LAES · NasdaqGS
Semiconductors · Switzerland
Snapshot 2026-09-20 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
SEALSQ Corp, together with its subsidiaries, designs, develops, and markets semiconductors in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers semiconductors, such as VaultIC secure elements, quantum-resistant RISC-V secure chips, secure ARM platform, and smart card reader chips; custom chip design services; and other PKI services, including personal digital identity services. The company also provides semiconductors secure chips, SaaS, software and INeS certificate management platform, implementation, integration and other services, and ASIC design and production services. Additionally, it develops WISeRobot.ch, a platform human and artificial intelligence collaboration. It serves smart energy, smart home, automotive EV charging, consumer IoT, aerospace and military telecommunications, industry, logistics, medical, and luxury sectors. It has a strategic partnership with L5 Cartronics to develop secure multi-package IoT modules for smart cameras and smart metering. The company was founded in 2022 and is headquartered in Cointrin, Switzerland. SEALSQ Corp operates as a subsidiary of WISeKey International Holding AG.
Company websiteH1 2026
Published 2026-09-15
H1 2026 REPORT HIGHLIGHTS
Revenue more than doubled, but cash burn and a larger economic share count weaken the apparent cash bargain at SEALSQ.
H1 sales rose 131.1% to $11.151M and gross margin reached 48.5%, yet the operating loss widened to $32.162M. Source: current 6-K financial statements.
The filed ordinary count plus five-for-one F-share economics and low-strike options gives 231.141M economic shares. Net liquid assets are $2.08 per share before future spending; the quote capitalization divided by price implies only 142.594M outstanding shares. The separate vendor float field is 113.530M shares, not that outstanding count.
H1 operating and investing uses plus currency effects consumed $46.19M before $114.641M of financing inflows. Free cash flow was $-25.249M; the cash balance does not demonstrate operating self-funding.
Shareholder and other related-party receivables total $16.673M, or 76.8% of total receivables. Customer collection days must therefore use the trade subset, not the headline receivable balance.
Management reaffirmed $27–36M of FY2026 revenue and described more than $225M of potential opportunities through 2029. That pipeline is not contracted backlog; initial post-quantum product revenue remains expected toward late H2 2026.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | LAESSEALSQ CorpSnapshot 2026-09-20Financial period: 2026-06-30 |
|---|---|
| Market capMarket value, converted to USD | US$503.84M |
| Forward P/EProvider forward earnings estimate | — |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | 131.1% |
| Operating marginLatest reported quarter | -288.6% |
| Free cash flow yieldTrailing cash flow / market cap | -6.4% |
| Net debt / EBITDANet debt / trailing EBITDA | — |
| Debt / equityTotal debt / positive book equity | 0.01x |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | 0.97x |
| EV / salesEnterprise value / trailing revenue | 2.02x |
| Earnings growthLatest quarter vs prior-year quarter | — |
| Gross marginTrailing twelve months | 52.6% |
| Net marginTrailing twelve months | -170.4% |
| Return on equityProvider trailing return; positive equity only | -12.3% |
| Free cash flow marginTrailing free cash flow / revenue | -131.9% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 14.43x |
| BetaProvider historical market sensitivity | -7.71 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
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Market context
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Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · H1 2026
Revenue more than doubled, but cash burn and a larger economic share count weaken the apparent cash bargain at SEALSQ.
Research published September 15, 2026 · Download original report
Read Research PacketPresentation · 2026-09-15 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
