WISeKey Reports First Half 2026 Financial Results, Accelerates Quantum and Post-Quantum Strategy and Provides Outlook
Schedules Conference Call for Thursday, October 1 at 9:00am ET
-- H1 2026 Unaudited Revenue Up Approximately 116% to $11.4 Million
-- Approximately $495 Million in Cash and Restricted Cash at June 30, 2026
-- SEALSQ Commercial Pipeline Exceeds $225 Million Through 2029
-- FY 2026 Revenue Growth Guidance of 50% to 100% Reaffirmed
-- Shareholders Approved Redomiciliation; Direct Nasdaq and SIX Listing as
WISeQey (WQEY) Expected in October
-- Strategic Progress Includes WISeSat and Quantisimo Transactions,
Commercial QSOC Deployment, SEALQuantum Expansion and New Swiss
Post-Quantum Semiconductor Center
GENEVA, Switzerland -- September 30, 2026 -- Ad hoc announcement pursuant to Art. 53 LR - WISeKey International Holding Ltd ("WISeKey" or the "Company") (SIX: WIHN; Nasdaq: WKEY), a global leader in cybersecurity, digital identity, post-quantum semiconductors, quantum technologies and secure satellite infrastructure, today announced its financial results for the six months ended June 30, 2026 (H1 2026) and provided an update on significant strategic developments achieved since the beginning of the year.
H1 2026 Financial Highlights
-- Revenue more than doubled: Revenue rose approximately 116% to
approximately $11.4 million, from $5.3 million in H1 2025.
-- Gross profit increased 192% to $5.5 million, compared to gross profit of
$1.9 million in H1 2025; gross margin expanded to approximately 48% from
35% in H1 2025.
-- Operating loss was $40.9 million, compared to operating loss of $27.3
million in H1 2025.
-- Net loss was $36.4 million, compared to net loss of $22.3 million in H1
2025.
-- Post-quantum pipeline above $100 million: The commercial pipeline as of
September 22, 2026, at subsidiary SEALSQ Corp (Nasdaq: LAES) ("SEALSQ")
exceeds $225 million through 2029 and contains more than $100 million
associated with the Company's Post-Quantum projects, including the QS7001
and QVault TPM. It reflects rising demand as governments, enterprises and
critical infrastructure operators prepare to move to quantum-resistant
cryptography. These figures represent management estimates and are
subject to risks such as conversion risk, customer validation, technical
integration and other commercial risks.
-- Over $495 million in cash and restricted cash and minimal debt: At June
30, 2026, the Group held approximately $495 million in cash and
restricted cash and had minimal debt.
-- Funding the next phase of growth: This financial strength lets WISeKey
keep investing in post-quantum semiconductor commercialization, quantum
technologies, sovereign infrastructure and strategic acquisitions, with a
long-term investment horizon.
-- FY 2026 guidance reaffirmed: WISeKey expects FY 2026 revenue growth of
50% to 100% year over year.
Carlos Moreira, Founder, Chairman and Chief Executive Officer of WISeKey, said: "2026 is the year the technologies and investments we have built over many years are coming together as one commercial ecosystem, and WISeKey is entering the most important commercialization phase in its history. First-half revenue grew approximately 116%, and we ended June with approximately $495 million in cash and restricted cash and minimal debt. That gives us a strong financial foundation to execute our strategy.
"Our momentum continued into the third quarter. Shareholders approved our redomiciliation, which clears the way for a direct listing on Nasdaq. We advanced the WISeSat and Quantisimo transactions, began commercializing our Quantum Spatial Orbital Cloud, and signed an agreement with the Canton of Jura to develop a sovereign post-quantum semiconductor center in Switzerland.
"Our priorities are now clear and measurable: convert the SEALSQ pipeline into revenue, bring our post-quantum products into volume production, complete the WISeSat and Quantisimo transactions, and expand our sovereign semiconductor infrastructure. Looking beyond 2026, we are building a group in which WISeKey, SEALSQ, WISeSat, and Quantisimo can each grow as focused businesses while remaining connected through one trusted infrastructure. From silicon to qubits, from identity to AI, and from Earth to space, our mission is unchanged: to provide the Root of Trust for the next generation of the digital economy."
