LAES stock is the Nasdaq ticker for SEALSQ Corp, a fabless designer of secure microcontrollers that also sells public key infrastructure (PKI) services and chip personalization. Its 2025 Form 20-F names WISeKey as the controlling shareholder, with about 51.86% of the votes.
What SEALSQ Designs and Sells Today
SEALSQ owns no fab. The 20-F describes a fabless business that relies on third-party foundries without long-term contracts, names UMC as a manufacturing partner, and places most R&D in Meyreuil, France.
The revenue line today is VaultIC, a family of tamper-resistant secure elements for IoT, authentication and government use. The VaultIC408 holds FIPS 140-3 Security Level 3 validation.
Around the chips sit PKI subscriptions, digital identity services and, since the August 2025 purchase of IC’Alps, custom ASIC design. IC’Alps added about $2.5 million of H1 2026 revenue.
Cisco is named as one of the largest customers, under a master purchase agreement dated August 14, 2014. The ten largest customers made up 63% of 2025 revenue.
Video: SEALSQ
The Post-Quantum Line: QS7001 and QVault TPM
The QS7001 runs the NIST-standardized ML-KEM (Kyber) and ML-DSA (Dilithium) algorithms in hardware on a 32-bit RISC-V core. It launched commercially in November 2025.
The QVault TPM, a trusted platform module, is scheduled for launch in 2026. Per the H1 2026 results release, 30 prospective customers and partners were evaluating the two products at June 30, 2026.
Neither has produced meaningful sales. SEALSQ expects initial commercial revenue toward the end of H2 2026, with a larger contribution from 2027, subject to certification, customer qualification and procurement.
If you are comparing it with the larger names in our semiconductor stocks overview, treat the post-quantum business as a pipeline item until it books sales.
How WISeKey Controls SEALSQ
SEALSQ has two share classes. Ordinary shares hold 50.01% of voting power as a class, and Class F shares carry a variable vote count fixed at 49.99%.
WISeKey owns 99.99% of the Class F shares. Together with the 3.75% of ordinary shares held by WISeKey and affiliates, including CEO Carlos Moreira, that gave it about 51.86% of the votes at December 31, 2025.
The 20-F warns that this voting power is outsized relative to WISeKey’s economic interest. Money moves between them too: 2025 other operating income of $2.6 million came mainly from service charges to the WISeKey Group.
WISeKey plans to move its incorporation from Switzerland to the British Virgin Islands. SEALSQ is not a party, yet lists governance and regulatory spillover from the move as a risk.
H1 2026: Revenue Up, Losses Wider
Revenue rose 131% to $11.2 million in H1 2026, while the net loss widened to $27.8 million from $20.0 million. General and administrative expense alone was $23.1 million.
Cash, cash equivalents and restricted cash stood at $486.1 million on June 30, 2026. FY2026 revenue guidance of $27 million to $36 million was reaffirmed, against audited FY2025 revenue of $18.3 million.
So the balance sheet funds the strategy for now. That separates SEALSQ from the profitable designers on our top semiconductor stocks list and from the data-center names among AI chip stocks.
SEALSQ vs NXP: Two Secure-Chip Suppliers
NXP Semiconductors calls itself the market leader in security controller ICs in its 2025 Form 10-K, with chips inside passports, payment cards and phones.
| Measure | SEALSQ (LAES) | NXP Semiconductors (NXPI) |
|---|---|---|
| Security product line | VaultIC secure elements, QS7001, QVault TPM (launch planned 2026) | Security controller ICs and secure elements for cards, ID and smart devices |
| Manufacturing model | Fabless, third-party foundries | Hybrid: owned fabs, a joint-venture fab and foundries |
| FY2025 revenue | $18.3 million | $12.3 billion |
| Incorporated in | British Virgin Islands | Netherlands |
| Exchange listing | Nasdaq | Nasdaq |
| Fiscal year end | December 31 | December 31 |
| Annual report | Form 20-F | Form 10-K |
Figures come from the SEALSQ 20-F and H1 2026 release and the NXP 10-K; listing and fiscal year come from SEC filer records.
This is general information about a listed company, not investment advice.
LAES Stock FAQ
Is SEALSQ part of WISeKey?
It is a separately listed company that WISeKey controls. At December 31, 2025, WISeKey and its affiliates held about 51.86% of the voting rights through Class F shares plus 3.75% of the ordinary shares, per the 2025 Form 20-F.
Does SEALSQ earn revenue from post-quantum chips yet?
Not in a meaningful way. H1 2026 revenue came mainly from VaultIC secure elements, PKI subscriptions and IC’Alps design work. The company expects first QS7001 and QVault TPM revenue toward the end of 2026.
Why does SEALSQ file a 20-F instead of a 10-K?
It reports as a foreign private issuer, incorporated in the British Virgin Islands with its business address in Cointrin, Geneva. Annual results arrive in a Form 20-F, filed on March 31, 2026 for fiscal 2025, and interim updates in Form 6-K filings.
