SEALSQ ended Q1 2026 with preliminary revenue of $4.1 million, a more than 200% increase from $1.3 million in Q1 2025. Growth was led by strong demand for the Vault-IC secure element technology and the full-quarter consolidation of IC'ALPS revenues following its August 2025 acquisition. Recurring PKI and smart meter contracts also contributed to the ramp in sales.

As of March 31, 2026, cash and short-term investments totaled over $525 million, bolstered by a $125 million registered direct offering completed in mid-March. The company deployed approximately $30 million into strategic investments across six partners in FY 2025 and plans further allocations in FY 2026. This liquidity position supports ongoing commercialization of post-quantum products and sovereign semiconductor initiatives.

SEALSQ reaffirmed its FY 2026 revenue guidance of 50%–100% year-over-year growth, reflecting confidence from the strong Q1 performance. Growth drivers include full-year IC'ALPS consolidation, entry into the TPM market with QS7001 and QVault, and anticipated ASIC contract awards in the second half of the year. Management cites increasing regulation and global demand for quantum-resistant security as tailwinds.

The SEALSQ Quantum Fund has been expanded to $200 million to underwrite the company’s root-to-qubit ecosystem strategy. The active business pipeline exceeds $200 million through 2029, with more than $60 million linked to QS7001 and QVault Post-Quantum programs. Certifications for QS7001 are progressing on schedule, with critical EAL5+ evaluations and NIST entropy source validation completed in early 2026.