SEALSQ Corp. (NASDAQ: LAES) reported preliminary Q1 2026 revenue of approximately $4.1 million, representing a 215% increase from $1.3 million in the same period last year, according to a company statement.

The cybersecurity and semiconductor company maintained cash and short-term investments exceeding $525 million as of March 31, 2026, following completion of a $125 million registered direct offering on March 16, 2026.

Revenue growth was driven by increased sales of Vault-IC secure element technology, full-quarter consolidation of IC'ALPS revenues following its August 2025 acquisition, and continued revenue from smart meter and PKI services through partnerships including Landis & Gyr.

The company reaffirmed its fiscal 2026 guidance projecting revenue growth between 50% and 100% year-over-year. This guidance incorporates expected contributions from full-year IC'ALPS consolidation, growth in existing semiconductor products, and anticipated commercialization of QS7001 and QVault TPM post-quantum products in late 2026.

SEALSQ reported that its QS7001 certification process remains on track, with confirmation from independent evaluator SERMA that fault injection and side-channel attack testing passed in March. The company has submitted its Random Number Generator evaluation report to NIST for review under the FIPS SP 800-90B framework.

The company's active business pipeline exceeds $200 million in potential revenue opportunities spanning 2026 through 2029, with $60 million linked to QS7001 and QVault TPM programs. More than ten prospective customers are currently evaluating the QS7001 product, including Lattice Semiconductor.

SEALSQ expanded its Quantum Fund to $200 million and signed a letter of intent to acquire Miraex SA, a Swiss quantum interconnect solutions developer, with closing expected by end of June 2026.