IC'ALPS 100% Acquired $14M -- France
(SEALSQ) ASIC -- Consolidated in August 2025.
Design
-- Full acquisition added 100+ ASIC engineers.
-- Co-developing quantum-ready secure elements & custom
silicon optimized for PQC algorithms
(CRYSTALS-Kyber).
-- Anchors Grenoble Quantum Highway node.
--------- ------------- ---------- ------------ -----------------------------------------------------------
Quantix Strategic $4.2M Spain
Edge Co-Investor deployed Sovereign -- Europe's first sovereign PQC Semiconductor
Security (SEALSQ + out of PQC Personalization & Test Centre (OSPT) in Murcia,
WISeKey) $12M co-funded by Spain's SETT.ES program.
committed
(+ EUR20M -- Direct R&D on quantum-resistant ASIC
govt) industrialization (QASIC(TM)).
--------- ------------- ---------- ------------ -----------------------------------------------------------
WeCan 28% Equity $4.0M Switzerland
Group Stake Blockchain -- Integrates PQC-secured blockchain digital identity &
(SEALSQ) KYC KYC into financial/enterprise systems.
-- WeCan's solutions interface with SEALSQ hardware via
quantum-resistant cryptographic keys.
--------- ------------- ---------- ------------ -----------------------------------------------------------
EeroQ Strategic Two rounds USA Quantum -- Pioneering electrons-on-helium (eHe) quantum computer
Investor (Dec 2025 Hardware architecture.
(SEALSQ) + Feb -- CMOS-compatible fabrication aligns with SEALSQ's chip
2026) processes.
-- Joint quantum security stack demonstration planned at
SEALSQ's Geneva Quantum Centre of Excellence.
-- Anchors "Quantum Made in USA" strategy.
--------- ------------- ---------- ------------ -----------------------------------------------------------
ColibriTD Strategic $100K France -- Quantum computing solvers for industrial
Partner (Initial Quantum applications.
(SEALSQ) stake) Solvers -- 6-month active R&D roadmap with SEALSQ & Xdigit
targeting sub-7nm wafer yield improvement from 50% to
80%.
-- Directly reduces SEALSQ chip manufacturing costs.
--------- ------------- ---------- ------------ -----------------------------------------------------------
$200M TOTAL CAPACITY $23.2M deployed to date (excl. SEALSQ's investment
in WISeSat.Space)
------------------------ -------------------------------------------------------------------------------------
FY 2026 Outlook & Commercial Momentum
WISeKey's outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward Looking Statements" below.
SEALSQ has now entered its commercial acceleration phase. Its pipeline of over $200 million (as at March 31, 2026) in potential revenue opportunities from 2026 through 2029, includes more than $60 million linked to QS7001 and QVault TPM programs, reflecting rising global demand for quantum-resistant security and sovereign semiconductor design solutions.
WISeKey's recognized revenue of $4.2 million in Q1 2026, representing over 200% growth versus Q1 2025. WISeKey also confirms that it expects FY 2026 revenue growth of +50% to +100% year-over-year, mainly driven by the anticipated growth in SEALSQ.
Key Revenue Drivers for 2026
-- QS7001 & QVault(TM) TPM: Commercial rollout of post-quantum secure chips;
initial revenues expected late 2026 following EAL 5+ certification.
-- IC'ALPS Full Consolidation: Full-year contribution from the ASIC design
subsidiary acquired August 2025.
-- TPM Market Expansion: Anticipated entry into the Trusted Platform Module
market leveraging QVault(TM) TPM.
-- QASIC(TM) Programs: Launch of custom post-quantum ASIC development
engagements.
-- Regulatory Tailwinds: U.S. NSA CNSA 2.0 mandates (requiring CNSA 2.0
compliance for new National Security System acquisitions by January 1,
2027) and NIST PQC Standards (finalized August 2024) driving enterprise
and government adoption.
-- Recurring Revenue Growth: Continued expansion of PKI subscription
services and OSPT personalization revenues.
