Earnings release
Page 1
Exhibit 99.1 SEALSQ Reports H1 2026 Financial and Operational Results Revenue Increases 131% to $11.2 Million; FY2026 Guidance Reaffirmed Cash and Cash Equivalents of $486.1 Million at June 30, 2026, Support Continued R&D, Product Certification and Acquisition Integration Conference Call to be Held on September 15 at 9:00am ET Geneva, Switzerland - September 11, 2026 - SEALSQ Corp (NASDAQ: LAES) (“SEALSQ” or the “Company”), a company focused on developing and commercializing post-quantum semiconductor, PKI and trusted provisioning solutions, today announced its financial and operational results for the six-month period ended June 30, 2026. H1 2026 Financial Highlights ● Revenue increased 131% to $11.2 million, compared to revenue of $4.8 million in H1 2025. ● Gross profit increased 233% to $5.4 million, compared to gross profit of $1.6 million in H1 2025; gross margin expanded to approximately 48%. ● Operating loss was $32.2 million, compared to operating loss of $21.2 million in H1 2025. ● Net loss was $27.8 million, compared to net loss of $20.0 million in H1 2025. ● EBITDA loss was $29.5 million, compared to EBITDA loss of $20.9 million in H1 2025. ● Cash, cash equivalents and restricted cash totaled $486.1 million at June 30, 2026; the broader liquidity measure including short- term investments was approximately $495 million. ● FY2026 revenue guidance of $27 million to $36 million was reaffirmed. ● The active business pipeline as of September 9, 2026, exceeded $225 million through 2029, including more than $100 million associated with the Company’s Post-Quantum projects, including the QS7001 and QVault TPM. These figures reflect management estimates and are subject to risks such as conversion risks, customer validation, and technical integration. Revenue Growth and Business Drivers H1 2026 revenue growth was driven primarily by renewed demand for SEALSQ’s Vault-IC secure-element product family, continued growth in PKI subscriptions and digital identity services, initial revenue from the Quantix Edge Security semiconductor design center in Murcia, Spain, and six months of consolidated revenue from IC’Alps SAS (“IC’Alps”).
Page 2
IC’Alps, acquired in August 2025, contributed approximately $2.5 million of revenue during H1 2026 and expanded SEALSQ’s capabilities in custom ASIC design, secure semiconductor architecture and specialized engineering services. North America generated $5.6 million, representing 50% of H1 2026 revenue. Europe, the Middle East and Africa generated $3.7 million, or 33%, while Asia Pacific generated $1.9 million, or 17%. The addition of ASIC design revenue and an improved product mix contributed to the increase in gross profit and the expansion of gross margin. Investment in Growth and Explanation of Net Loss SEALSQ recorded an operating loss of $32.2 million compared to operating loss of $21.2 million in H1 2025, and a net loss of $27.8 million during H1 2026 compared to net loss of $20.0 million in H1 2025. The increase primarily reflects planned investments supporting the post-quantum product roadmap, integration of acquired companies and expansion of the SEALQUANTUM Sovereign Vertical Stack. ● R&D expenses increased to $8.7 million from $4.7 million, reflecting IC’Alps consolidation, product development, certification activities and acquisition-related amortization. ● G&A expenses increased to $23.1 million from $13.8 million, reflecting acquired-business consolidation, expanded corporate infrastructure, intangible-asset amortization, and legal, audit, advisory and transaction costs. ● Selling and marketing expenses increased to $7.2 million from $6.0 million as commercialization activity expanded. ● These increases were partially offset by $3.8 million of additional gross profit and improved net non-operating income, including higher interest income on liquidity reserves. Carlos Moreira, Founder, Chairman and CEO of SEALSQ noted, “The first half of 2026 was marked by a decisive transition for SEALSQ. Revenue increased by 131%, gross profit more than tripled, our gross margin expanded significantly as we integrated IC’Alps and benefited from stronger demand for our secure-element and PKI solutions. Our $27.8 million