STRATEGIC DEVELOPMENTS
WISeKey Redomiciliation and Planned Direct Nasdaq Structure
WISeKey advanced its strategy to simplify its corporate structure and strengthen its access to U.S. and international capital markets. On June 26, 2026, WISeKey signed a merger agreement to move the domicile of its holding company from Switzerland to the British Virgin Islands. WISeKey's British Virgin Islands subsidiary, WISeQey Corp. (formerly known as WISeKey International Corp., "WISeQey") filed a registration statement on Form F-4 with the U.S. Securities and Exchange Commission on July 16, 2026, and the SEC declared it effective on July 31, 2026. At an Extraordinary General Meeting held on September 9, 2026, shareholders approved the redomiciliation and the related merger agreement. On September 16, 2026, the subsidiary, which will become the Group's new parent company, changed its name to WISeQey Corp.
The redomiciliation is expected to take effect on October 1, 2026, with WISeQey ordinary shares expected to begin trading under the ticker "WQEY" on or about October 5, 2026 on both the Nasdaq Global Market and the SIX Swiss Exchange, which will remain the primary listing. The WISeQey ordinary shares will trade directly on Nasdaq, replacing WISeKey's existing American Depositary Shares and providing the Group with a more streamlined U.S. capital markets presence while preserving its international footprint. WISeQey's operational headquarters and place of effective management will remain in Switzerland, and the Group's businesses and operations are not expected to change. Completion of the redomiciliation remains subject to the remaining closing conditions and the applicable Swiss and British Virgin Islands procedures.
This simplified structure, together with the planned independent listings of WISeSat and Quantisimo, is designed to give investors clearer visibility into the value and performance of each of the Group's technology platforms.
Quantisimo: Creating a Quantum Technology Pure-Play
In June 2026, WISeKey and SEALSQ established Quantisimo Corp. and executed a non-binding Letter of Intent with GigCapital8 Corp. (Nasdaq: GIW) regarding a potential business combination designed to create a Nasdaq-listed quantum technology company. The initial transaction contemplated an enterprise value of approximately $575 million.
Quantisimo is being designed to bring together selected technologies and investments developed through the SEALQuantum ecosystem, creating a vertically integrated platform spanning quantum computing, photonics, quantum-secure infrastructure and related technologies.
The proposed transaction remains subject to definitive agreements, regulatory review, shareholder approvals and customary closing conditions. The Group is targeting completion of the transaction during the first quarter of 2027, subject to satisfaction of these conditions.
SEALQUANTUM Sovereign Vertical Stack: Building the Root-to-Qubit Technology Stack
SEALSQ continued to execute its SEALQUANTUM Sovereign Vertical Stack strategy, backed by a targeted allocation of up to $200 million of SEALSQ's internal capital resources. The strategy aims to build a sovereign, vertically integrated quantum technology stack. It runs from the cryptographic Root of Trust and post-quantum semiconductors through photonics and quantum computing. Key milestones include:
-- SEALSQ completed its acquisition of Miraex SA in Switzerland, adding
quantum photonics interconnect technology.
-- SEALSQ invested approximately EUR15 million in Quobly in France as a lead
investor in Quobly's EUR115 million Series A financing, and subsequently
signed a $5 million commercial agreement.
-- SEALSQ has invested a total of $7.0 million in EeroQ, a U.S.-based
quantum computing company.
-- SEALSQ made a majority investment in Wecan Group, and WISeKey is working
with Wecan to develop and deploy the next generation of Wecan's Co-Pilote
compliance solution, aiming to integrate post-quantum financial security
solutions for the global financial industry.
These assets complement the Group's in-house semiconductor, PKI and secure infrastructure capabilities into an integrated architecture "Root-to-Qubit.
The WISeKey Quantum RootKey ties these assets together. It extends the Root of Trust that WISeKey has operated under the OISTE Foundation governance model since 1999 into the post-quantum and quantum computing era. WISeKey has begun integrating the Quantum RootKey across the SEALQUANTUM Sovereign Vertical Stack ecosystem, anchoring each asset to a common, quantum-resistant trust layer that spans from chips to qubits.
Post-Quantum Semiconductors Enter Commercialization Phase
SEALSQ's semiconductor business remains the Group's technology foundation.
-- In 2026, SEALSQ reached several certification and security milestones for
its QS7001 post-quantum secure element and QVault TPM product lines.
QS7001 received NIST SP 800-90B Entropy Source Validation, a required
step toward FIPS 140-3 and Common Criteria EAL5+ certification. It also
completed Common Criteria fault-injection and side-channel resistance
testing for both the QS7001 and QVault product lines.
-- Engineering samples of the QVault TPM are now available to customers.
-- SEALSQ separately received NIST FIPS 140-3 Level 3 certification for its
VaultIC408 secure element.
