SEALSQ Corp
- Open
- 2.38
- Day high
- 2.58
- Day low
- 2.35
- Prev close
- 2.44
- Volume
- 16.5M
- Mkt cap
- $570M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 18.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$324K over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
SEALSQ Corp (LAES) is a Technology company listed on NASDAQ. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
SEALSQ Corp (LAES) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LAES earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 31, 2026 | $-0.05 | $-0.08 | -60.0% | $13M | +3.9% |
| Sep 9, 2025 | — | $-0.20 | — | $6M | +16.6% |
| Mar 20, 2025 | — | $-0.28 | — | $7M | +13.8% |
| Jul 12, 2024 | — | $-0.80 | — | $5M | +8.5% |
| Mar 21, 2024 | — | $-0.18 | — | $17M | +13.7% |
| Sep 11, 2023 | — | $-0.06 | — | $15M | — |
LAES insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | Enguent Jean-Pierreofficer: Vice President, R&DSS | Option | 15,000 | $0.01 |
| Jul 8, 2026 | Enguent Jean-Pierreofficer: Vice President, R&DSS | Sell | 15,000 | $2.82 |
| Jun 18, 2026 | Ward Peterdirector | Option | 353,097 | $0.01 |
| Jun 18, 2026 | Ward Peterdirector | Tax | 96,530 | $3.07 |
| Jun 18, 2026 | Ward Peterdirector | Option | 366,746 | $0.01 |
| Jun 5, 2026 | Moreira Carlosdirector, officer: Chief Executive Officer | Sell | 300 | $3.51 |
| Jun 5, 2026 | O'Hara John Charlesdirector, officer: Chief Financial Officer | Sell | 143 | $3.51 |
| May 29, 2026 | Moreira Carlosdirector, officer: Chief Executive Officer | Sell | 10,000 | $3.51 |
| May 29, 2026 | O'Hara John Charlesdirector, officer: Chief Financial Officer | Sell | 10,000 | $3.51 |
| May 29, 2026 | O'Hara John Charlesdirector, officer: Chief Financial Officer | Sell | 4,689 | $3.50 |
| May 29, 2026 | Moreira Carlosdirector, officer: Chief Executive Officer | Sell | 4,139 | $3.50 |
| May 15, 2026 | Buonanno Franck Jeanofficer: Vice-President, Global Sales | Sell | 20,000 | $2.90 |
| May 11, 2026 | Buonanno Franck Jeanofficer: Vice-President, Global Sales | Option | 20,000 | $0.01 |
| May 7, 2026 | Enguent Jean-Pierreofficer: Vice President, R&DSS | Sell | 15,000 | $3.13 |
| May 4, 2026 | Enguent Jean-Pierreofficer: Vice President, R&DSS | Option | 15,000 | $0.01 |
Source: LAES SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full LAES insider & 13F page →SEALSQ Corp company profile
Overview
SEALSQ Corp (NASDAQ:LAES) is a Swiss-based semiconductor company that was incorporated in 2022 and went public in May 2023. The company operates as a subsidiary of WISeKey International Holding AG and specializes in developing quantum-resistant semiconductor chips and cybersecurity solutions. Based in Cointrin, Switzerland, SEALSQ has positioned itself at the forefront of the emerging post-quantum cryptography market, focusing on secure chip technologies that can withstand future quantum computing threats.
Business
SEALSQ operates in the specialized semiconductor industry, specifically focusing on quantum-resistant cybersecurity chips and related security solutions. The company's core business revolves around three main segments: 1. **Semiconductor Chip Manufacturing** - SEALSQ designs and manufactures specialized security chips, including traditional smart card chips and next-generation quantum-resistant semiconductors. These chips are embedded in various devices to provide hardware-level security and authentication capabilities. The quantum-resistant chips represent the company's strategic focus, designed to protect against future threats from quantum computers that could potentially break current encryption methods. 2. **Identity Provisioning Services** - The company provides digital identity management solutions that work in conjunction with their semiconductor chips. These services help organizations securely manage and authenticate digital identities across various applications and devices. 3. **Managed PKI (Public Key Infrastructure) for IoT Solutions** - SEALSQ offers comprehensive PKI management services specifically tailored for Internet of Things (IoT) deployments. PKI is a framework that manages digital certificates and encryption keys, essential for secure communications between connected devices. The company serves diverse end markets including consumer electronics, aerospace and military applications, satellite and telecommunications infrastructure, smart energy and building systems, industrial automation, logistics, medical devices, and general consumer products. SEALSQ has been transitioning from traditional semiconductor manufacturing to focus primarily on quantum-resistant technologies, which has temporarily impacted revenue as the market adapts to these new security standards.
