SEALSQ (LAES) Earnings Call H1 2026: Umsatz steigt um 131 %, Prognose bestätigt

Wichtigste Erkenntnisse

• Der Umsatz im ersten Halbjahr 2026 stieg im Jahresvergleich um 131 % auf 11,2 Millionen US-Dollar, angetrieben durch die erneute Nachfrage nach VaultIC Secure Elementen, das Wachstum bei PKI- und digitalen Identitätsdiensten, Umsätze mit Quantix Edge Security sowie einen Beitrag von 2,5 Millionen US-Dollar von IC’ALPS.
• Der Rohgewinn stieg um 233 % auf 5,4 Millionen US-Dollar, während sich die Rohmarge auf etwa 48 % ausweitete, unterstützt durch einen vorteilhafteren Produktmix und margenstärkere ASIC-Design- und Entwicklungsdienstleistungen.
• Die Investitionen blieben auf hohem Niveau. Der Betriebsverlust weitete sich von 21,2 Millionen US-Dollar auf 32,2 Millionen US-Dollar aus, und der Nettoverlust stieg von 20,0 Millionen US-Dollar auf 27,8 Millionen US-Dollar.
• SEALSQ schloss den Juni 2026 mit 486 Millionen US-Dollar an liquiden Mitteln, Zahlungsmitteln mit Verfügungsbeschränkung und kurzfristigen Finanzanlagen ab. Die Gesamtliquidität belief sich auf ungefähr 488,5 Millionen US-Dollar.
• Das Management bestätigte die Umsatzprognose für das Geschäftsjahr 2026 von 27 Millionen bis 36 Millionen US-Dollar, was einem Wachstum von etwa 50 % bis 100 % gegenüber dem geprüften Umsatz für 2025 von 18,3 Millionen US-Dollar entspricht.
• Die aktive vertriebliche Pipeline überstieg zum 9. September 2026 die Marke von 225 Millionen US-Dollar, wovon mehr als 100 Millionen US-Dollar auf Quantenprojekte entfielen. Das Management betonte, dass es sich bei der Pipeline um eine Schätzung und nicht um eine Umsatzprognose handelt.

Wichtige Finanzdaten

Geschäfts- und operative Entwicklung

Nordamerika erwirtschaftete 5,6 Millionen US-Dollar oder 50 % des Umsatzes im ersten Halbjahr. Europa, der Nahe Osten und Afrika trugen 3,7 Millionen US-Dollar bzw. 33 % bei, während Asien-Pazifik 1,9 Millionen US-Dollar oder 17 % beisteuerte.

IC’ALPS trug nach sechs Monaten Konsolidierung etwa 2,5 Millionen US-Dollar bei. Laut Management fügte die Übernahme Kapazitäten in den Bereichen kundenspezifisches ASIC-Design, sichere Halbleiterarchitekturen und Entwicklungsdienstleistungen hinzu. Die höheren Margen bei ASIC-Design und Entwicklungsdienstleistungen unterstützten zudem die Ausweitung der Gesamtrohmarge.

SEALSQ trieb seine Zertifizierungs-Roadmap für Post-Quanten-Produkte voran. Das Secure Element QS7001 erhielt die NIST SP 800-90B Secure-Source-Validierung unter dem ESV-Zertifikat E3333 und schloss Common-Criteria-Tests auf Fehlerinjizierungs- und Seitenkanalbeständigkeit ab. Zudem wurden Muster für die Entwicklung des Post-Quanten-Bausteins QVault TPM-1A5 verfügbar.

Zum 30. Juni befassten sich mehr als 150 Kunden und Interessenten mit den Post-Quanten-Technologien von SEALSQ, wobei über 30 davon QS7001 und QVault TPM aktiv evaluierten oder integrierten. Das Management rechnet gegen Ende der zweiten Hälfte des Jahres 2026 mit ersten Umsätzen aus diesen Produkten, gefolgt von wesentlicheren Beiträgen im Jahr 2027, vorbehaltlich der Zertifizierung und Kundenqualifikation.

