SEALSQ Corp (NASDAQ: LAES) reported audited revenue of $18.3 million for fiscal year 2025, representing 66% growth compared to the prior year. The semiconductor and post-quantum security technology company also posted a net loss of $34.2 million, compared to a $21.2 million loss in 2024.

The company expects first quarter 2026 revenue to exceed $4 million, representing over 100% growth compared to the first quarter of 2025. SEALSQ reaffirmed its fiscal 2026 revenue guidance of 50% to 100% year-over-year growth.

Revenue growth was driven by renewed demand across core semiconductor and PKI product lines, plus five months of contribution from IC'ALPS SAS following its acquisition in August 2025, which contributed approximately $3.5 million. Fourth quarter 2025 revenue reached $8 million compared to $4 million in the prior year period.

The company ended 2025 with over $425 million in cash and short-term investments. Following a $125 million capital raise in March 2026, SEALSQ now holds over $525 million in cash and short-term investments as of March 31, 2026.

SEALSQ reported an active business pipeline exceeding $200 million for 2026-2029, including over $60 million linked to its QS7001 and QVault TPM programs. The company noted these pipeline figures reflect management estimates and are subject to conversion risks, customer validation and technical integration.

The QS7001 certification process continues to advance, with the company receiving written confirmation that the most critical part of the Common Criteria evaluation required to achieve Evaluation Assurance Level 5+, including fault injection and side-channel attacks testing, passed in March. The testing laboratory is finalizing administrative steps to issue the formal Common Criteria lab letter, expected in early April.

During 2025, SEALSQ deployed approximately $30 million into strategic investments including IC'ALPS for custom semiconductor design capabilities, Quantix Edge Security for semiconductor design and testing, and investments in quantum computing company EeroQ.

The company will host a conference call on April 1 at 9:00 AM ET to discuss the results.