WISeKey reported unaudited revenue of $11.434 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 operating and net losses grew substantially. Management credited product growth and acquired-company revenue for the sales increase, while saying investment across development and strategic initiatives drove much of the higher losses.
WISeKey’s H1 2026 results at a glance
The results release, issued September 30, 2026, covers the six months ended June 30 and describes the figures as unaudited. WISeKey’s financial table reports net sales and losses in thousands of U.S. dollars; the figures below are converted to millions. The comparable period is H1 2025.
| Measure | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue (net sales) | $11.434 million | $5.3 million | Approximately 116% increase |
| Gross profit | $5.478 million | $1.9 million | 192% increase |
| Gross margin | Approximately 48% | 35% | Expanded by about 13 percentage points |
| Operating loss | $40.879 million | $27.3 million | Loss widened by about $13.6 million |
| Net loss | $36.410 million | $22.3 million | Loss widened by about $14.1 million |
All figures are from WISeKey’s September 30, 2026 results release and unaudited financial tables. Rounded prior-year amounts and percentage changes are presented as the company reported them.
What management said drove the revenue increase
On the October 1 earnings call, CFO John O’Hara attributed growth to core semiconductor and public key infrastructure (PKI) product lines, initial revenue related to Quantix Edge, and acquired businesses consolidated for portions of the half-year. He said WISeKey consolidated six months of IC’Alps revenue and one month each of Miraex and Wecan Group SA revenue; the latter two were acquired June 1, 2026. These are management’s explanations of the reported increase, not a breakdown of revenue by driver. The company’s published call transcript provides the remarks.
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Gross profit rose faster than sales
Gross profit increased 192%, while revenue rose about 116%, and gross margin expanded from 35% to approximately 48%. O’Hara said the margin improvement reflected changes in revenue mix and increasing contributions from higher-value technology, semiconductor, and engineering activities. The reported figures show the improvement; the explanation is management’s attribution.
Why the losses widened despite higher revenue
Operating loss rose to $40.879 million from $27.3 million, and net loss to $36.410 million from $22.3 million. O’Hara said the wider losses principally reflected investment in strategic platforms and related work: post-quantum semiconductors, quantum technologies, secure infrastructure and satellite initiatives, as well as product development, certification, engineering, and planned corporate transactions.
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The call also reported H1 research and development expense of $9.1 million net of stock-based compensation, compared with $4.0 million on the same basis in H1 2025. Management attributed much of that increase to consolidation of IC’Alps. These expenditures help explain management’s investment rationale, but the unaudited results do not establish when or whether the initiatives will generate returns.
Cash, pipeline and guidance are not H1 sales
WISeKey reported approximately $495 million in cash and restricted cash at June 30, 2026, with minimal debt. Separately, the company gave a full-year 2026 revenue-growth outlook and discussed a commercial pipeline. Neither should be read as revenue already recognized in H1.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →| Company statement | What it means |
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| Expected FY 2026 revenue growth of 50%–100% year over year | Management guidance, not a reported result or guarantee. |
| SEALSQ commercial pipeline above $225 million through 2029, including more than $100 million tied to post-quantum projects | Management estimate as of September 22, 2026—not booked or recognized revenue. WISeKey says conversion, customer validation, technical integration, and other commercial risks may affect outcomes. |
| Approximately $495 million cash and restricted cash at June 30, 2026; minimal debt | A balance-sheet snapshot reported by the company, separate from its pipeline and growth outlook. |
The company’s SEC-filed release contains the results and associated forward-looking caveats. The company’s investor financial-reports page lists a 2026 Half Year Report.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the earnings-call headline
The 116% headline describes the change in reported revenue, not profitability. Gross profit and margin improved as well, while operating and net losses widened. Management linked the sales growth to existing product lines, initial Quantix Edge revenue, and partial-period consolidation of acquired businesses; it linked the greater losses to investment and other spending. Its full-year growth guidance and SEALSQ pipeline remain prospective, and the company’s strategy areas—including post-quantum technology, quantum systems, digital identity, and secure space infrastructure—do not by themselves demonstrate that future programs have converted into sales.
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WISeKey CEO Carlos Moreira characterized the moment as a commercialization milestone, saying, “2026 is the year the technologies and investments we have built over many years are coming together as one commercial ecosystem, and WISeKey is entering the most important commercialization phase in its history.” That is management’s view of the company’s trajectory, not a conclusion established by the half-year financial figures.
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