Nach dem ersten Halbjahr erhielt das Secure Element VaultIC 408 die FIPS 140-3-Validierung unter dem NIST-Zertifikat #5463. SEALSQ schloss zudem die Rezertifizierung nach ISO/IEC 27001 ab.

Das Unternehmen veranlagte 200 Millionen US-Dollar für seinen souveränen Quantentechnologie-Stack, wovon mehr als 60 Millionen US-Dollar für IC’ALPS, Miraex, Quobly und andere Investitionen gebunden wurden. Die Strategie des Managements besteht darin, sichere Halbleiter, PKI, digitale Identität, Quantencomputing, Photonik-Interconnects, vertrauenswürdige Daten und Satellitenkommunikation über seine „Quantum Highway“-Architektur zu integrieren.

Management-Prognose

SEALSQ bestätigte die Umsatzprognose für das Geschäftsjahr 2026 von 27 Millionen bis 36 Millionen US-Dollar. Die Spanne impliziert ein Wachstum von etwa 50 % bis 100 % gegenüber dem geprüften Umsatz von 18,3 Millionen US-Dollar im Jahr 2025.

Das Management erklärte, der Ausblick werde durch die ganzjährige Konsolidierung von IC’ALPS, die anhaltende Nachfrage nach VaultIC-Produkten, wiederkehrende Umsätze aus PKI und Zertifikatsmanagement, die erste Kommerzialisierung von QS7001 und QVault TPM, Beiträge von Quantix Edge Security sowie potenzielle kundenspezifische Post-Quanten-ASIC-Programme gestützt.

Das Unternehmen geht davon aus, dass F&E weiterhin ein Bereich hoher Investitionen bleiben wird, während es sein Produktportfolio erweitert, Zertifizierungen abschließt und seine Technologie-Roadmap umsetzt.

Risiken und Beobachtungspunkte

• Die Prognose für das Geschäftsjahr 2026 bleibt abhängig von der Kundennachfrage, dem Zeitpunkt von Qualifizierung und Zertifizierung, den Bedingungen in der Lieferkette sowie der vertrieblichen Umsetzung.
• Die Pipeline von 225 Millionen US-Dollar ist keine Umsatzprognose und hängt von Zertifizierung, Kundenvalidierung, Verhandlungen, Beschaffungsentscheidungen und der Umsetzung ab.
• Die Kommerzialisierung von QS7001 und QVault TPM hängt vom Abschluss der Zertifizierungen sowie von den Integrations-, Qualifizierungs- und Beschaffungszyklen der Kunden ab.
• Die Betriebsausgaben stiegen erheblich an, da SEALSQ Akquisitionen konsolidierte und in Produktentwicklung, Infrastruktur und Kommerzialisierung investierte.
• Das Management beschrieb einen Großteil des breiteren Quantencomputing-Marktes als F&E-intensiv und in einer noch frühen Phase der Umsatzgenerierung.

Highlights der Analysten-Fragerunde

Auf die Frage nach der Kommerzialisierung des breiteren Quanten-Stacks erklärte das Management, dass Miraex erste Umsätze erzielt, räumte jedoch ein, dass Quantencomputing weiterhin weitgehend auf Wissenschaft und F&E ausgerichtet ist. SEALSQ erwartet, dass seine etablierten Sicherheits-, PKI-, Identitäts- und ASIC-Kapazitäten Umsatz generieren, während sich seine Investitionen in Quantencomputing und Photonik weiterentwickeln.

Das Management erörterte zudem die Ausweitung des Quantix-Edge-Modells über Spanien hinaus. Die rund 40 Millionen Euro schwere Murcia-Initiative begann mit dem Design, der Personalisierung und der Bereitstellung von Post-Quanten-Halbleitern. SEALSQ prüft ein breiteres Quantix 2.0-Konzept und sieht Potenzial, souveräne Technologiezentren in Märkten wie den USA, dem Nahen Osten, Südkorea und Indien zu replizieren.

