Core Insights - SEALSQ Corp (NASDAQ:LAES) reported preliminary unaudited revenue of $18 million for the fiscal year 2025, reflecting a 66% year-over-year growth [1] - The company generated $8 million in revenue during the fourth quarter, up from $4 million in the same period last year [1] Group 1: Revenue Growth and Drivers - The strong revenue growth was primarily driven by renewed demand for traditional products and the consolidation of 5 months of revenue from the acquisition of IC'ALPS on August 4, 2025 [2] - Despite the growth, revenue was negatively impacted by the transition from legacy products to next-generation post-quantum semiconductors and software [2] Group 2: Business Pipeline and Future Opportunities - SEALSQ Corp has a growing business pipeline with over $200 million in potential revenue opportunities from 2026 to 2028, including more than $60 million from QS7001 and Qvault TPM products [3] - This indicates increasing global demand for quantum-resistant security solutions and sovereign semiconductor design [3] Group 3: Analyst Coverage and Market Position - Cantor Fitzgerald initiated coverage on SEALSQ Corp with an Overweight rating and a price target of $7, highlighting quantum computing security risks as a key factor for the company's future outlook [4] - The focus on developing post-quantum technology solutions across hardware and software is seen as a way to address these security risks [4] Group 4: Company Overview - SEALSQ Corp is recognized as a leading innovator in Post-Quantum Technology hardware and software solutions [5]

Core Viewpoint - SEALSQ Corp (NASDAQ:LAES) shares are experiencing a decline following the disclosure of FY25 preliminary results and FY26 guidance, despite significant revenue growth in FY25 [2][6]. FY25 Results - The company reported $18 million in revenue for FY25, representing a 66% year-over-year increase, with Q4 revenue reaching $8 million compared to $4 million in the same quarter last year [2]. - This growth was primarily attributed to renewed demand for traditional SEALSQ products and the consolidation of five months of revenue from IC'ALPS after its acquisition on August 4, 2025 [2]. Cash Position - At the end of FY25, the company maintained a strong cash position exceeding $425 million [3]. FY26 Outlook - For FY26, the company reiterated its revenue guidance, projecting a growth rate of 50% to 100% year-over-year, driven by a return to growth for existing products, a full year of IC'ALPS revenue, initial sales from the QS7001 product line, additional PQC chip launches, and early revenues from the Quantix Edge project [4]. - The business pipeline is now estimated to exceed $200 million in potential revenue from 2026 to 2028, including over $60 million from QS7001 and Qvault TPM products [4]. Market Demand - The outlook reflects strong global demand for quantum-resistant security, sovereign semiconductor solutions, and ongoing business development progress [5]. Management Commentary - CEO Carlos Moreira emphasized that the FY25 revenue and expectations for significant growth in FY26 highlight the strength of the company's commercial strategy, technology roadmap, and market position [6].