Wisekey International Holding AG (WKEY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for your patience. Welcome to WISeKey International Holding's full-year 2025 financial results conference call.

As a reminder, this conference contains forward-looking statements. Such statements involve certain known and unknown risks; uncertainties; and other factors that could cause actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future result, performance, or achievements expressed or implied by such forward-looking statements.

WISeKey is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein, as a result of new information, future events, or otherwise.

(Operator Instructions) As a reminder: This conference is being recorded.

It is now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of WISeKey. Thank you, sir. You may begin.

Good morning. Thank you very much to -- good morning to everybody.

2025 was a defining year for WISeKey. The early weeks of 2026 have already validated the strategy decision we made over the last 24 months.

We delivered audited full-year revenue of $19.3 million, representing a 62% growth year over year, with our subsidiary, SEALSQ, contributing $18.3 million and growing 66% over the prior year. Q4, alone, produced $8 million of that revenue.

More importantly, we ended 2025 with a fundamentally transformed balance sheet. We have over $429 million in cash and short-term investment at year end, growing to more than $535 million, as of April 30, following our March capital raise for SEALSQ.

This strong and well-capitalized balance sheet give us the ability to execute our strategy without compromise.

I want to frame today's discussions around three important messages:

First, the transition from a sampling to commercial revenue is now underway. The data points are concrete.

Second, our strategy architecture, what we call the year of convergence, is integrating five technology pillars into a single vertical integrated quantum-secure platform.

Third, the regulatory and geopolitical environment is moving decisively in our favor.

We're starting with commercial inflation at SEALSQ. The 66% revenue growth SEALSQ delivered in 2025 reflects two distinct things happening simultaneously:

One, [PAN], our legacy semiconductor and PKI product line, saw a renewed demand cycle, as customers work through their inventory positions.

On the other hand, we generated our first revenue from sampling or post-quantum products, which is the leading indicator that matters more for what comes next.

Today, our commercial pipeline at SEALSQ exceeds $200 million, covering potential revenue opportunities from 2026 through 2029.

With that, more than $60 million is directly tied to QS7001 and QVault TPM programs, growing more than fivefold year over year from approximately $11 million.

On the certification side, QS7001 has now passed fault-injection and side-channel attack resistance evaluation at the EAL5+ level. We have completed the NIST validation.

First production revenues are on track for 2026 -- late in 2026. This is a gating event that converts pipeline into recurring hardware revenue. We are tracking on its schedule.

Moving the year of conversion for WISeKey, we are calling 2026 our year of conversion because our five technology pillars. SEALSQ, WISeSat, SEALCOIN, WISeID/INES, and WISe.ART are now operating as a single integrated stack, rather than as adjacent business, as it was the case until now.

What this means in practice is that our team (inaudible) -- in sharing knowledge and resources to create virtual integrated solutions for our customers.

Our SEALSQ, which develop post-quantum secure-chip design to generate ASIC design-services revenue, hardware revenue, and recurring income through outsourced semiconductor personalization and tests or [SPT] center, has now entered in commercial-acceleration phase.

On WISeSat, we have made significant progress. We have launched 21 satellites, to date, with 14 currently operational in low-Earth orbit. We remain on track towards the 100 satellite constellation.

The definitive business combination agreement we signed in November with Columbus Acquisition Corporation is expected to close in the second half of 2026, very likely around the month of September, which will result in WISeSat.space Holdings -- the listing on the NASDAQ -- with a WISeKey and SEALSQ, together, receiving 25 million shares at $10 per share, representing a $250 million of equity value, while retaining majority ownership.

This listing is the structure enabler of our Quantum Special Orbital Cloud; what we call the Q-S-O-C --QSOC -- initiative.

Under the QSOC, WISeSat operates the space infrastructure; and SEALSQ owns and operates the quantum cloud as a managed-subscription service.

The full operational capability target is 2033. WISeSat is expected to operate a constellation, provided a dedicated QSOC capability for SEALSQ. SEALSQ is aiming to deliver a contractual guarantee -- 99.9% uptime service agreement -- to its customer.