Vollständiges Transkript der Telefonkonferenz zu den Ergebnissen

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Greetings, ladies and gentlemen, and welcome to the SEALSQ First Half 2026 Financial Results Earnings Conference Call. As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause actual results financial condition, performance or achievements of SEALSQ to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. SEALSQ is providing this communication as of the date this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. These risks are also discussed in our filings made with the Securities and Exchange Commission. Please be advised that SEALSQ's financial results release for the 6 months ended June 30, 2026, was issued last week and can be found by visiting the Investors section of the SEALSQ website at investors.sealsq.com. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Carlos Moreira, Founder, Chairman and Chief Executive Officer of SEALSQ. Mr. Moreira, please go ahead.

Carlos Moreira

Thank you very much, and good morning in the United States and good afternoon in Europe. So welcome to SEALSQ First Half 2026 Earnings Call I am joining today by our Chief Financial Officer, John O'Hara. I will begin with our first half financial and operational highlights, followed by an update on the progress we are making in transforming SEALSQ into a global leader in Post-Quantum and quantum Quantus Security. John will then review our financial results in greater detail, after which we will discuss our outlook on priorities for the remaining of 2026 and beyond.

The first half of '26 was an important inflection point for SEALSQ. We delivered strong revenue growth, significantly improved gross margins and advance our post Quantum semiconductor road map achieved important certification milestones and integrated acquired businesses and expanding our capability across secure semiconductors, trusted digital infrastructure and quantum technology.

Revenue increased by 131% to $11.2 million compared to $4.8 million in the first half of 2025. Gross profit increased by 233% to $5.4 million from $1.6 million, while gross margin expanded to approximately 48%. This growth was driven by renewed demand for our Volt IC Secure Element, expansion in PKI, subscription and digital identity services. Initial revenue from Quantix Edge Security in Murcia Spain and 6 months of contribution from IC'ALPS. IC'ALPS contributed approximately $2.5 million of first half revenue. More importantly, the acquisition substantially strengthened our capabilities and capacities in custom ASIC design, secure semiconductor architecture and advanced engineering services. These capabilities are increasingly important as customers seek integrated how we are rooted security solution rather than just a stand-alone cryptographic software. North America generated $5.6 million of revenue, representing 50% of the total Europe and the Middle East and Africa generated $3.7 million or 33%, while Asia Pacific contributed to $1.9 million, or 17%.

We believe this is the right moment to invest decisively in building a global leadership position in Post-Quantum and Quantum Security. The quantum transition is no longer a distant research topic. Governments, defense organization, clinical infrastructure operators, financial institution and technology companies increasingly recognize that migration to Post-Quantum security require much more than a software update. It requires secure semiconductor, hardware root of trust, quantum algorithm, trusted identities, security provisioning, certified manufacturing, sovereign infrastructure and control over the complete technology supply chain.

SEALSQ is building capability across all these layers. At June 30, 2026, we had more than $486 million in cash cash equivalent unstinted cash. This strong liquidity position gives us the flexibility to fund research and development, certification, product industrialization, acquisitions, infrastructure, manufacturing, personalization and other selected strategic opportunity. Our strategy is to convert SEALSQ for a secure semiconductor and digital trust company into a major quantum security platform developing a sovereign vertical stack, what we call from Root-to-Qubit and increasingly from Root-to-a-Space. At the center of this transformation is what we call the Quantum highway. So the Quantum highways or architecture for security connecting the different layers of the emerging Quantum economy. It is designed to combine Post-Quantum semiconductors, quantum computer, Quantum photonics, interconnects, Quantum Secure Communications, satellite, PKI, digital identity trusted provisioning, artificial intelligence and compliance.

The objective is not simply to invest in separate quantum technology to integrate them into a commercially deployable, sovereign and interpretable infrastructure. The silicon hardware, root of trust layer or QS7001 secure element and 2-volt TPM remains central to our Post-Quantum commercialization strategy.

During the first half, QS7001 achieved NIST SP 800-90B secure source validation under ESV certificate E3333, validated in entropy is fundamental to secure key generation and cryptographic protection particularly for system operating in regulated defense and critical infrastructure environments.

