SEALSQ Corp (NASDAQ: LAES)

SEALSQ Corp designs and markets secure microcontrollers and provides trusted digital infrastructure solutions for the cybersecurity and Internet of Things sectors. The company operates as a fabless semiconductor firm focusing on post-quantum cryptography hardware and software, public key infrastructure services, and application-specific integrated circuit design. Its activities span the design, development, and sale of secure chips, certificates, and custom ASICs for global customers requiring certified security solutions.

SEALSQ Corp generates revenue from the design and sale of semiconductor secure chips, cloud-based authentication certificates and certificate management platforms, and ASIC design services. In 2025, secure chips contributed 78 percent of total revenue, certificates contributed 2 percent, and ASIC design contributed 20 percent. The company serves customers across North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America, with billing addresses determining geographic revenue allocation.

SEALSQ Corp operates through the following segments: Secure Chips Design and Sales, Certificates and Trust Services, and ASIC Design Services.

• The Secure Chips Design and Sales segment focuses on the development and marketing of secure microcontrollers, including quantum-resistant RISC-V chips like the QS7001 and QVault TPM, VaultIC secure elements, and Secure ARM platforms such as the MS600X series. These products are designed for high-security applications in IoT, AI, edge devices, access control, and secure storage, with manufacturing outsourced to third-party foundries.

• The Certificates and Trust Services segment provides public key infrastructure services, including the issuance and management of cryptographic credentials through a SaaS platform, factory provisioning via the INeS Box for secure digital identity injection, and lifecycle management of device certificates. This segment supports standards such as Matter, GSMA eUICC, and Wi-SUN, and integrates post-quantum cryptography algorithms like ML-KEM and ML-DSA into its PKI platform for hybrid certificates.

• The ASIC Design Services segment delivers custom integrated circuit development through SEALSQ’s acquisition of IC’Alps, a France-based ASIC design specialist. This segment serves high-reliability sectors including healthcare, automotive, aerospace, and industrial IoT, offering full-custom IP blocks and turnkey ASICs for applications such as leadless pacemakers, brain-computer interfaces, and post-quantum cryptography platforms, supported by certifications including ISO 9001, ISO 13485, and EN 9100.

SEALSQ Corp holds a differentiated position in the cybersecurity and semiconductor industries as one of few companies capable of designing and certifying secure chips at Common Criteria EAL5+ or higher. Its competitive advantages include being a pure-play digital security provider, offering an end-to-end trust services ecosystem from root of trust to secure elements, leading in post-quantum cryptography hardware commercialization, operating under a fabless model for design flexibility, and maintaining a neutral Swiss-based root of trust accredited by global standards such as WebTrust, Matter, and GSMA. These strengths enable the company to serve demanding clients including Cisco, Thales, Siemens, Toshiba, and Landis & Gyr.

SEALSQ Corp serves a diverse customer base across industries requiring secure, scalable, and certified solutions. Its products and services are used to secure luxury products, routers, gateways, utility meters, electric vehicle chargers, drones, authentication dongles, USB storage devices, medical devices, connected door locks, and various consumer electronics. Additional applications include defense, financial services, timing and sensing systems, and regulated digital infrastructures. Specific customers and partners engaged in 2025 include Eviden (Atos Group), Kaynes Semiconductor, Trusted Semiconductor Solutions, Lattice Semiconductors, and the BWT Alpine Formula One Team.