WISeKey believes the shift to post-quantum cryptography required by regulators in the United States and Europe is creating a multi-year commercial opportunity for SEALSQ. The Group expects first revenues from its post-quantum products in Q4 2026, with larger contributions anticipated in 2027.
As of June 30, 2026, more than 150 customers and prospects were engaging with SEALSQ's post-quantum technologies, and more than 30 were actively evaluating or integrating QS7001 and QVault TPM.
As of September 22, 2026, SEALSQ's commercial pipeline exceeded $225 million through 2029, including more than $100 million tied to post-quantum projects. The pipeline reflects management estimates of potential opportunities. Turning it into recognized revenue will depend on customer qualification, certification, production schedules and other factors.
WISeSat and the Quantum Spatial Orbital Cloud
WISeSat continued progressing toward becoming an independently listed space technology company. Following the public filing of the Form F-4 registration statement in June 2026 and effectiveness of such registration statement in August 2026 in connection with the proposed business combination with Columbus Acquisition Corp. (Nasdaq: COLA), WISeSat continued preparing for the transaction and its intended Nasdaq listing under the ticker SAIQ, subject to shareholder approval, Nasdaq approval and other closing conditions.
At the International Space Summit in Paris in September 2026, WISeKey, SEALSQ and WISeSat presented the commercial Quantum Spatial Orbital Cloud ("QSOC") initiative.
QSOC is designed to combine WISeSat's satellite constellation with SEALSQ post-quantum semiconductors, PKI, quantum random-number generation and identity technologies to establish secure and sovereign orbital infrastructure.
The current roadmap contemplates progressive deployment of a constellation of up to 100 satellites through 2033, designed to provide secure communications, quantum-generated trust and post-quantum identity services to governments, defense organizations, financial institutions, critical infrastructure and enterprises.
WISeKey Joins the Hedera Council Network
In September 2026, WISeKey announced that it had joined the Hedera Council network of strategic and community partners, further strengthening the technological foundation supporting its trusted machine-economy strategy.
The collaboration supports WISeKey's broader objective of combining trusted digital identity, secure hardware, distributed-ledger infrastructure and machine-to-machine transactions. This architecture is particularly relevant to SEALCOIN, where autonomous devices, AI agents, robots and satellites can be provided with verifiable identities and mechanisms for trusted transactions.
New Swiss Post-Quantum Semiconductor and Cybersecurity Center
On September 21, 2026, WISeKey, SEALSQ and the Republic and Canton of Jura signed a Memorandum of Understanding to work together on a Post-Quantum Semiconductor and Cybersecurity Center in the Canton of Jura, Switzerland. The proposed public-private initiative has an indicative investment of approximately CHF 40 million to CHF 60 million over six years.
The Center is intended to give Switzerland its own capabilities to design, personalize, test and securely provision next-generation post-quantum semiconductors, starting with SEALSQ's QS7001 Quantum Shield. The initiative targets approximately 40 direct jobs within two years, 150 by Year 5 and more than 250 by Year 8, and at least 60% of positions are expected to go to Canton residents.
The Jura project builds on the model of Quantix Edge Security in Murcia, Spain, where WISeKey and SEALSQ are developing sovereign semiconductor design, personalization and cybersecurity capabilities. Together, Murcia and Jura are intended to become key hubs in the WISeKey/SEALSQ Quantum Highway(TM) , which links post-quantum semiconductor, quantum, cybersecurity and trusted infrastructure capabilities across multiple regions.
Geneva Quantum Center of Excellence
WISeKey and SEALSQ are also establishing the Geneva Quantum Center of Excellence at the Group's new headquarters in Pont-Rouge.
The Center is designed as a physical convergence point for the Group's quantum computing, post-quantum cybersecurity, secure semiconductor, digital identity, satellite, robotics and artificial-intelligence technologies.
The objective is to provide customers, governments, technology partners, regulators and investors with an end-to-end demonstration environment showing how the different components of WISeKey's trusted technology ecosystem operate together.
FY 2026 GUIDANCE AND OUTLOOK
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.
WISeKey reaffirms its FY 2026 revenue growth guidance of 50% to 100% compared with FY 2025.
The Company expects growth during the remainder of 2026 and into 2027 to be supported by several principal drivers:
-- Post-Quantum Semiconductor Commercialization. SEALSQ expects to
transition its QS7001, QVault TPM and related post-quantum technologies
from development, certification and customer qualification toward
commercial production.
-- ASIC and Semiconductor Services. The integration of IC'ALPS provides
additional ASIC design capabilities and engineering capacity, expanding
the Group's ability to participate in custom semiconductor and
post-quantum design programs.