QS7001 also completed important common criteria false injection and side channel resistant testing. This milestone bring us closer to the formal certification required by government agencies a major industrial customer before high-volume deployments. We also continue advancing QVault, TPM, customers sampling progress on engineering samples of the Post-Quantum QVault TPM-1A5 become available. Our objective is to support the next generation of computers, servers, industrial systems, edge device and critical infrastructure with hardware base protection against both classical and quantum-enabled thread.

As of June 30, more than 150 customers and prospects, we're engaging with our Post-Quantum technologies with over 30 actively evaluating or integrating QS701 and QVault TPM. We expect initial QS701 and QVault TPM revenue late in the second half of 2026 with more meaningful contributions beginning in 2027 as customers complete integration, qualification and product planning. The precise timing is really subject to certification, customer validation and procurement cycle.

Since the end of the first half, we have continued to make significant progress.

Our VaultIC 408 Secure Element achieved the FIPS 143 validation under the NIS certificate #54 63. This is a major commercial on technology milestone. FIPS 1403 validation is widely required for cryptographic product used by government, defense organization, financial institutions and operators of critical infrastructure. The certification strengthen our ability to address highly regulated market and confirms that SEALSQ is building its Quantum Security platform on an already validated and trusted foundation. We also achieved ISO/IEC 27001 recertification, reinforcing the security and governance framework supporting our semiconductors, PI, digital identity and Post-Quantum operations.

Our active commercial pipeline exceeded $225 million in potential revenue opportunity through 2029 and as of September 9, 2026, including more than $100 million associated with Quantum projects already. This pipeline expands Secure Element, custom ASIC, PKI, digital identity, trusted provision, Post-Quantum Semiconductor and critical infrastructure security. It is a management estimate rather than revenue guidance and remain subject to certification, customer validation, commercial negotiation, procurement decision and execution risk.

But nevertheless, it demonstrates the scale and breadth of the opportunity we are pursuing. We are also developing a strategic relation with major semiconductors and technology companies or work with GLOBALFOUNDRIES supports the migration of future secure and Post-Quantum design to advanced manufacturing platforms, elaboration with late semiconductor supports Post-Quantum Security for FPGA-based systems, while our work with [indiscernible] provide access to important drone, robotics and certain technology applications for defense.

We are also advancing major commercial opportunities for Qvault TPM Vulti-C-409 and our broader Post-Quantum road map, including potential applications in computing, industrial system, connected devices and critical infrastructure. Beyond our core semiconductor road map, we have accelerated the development of Sal Quantum sovereign vertical stat. And its Quantum highway architecture. -- other semiconductor, design layer ICL provides secure design and engineering capabilities. At the Quantum computing layer, our investment in Quobly and and [indiscernible] provides 2 different differentiated semiconductor-based quantum computer architectures.

At the Quant Interconnect player, we completed the acquisition of Miraex. Miraex bring Quantum Photonics interconnect technology that can help connect quantum processors, sensors, data centers and communication systems. This is an essential component of the Quantum highway because quantum System has eventually interconnected, nonoperated as an isolated machines. As the trusted data and combine layer, we have increased our ownership in weekend group to 55.5% and gaining control of the company. We can strengthen our capability in power compliance, secure data exchange, trusted digital identity and Post-Quantum financial infrastructure. At the sovereign design, personalization and provision layer, Quantix Edge Security, [indiscernible], generated initial first half year revenue. This is approximately $40 million initiative is intended to support Europe-based semiconductor design, personalization and security provisions in 1 centralized location. We are now evaluating an expanded Quantix 2.0 vision and could bring together additional semiconductor Quantum AI and satellite ability in Murcia.

In India, we advanced the negotiations to build SEAL [indiscernible] initiative, which is intended to create localized post-quantum semiconductor capability and give SEALSQ access to 1 of the world's fastest growing semiconductor and digital technology market on which sovereignty is important at the pace and quantum communication layer or relation with the WiSA supports development of Post-Quantum secure satellite and IoT connectivity and communications. The objective is to extend our hardware rule of trust from terrestial devices to satellite infrastructure, creating route-to space security architecture.

