SEALSQ Corp (NASDAQ:LAES) shares are trading lower on Tuesday after the company disclosed FY25 preliminary results and FY26 guidance.

• SEALSQ shares are under pressure. Why is LAES stock trading lower?

FY25 Results

The company disclosed that it achieved $18 million in revenue for 2025, up 66% year-over-year, including $8 million in the fourth quarter compared to $4 million in the same period last year.

This growth was primarily driven by renewed demand for traditional SEALSQ products and the consolidation of five months of revenue from IC’ALPS following its Aug. 4, 2025, acquisition.

The company ended the year with a cash position exceeding $425 million.

Outlook

For FY26, the company reiterates its revenue guidance of 50%–100% year-over-year growth. This is 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.

The company’s business pipeline now exceeds $200 million in potential revenue from 2026 to 2028, including more than $60 million from QS7001 and Qvault TPM products.

This reflects strong global demand for quantum-resistant security, sovereign semiconductor solutions and ongoing business development progress.

Management Commentary

Carlos Moreira, CEO of SEALSQ, added, “Our 2025 revenue and expectations for further significant growth for 2026 underscore the strength of our commercial strategy, technology roadmap and market position. With a business pipeline now exceeding $200 million in potential opportunities from 2026 to 2028, SEALSQ is positioned to capture growing global demand for quantum-resistant security, sovereign semiconductor capabilities, and next-generation trust technologies.”

LAES Price Action: SEALSQ shares are down 2.07% at $4.26 at publication on Tuesday.

Photo: Courtesy SEALSQ