net loss reflects substantial investments in R&D, certification, acquisition integration, corporate infrastructure and our Root-to-Qubit strategy. Our priority for the remainder of the year is turning that investment into disciplined execution, production commitments and recurring revenue. With $486.1 million in cash, cash equivalents and restricted cash at June 30, 2026, we have the balance sheet to fund that transition on our own terms.” John O’Hara, CFO of SEALSQ added, “H1 2026 results confirm strong top-line momentum, with revenue increasing from $4.8 million to $11.2 million and gross profit increasing from $1.6 million to $5.4 million. Higher interest and other non-operating income partially offset increased operating costs, resulting in a net loss of $27.8 million. Our liquidity position remains strong, and we intend to manage this capital carefully while prioritizing projects that support commercialization, strategic control and long-term value creation.” 2
Page 3
Condensed Unaudited Financial Results US GAAP - $ thousands H1 2026 H1 2025 Change Net sales 11,151 4,825 +131% Gross profit 5,408 1,626 +233% Other operating income 1,432 1,662 -14% Research and development expenses (8,718) (4,724) +85% Selling and marketing expenses (7,181) (6,025) +19% General and administrative expenses (23,103) (13,776) +68% Operating loss (32,162) (21,237) +51% Loss before income tax (27,694) (20,028) +38% Income tax income / (expense) 302 (2) - Equity in losses of unconsolidated entities (397) - - Net loss (27,789) (20,030) +39% EBITDA is defined as Operating income/(loss) for the reporting period before depreciation and amortization for the same reporting period. Non-GAAP EBITDA Reconciliation $ millions H1 2026 H1 2025 Operating loss as reported (32.2) (21.2) Depreciation expense 0.4 0.3 Amortization expense 2.3 - EBITDA (29.5) (20.9) 3
Page 4
EBITDA is a non-GAAP financial measure provided for supplemental analysis. It should not be considered a substitute for operating loss, net loss or any other measure prepared in accordance with US GAAP. Post-Quantum Product and Certification Progress SEALSQ continued to advance commercialization of its post-quantum semiconductor portfolio during the first half of 2026. ● QS7001 achieved NIST SP 800-90B Entropy Source Validation under ESV Certificate #E333. ● QS7001 completed key Common Criteria fault-injection and side-channel resistance testing. ● 30 prospective customers and partners were evaluating the QVault TPM and QS7001 products at June 30, 2026. ● Customer sampling of the QVault Trusted Platform Module advanced, and engineering samples of QVault TPM-185 were reported as available. Initial commercial revenue from QS7001 and QVault TPM is expected toward the end of H2 2026, with a more significant contribution anticipated as customers complete technical integration and move into production in 2027 and beyond. Timing remains subject to laboratory review, certification, customer qualification and procurement. Major Strategic Developments During the First Half of 2026 ● Completed the 100% acquisition of Miraex SA, adding quantum-photonics interconnect technology. ● Increased ownership of Wecan Group to 55.5%, obtaining control and supporting AI-powered post-quantum compliance and digital identity solutions. ● Participated as a lead investor in Quobly’s EUR115 million Series A financing. ● Increased the Company’s commitment to EeroQ and its electrons-on-helium quantum computing technology. ● Advanced the Quantix Edge Security project in Murcia, Spain, a EUR40 million sovereign semiconductor design and personalization initiative that generated initial H1 2026 revenue. ● Progressed the SEALKAYNESQ initiative in India to support localized post-quantum semiconductor capabilities. ● Expanded commercial and technology relationships with Lattice Semiconductor, GlobalFoundries and Parrot. ● Began the commercial phase of Miraex’s quantum-photonics technology and continued integrating acquired technologies into the Root-to-Qubit architecture. ● Increased the SEALQuantum Sovereign Vertical Stack allocation to $200 million. This strategic initiative allocates SEALSQ’s own capital to accelerate our post-quantum and quantum capabilities through targeted acquisitions and strategic partnerships aligned with SEALSQ’s semiconductor and quantum technology roadmap. More than $60 million has been committed to date across IC’Alps, Miraex, Quobly, Quantix Edge Security, ColibriTD, EeroQ, WISeSat and the Wecan Group, each of which directly supports SEALSQ’s product development, manufacturing, or go-to-market capabilities. 4
