SEALSQ reports FY24 unaudited revenue of $11M vs. $30M last year

The company said, “By the end of 2024, SEALSQ (LAES) had built an unprecedented cash reserve of $85M, which subsequently rose above $90M in early 2025. This cash reserve provides the company with a strong financial foundation to support ongoing innovation, operational scalability, localization and deployment in USA and global expansion initiatives. Additionally, this financial strength enables the company to pursue strategic investments that align with its long-term growth objectives. The strong performance of the SEALSQ Ordinary Shares in December 2024 and into January 2025 enabled the company to completely clean its balance sheet of all of its convertible debt balances as well as all of the warrants that had been issued in conjunction with the convertible debt. This is particularly beneficial to the company’s financial standing as these warrants contained anti-dilution clauses that limited the company’s ability to attract investment. Through the process of cleaning its balance sheet, the company also removed any commitment to arranging an additional convertible loan. SEALSQ FY24 unaudited revenue will be approximately $11M reflecting the company’s transition towards post-quantum semiconductor technologies. This represents a decline from $30M reported in FY23, as customers gradually shifted from traditional microcontrollers to next-generation quantum-resistant solutions and delayed building inventory until release of the new chip. SEALSQ’s current revenue is comparable to those of its Quantum-focused peer group due to the early-stage adoption of the technology. The revenue comparison also highlights the impact of market normalization following the semiconductor supply chain disruptions caused by the COVID-19 pandemic. The excess inventory accumulation by customers in 2023 resulted in lower 2024 order volumes as clients utilized existing stock before making new purchasing commitments. The company increased its Research and Development costs by $1.4M year on year, demonstrating the strategic importance of the development of its next-generation cutting-edge Quantum Resistant technology. The Company spent in excess of $5M on R&D in 2024 and expects to increase investment in this area in the year ahead and expects to generate the first revenues from the new technology in 2026. These investments included the high costs associated with certifications, which are treated as R&D expenses, emphasizing SEALSQ’s commitment to staying at the forefront of post-quantum innovation.”