The [SEAL] (inaudible) -- Quantum Fund. I want to spend a moment on capital deployment, to date. The SEALSQ Quantum Fund grew from $20 million at launch in 2025 to $200 million of available capital resources, as of April 30, 2026.

Though the end of April, we have deployed approximately $23.2 million across five portfolio positions, which are:

We invested $14 million in IC'ALPS. The acquisition added more than 100 ASIC engineers in Grenoble in France. We are now developing a quantum-resistant (inaudible) -- optimized for CRYSTALS-Kyber, which are the standards for post-quantum technology.

We deploy $4.2 million in Quantix Edge Security project in Murcia, Spain, which is building one of the European first sovereign post-quantum semiconductor personalization center and third center co-funded by the Spanish SETT.ES, which is the government agency in charge of investing money in critical infrastructure in Spain -- program with $20 million that has been contributed by the Spanish government.

We invest another $4 million in Wecan Group, which integrates our PQC-secured digital identity into financial KYC.

We made two rounds of investment in EeroQ or (inaudible) -- US quantum-hardware investment in a company in Chicago, which brings electrons on helium-quantum architecture, which is CMOS-compatible with our chip processes.

CMOS is the technology that we are investing on because it totally is aligned and fits with our semiconductor capabilities.

We plan to demonstrate a joint quantum-security stack at (inaudible) -- Geneva Quantum Center of Excellence, currently in preparation to be inaugurated in October this year.

Additionally, we made an initial small investment in ColibriTD, our French quantum-solver partner, which is working on improving [sub-7 nm] wafer yields from 50% to 80%, which directly reduces our chip-manufacturing cost.

Each of these investments reinforce the underlying business. They are not adjacent bets. They are vertical integration required to move the company technology to the next level.

Finally, on the regulatory environment, the US NSA CNSA 2.0 mandate by the US government requires CNSA 2.0-compliant for all new national-security system acquisitions by January 1, 2027, in the United States. This is now eight months away.

Federal agencies in the US are required to identify and remediate quantum-vulnerable system. The NIST PQC standards were finalized in 2024.

Our products are designed to comply with all these standards. We are seeing this translate directly into pipeline activity in areas, such as defense, smart meters, ecosystem through the [WISeSat] and US federal procurement through (inaudible) -- our Trusted Semiconductor Solution Alliance partner.

With that strategic context, let me hand the call over to John to walk you through the financials in details. John, the floor is yours.

Thank you, Carlos. Good morning, everyone.

Full-year revenue for 2025, as Carlos has said, was $19.3 million, an increase of 62% versus $11.9 million in 2024. Fourth-quarter revenue was $8 million, which doubled from $4 million in the fourth quarter of 2024.

Approximately $3.5 million of the full-year increase relates to five months of revenue contribution from IC'ALPS, which we acquired through SEALSQ on August 4, 2025; and consolidated from that date forward.

Organic growth was driven by a recovery in our core secure microcontroller and PKI product families, plus initial sampling revenue from our post-quantum platforms.

I want to be transparent about how to think about 2025: As Carlos has already said, it is the year that paved the way for our convergence strategy.

The 2025 numbers continue to reflect the transitional period between the traditional product offerings and next-generation post-quantum semiconductor platforms; and included the first revenue from sampling -- and with the transitions expected to enter its commercialization phase, with the first production revenues anticipated in the latter part of 2026.

The full-year 2025 net loss was $38.2 million, which was due, in a large part, to $8.3 million of non-cash share-based compensations consolidation, following the acquisition of IC'ALPS; the materially increased R&D investment we made to accelerate the post-quantum semiconductor product range; and the expanded sales and marketing related expenses made to support the expected commercial ramp, which then were partially offset by a one-off credit on the settlement of the ExWorks loan and by interest income on cash deposits.

On the balance sheet side, as of December 31, 2025, WISeKey had $429 million in cash and short-term investments, up from $91 million at the end of 2024, an increase of 370%.

This was achieved while deploying $23 million during the year towards strategic investments in Wecan, IC'ALPS, Quantix Edge Security, and others, as Carlos has already touched on.

