Watch for Q4 2026 first post-quantum product revenues and conversion of the $225M+ SEALSQ pipeline. The redomiciliation and direct Nasdaq listing (WQEY) in October could improve liquidity and valuation clarity. Monitor Quantisimo and WISeSat deal completions as catalysts.
Price Chart
Executive Summary
WISeKey reported H1 2026 revenue of $11.4M (+116% YoY) and gross profit of $5.5M (+192% YoY), but operating loss widened to $40.9M and net loss to $36.4M. The company reaffirmed FY 2026 revenue growth guidance of 50-100% and highlighted a $495M cash position, a $225M+ commercial pipeline at SEALSQ, and strategic progress on redomiciliation, WISeSat, and Quantisimo transactions. The massive cash balance and pipeline growth are offset by escalating losses and no current EPS consensus to benchmark against.
Key Financial Metrics
Key Facts
- H1 2026 revenue $11.4M, up ~116% from $5.3M in H1 2025
- Gross profit $5.5M, up 192% from $1.9M; gross margin expanded to ~48% from 35%
- Operating loss widened to $40.9M from $27.3M; net loss $36.4M from $22.3M
- Cash and restricted cash ~$495M at June 30, 2026, with minimal debt
- SEALSQ commercial pipeline exceeds $225M through 2029, with >$100M in post-quantum projects
- FY 2026 revenue growth guidance of 50% to 100% reaffirmed
- Shareholders approved redomiciliation; direct Nasdaq listing under WQEY expected October 2026
- Quantisimo proposed business combination with GigCapital8 at ~$575M EV targeted for Q1 2027
- WISeSat business combination with Columbus Acquisition Corp. (COLA) progressing
- First post-quantum product revenues expected Q4 2026
Financial Impact
Revenue doubled to $11.4M; operating loss increased by $13.6M to $40.9M; cash position $495M provides multi-year runway
Risk Factors
- Operating losses are widening rapidly ($40.9M in H1 2026 vs $27.3M) with no near-term profitability path
- Pipeline conversion to revenue is uncertain and subject to certification, customer adoption, and production timelines
- Proposed transactions (redomiciliation, WISeSat, Quantisimo) remain subject to conditions and may not close as planned
- High cash burn rate could erode the $495M cash position if revenue growth does not materialize
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3372431 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | — | awaiting T+60 | — | — |
Oct 16, 2026 10d ago | 6-K | $5.88 | awaiting T+60 | — | — |
Oct 14, 2026 12d ago | 6-K | $5.88 | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 17d ago | 3 | — | awaiting T+60 | — | — |
US Market Status
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