WISeKey International (NASDAQ:WKEY) reported audited full-year 2025 revenue of CHF 19.3 million, up 62% from CHF 11.9 million in 2024, as the company highlighted progress in shifting from legacy security products toward post-quantum semiconductor platforms and a more integrated “convergence” strategy across its business lines.
2025 revenue growth led by SEALSQ and Q4 acceleration
Founder and CEO Carlos Moreira said 2025 was “a defining year” for the company, citing both revenue momentum and a balance sheet that he described as “fundamentally transformed.” He said subsidiary SEALSQ contributed CHF 18.3 million of 2025 revenue, representing 66% growth year-over-year, with fourth-quarter revenue of CHF 8 million.
Management attributed organic growth to a recovery in core secure microcontroller and public key infrastructure (PKI) product families, along with “initial sampling revenue” from post-quantum platforms.
Commercialization timeline and pipeline tied to post-quantum chips
Moreira emphasized that the company’s transition from sampling to commercial revenue is underway and said SEALSQ’s 2025 growth reflected renewed demand in its “legacy semiconductor and PKI product line” as customers worked through inventory, as well as the first sampling-related revenue from post-quantum products.
He said SEALSQ’s commercial pipeline exceeds $200 million covering potential opportunities from 2026 through 2029, with more than $60 million tied directly to the QS7001 and QVault TPM programs, which he said grew more than five-fold year-over-year from roughly $11 million.
On certification, Moreira said QS7001 has passed fault injection and side-channel attack resistance evaluation at the EAL5+ level, and that the company has completed NIST validation. He and O’Hara both pointed to late 2026 as the target period for first production revenues tied to QS7001, framing certification as a “gating event” that helps convert pipeline into recurring hardware revenue.
Loss driven by R&D investment and non-cash compensation; cash position expanded
O’Hara said the company posted a 2025 net loss of CHF 38.2 million. He attributed the loss largely to CHF 8.3 million of non-cash share-based compensation, consolidation following the IC’Alps acquisition, increased R&D investment to accelerate post-quantum semiconductor products, and expanded sales and marketing expenses intended to support an expected commercial ramp. He said those items were partially offset by a one-off credit tied to settlement of the ExWorks loan and interest income on cash deposits.
On liquidity, O’Hara said WISeKey ended 2025 with CHF 429 million in cash and short-term investments, up from CHF 91 million at the end of 2024. He noted this increase occurred while the company deployed about CHF 23 million toward strategic investments during the year.
He added that in March 2026, SEALSQ raised an additional CHF 125 million. As of April 30, 2026, O’Hara said the WISeKey group held more than CHF 535 million in cash and short-term investments, positioning it to fund post-quantum R&D, scale manufacturing capacity, pursue selective M&A, and continue deploying capital through the SEALSQ Quantum Fund.
SEALSQ Quantum Fund investments and vertical integration focus
Moreira said the SEALSQ Quantum Fund expanded from CHF 20 million at launch in 2025 to CHF 200 million of available capital resources as of April 30, 2026, with approximately CHF 23.2 million deployed across five portfolio positions. He described the investments as supporting vertical integration rather than “adjacent bets.”
- IC’Alps: CHF 14 million, adding more than 100 ASIC engineers in Grenoble and supporting development of a quantum-resistant secure element optimized for CRYSTALS-Kyber.
- Quantix Edge Security (Murcia, Spain): CHF 4.2 million toward a post-quantum semiconductor personalization center, which Moreira said is co-funded with Spain’s SETT.es, including a CHF 20 million contribution from the Spanish government.
- WeCan Group: CHF 4 million to integrate post-quantum secure digital identity into financial KYC.
- EeroQ/Anchor (Chicago): two rounds of investment described as aligned with SEALSQ’s CMOS-compatible semiconductor focus.
- ColibriTD: an initial investment tied to improving sub-7nm wafer yields, which Moreira said could reduce chip manufacturing costs.
Moreira also said the company plans to demonstrate a joint quantum security stack at a Geneva Quantum Center of Excellency that is in preparation and targeted for inauguration in October.
WiseSat plans and regulatory tailwinds
Moreira said WISeKey’s “year of convergence” involves integrating five pillars—SEALSQ, WiseSat, SEALCOIN, WISeID/INES, and WISe.ART—into a single vertically integrated “quantum secure platform.”
On WiseSat, he said the company has launched 21 satellites to date, with 14 operational in low Earth orbit, and remains on track toward a 100-satellite constellation. Moreira said a definitive business combination agreement signed in November with Columbus Acquisition Corporation is expected to close in the second half of 2026, “very likely” around September, resulting in WISeSat.Space Holdings being listed on Nasdaq. He said WISeKey and SEALSQ would receive 25 million shares at $10 per share, representing $250 million of equity value, while retaining majority ownership.
During Q&A, Moreira described WiseSat’s early constellation as supporting track-and-trace and connectivity use cases in areas where terrestrial coverage is limited, including logistics and military-related applications. He also discussed embedding a crypto wallet into satellites tied to SEALCOIN, which he said is 80% owned by WISeKey in cooperation with Hedera.
On regulation, Moreira pointed to the U.S. government’s CNSA 2.0 mandate, which he said requires CNSA 2.0 compliance for new national security system acquisitions by Jan. 1, 2027, and said federal agencies must identify and remediate quantum-vulnerable systems. He said the company is seeing this translate into pipeline activity in areas including defense and smart meters.
O’Hara said the company is reaffirming its full-year 2026 revenue guidance of 50% to 100% growth year-over-year, driven primarily by SEALSQ. He cited drivers including full-year consolidation of IC’Alps, entry into the trusted platform module market via QVault TPM, QASIC custom post-quantum ASIC engagements, QS7001 production revenues following EAL5+ certification late in 2026, initial revenues from the Quantix Edge Security personalization center development, and continued expansion of recurring PKI subscription revenue.
About WISeKey International (NASDAQ:WKEY)
WISeKey International SA is a Swiss-based cybersecurity and digital identity company specializing in secure authentication and encryption solutions. The firm develops and deploys public key infrastructure (PKI) technologies, digital certificates and secure semiconductors to safeguard online transactions, data and communications. Its offerings encompass hardware security modules, digital vault services and cybersecurity software designed to protect devices, applications and networks against digital threats.
Founded in 1999 by Carlos Moreira, WISeKey has evolved into a provider of Internet of Things (IoT) security, embedding cryptographic capabilities directly into chips for smart cards, mobile devices and industrial sensors.