In March 2026, SEALSQ raised a further $125 million in additional capital. As of April 30, the WISeKey Group had over $535 million in cash and short-term investments.

This strong cash position allows us to fund post-quantum R&D, scale our manufacturing capacity, pursue selective M&A, and continue to deploy through the SEALSQ Quantum Fund.

Moving on to guidance, we are reaffirming our full-year 2026 revenue guidance, which calls for growth of 50% to 100% year over year, driven, primarily, by SEALSQ.

We have some significant projects in relatively advanced phases of negotiation. We, therefore, hope to be able to positively reinforce and upgrade our guidance in the coming months.

The drivers of this are full-year consolidation of IC'ALPS; broader entry into the trusted platform module market via QVault TPM; the launch of [Q-ASIC]-custom post-quantum ASIC engagements; initial QS7001 production revenues, following the EAL5+ certification in late 2026; initial revenues expected from the Quantix Edge Security Personalization Center development in Spain; and continued expansion of recurring PKI subscription and OSPT personalization revenues.

With that, I'll hand back to Carlos for closing remarks, before we open the line for questions.

Thank you, John. Before we move into our Q&A, let me close with a brief view on what we expect to see through the remaining of 2026 that has not been yet disclosed during the first part of this meeting.

As we say, the QS7001, the EAL5+ certification is on track. We expect to generate the first-production revenue in the latest part of this year.

It is important to note that this is the first type of chip (inaudible) -- are certified with that level of security. Although this is not a requirement to sell because we can sell them without that certification, that certification will help to increase the revenue, especially in government contracts and critical-infrastructure projects.

Second, we expect the WISeSat business combination of Columbus Acquisition Corporation to close in the second half of 2026, creating an independent listed company in WISeSat.space Holdings Corporation.

As you all know, with the IPO of SpaceX, space is becoming a very important infrastructure, as many of the current Earth-based infrastructure, such as data centers, nodes, are moving to the space.

It's critical for a company, like WISeKey, via its subsidiary, WISeSat, to have an early presence in that ecosystem, which will be a very important growth ecosystem in the future, as everything is moving to what we call quantum Internet.

We're having assets related to satellite, launching capabilities in cooperation with SpaceX, cryptographic capabilities to store at the satellite.

The future possibility to do a quantum-key distribution for space are strategic components for companies like WISeKey and WISeSat.

Third, we expect continued capital deployment from the SEALSQ Quantum Fund into vertical integrated R&D partnership. As the company is sitting a very important cash position, it is essential that we use this unique opportunity to build up infrastructure, both in the United States and Europe.

That will include investments -- important investments -- in areas, such as personalization center, which are capital-intensive.

This is one of the main reason why the company has raised important funding during 2020 (inaudible) -- last year and this year, with a total incremental cash position of $500 million -- over $500 million -- which, $200 million are allocated for this quantum fund.

Fourth, we expect to report concrete commercial milestone from several partnerships we have established with reputable customer and business partner that will accelerate our revenue, particularly in the United States, in announcements that will be made during the second half of the year.

Fifth, the reallocation of WISeKey and SEALSQ to Pont-Rouge, Lancy facility in Geneva should be completed in the second half of 2026, which is a much larger facility than the one we have now and will allow us to establish the Geneva Quantum Center of Excellence, in cooperation with leading organizations in Geneva, such as (inaudible) -- the United Nations, the Geneva government, and others - that they are all working in accelerating the adaptation of quantum technologies into sectors, such as financial sectors and others.

The quantum threat to, today, encrypting infrastructure is mathematically certain and approaching rapidly, as the latest announcements made by Google and other -- NVIDIA and others -- that they are confirming that Q-Day could be as near as 2028, 2030.

The companies that will lead the post-quantum era will be those that combine sovereign silicon-trusted identity, secure satellite key distribution, and quantum-resistant transaction infrastructure into a single integrated platform.

That is what WISeKey is building and it's all about. That is what we are now monetizing.

I leave now the operator to open the Q&A part of this call. Thank you very much for your attention.