-- Quantix Edge Security: Initial revenues from the sovereign semiconductor
personalization center in Spain.
WISeSat.Space: Definitive Business Combination Agreement Targeting a Listing on the Nasdaq
On November 10, 2025, WISeKey and Columbus Acquisition Corp. (NASDAQ: COLA), a Cayman Islands special purpose acquisition company, announced the execution of a Definitive Business Combination Agreement. The transaction is expected to result in the public listing of WISeKey's satellite subsidiary on the Nasdaq Stock Exchange under the name WISeSat.Space Holdings Corp.
-- Transaction Structure: WISeKey and SEALSQ together will receive 25.0
million shares in the newly combined entity at $10 per share,
representing $250 million in equity of WISeSat.Space Holdings Corp.,
while retaining majority ownership.
-- Expected Closing: The transaction is anticipated to close in the second
half of 2026, enabling WISeSat.Space AG ("WISeSat") to operate as an
independently listed Nasdaq company.
-- Constellation Scale: WISeSat and its partners have launched 21 satellites
to orbit, with 14 currently operational in Low Earth Orbit; the program
targets an up to 100-satellite constellation.
-- Quantum-Secure Infrastructure: WISeSat satellites are equipped with
SEALSQ's post-quantum cryptographic chips, WISeKey's Root of Trust,
WISeID identity management, and Hedera distributed ledger technology,
enabling quantum-resilient IoT connectivity for logistics, agriculture,
energy, and defense.
Furthermore, as previously announced, the anticipated completion of WISeSat's Business Combination Agreement and subsequent listing on the Nasdaq is expected to support SEALSQ's Quantum Spatial Orbital Cloud ("QSOC") initiative, under which WISeSat would operate as the space infrastructure platform. The QSOC initiative plans to deploy up to a 100-satellite constellation delivering quantum key distribution (QKD), quantum random number generation (QRNG), and post-quantum identity services as a subscription offering to enterprises and governments worldwide, with satellites deploying incrementally from 2026 through Full Operational Capability ("FOC") in 2033.
-- WISeSat: Constellation Owner & Operator: Designs, manufactures, launches,
and operates the space segment including satellites, ground stations, and
frequency licenses.
-- SEALSQ: Quantum Cloud Owner & Operator: Deploys its proprietary quantum
technology stack and operates QSOC as a managed cloud platform. Customers
contract directly with SEALSQ.
-- Full Operational Capability: FOC is targeted for 2033. At FOC, WISeSat is
expected to operate a constellation providing dedicated QSOC capacity for
SEALSQ, and SEALSQ is aiming to deliver a contractually guaranteed 99.9%
uptime service-level agreement to its customers.
Mr. Moreira added, "The quantum threat to today's encrypted infrastructure is mathematically certain and approaching rapidly. The QSOC is not a science project, it is the commercial orbital layer that will protect the financial system, critical infrastructure, and national security communications from the quantum computing era."
2026 WISeKey Group Key Operational Milestones
-- QS7001 Certification: Fault injection and side-channel attack resistance
confirmed passed (EAL 5+). NIST FIPS SP 800-90B entropy source validation
completed. First production revenues on track for late 2026.
-- Satellite Launch: WISeSat successfully launched its 21st satellite to Low
Earth Orbit via SpaceX.
-- Swiss Armed Forces Pilot Completion: Completion of the pilot between
WISeSat and the Swiss Armed Forces' Space Command covering satellite
missions, payload integration, and secure communications testing.
-- SEALCOIN Spacedrop: SEALCOIN AG launched 'Spacedrop', an early-access
onboarding initiative backed by The Hashgraph Association / Hedera
network.
-- HQ Relocation: SEALSQ and WISeKey will move to Pont-Rouge, Lancy in the
second half of 2026, establishing the Geneva Quantum Center of
Excellence.
2026 Key Partnerships
-- Lattice Semiconductor: Unified TPM-FPGA architecture combining QS7001 and
QVault TPM with Lattice FPGA solutions. Live proof-of-concept at Embedded
World 2026.
