Monitor the upcoming conference call on October 1, 2026, for conversion updates on the $225 million SEALSQ pipeline and timing of first post-quantum product revenues. The redomiciliation to WQEY listing in early October could be a near-term catalyst for liquidity and valuation clarity.
Price Chart
Executive Summary
WISeKey reported H1 2026 unaudited revenue of $11.4 million, up ~116% YoY from $5.3 million, with gross profit up 192% to $5.5 million and gross margin expanding to ~48% from 35%. However, operating loss widened to $40.9 million from $27.3 million, and net loss attributable to the parent increased to $9.3 million from $4.5 million. The company reaffirmed FY 2026 revenue growth guidance of 50-100%, highlighted a SEALSQ commercial pipeline exceeding $225 million through 2029, and noted ~$495 million in cash and restricted cash. Strategic progress includes shareholder approval of redomiciliation to a direct Nasdaq listing under ticker WQEY, advancement of WISeSat and Quantisimo transactions, and post-quantum semiconductor commercialization milestones.
Key Facts
- H1 2026 revenue rose ~116% YoY to $11.4 million from $5.3 million.
- Gross profit increased 192% to $5.5 million from $1.9 million; gross margin expanded to ~48% from 35%.
- Operating loss widened to $40.9 million from $27.3 million; net loss attributable to parent was $9.3 million from $4.5 million.
- Cash and restricted cash at June 30, 2026 was approximately $495 million with minimal debt.
- FY 2026 revenue growth guidance reaffirmed at 50% to 100% YoY growth.
- SEALSQ commercial pipeline exceeds $225 million through 2029, with over $100 million in post-quantum projects.
- Shareholders approved redomiciliation; direct Nasdaq listing as WISeQey (WQEY) expected in October 2026.
- WISeSat and Quantisimo transactions progressing; Quantisimo LOI with GigCapital8 at ~$575 million enterprise value.
- Post-quantum semiconductor QS7001 and QVault TPM nearing commercialization; first revenues expected Q4 2026.
- Operating expenses rose to $46.4 million from $29.2 million, driven by R&D, sales, and G&A increases.
Financial Impact
Revenue more than doubled to $11.4 million, gross profit up 192% to $5.5 million, but operating loss widened to $40.9 million from $27.3 million.
Risk Factors
- Pipeline conversion risk: management estimates of $225 million pipeline may not convert to revenue due to customer validation, certification, and production schedules.
- Operating loss continues to widen; path to profitability is uncertain and dependent on post-quantum commercialization.
- Proposed WISeSat and Quantisimo transactions are subject to definitive agreements, regulatory review, and shareholder approvals; may not close as planned.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-105356 |
| Document: ea0306423-6k_wisekey.htm | 0001213900-26-105356 |
| Document: 0001213900-26-105356-index-headers.html | 0001213900-26-105356 |
| Document: 0001213900-26-105356-index.html | 0001213900-26-105356 |
| Document: 0001213900-26-105356.txt | 0001213900-26-105356 |
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 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
Oct 9, 2026 16d ago | 3 | — | awaiting T+60 | — | — |
US Market Status
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