Thank you. (Operator Instructions)

Matthew Galinko, Maxim Group.

Hey. Thanks for taking my questions. Maybe, just start with (inaudible) -- of the pipeline you're seeing for quantum chips, I think you said it's about $60 million from '26 to '29.

How much of that, would you say, is driven by regulation? How much is, just, independent of regulatory-driven requirements?

Maybe, I'll let John to further explain. Thank you, Matt, by the way. Nice to talk to you, again.

The regulation, obviously -- the CNSA 2.0 -- is of concern to anyone that is conducting critical infrastructure. Imagine hyperscaler; imagine data centers; imagine space satellite. Everything will be [compromisable], in terms of security, because quantum computer will be breaking [RSA] keys.

Obviously, we are not yet there. Quantum computers will need something like 10 million qubits to do that. The new -- is a lot of R&D and a lot of innovation in the quantum arena on where companies are already in the process of being able to generate 10 qubits.

The new thing is that you can put those qubits, also, in a serial process so you can combine qubits from different companies; and bring them into a data center; and use them in a scaling process to generate enough qubits to make a substantial usage of those decentralized quantum computers.

It's something like we call Quantum-as-a -Service. That growth of compute capability and possibility of using quantum computers to break RSA -- obviously, that's not the main focus of quantum computer.

Quantum computer can do many good things. But this is a bad thing that they could do, right? This is making a lot of companies conscious about the risk.

This is also increasing their potential insurance policies. They know that they need to be ready to that day. We are working with integrators, for instance, that -- they are now adding PQC security as part of the contracts that they have with thousands of companies.

They want to expand the current security services that they get from those professional service companies to add both PQC defense capability and, also, in some cases, also, a space security, as many of these companies are now launching satellites and they want to use satellite constellations to access their data.

There is a trend that is moved -- both by innovation in the market. It also moves by government regulatory. This is not only in America. We have the similar regulations in -- now in Europe; and, also, going to be the same thing in Asia: in Singapore and India.

I think, by the year 2030, anyone that runs a critical infrastructure will be PQC-compliant. They will have to buy the chips that allow them, at the [object] level, to defend a quantum attack.

There is also PQC software, which is at the back-end level. Those are how we are working, also, with partners to provide that technology that will allow, for instance, to assess the vulnerabilities of a financial institution, if a quantum computer arrives.

Those are also partnership with a professional-services company that -- they will work with us to teach potential risk to those companies, if they don't apply post-quantum capabilities as soon as possible.

It is a trend. It's like putting the airbag in the car, right? You needed a time. Now, it's compulsory. Nobody thinks about it.

That's happening the same -- from the year 2030, you will not conceive the possibility of developing anything, which is potentially breakable, through a quantum attack.

Thanks. That's great color. I think you started on this but, maybe, beyond the regulation you referenced, where else, regionally, are you seeing movement towards those sorts of requirements for quantum or PQC-capable chips and security?

Sorry. If you don't mind asking the question, again? I didn't get the first part.

Sure. I'm curious where else in the world that you're seeing regulation emerge to mandate quantum-secure technology on critical infrastructure?

As I mentioned, the CNSA 2.0 is the reference. This is a US government, right? That says that, 2028, you need to be protected against quantum attack through a post-quantum capability. Otherwise, your technology might be considered legacy.

Imagine anyone selling anything to the US government, they will need to be PQC-compliant. Otherwise, they will not just buy your product.

That will also affect import products. Imagine video cameras; imagine cars; imagine drones; imagine satellite equipment; imagine Cisco routers. All that, without PQC capabilities, will not be able to be deployed on critical infrastructure.

Critical infrastructure -- obviously, airports, smart cities, government entities -- are the first one that needs to be secure. This is a must-to-have type of first line of defense.

Then, you have, obviously, the commercial opportunities of this. If you have a -- we just announced a deal with Parrot. Parrot is one of the leading drone companies in the world. One of the first ones, by the way.

Parrot is being used, now, in many battlefield type of activities. As you know, the drone industry has evolved enormously.