-- WeCan / WISeID Integration: WeCan integrated WISeID digital identity into
compliance solutions, advancing PQC-secured blockchain KYC capabilities.
-- PQC Ecosystem Deployment: Deployment of CRYSTALS-Kyber and
CRYSTALS-Dilithium across hardware, blockchain, and satellite IoT in
collaboration with WeCan, WISeSat, and WISeID.
-- Wi-SUN Alliance: SEALSQ announced support for Wi-SUN Alliance members
with QS7001 chips and INeS PKI for quantum-resilient smart meter
ecosystems at the Wi-SUN Open House 2026, in Tokyo.
-- Trusted Semiconductor Solutions Alliance: New U.S. go-to-market alliance
with a Category 1A Trusted-accredited company serving U.S. defense and
government agencies.
-- The Hashgraph Association / Hedera: Strategic funding and technical
support underpinning SEALCOIN's Hedera-based M2M transaction ecosystem.
WISeKey Ecosystem -- Year of Convergence
2026 marks WISeKey's "Year of Convergence" -- five foundational technology pillars integrated into unified, interoperable platforms:
-- SEALSQ: develops post-quantum secure chips (QS7001(TM), QVault(TM) TPM),
designed to generate ASIC design services revenue, hardware revenue, and
recurring income through Outsourced Semiconductor Personalization and
Test (OSPT) centers.
-- WISeSat: 21 satellites launched to date; a planned SPAC merger with
Columbus Acquisition Corp. targeting Nasdaq listing as WISeSat.Space
Holdings Corp. in the second half of 2026.
-- SEALCOIN: Chip-level machine-to-machine transactions secured by
post-quantum cryptography and verifiable trusted identity on the Hedera
network.
-- WISeID and INeS: Global PKI infrastructure supporting Matter Protocol,
GSMA eUICC, enterprise authentication, and sovereign digital identity
frameworks.
-- WISe.Art: Secure tokenization and digital asset authentication combining
blockchain with hardware Root of Trust technologies.
Regulatory & Standards Environment
-- U.S. NSA CNSA 2.0: All new acquisitions for National Security Systems
must be CNSA 2.0 compliant by January 1, 2027.
-- OMB Memorandum M-23-02: U.S. federal agencies required to identify and
remediate quantum-vulnerable systems.
-- NIST PQC Standards (2024): FIPS 203 (ML-KEM/Kyber), FIPS 204
(ML-DSA/Dilithium), and FIPS 205 (SLH-DSA) finalized. SEALSQ products are
designed to comply with these standards.
Filing of 2025 Annual Report on Form 20-F
WISeKey filed its Condensed Consolidated Financial Statements in the Form 20-F for the full year period ended December 31, 2025, with the U.S. Securities and Exchange Commission on April 30, 2026. The Form 20-F can be accessed by visiting the Company's website at www.wisekey.com.
In addition, the Company's stockholders may receive a hard copy of the Form 20-F, which includes complete audited financial statements, free of charge by contacting its Investor Relations Representative at lcati@theequitygroup.com or +1 212 836-9611.
Conference Call
The Company will host a conference call to review its results on Monday, May 4, 2026, at 9:00 am EDT (3:00 pm CEST). To join, please use the following dial-in numbers:
-- Toll-Free Dial-In Number: 877-445-9755 -- International Dial-In Number: 201-493-6744
The webcast of the call can be accessed through the Investor Relations section of WISeKey's website at www.wisekey.com. An archived version of the call will also be made available.
