WISeKey reported unaudited revenue of $11.4 million for the six months ended June 30, 2026, up about 116% from $5.3 million a year earlier. Gross profit and margin also improved, but the operating loss widened to $40.9 million and the net loss to $36.4 million. Management said sales growth reflected core products, initial Quantix Edge revenue and acquired-business consolidation, while investment in development and strategic initiatives contributed to higher costs.
WISeKey’s H1 2026 results at a glance
The company issued its results on September 30, 2026. Its figures for the six months ended June 30 are unaudited. The exact figures below are from WISeKey International Holding Ltd’s financial table; the percentage changes are as reported in the company’s release.
| Measure | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Net sales | $11.434 million | $5.3 million | About 116% higher |
| Gross profit | $5.478 million | $1.9 million | 192% higher |
| Gross margin | About 48% | 35% | 13 percentage points higher |
| Operating loss | $40.879 million | $27.3 million | Loss widened |
| Net loss | $36.410 million | $22.3 million | Loss widened |
These are historical results, not a forecast. WISeKey’s September 30 results release and unaudited financial tables provide the company’s reported figures; the SEC-filed release is also available.
What WISeKey said drove revenue and margin growth
On the October 1 earnings call, CFO John O’Hara attributed the increase to core semiconductor and public key infrastructure (PKI) product lines, initial revenue related to Quantix Edge, and revenue from acquired businesses consolidated for part or all of the half-year. These are management’s explanations, rather than independently established causes.
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- IC’Alps contributed six months of consolidated revenue.
- Miraex and Wecan Group SA each contributed one month. O’Hara said both were acquired on June 1, 2026.
- Initial Quantix Edge revenue and sales from semiconductor and PKI products also contributed, according to O’Hara.
O’Hara linked the higher gross margin to revenue mix changes and rising contributions from higher-value technology, semiconductor and engineering activities. The reported margin increased from 35% to about 48%; the call explanation describes management’s view of why it improved.
Why losses widened despite higher sales
WISeKey’s operating loss rose from $27.3 million to $40.9 million, and its net loss increased from $22.3 million to $36.4 million. O’Hara said wider losses principally reflected investment in strategic platforms and related work, including post-quantum semiconductors, quantum technologies, secure infrastructure and satellite initiatives. He also cited product development, certification, engineering and planned corporate transactions.
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Research and development expense was $9.1 million in H1 2026, net of stock-based compensation, versus $4.0 million on the same basis in H1 2025. Management attributed much of the increase to the consolidation of IC’Alps. The company’s strategic areas include post-quantum semiconductors and PKI, quantum technology, digital identity and secure space infrastructure; activity in those areas does not itself establish that prospective programs have become sales.
Cash, guidance and pipeline are separate from H1 results
WISeKey reported approximately $495 million in cash and restricted cash at June 30, 2026, with minimal debt. The company also supplied forward-looking estimates that should not be read as recognized H1 revenue or guaranteed outcomes.
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| Figure | What it represents | Qualification |
|---|---|---|
| 50%–100% growth | Expected FY 2026 year-over-year revenue growth | Company guidance, not a reported result |
| More than $225 million | SEALSQ commercial pipeline through 2029 | Management estimate as of September 22, 2026; not recognized revenue |
| More than $100 million | Pipeline amount tied to post-quantum projects | Included in the pipeline estimate; not assured revenue |
WISeKey cautions that pipeline conversion depends on factors including customer validation, technical integration and other commercial risks. Accordingly, the pipeline is an indication of potential opportunity, not a forecast of booked sales. The published earnings-call transcript contains management’s explanations and comments.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How management characterizes the next phase
WISeKey CEO Carlos Moreira described 2026 as “the year the technologies and investments we have built over many years are coming together as one commercial ecosystem,” and said the company was entering “the most important commercialization phase in its history.” This is the CEO’s characterization of the company’s strategy, not a reported financial outcome. WISeKey’s investor financial-reports page lists a 2026 Half Year Report.
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