The founder of Parrot recognized that he wanted to be the first drone company to have our QS7001 installed physically into the drone. We did it. Obviously, we announced it. This is now being used as a case study on many other drone company that they want to have their drone PQC-compliant.

Imagine the consequences of having a drone that is not secure to that level, right? That will be in industries, like the health industry, where we have, for instance, PQC deployments with connected devices -- that they are used in hospital.

You can ensure that your pump insulin that connects to the Internet cannot be breakable through an external attack.

Quantum computers are so powerful that they could make a massive attack into billions of devices in one shot. They will detect the vulnerability of those devices, as it is the case now with AI, right?

There's a lot of discussions about what is happening with some AI companies, without mentioning them, that they have, now, capabilities to identify cybersecurity vulnerabilities very easily.

Imagine if that is used in the wrong hands, right? And so we are in a very similar situation with quantum computers.

PQC is the line of defense of quantum but, also, the company because we are investing in quantum companies, like we invest in EeroQ, which is a Chicago-based company, where we are working very closely with them to develop semiconductors.

They will be able to basically create a quantum computer. We are also learning from innovation in quantum in order to create, basically, what we call a sovereign quantum computer.

A quantum computer then will be able -- not to be used to destroy the security of critical infrastructure but it could be used to solve major problems, like discovering a new medical product.

A new -- for instance, with less than 10 qubits, we can now work with pharmaceutical companies to develop a new drug and put that into the market much faster that without having that compute capability.

It is a very emerging market, where you will see a combination between quantum security; quantum-computer deployment; hybrid combinations, where you are using quantum computers and supercomputers, at the same time, as supercomputers are not going to disappear, right?

It will take a time between now and maybe 10 years, where quantum computers will totally displace supercomputers. This is -- we have a, still, few years to go, where you might have a hybrid platform solutions.

The big opportunity of WISeKey is that WISeKey has all those critical assets through SEALSQ in what concerns chips; in WISeSat in what concerns the space constellation, with operationalist satellite; in WISeID, what concerns identity management and the possibility of injecting digital identity into the silicon directly with a cryptographic Root of Trust.

All these ecosystem of companies that have been created under the WISeKey is making WISeKey a very unique company; very hard to replicate it; and extraordinary important for the next generation of quantum computing that is going to emerge, as you will need to have an end to end.

And then, at the same time, you need to provide a sovereign structure. Another important aspect here is that many companies will prefer to buy a solution of SEALSQ in the USA because they don't want to buy a Chinese quantum computer, for instance, because they will be concerned about what is the process of that quantum computer; and who has done it; and what is the cryptographic capabilities, what is the trust model, and so on.

Quantum-computing industry is becoming sovereign. This is a big opportunity for us.

Thanks, Carlos. Just one final question from me, particularly on the satellite business: I'm wondering if you could share anything about where you're hearing or seeing demand for services delivered through the constellation that you're building.

Is there a pull on the services that you're demonstrating now or is it a push or -- talk about how that is developing, commercially.

Yeah. The constellation we use, WISeSat, which is a company owned by WISeKey, initially invested in sending with a SpaceX 2021 satellites. Those are Picosatellites; the 3U satellite -- that's the measure -- that, basically, were tested to IoT projects.

Let the satellite track and trace anything on Earth that has a chip. Not necessarily a PQC chip; can be a traditional VaultIC secure element.

You can track and trace from the space object. This is a big market, right? Because 90% on Earth is not connectable. You cannot track an object in the middle of the sea; or in the middle of the desert; or in rural areas, where connectivity is not available.

There is a very big demand on companies. They are running logistics -- cargo companies. There are trucks company. And then, there are containers in the middle of the sea.

Military applications. They need to have that connectivity. That's what we proved during the first 21 launches. This was obviously an important investment because of the company.

Those launches are expensive. One satellite is at $300,000 to $500,000 to launch and produce. But we were one of the first-ever PQC-compliant constellation in the space with a satellite (inaudible) -- are in orbit.

Now, we are moving into the next level of that, with the last launch of the satellite we did in June -- included, already, the latest version of the QS7001.