ADDITIONAL FINANCIAL & OPERATIONAL DATA
Consolidated Statements of Comprehensive Income/(Loss) [as reported]
12 months ended December 31,
USD'000, except earnings per share 2025 2024 2023
---------- --------- ---------
Net sales 19,289 11,875 30,918
Cost of sales (9,545) (7,104) (15,754)
Depreciation of production assets (506) (478) (420)
---------
Gross profit 9,238 4,293 14,744
Other operating income 224 184 167
Research & development expenses (14,883) (7,026) (4,398)
Selling & marketing expenses (14,394) (8,550) (6,523)
General & administrative expenses (27,879) (16,324) (17,290)
---------
Total operating expenses (56,932) (31,716) (28,044)
---------- --------- ---------
Operating loss (47,694) (27,423) (13,300)
---------- --------- ---------
Non-operating income 13,423 1,629 2,374
Debt conversion expense - (32) (562)
Interest and amortization of debt
discount (224) (1,013) (624)
Non-operating expenses (3,716) (2,018) (3,107)
---------
Loss before income tax expense (38,211) (28,857) (15,219)
Income tax income / (expense) 163 (3,086) (230)
Equity in earnings of unconsolidated
entities (106) - -
---------
Net loss (38,154) (31,943) (15,449)
========== ========= =========
Net loss attributable to
noncontrolling interests (32,082) (18,497) (89)
---------
Net loss attributable to WISeKey
International Holding Ltd (6,072) (13,446) (15,360)
========== ========= =========
Earnings per Class A Share $(USD)$
--------------------------------------
Earnings per Class A Share
Basic (0.91) (0.92) (0.50)
Diluted (0.91) (0.92) (0.50)
Earning per Class A Share attributable
to WISeKey International Holding Ltd
Basic (0.15) (0.39) (0.51)
Diluted (0.15) (0.39) (0.51)
Earnings per Class B Share (USD)
--------------------------------------
Earnings per Class B Share
Basic (9.12) (9.17) (5.01)
Diluted (9.12) (9.17) (5.01)
Earning per Class B Share attributable
to WISeKey International Holding Ltd
Basic (1.45) (3.86) (5.06)
Diluted (1.45) (3.86) (5.06)
Other comprehensive income / (loss),
net of tax:
Foreign currency translation adjustments 377 287 (842)
Unrealized holding gains arising during
period 25 0 0
Defined benefit pension plans:
Net loss arising during period (72) (1,206) (1,151)
Other comprehensive (loss) / income 330 (919) (1,993)
-------- -------- --------
Comprehensive loss (37,824) (32,862) (17,442)
======== ======== ========
Other comprehensive income / (loss)
attributable to noncontrolling interests 54 (28) (99)
--------
Other comprehensive income / (loss)
attributable to WISeKey International
Holding Ltd 276 (891) (1,894)
======== ======== ========
Comprehensive loss attributable to
noncontrolling interests (32,028) (18,525) (188)
--------
Comprehensive loss attributable
to WISeKey International Holding Ltd (5,796) (14,337) (17,254)
-------- -------- --------
The notes are an integral part of our consolidated financial statements.
Consolidated Balance Sheets [as reported]
As at December As at December
31, 31,
USD'000 2025 2024
-------------- --------------
ASSETS
Current assets
Cash and cash equivalents 429,244 90,600
Restricted cash, current 4 -
Accounts receivable, net of allowance
for credit losses 5,109 4,285
Notes receivable, current - 13
Inventories 2,012 1,418
Prepaid expenses, current 2,445 1,364
Investment, current 10,032 -
Government assistance 4,579 2,247
Other current assets 2,353 573
Total current assets 455,778 100,500
Noncurrent assets
Notes receivable, noncurrent 31 32
Deferred tax credits 2,364 250
Property, plant and equipment, net of
accumulated depreciation 3,804 3,275
Intangible assets, net of accumulated
amortization 21,073 96
Operating lease right-of-use assets 6,366 1,502
Finance lease right-of-use assets 126 -
Goodwill 13,973 8,317
Available-for-sale debt securities,
noncurrent 129 -
Equity securities, at cost 517 455
Investment in SAFE 1,000 -
Investment in unconsolidated affiliates 7,857 -
Prepaid expenses, noncurrent 1,114 -
Other noncurrent assets 455 261
Total noncurrent assets 58,809 14,188
-------------- --------------
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