WISeKey International (NASDAQ:WKEY) reported preliminary, unaudited first-half 2026 revenue of approximately $11.4 million, up 116% from $5.3 million in the prior-year period, as the company cited growth in its semiconductor and public-key infrastructure product lines, early revenue from its Quantix Edge project, and contributions from acquired businesses.
Gross profit rose 192% to $5.5 million, while gross margin expanded to about 48% from 35% a year earlier. Group CFO John O’Hara said the margin improvement reflected changes in revenue mix and a larger contribution from higher-value semiconductor, engineering and technology activities.
Losses Rise Alongside Development Spending
WISeKey reported an operating loss of $40.9 million for the first six months of 2026, compared with an operating loss of $27.3 million in the year-earlier period. Net loss widened to $36.4 million from $22.3 million.
O’Hara said research-and-development expense, net of stock-based compensation, increased to $9.1 million from $4 million. The increase was primarily tied to the consolidation of IC’Alps, which was acquired in August 2025 and accounted for $4 million of R&D expenses, as well as about $1 million in groupwide intangible-asset amortization associated largely with the Miraex, Wecan and IC’Alps transactions.
The company said its larger operating and net losses reflected investment in post-quantum semiconductors, quantum technologies, secure infrastructure, satellite programs, product development, certification, engineering and planned corporate transactions.
At June 30, WISeKey reported approximately $495 million in cash and restricted cash, with minimal debt. O’Hara said the liquidity position supports investments in commercialization, product development, certification, infrastructure initiatives and selective acquisitions without short-term financing needs.
Post-Quantum Product Pipeline Advances
Founder and CEO Carlos Moreira said SEALSQ, WISeKey’s semiconductor and secure-hardware platform, continued to advance its QS7001 post-quantum secure element and QVault trusted platform module product line through validation, security testing and customer engagement.
The QS7001 achieved NIST SP 800-90B entropy-source validation, a step toward FIPS 140-3 and Common Criteria EAL5+ certification, according to Moreira. SEALSQ also completed Common Criteria fault-injection and side-channel resistance testing. Engineering samples of QVault TPM are available to customers, while the company’s VaultIC408 secure element received FIPS 140-3 Level 3 validation.
As of June 30, more than 150 customers and prospects were engaging with SEALSQ’s post-quantum technology, including more than 30 actively evaluating or integrating QS7001 and QVault TPM. Moreira said the commercial pipeline exceeded $225 million through 2029 as of Sept. 22, with more than $100 million associated with post-quantum projects.
The company emphasized that the pipeline represents potential commercial opportunities rather than recognized revenue and remains subject to qualification, validation, certification, production schedules and customer integration. WISeKey expects initial production revenue from QS7001 and QVault TPM in the fourth quarter of 2026, with a larger contribution expected beginning in 2027.
Quantum, Sovereign Infrastructure and Space Initiatives
WISeKey said it is building what it calls the SEALQuantum sovereign vertical stack, spanning cryptographic roots of trust, post-quantum semiconductors, photonics, quantum computing and secure infrastructure. The strategy includes a targeted allocation of $200 million in SEALSQ internal capital resources.
During the year, SEALSQ completed its acquisition of Swiss quantum-photonics company Miraex. The company also led a roughly $50 million investment in Quobly’s $150 million Series A financing and later entered a $5 million commercial agreement with Quobly. SEALSQ has invested a total of $7 million in U.S.-based quantum computing company EeroQ, while the group also made a majority investment in Wecan Group.
In June, WISeKey and SEALSQ formed Quantisimo Corp. and signed a non-binding letter of intent with GigCapital8 Corp. for a potential business combination intended to create a Nasdaq-listed quantum technology company. The companies currently target completion in the first quarter of 2027, subject to definitive agreements, regulatory review, shareholder approval and other closing conditions.
WISeSat is also pursuing a proposed business combination with Columbus Acquisition Corp. that is intended to create an independently listed space technology company. WISeKey outlined a roadmap for a Quantum Spatial Orbital Cloud initiative, which would combine WISeSat’s constellation with SEALSQ’s post-quantum semiconductors, PKI, quantum random-number generation and digital identity technology. The current plan contemplates deployment of up to 100 satellites through 2033.
- WISeKey, SEALSQ and Switzerland’s Canton of Jura signed a memorandum of understanding for a proposed post-quantum semiconductor and cybersecurity center, with indicated investment of about CHF 40 million to CHF 60 million over six years.
- The company said the Jura effort builds on the Quantix Edge project in Murcia, Spain, which Moreira said is already generating revenue through purchases of technology, chips and equipment.
- Moreira said the company is evaluating similar sovereign semiconductor initiatives in the U.S., South Korea and Japan.
Redomiciliation and Direct Nasdaq Trading
Shareholders on Sept. 9 approved the redomiciliation of WISeKey’s holding company from Switzerland to the British Virgin Islands. Moreira said the transaction became legally effective on the date of the call, with the new parent company renamed WISeQey Corp.
WISeQey ordinary shares are expected to begin trading directly on the Nasdaq Global Market and SIX Swiss Exchange around Oct. 5 under the WKEY ticker, while SIX is expected to remain the primary listing. The move is intended to replace the existing American depositary share structure with direct Nasdaq trading in ordinary shares while retaining the company’s Swiss operational headquarters and international footprint.
Moreira said the group intends to provide clearer visibility and accountability for its major platforms: WISeQey’s root-of-trust, PKI and digital identity businesses; SEALSQ’s post-quantum semiconductor operations; WISeSat’s space technology platform; and Quantisimo’s proposed quantum technology platform.
About WISeKey International (NASDAQ:WKEY)
WISeKey International Group (NASDAQ: WKEY) is a Swiss cybersecurity and digital identity company that provides trusted technology for securing people, devices, data and digital transactions. Its solutions are designed to support the authentication of connected devices, protection of digital identities and management of cybersecurity credentials across the Internet of Things (IoT).
The company offers public key infrastructure (PKI), digital certificates, identity management and cybersecurity services, as well as hardware-based security products such as secure elements and semiconductor technologies.