Together, this capability form basis of our Quantum highway, secure ethic design and integrating through ICL, hardware Root of Trust through [indiscernible] QVault S71 and QVault TPM, post Quantum PKI, digital identity and secure provisioning, quantum computer technology through Quobly and EeroQ, Quantum photonics, interconnect through [indiscernible], a power compliance and trusted data through iCAN, serving semiconductor infrastructure through Quantix Edge and [indiscernible]. And post-Quantum satellite communication through WISESat.

This is what we mean by sovereign vertical quantity stack, control over the essential layers required to generate, protect, process, transmit and authenticate sensitive data in the quantum era. During 2026, we increased the capital allocation to the [indiscernible] Quantum sovereign vertical stack to 200 million, more than 60 million has already been committed across ICL, Miraex, Quobly, [indiscernible]. We are applying this disciplined investment strategy, focus on technology that complement our semiconductor and security road map create commercial synergies and can ultimately become integrated component on the quantity highway.

Our participation as a lead investor in Quobly with $150 million Series A financing and our or increased commitment to [indiscernible] reflected our vision that secure semiconductor, post-quantum cryptography and quantum computing and quantum communications will increasingly converge among themselves.

Our ambition is not to become a passive financial investor in Quantum Company, obviously. Our objective is to assemble, integrate and control its strategic technology and can generate products, intellectual property, customer aren't required revenue for SEALSQ.

We also continue to expand the commercial visibility of this strategy or collaboration with the BWT Alpine Formula 1, it has progressed beyond the cybersecurity into Quantum and multiphysics simulation.

Formula 1 offers an exceptional environment for demonstrating how quantum technologies can address highly complex industrial challenges involving aerodynamics, materials, energy optimization and refine decision-making. These applications are relevant for beyond motor sports, the same capabilities can ultimately be applied to aerospace, defense, mobility, advanced manufacturing, energy and defense.

Looking ahead, our priorities are clear. First, we complete the required certification and customer qualification for QS7001 and QVault TPM And begin their commercial ramp. Second, we convert growing post-quantum pipeline into production contracts and long-term customer relationship. Third, we integrate ICL, Miraex and WeCan into unified product and technology road map for expand sovereign semiconductor design, personalization and provisioning capabilities in Europe, the United States India and the rest of Asia.

Fifth, connect or invest amount in quantum computer, Photonics, AI, trusted data and satellite communications through the Quantum Highway. And finally, continue deploying our capital selectively and strategical with objective of creating a vertically integrated Quantum security company with defensible technology, sovereign infrastructure and global commercial reach.

SEALSQ entered '26 primarily recognized a secure semiconductor and post-quantum company. We intend to exit this transformation year as a broader quantum security leader, 1 capable of protecting the entire digital life cycle fund semiconductor, rule of trust to quantum computer and spa-based communication. We believe our financial strength, technology portfolio, certification, partnership revenue and a strategic investment gives us a differentiated position in this rapidly developing quantum market. The first half of 2026 established the foundation. The next phase is focused on integration, certification, commercialization and scale.

I will now turn the call over to John for a detailed review of our first half financial results. Thank you very much.

John O'Hara

Thank you, Carlos, and hello to everybody joining us today. So on the financials, SEALSQ reported first half revenue of $11.2 million, an increase of 131% from $4.8 million in the first half of 2025. As Carlos has already explained, this driven by renewed demand for our Voltic Secure Element products, continued expansion in PKI subscriptions and digitalized entity services. Initial revenue from the Quantix Edge Security joint venture and approximately $2.5 million of revenue from IC'ALPS in the 6 months consolidation versus nothing in last year is it was pre-acquisition.

From a geographic perspective, North America generated $5.6 million of revenue, representing 50% of the total. Europe, the Middle East and Africa generated $3.7 million and Asia Pacific contributed $1.9 million or 17%. Our gross profit increased by 233% to $5.4 million compared with $1.6 million in the prior year, and gross margin expanded to approximately 48%.

This improvement reflects a more favorable revenue mix, including ASIC design and engineering services as well as continued contributions from secure elements, PKI and digital identity. Margins in the ASIC sector, in particular, are higher than our traditional semiconductor margins. And so these have had a positive impact on our margin, and this should continue as this revenue stream continues to grow. Other operating income was $1.4 million compared with $1.7 million in the first half of 2025, remaining relatively consistent year-on-year.

