1H26 Comes In Below Expectations. Lowering Estimates And Price Target To Reflect The 1H Miss.

研报英文原文证据摘录

1H26 Comes In Below Expectations. Lowering Estimates And Price Target To Reflect The 1H Miss.

July 8, 2026

Additional Operational and Financial Details

●As of June 30, 2026, SEALSQ had cash and short-term investments of

approximately $495 million.

●SEALSQ continues to move forward with its strategic partnerships, with

the completion of its participation in Quobly's Series A financing and

two additional investments in EeroQ.

●The SEALSQuantum Fund, an internal strategic initiative in which

SEALSQ allocates its own capital, has a target allocation of $200 million,

with the intention to accelerate the development of a fully integrated

Quantum Vertical Sovereign Stack. To date, over $60 million has been

allocated into transactions such as IC'ALPS, Miraex, Quobly, Quantix

Edge Security, ColibriTD, EeroQ, WISeSat, Quantix Edge Security, and

Wecan Group.

●SEALSQ completed its acquisition of Miraex SA, which adds photonics-

based quantum interconnect capabilities and strengthens SEALSQ's

"Root-to-Qubit" architecture.

●SEALSQ progressed the commercialization of its post-quantum

portfolio, including QS7001 achieving NIST SP 800-90B Entropy Source

Validation, and passing key Common Criteria fault-injection and side-

channel resistance tests.

●SEALSQ moved forward with customer evaluations of QS7001 and

QVault TPM, as more than 15 prospective customers and partners are

evaluating the platform. Initial production revenue is anticipated in

2H26.

●The company supported the buildout of Quantix Edge Security in

Murcia, Spain, which is expected to generate revenue in 2H26.

Drivers Supporting 2026 Revenue Guidance

●SEALSQ anticipates increasing PKI recurring revenue as customers

respond to cyber threats and regulatory frameworks, such as the EU

Cyber Resilience Act, are enforced.