We started to test. We also added new things, like a crypto wallet for SEALCOIN, which is another company of the group. WISeKey owns 80% of SEALCOIN, in cooperation with Hedera.

Hedera, Hashgraph is one of the largest blockchain companies in the world. With them, what we did is, to embed a wallet into the satellite, itself, so the satellite can exchange crypto tokens with another satellite; or with a Earth station; or with a an object that will require a payment.

Imagine, one satellite collecting pictures for another satellite and paying for that service with tokens. Those tokens are automatically exchanged between the wallets. They are located in each of the satellites.

This is a breakthrough technology. We are now working on this. I cannot say names now because we are still in the process of finalization.

But you will see agreements with a strategic professional-service company and others. They will resell that capability that we have, already, to their clients because their clients are -- as I mentioned before, they want to add space into the cybersecurity contracts that they have with those professional integrators.

We are launching the space. With the SpaceX IP, it's going to boom because SpaceX has already announced that they cannot even cope with the demand on sending rockets.

We will need to send rockets all over the world with different company. We have established relations with ISRO in India; with PLD Space in Spain. Those are new companies. They are sending rockets.

Our preference, obviously, is to do it as much as we can with SpaceX. We have a very good relationship with them. I'm sure that something there will be, very soon, possible in a more integrated way because, as we need to send more satellite, the objective is to send 100 satellites in the next month. We will need, obviously, to be able to scale up the launching capability.

The final objective of those satellite is to act as nodes in the space. Let's say that SpaceX sends -- creates a data center. That data center needs to be connected to Earth station.

Those Earth station -- by the way, we have, already, two operational Earth station: one in the southern part of Spain and another in Switzerland -- in Lausanne.

Those Earth station, they are now triangulated with the nodes in the space, encrypting the data using PQC chips on it on both ends. That data, then, is made available to data centers, both in the space, in the future data centers (inaudible) --SpaceX is very focused to build but, also, data centers on Earth.

End users can get a combination -- a hybrid combination -- of access to data centers in the space using those nodes. Without the node, the communication is not secure.

Starlink is not a secure satellite. They need a layer of security (inaudible) -- talking to a non-Starlink or a SpaceX assets.

This is where WISeSat's position. It's an interconnector of existing constellations, using those very sophisticated, high-secure satellites that we are manufacturing and launching to the space.

It's a very-- the clients are there. We are working -- has been announced with -- the Swiss Army is one important client.

We are working with several financial institutions. They are saying, we will actually prefer to connect to the space to -- even to connect to the Internet -- as what they call the quantum Internet, space Internet.

SEALSQ has launched an initiative we call QSOC, which is -- I mentioned that on my brief -- it's a quantum-space constellation cloud. In the future, you will be asking the space like you access Amazon Cloud or any of those clouds.

This is the positioning of the company. The fact that we own the critical infrastructure is a very strategic asset for WISeKey. Not only on terms of evaluation because, obviously, the listing of the company on the NASDAQ is going to increase, substantially, the value because we are aiming at $250 million initial listing.

This company, WISeKey is the majority shareholder. All that, hopefully, will be reflected on the increased valuation of WISeKey, plus the fact that WISeKey -- and that has been also announced -- is planning -- hopefully, by the end of this year -- to move directly to the NASDAQ as a way to simplify the processes.

Currently, we are listed in Switzerland, which is a very small market, not, at all, specialized in this type of technology. This is obviously detrimental to the evaluation of the company.

Great. Thanks, Carlos. Good luck with the convergence.

Thank you very much, Matt.

(Operator Instructions) We will pause for a brief moment to see if there's any final questions.

With no further questions at this time, I would like to turn the conference back over to Carlos for closing remarks.

Thank you very much for your attention to this call.

The company, obviously, is available. This information will be provided to the investor side. The company, myself, and John, we are fully available for any further question.

I'd like to thank the moderator for the organizing; to Lena; the IR company; and, also, for the questions and the analyst present on this call.

Thank you very much.

Thank you. This will conclude today's conference.

You may disconnect at this time. Thank you for your patience.