Turning to expenses. R&D expense was $8.7 million compared with $4.7 million in the prior year period. The increase reflects the consolidation of IC'ALPS, post-quantum product development, certification activities, acquisition-related amortization and continued investment in our technology road map. We continue to expect this to be an area of of heavy investment in the future as we look to widen our product range and continue on the road map that Carlos set out above before. Selling and marketing expense increased to $7.2 million from $6.0million, reflecting expanded commercialization efforts, customer engagement and market development. General administration expense was $23.1 million compared with $13.8 million, and this was primarily due to acquired business consolidation, expanded corporate infrastructure, intangible asset amortization and legal audit advised transaction-related costs due to the activities undertaken in the first half of the year.

In particular, the acquisition of IC'ALPS, Miraex and WeCan contributed almost $3 million of additional G&A expenditure alongside $1.3 million of intangible asset amortization related to these transactions. As a result, operating loss was $32.2 million compared with $21.2 million in the first half while the net loss was $27.8 million compared with $20 million in the prior year. Higher operating expenses were partly offset by the $3.8 million increase in gross profit and also higher interest income earned on our liquidity reserves. Our EBITDA loss was $29.5 million compared to $20.9 million in the prior year period. The recidivation included approximately $0.4 million of depreciation expense and $2.3 million of amortization expense added back.

We ended June 30th with $486 million in cash, cash equivalents and restricted cash, including short-term investments. Total liquidity was approximately $488.5 million. This strong liquidity position remains a significant advantage. It enables us to continue investing in R&D, certifications, infrastructure, manufacturing, secured personalization, integration and selected strategic opportunities while reducing near-term dependence on external financing. We will continue to allocate capital carefully toward commercialization, recurring revenue, strategic control and long-term value creation. Turning to our outlook.

We are reaffirming our previously announced fiscal 2026 revenue guidance of $27 million to $36 million. This represents expected growth of approximately 50% to 100% over the audited 2025 revenue of $18.3 million.

Our outlook is supported by the full year consolidation of ICLs, continued demand for our [indiscernible] products, growing recurring PKI and certificate management revenue, the initial commercialization of QS701 and QVault TPM,the contributions from the Quantix Edge Security project and potential custom post-quantum ASIC design programs. As always, this outlook reflects our current expectations and remain subject to customer demand, qualification and certification timing. -- supply chain conditions, commercial execution or the timing and other risks described in our SEC filings. I will now turn back to Carlos to discuss our growth opportunities and strategic priorities.

Carlos Moreira

Thank you, John. So looking ahead, our priorities for the remainder of 2026 and into 2027 are clear. First, we are focused on commercializing QS701 and QVault TPM, as previously mentioned. The market is moving from awareness to implementation from defense, critical infrastructure, industrial systems, identity devices, secure communication, IoT and autonomous technology post-quantum security often requires a hardware-based Root of Trust. SEALSQ is well positioned through our secure element post-quantum cryptography PKI and secure provisioning ASIC design capability through IC ops and growing international infrastructure. Second, we remain focused on certification or regulated customer certification is a critical convention point or QS7001 in [indiscernible] validation and common criteria testing process are important steps, and we will continue working towards additional customer qualification and certification milestones. Third, we are focusing on converting our pipeline into customer deployment and production commitments. Our active pipeline exceeded 2,025 million as September 9, including more than 100 million in post-quantum opportunities, which are going to be increased even further next year as there is an executive order by President Trump requiring PQC deployment and implementation and critical infrastructure in the United States. So this is not only a revenue guidance, but it also reflects the growing interest across our portfolio and the increase needed for trusted post-quantum ready infrastructure and to follow the guidelines from the U.S. government. Fourth, we will execute a sovereign vertical stack strategy with discipline. We have allocated $200 million because we believe critical in technology secure, semiconductor design, trust of personalization, quantum capabilities and strategic supply chains will become increasingly valuable. Every investment on strengthening our road map, technology position for commercial opportunities or time to market.

