SEALSQ Corp marked a strong commercial expansion in its post-quantum cryptography hardware and PKI service offerings during 2025, recording a 66.2% increase in revenue to $18.25 million, propelled by the QS7001 platform launch and enhanced ASIC design capabilities through the IC’Alps acquisition. Despite these topline gains, the company’s operating losses more than doubled year-over-year to nearly $40 million, reflecting intense investment in R&D and integration costs. Solid liquidity with over $417 million in cash offsets immediate solvency concerns; however, ongoing negative free cash flow raises sustainability questions. The geographic footprint expanded notably across the US, EMEA, and APAC, with meaningful design wins and strategic partnerships underpinning medium-term growth potential.