Revenue model
SEALSQ generates revenue through multiple business models centered around its semiconductor and security technology offerings. The primary revenue streams include: **Product Sales** represent the core business model, where SEALSQ sells semiconductor chips directly to manufacturers and system integrators. These customers embed the chips into their products to provide security functionality. The company has been transitioning from traditional smart card chips to higher-value quantum-resistant semiconductors, which command premium pricing due to their advanced security capabilities. **Chip Personalization Services** have emerged as a growing revenue source, where SEALSQ customizes and configures chips for specific customer applications. The company is expanding personalization centers globally in Spain, the United States, Middle East, and Asia Pacific to serve local markets more effectively. **Managed Services and PKI Solutions** provide recurring revenue through ongoing identity management and cryptographic key management services, particularly for IoT deployments where continuous security management is critical. Several factors significantly impact SEALSQ's margins and profitability. **Positive margin drivers** include the premium pricing potential of quantum-resistant chips as cybersecurity regulations tighten, the scalability of chip personalization services, and the recurring nature of managed PKI services. The projected growth of the post-quantum cybersecurity market to $1.8 billion by 2025 creates substantial opportunity for margin expansion. **Margin pressures** come from heavy R&D investments required for quantum-resistant technology development and certification processes, competitive pricing in traditional semiconductor markets, and the current market transition period where customers are delaying purchases while waiting for full certification of post-quantum solutions. The company's 26% increase in R&D spending reflects the significant investment required to maintain technological leadership in this emerging field.
Risks & safety
SEALSQ presents a **moderate margin of safety** with strong liquidity but ongoing profitability challenges: **Cash Position and Solvency:** - Strong cash reserves of $84.6 million with minimal debt (debt-to-equity ratio of 0.11) - Current ratio of 6.0 indicates excellent short-term liquidity - Annual cash burn of approximately $11-12 million suggests roughly 7 years of runway at current spending levels - No immediate solvency concerns given substantial cash position **Valuation Metrics:** - Trading at 2.8x book value, indicating some premium to tangible assets - Negative earnings make traditional P/E ratios meaningless - EV/EBITDA of -8.9x reflects current losses but strong balance sheet - Graham net-net ratio of 1.95 suggests trading below liquidation value **Other Considerations:** - Revenue declined 63% from $30M to $11M year-over-year, indicating significant business transition risks - Projected pipeline of $93 million over three years provides some visibility - Heavy R&D spending requirements may pressure cash burn in near term - Market timing risk for post-quantum adoption could extend losses
Recent development
SEALSQ has undergone significant strategic transformation over the past two years, pivoting from traditional semiconductor manufacturing to become a **quantum-resistant cybersecurity specialist**. The company raised over $80 million in capital during 2024, providing substantial resources to fund this transition and expansion plans. The most significant development has been SEALSQ's aggressive expansion into **quantum computing and AI technologies** through strategic investments and acquisitions. The company allocated $20 million to invest in quantum computing and AI startups, including stakes in Colibri (quantum cloud computing services), IC'ALPS (ASIC design company), and Weekend Group (blockchain financial services). These investments are designed to create a comprehensive quantum-resistant technology ecosystem. **Global expansion of chip personalization capabilities** represents another key strategic initiative. SEALSQ is establishing semiconductor personalization centers across multiple regions including Spain, the United States, Middle East, and Asia Pacific. This geographic diversification aims to serve local markets more effectively while reducing supply chain dependencies. The company has significantly increased its **R&D investment by 26%** with plans to spend $7.2 million in 2025, focusing primarily on achieving critical certifications for its post-quantum TPM (Trusted Platform Model) chips. The certification process targets NIST FIPS 140-3 and TCG 2.0 compliance, which are essential for commercial adoption in government and enterprise markets. SEALSQ has also developed the **SEALQUANTUM platform**, a comprehensive solution designed to integrate various quantum-resistant technologies and services. This platform approach aims to provide customers with end-to-end quantum security solutions rather than just individual chip components, potentially creating higher-value customer relationships and recurring revenue opportunities.
LAES company profile · for informational purposes only — not investment advice.
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