So finally, or approximately $495 million, liquidity position give us time and flexibility to execute. We can continue developing products, advancing certification recruiting staff, integrating businesses, supporting partnership and building infrastructure needed to secure our global customers. So SEALSQ is building a platform for the intersection of semiconductor secure post-quantum cryptography, trusted digital identity and quantum technology. We made meaningful progress in the first half. Revenue grew gross margin expanded but advance through technical and certification milestones and customer engagement increase and the strategic capabilities broadening. The next phase is execution, converting technology investment into revenue, production, commitments, recurring services and long-term shareholder value -- so thank you very much for your continued support and interest in SEALSQ. Operator, we are now ready to take questions.

Thank you very much.

Operator

[Operator Instructions] Our first question comes from the line of Matthew Galinko with Maxim Group.

Fragen und Antworten

Matthew Galinko

And congratulations on all the progress. Maybe firstly, can we -- is there any way you could share what the pipeline looks like for the broader quantum stack? I think the $225 million numbers for the post-quantum security piece, but I'm curious for the other components like quantum photonics interconnect. Are you engaging with customers? Are there initial conversations happening? And I'm curious when you think that could be commercialized in the future.

Carlos Moreira

Matt, thank you very much for your question. And yes, I mean, the Quantum ecosystem that we are building companies like Miraex, they are generating initial revenue. As you know, the quantum industry is not really revenue rich because these companies are not yet able to generate enough cubits that will justify anyone to pay the price to buy a quantum computer. So this is still very much a sign for work and R&D work. But it's essential, right?

Because as soon as this quantum companies start to generate a number of cubits, you can start to do multiple applications like what we announced on Formula One with bringing Quantum to a sport, stress port and redesign the penetration of the car into the air. So all these things are new things and you can start to do with unlimited number of cubits, developing new medical products, new materials. So industry is around there, right? I mean, as you know, even a lot of very large quantum listed company do not have revenue or if they have revenue, it's not actually from Quantum, but from fabs and another expanded facility.

But what is -- what is very interesting in this industry is that because we have a quantum security technology and post-quantum semiconductors, very well established with amazing technology -- this is allowing us to fully understand what is going to be the the vertical on these technologies, then they're going to start to accelerate revenue. And this is why we invested in Quobly. Quobly, as you know, is a core investment between [indiscernible] ST Microelectronics. We are developing cubits at the silicon level with CMOS technology. We also invested in EeroQ with a similar design. So this company are advancing exponentially, right? And this is something that will diversify your revenue while or QS701 PTC revenue, PKI revenue, Identity revenue is well established and will continue growing as soon as those certifications are finalized, you will see a new class of revenue adding to the company through what we call the CL Quantum ecosystem, right? ASIC is another one, ASIC. And you can see already that an important amount of revenue is coming out from the ASIC. There are not many ASIC companies in the world actually that they have a trust model and cryptographic root key capabilities as we have.

And this is new applications that they are coming. For instance, design for the automotive industry or the medical industry, those are wins that they have done been ordered by IC'ALPS. So it is hard to understand a sector for the reason that we all know because it's a very fragmented sector. They are a company doing quantum sensing their company doing Quantum networking. Their Quantum number generators. And those are kind of pieces, spare parts of the future vertical effect than we are building, right? Some of them belong to us, IP-wise, Others, we have technology investment, but as it was in the case of Quobly,right, we invested on them, but they also acquired $5 million technology from us because they understood that Quantum security and verticalization was critical for them to sell the first quantum computers. With similar situations are happening in the United States with with Europe, and this is going to be more and more the case where Quantum Security will be generating revenue for Quantum companies and quantum companies will be acquiring more and more revenue from us.

Matthew Galinko

Got it. Maybe if we could also just expand a little bit on the the Quantix Edge, just really the personalization opportunity beyond Spain. I think you mentioned expansion within Europe potentially and India. Maybe can you just go back over where you're seeing opportunities to build out those those facilities and centers and just geographically, where do you think you can be a year or 2 years from now with that?