Page 5
Commercial Pipeline At September 9, 2026, SEALSQ’s active business pipeline represented more than $225 million in potential revenue opportunities through 2029, including more than $100 million associated with our Post-Quantum projects, including the QS7001 and QVault TPM. These figures reflect management estimates and are subject to risks such as conversion risks, customer validation, and technical integration. FY2026 Outlook SEALSQ’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 reaffirmed FY2026 revenue guidance of $27 million to $36 million, representing expected growth of 50% to 100% compared with audited FY2025 revenue of $18.3 million. The anticipated full year growth is driven by the following factors: ● Full-year consolidation of IC’Alps revenue. ● Continued demand for Vault-IC secure elements. ● Growth in recurring PKI and certificate-management revenue. ● Initial commercialization of QS7001 and QVault TPM. ● Revenue contributions from the Quantix Edge Security project. ● Potential execution of custom post-quantum ASIC design programs. Conference Call SEALSQ will host a conference call to discuss these results on Tuesday, September 15, at 9:00 am ET (3:00 pm CET). If you wish to join the conference call, please use the dial-in information below: ● Toll-Free Dial-In Number: 877-445-9755 ● International Dial-In Number: 201-493-6744 A simultaneous webcast of the call may be accessed online via the Investors section of SEALSQ’s website, https://www.sealsq.com/investors/events or click here. The archived call will also be available on the Investors section of SEALSQ’s website, https://www.sealsq.com/investors/events. 5
Page 6
ADDITIONAL UNAUDITED US GAAP FINANCIAL & OPERATIONAL DATA Condensed Consolidated Statements of Comprehensive Income / (Loss) [as reported] Unaudited 6 months ended June 30, USD’000, except earnings per share 2026 2025 Net sales 11,151 4,825 Cost of sales (5,486) (2,956) Depreciation of production assets (257) (243) Gross profit 5,408 1,626 Other operating income 1,432 1,662 Research & development expenses (8,718) (4,724) Selling & marketing expenses (7,181) (6,025) General & administrative expenses (23,103) (13,776) Total operating expenses (37,570) (22,863) Operating loss (32,162) (21,237) Non-operating income 9,735 2,814 Interest and amortization of debt discount (1) (88) Non-operating expenses (5,266) (1,517) Loss before income tax expense (27,694) (20,028) Income tax income / (expense) 302 (2) Equity in earnings of unconsolidated affiliates (397) - Net loss (27,789) (20,030) Net loss attributable to noncontrolling interests (77) - Net loss attributable to SEALSQ Corp (27,712) (20,030) Earnings per Ordinary Share (USD) Earnings per Ordinary Share Basic (0.13) (0.17) Diluted (0.13) (0.17) Earnings per Ordinary Share attributable to SEALSQ Corp Basic (0.13) (0.17) Diluted (0.13) (0.17) Earnings per F Share (USD) Earnings per F Share Basic (0.64) (0.86) Diluted (0.64) (0.86) Earnings per F Share attributable to SEALSQ Corp Basic (0.64) (0.86) Diluted (0.64) (0.86) Other comprehensive income / (loss), net of tax: Foreign currency translation adjustments (614) 10 Unrealized gains on debt securities Unrealized holding gains / (losses) arising during the period (1) 23 Defined benefit pension plans: Net gain arising during the period 138 75 Other comprehensive income / (loss) (477) 108 Comprehensive loss (28,266) (19,922) Other comprehensive loss attributable to noncontrolling interests (93) -
Page 7
Other comprehensive income / (loss) attributable to SEALSQ Corp (384) 108 Comprehensive loss attributable to noncontrolling interests (170) - Comprehensive loss attributable to SEALSQ Corp (28,096) (19,922) 6
Page 8
