Summary

• SEALSQ is maintained at a cautious Buy, anchored by a robust $525M cash position and zero debt, providing industry-leading runway.
• FY25 revenue reached $18.3M, driven by the IC'Alps acquisition, with Q1 FY26 revenue expected to exceed $4M or over 100% YoY growth.
• LAES trades at a steep discount to peers, with ~$2.35 cash per share and an EV/FY25 sales multiple of ~7.2x, compressing to 4.8x on forward guidance.
• Key risks are persistent dilution, early-stage revenue, and the need for future capital raises to remain accretive to per-share value.

SEALSQ Corp (LAES) is among quantum stocks that rose to prominence in late 2024 when the quantum hype hit its high. SEALSQ pursues an ambitious quantum vertical integrated stack and announced just last

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of LAES either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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