Carlos Moreira

Absolutely. So as you know, 1 of the big issues in Quantum is sovereign vertical technology because quantum computers today and they are fully [indiscernible will be $100 million or $200 million a piece. So it's a very extensive hardware, which requires PhDs and very specialized staff to obviously not every company will have the resources to acquire their own quantum computer.

So what is happening is that the industry is coming with Quentin as a service type of model where you have 1 quantum computer or several quantum computers in 1 specific territory. And this quantum compute will be acting as a vertical effect in a sovereign way. Obviously, United States is a huge market. So other companies will afford to buy $100 million quantum computer. But in some countries, they will need to only have 1 or 2 hubs on where those quantum computers will operate. And this is a bit the case of the project in Quantix Quantities a joint venture between us -- on the Spanish government, it is a very interesting project because it's expanding very fast. We started with semiconductor post Quantum, but we're also adding other elements, actually, in the technology road map, we'll be adding the possibility of developing new nail clouds. This is a very big subject now that they are secured by cryptographic root capabilities of [indiscernible] key and using secure hardware PQC secure hardware enabled for SEALSQ. So we are a bit expanding those centers into what you call deep tech centers, right? So we have won a very, very successful deployment. There was a EUR 40 million deployment. This is going to be expanding in the future. SET has invested already $2 billion in Spain, the Spanish government in creating sovereign infrastructure. And Murcia is the preferred hub for the entire country, right? So you will see a huge progression there, which will also contribute very substantially in a revenue duration and diversification. But the beauty of the model is that we have the footprint on replicating that model anywhere in the world.

And the good news is that countries, we go to the Middle East, we go to Asia, we go to South Korea, we go to India. All of them, they are telling us this is actually the model we want. We won a vertical stack, which is sovereign that allows our country to be totally independent in the quantum computer era. Because a quantum computer is the 1 that will, due to the enormous compute capability will accelerate AI. AI will become much more powerful with quantum computers. Quantum computers will be able to completely revolutionized the medical lecture. So they don't want to have this technology outside the country. They want to have it in the country. and those centers which are started to be -- I think the angle, which is very unique in house, we started from the Quantum security because that's where it's accural with the new executive order in the United States with Persian Trump saying, "You guys need to be by '29 quantum Postcon ready, otherwise, you will not be able to participate in the future critical infrastructure in the United States because you can be hacked, right? The harvest and the crypto issue that everybody knows about it. It could happen as early as 2030. So that means that countries need to be ready. In the United States, obviously, there's a lot of things that are going to happen in the following months because the executive order is accelerating the demand from big players on post-quantum technology, and there is not available post Quantum technology secure elements like the one we produced is no competition yet there. So we will be able to accelerate our revenue generation in the United States.

And as you know, we signed a partnership agreement with GLOBALFOUNDRY, the GLOBALFOUNDRY is the #3 foundry in the world, which is now very interested, they received, I think, $350 million from the U.S. government on Quantum investments, and they are very interested convert their foundry into Quantum foundry as well.

So they can also develop the next-generation quantum chips. So very close relation with them, and this is helping us to slowly enter into the United States in a way that we will very likely replicate this personalization center in the U.S. oil.

Operator

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Moreira for final comments.

Carlos Moreira

Okay. So thank you very much, everybody, for joining us today. As I mentioned before, the first half of '26 demonstrated the progress SEALSQ banking across our core business and our long-term strategy. We increased revenue by 131%. We are one of the quantum companies that generate revenue, others, they are not. And we are expanding our gross margin advancing our post-quantum product and certification road map and continue building our strategic ecosystem and maintain, at the same time, a very strong liquidity position.

So we conclude that quantum security is no longer a distant theoretical issue, governments, enterprises, critical infrastructure operators are increasingly preparing from the transition to post-quantum cryptography and trusted hardware rooted services. So SEALSQ has the product, the engineering capability with over 200 engineers, the certification road map, the customer pipeline the strategic partnership and capital position to participate meaningfully in this transition to our employees, partners, customers and shareholders. Thank you for your continued commitment and support. We look forward to updating you on our progress through the remaining of '26. And this concludes our today's call. Thank you very much for your attention. Thank you very much for the operator to organize this call.

Operator

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.