-- Sovereign Semiconductor Infrastructure. The Quantix Edge project has
delivered the first revenues to the Group as the project advances with
the development of a semiconductor design and personalization center in
Murcia, Spain, while the proposed Jura project is intended to expand this
sovereign semiconductor infrastructure model into Switzerland.
-- Digital Identity and PKI. WISeID, INeS and related PKI services are
expected to benefit from growing requirements for trusted identity across
humans, machines, AI agents and connected devices.
-- Machine-to-Machine Economy. SEALCOIN and its integration with WISeKey's
identity technologies, secure hardware and distributed-ledger
infrastructure are intended to create new transactional applications for
autonomous devices and AI agents.
-- Space and QSOC. WISeSat is progressing from satellite technology
demonstration toward commercial secure-space infrastructure through the
QSOC architecture.
-- Quantum Technologies. SEALQUANTUM Sovereign Vertical Stack and the
proposed Quantisimo platform are intended to consolidate and
commercialize complementary capabilities across quantum computing,
photonics, post-quantum cybersecurity and trusted infrastructure.
STRATEGIC OUTLOOK: 2027 AND BEYOND
WISeKey is entering a new stage of its corporate development. The Group intends to further develop its specialized technology platforms, with clearer accountability, distinct market positioning and enhanced capital-markets visibility. Building on its existing publicly traded platforms, WISeKey will continue to evaluate opportunities to unlock value through differentiated businesses focused on their respective markets and growth priorities.
Subject to regulatory approvals, shareholder approvals, market conditions and completion of the related transactions, the future structure is expected to include:
-- WISeQey Corp. (Nasdaq and SIX: WQEY): The Group's parent company will be
redomiciled in the British Virgin Islands, with ordinary shares expected
to be listed directly on the Nasdaq Global Market and a primary listing
on the SIX Swiss Exchange. It will oversee the Group's Root of Trust, PKI
and digital identity businesses.
-- SEALSQ Corp (Nasdaq: LAES): The Group's post-quantum semiconductor
platform, covering the QS7001 secure element, the QVault TPM and the
SEALQUANTUM Sovereign Vertical Stack strategy.
-- WISeSat.Space Holdings Corp. (Nasdaq: SAIQ): The Group's secure satellite
and space technology platform, planned to list on Nasdaq through a
proposed business combination with Columbus Acquisition Corp. (Nasdaq:
COLA).
-- Quantisimo: A combination of selected technologies and investments
developed through the SEALQUANTUM Sovereign Vertical Stack ecosystem,
creating a vertically integrated platform spanning quantum computing,
photonics, quantum-secure infrastructure and related technologies. This
is planned to list through a proposed business combination with
GIGCapital8 Corp. (Nasdaq: GIW).
The objective is to provide each business with the operational focus, management structure and access to capital required to pursue its respective market opportunity, while preserving technological integration through the WISeKey Root of Trust.
Conference Call
The Company will host a conference call to review its results on Thursday, October 1, 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 or by clicking here. An archived version of the call will also be made available.
UNAUDITED ADDITIONAL FINANCIAL & OPERATIONAL DATA
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) [as reported]
Unaudited 6 months ended June
30,
USD'000 2026 2025
--------------- --------------
Net sales 11,434 5,293
Cost of sales (5,699) (3,173)
Depreciation of production assets (257) (243)
Gross profit 5,478 1,877
Other operating income 71 82
Research & development expenses (9,603) (5,792)
Selling & marketing expenses (9,474) (7,393)
General & administrative expenses (27,351) (16,090)
Total operating expenses (46,357) (29,193)
--------------- --------------
Operating loss (40,879) (27,316)
--------------- --------------
Non-operating income 9,658 6,964
Interest and amortization of debt
discount and expense (1) (88)
Non-operating expenses (5,261) (1,846)
Loss before income tax expense (36,483) (22,286)
Income tax income / (expense) 302 (1)
Equity in earnings of unconsolidated
entities (229) -
Net loss (36,410) (22,287)
=============== ==============
Less: Net loss attributable to
noncontrolling interests (27,083) (17,835)
Net loss attributable to WISeKey
International Holding Ltd (9,327) (4,452)
=============== ==============
Earnings / (loss) per Class A Share
(USD)
-----------------------------------------
Earnings / (loss) per Class A Share
Basic (0.87) (0.53)
Diluted (0.87) (0.53)
Earnings / (loss) per Class A Share
attributable to WISeKey International
Holding Ltd
Basic (0.22) (0.11)
Diluted (0.22) (0.11)
Earnings / (loss) per Class B Share
(USD)
-----------------------------------------
Earnings / (loss) per Class B Share
Basic (8.65) (5.32)
Diluted (8.65) (5.32)
Earnings / (loss) per Class B Share
attributable to WISeKey International
Holding Ltd
Basic (2.22) (1.06)
Diluted (2.22) (1.06)
Other comprehensive income / (loss),
net of tax:
Foreign currency translation adjustments (550) 700
Unrealized gains on debt securities
Unrealized holding gains arising
during the period (1) 23
Defined benefit pension plans:
Net gain arising during the period 160 95
Other comprehensive income / (loss) (391) 818
-------- --------
Comprehensive loss (36,801) (21,469)
======== ========
Other comprehensive income attributable
to noncontrolling interests (416) 65
Other comprehensive income / (loss)
attributable to WISeKey International
Holding Ltd 25 753
======== ========
Comprehensive loss attributable to
noncontrolling interests (27,499) (17,770)
Comprehensive loss attributable
to WISeKey International Holding
Ltd (9,302) (3,699)
-------- --------
The notes are an integral part of our consolidated financial statements.
