SEALSQ posts preliminary FY2024 revenue ~$11M, down ~63% amid PQC pivot
On 2025-02-03 SEALSQ released preliminary, unaudited FY2024 metrics, reporting revenue of approximately $11 million, down from about $30 million in FY2023, which the company attributed to a transition from traditional secure microcontrollers toward post-quantum semiconductor products as customers delayed inventory builds ahead of new-chip release. SEALSQ reported a cash reserve of roughly $85 million at year-end 2024, rising above $90 million in early 2025, with 2025 confirmed bookings of $6.4 million and a stated three-year pipeline of $93 million.
The roughly 63% revenue decline reflects a deliberate product-line transition rather than demand collapse, but it confirms SEALSQ remains a small-revenue PQC name funding its pivot from a sizable cash balance; the metrics are preliminary and unaudited.
A large cash cushion relative to revenue gives SEALSQ runway to absorb the transition trough and pursue acquisitions such as the later IC'ALPS bid, while the steep revenue drop raises the bar for the PQC product line to re-accelerate growth.