Condensed Consolidated Balance Sheets [as reported] USD’000, except par value As of June 30, 2026 (unaudited) As of December 31, 2025 ASSETS Current assets Cash and cash equivalents 479,797 417,657 Restricted cash, current 6,311 - Accounts receivable, net of allowance for doubtful accounts 21,706 12,944 Inventories 2,101 2,012 Prepaid expenses 1,440 880 Investment, current 2,449 10,032 Government assistance 6,613 4,579 Other current assets 1,392 1,534 Total current assets 521,809 449,638 Noncurrent assets Loans receivable, noncurrent - 31 Deferred tax credits 4,479 2,295 Property, plant and equipment, net of accumulated depreciation 5,014 3,770 Intangible and crypto assets, net of accumulated amortization 30,405 20,953 Operating lease right-of-use assets 5,874 6,113 Finance lease right-of-use assets 87 126 Goodwill 11,695 5,656 Available-for-sale debt securities, noncurrent 128 129 Investments in unconsolidated affiliates 836 4,259 Investments in unconsolidated related party affiliates 9,617 9,958 Other investments 24,454 1,000 Other noncurrent assets 243 251 Total noncurrent assets 92,832 54,541 TOTAL ASSETS 614,641 504,179 LIABILITIES Current Liabilities Accounts payable 23,850 16,818 Notes payable 555 689 Deferred revenue, current 1,010 25 Current portion of obligations under operating lease liabilities 583 668 Current portion of obligations under finance lease liabilities 35 57 Income tax payable - 3 Other current liabilities 10,126 9,988 Total current liabilities 36,159 28,248 Noncurrent liabilities Bonds, mortgages and other long-term debt 696 989 Deferred Revenue 1,064 - Operating lease liabilities, noncurrent 5,216 5,523 Finance lease liabilities, noncurrent 55 72 Deferred tax liability 5,805 4,367 Employee benefit plan obligation 2,630 2,162 Other noncurrent liabilities 877 1,310 Total noncurrent liabilities 16,343 14,423 TOTAL LIABILITIES 52,502 42,671 Commitments and contingent liabilities SHAREHOLDERS’ EQUITY Common stock - Ordinary shares 2,234 1,915 Par value - USD 0.01 Authorized - 500,000,000 and 500,000,000
Page 9
Issued and outstanding - 223,430,764 and 191,525,129 Common stock - F shares 75 75 Par value - USD 0.05 Authorized - 10,000,000 and 10,000,000 Issued and outstanding - 1,499,800 and 1,499,800 Share subscription in progress Additional paid-in capital 655,724 534,773 Accumulated other comprehensive income / (loss) 468 852 Accumulated deficit (103,819) (76,107) Total shareholders’ equity attributable to SEALSQ Corp’s shareholders 554,682 461,508 Noncontrolling interest in consolidated subsidiaries 7,457 - Total shareholders’ equity 562,139 461,508 TOTAL LIABILITIES AND EQUITY 614,641 504,179 7
Page 10
About SEALSQ: SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable. SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries. For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com. Forward-Looking Statements This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. These statements may be identified by words such as “may”, “could”, “expects”, “hopes”, “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, “demonstrates” or words of similar meaning. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, including statements regarding revenue guidance, business pipeline opportunities, expected commercialization timing for the QS7001 and QVault TPM products, anticipated customer integration and production timelines, the SEALQUANTUM Sovereign Vertical Stack capital allocation targets, the expected benefits of acquisitions and strategic investments, growth drivers for FY2026, and the ability to realize returns from SEALSQ’s investments, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the adoption of post-quantum semiconductors and the development of quantum computers; the timing and success of product certifications, including laboratory review and NIST certification processes; customer qualification and procurement timelines; pipeline conversion risks and customer validation; the ability to successfully integrate acquired businesses, including IC’Alps, Miraex and Wecan Group; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC. SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. Contacts SEALSQ Corp Carlos Moreira Founder, Chairman and CEO +41 22 594 3000 info@sealsq.com SEALSQ Investor Relations (U.S.) The Equity Group Inc. Lena Cati +1 212 836 9611 Lena.cati@theequitygroup.com 8