Unaudited Condensed Consolidated Balance Sheets [as reported]
As of June As of December
30, 31,
USD'000 2026 (unaudited) 2025
---------------- --------------
ASSETS
Current assets
Cash and cash equivalents 488,953 429,244
Restricted cash, current 6,311 4
Accounts receivable, net of allowance
for credit losses 8,051 5,109
Inventories 2,101 2,012
Prepaid expenses, current 2,033 2,445
Investment, current 2,449 10,032
Government assistance 6,613 4,579
Other current assets 1,994 2,353
Total current assets 518,505 455,778
Noncurrent assets
Notes receivable, noncurrent - 31
Deferred tax credits 4,492 2,364
Property, plant and equipment net
of accumulated depreciation 5,042 3,804
Intangible and crypto assets, net
of accumulated amortization 30,410 21,073
Operating lease right-of-use assets 5,975 6,366
Finance lease right-of-use assets 87 126
Goodwill 20,012 13,973
Available-for-sale debt securities,
noncurrent 128 129
Equity securities, at cost 19,194 517
Investment in unconsolidated affiliates 4,262 7,857
Investment in SAFE 7,000 1,000
Prepaid expenses, noncurrent 828 1,114
Other noncurrent assets 443 455
Total noncurrent assets 97,873 58,809
---------------- --------------
TOTAL ASSETS 616,378 514,587
================ ==============
LIABILITIES
Current Liabilities
Accounts payable 26,966 19,207
Notes payable 613 748
Indebtedness to related parties,
current 82 84
Convertible note payable, current 10 10
Deferred revenue, current 1,079 93
Current portion of obligations under
operating lease liabilities 683 932
Current portion of obligations under
finance lease liabilities 35 57
Income tax payable - 3
Other current liabilities 12,420 14,132
Total current liabilities 41,888 35,266
Noncurrent liabilities
Bonds, mortgages and other long-term
debt 724 1,047
Deferred revenue, noncurrent 1,076 13
Indebtedness to related parties,
noncurrent 1,171 1,324
Operating lease liabilities, noncurrent 5,227 5,536
Finance lease liabilities, noncurrent 55 72
Deferred income tax liability 5,805 4,367
Employee benefit plan obligation 4,928 4,502
Other noncurrent liabilities 876 1,311
--------- ---------
Total noncurrent liabilities 19,862 18,172
--------- ---------
TOTAL LIABILITIES 61,750 53,438
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY
Common stock - Class A 16 16
Par value - CHF 0.01 and CHF 0.01
Authorized - 2,000,880 and 2,000,880
shares
Issued and outstanding - 1,600,880
and 1,600,880 shares
Common stock - Class B 440 440
Par value - CHF 0.10 and CHF 0.10
Authorized - 8,281,180 and 8,281,180
Issued -- 4,080,546 and 4,080,546
Outstanding - 4,024,038 and 4,024,038
Share subscription in progress - -
Treasury stock, at cost (56,508
and 56,508 shares held) (502) (502)
Additional paid-in capital 351,740 343,015
Accumulated other comprehensive
income / (loss) 3,451 3,426
Accumulated deficit (309,806) (300,479)
Total shareholders' equity attributable
to WISeKey shareholders 45,339 45,916
Noncontrolling interests in consolidated
subsidiaries 509,289 415,233
Total shareholders' equity 554,628 461,149