WISeKey H1 Revenue Rises 116% to $11.4M as Losses Increase

WISeKey International Holding reported a 116% increase in first-half 2026 revenue to $11.4 million. Operating losses rose to $40.9 million because of spending on post-quantum semiconductors and secure satellite infrastructure.

Preliminary unaudited revenue for the period ending June 30, 2026, climbed from $5.3 million a year earlier, according to an Investing.com earnings transcript report. During the same timeframe, gross profit nearly tripled to $5.5 million, raising the gross margin to approximately 48% compared to the prior year.

"We expect initial production revenue from our QS7001 and QVault TPM products in the fourth quarter of 2026, with larger contributions starting in 2027," said Carlos Moreira, Chief Executive, WISeKey, in a statement from the earnings call.

R&D Spending and Wider Net Losses

The revenue growth coincided with an increase in expenditures as the company scales its technology. Operating losses rose to $40.9 million from $27.3 million in the first half of 2025, and net losses grew to $36.4 million from $22.3 million over the same period.

The firm maintained a liquidity buffer. WISeKey ended June 30, 2026, with approximately $495 million in cash and restricted cash, alongside minimal debt on its balance sheet.

Post-Quantum Pipeline and Commercial Outlook

The capital outlays are directed toward cryptographic hardware and secure satellite initiatives. Subsidiary SEALSQ built a commercial pipeline exceeding $225 million through 2029, with more than $100 million of that total tied to post-quantum projects.

Management anticipates that these semiconductor and Trusted Platform Module offerings will begin materializing as revenue drivers in late 2026 and 2027.