# EDGAR Filing Document

**Accession Number:** 0001951222
**File Stem:** 0001193805-25-001277
**Filing Date:** 2025-9
**Character Count:** 125787
**Document Hash:** e6316feb70b7009719c08f6768efe6f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-25-001277.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001193805-25-001277

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 130

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEALSQ Corp
- **CENTRAL INDEX KEY:** 0001951222
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41709
- **FILM NUMBER:** 251303893

**BUSINESS ADDRESS:**
- **STREET 1:** AVENUE LOUIS-CASAI 58
- **CITY:** COINTRIN
- **STATE:** V8
- **ZIP:** 1216
- **BUSINESS PHONE:** 212-336-2039

**MAIL ADDRESS:**
- **STREET 1:** CRAIGMUIR CHAMBERS, ROAD TOWN
- **CITY:** TORTOLA
- **STATE:** D8
- **ZIP:** VG 1110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEAL (BVI) Corp.
- **DATE OF NAME CHANGE:** 20221019

?xml version='1.0' encoding='ASCII'? SEALSQ Corp

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM 6-K**

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**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 under the**

**Securities Exchange Act of 1934**

**For the month of September 2025**

**Commission File Number: 001-41709**

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**SEALSQ CORP**

**(Exact Name of Registrant as Specified in Charter)**

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**N/A**

**(Translation of Registrant's name into English)**

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **Avenue Louis-Casaï 58**<br> **1216 Cointrin, Switzerland**  | **Not Applicable** |
| (State or other jurisdiction of incorporation or organization) | (Address of principal executive office) | (I.R.S. Employer Identification No.) |

---

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Form 40-F

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The information contained in Exhibit 99.2 to this Report on Form 6-K, except for Sections 1.1, 1.2, 2.2.3, 2.2.4, 2.3.1, and 2.4, is hereby incorporated by reference into the registration statement on Form F-3 of the Company (File No. 333-286098), as amended, and the registration statement on Form S-8 of the Company (File No. 333-287139), and into the base prospectus and any prospectus supplement outstanding under each of the foregoing registration statements, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.

The information contained in Exhibit 99.3 to this Report on Form 6-K is hereby incorporated by reference into the registration statement on Form F-3 of the Company (File No. 333-286098), as amended, and the registration statement on Form S-8 of the Company (File No. 333-287139), and into the base prospectus and any prospectus supplement outstanding under each of the foregoing registration statements, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| Exhibit<br> <u>No.</u> | Description |
| 99.1 | [Press release issued on September 9, 2025.](e664819_ex99-1.htm) |
| 99.2 | [Half Year Report of SEALSQ Corp including Management's Discussion and Analysis of Financial Condition and Results of Operations, issued on September 9, 2025.](e664819_ex99-2.pdf) |
| 99.3 | [Condensed Consolidated Financial Statements of SEALSQ Corp as at June 30, 2025.](e664819_ex99-3.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: September 9, 2025 | **SEALSQ CORP** | **SEALSQ CORP** |
|  | By: | /s/ Carlos Moreira |
|  |  | Name: Carlos Moreira |
|  |  | Title: Chief Executive Officer |
|  | By: | /s/ John O'Hara |
|  |  | Name: John O'Hara |
|  |  | Title: Chief Financial Officer |

---

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## Exhibit 99.1

![SEAL Semiconductors](image_001.jpg)

**SEALSQ Corp Reports H1 2025 Results; Provides Updates on its FY 2025 Revenue Guidance of $17.5 to $20.0 Million, Representing 59% to 82% Growth Year-on-Year, Strong Balance Sheet, Strategic Milestones, and Post-Quantum Growth Outlook**

 

***Schedules Conference Call and Webcast for Wednesday, September 10 at 9:00 am ET (3:00 pm CET)***

 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Updates FY 2025 Revenue Guidance of Between $17.5 Million to $20.0 Million, Representing Year-on-Year Growth of 59% - 82%*** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***New Quantum Resistant Chip Offering, Quantix Edge Security Joint Venture and IC'ALPS ASIC Acquisition Expected to Drive 2026 Revenue Growth and Global Expansion*** 

Geneva, Switzerland, September 9, 2025 -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, today reports its interim financial results for the six-month period ended June 30, 2025 (H1 2025). The Company also provides updates on its year-to-date operational milestones, outlook for 2025 and growth opportunities for 2026 and beyond.

**Key Financial and Operational Metrics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **H1 2025 revenue** of $4.8 million, consistent with H1 2024, in line with our expectations, and reflecting the continued strategic
transition period ahead of the launch of our new post-quantum technologies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Cash reserves** of $121 million as of June 30, 2025, up from $19 million at June 30, 2024, and $85 million at December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Operating loss** of $21.2 million, up from $8.9 million in H1 2024, largely driven by a one-off stock-based compensation charge
of $9.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **FY 2025 revenue guidance** of $17.5 to 20.0 million, representing **between 59% and 82% growth year-on-year**, incorporating
a return to growth in demand for our current semiconductor products and the consolidated revenue of IC'ALPS since acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **R&D Investments:** $4.7 million in H1 2025, with over $7 million allocated in 2025, up from $5 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **New business pipeline** of $170 million identified opportunities for 2026–2028 across PQC, ASIC, and sovereign semiconductor
markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **2026 catalysts** include the IC'ALPS acquisition, Semiconductor Personalization & Test Centers (including the Quantix
Edge Security Joint Venture), and first sales of QVault™ TPM post-quantum resistant chip expected to drive further growth

**Full Year 2025 Revenue Guidance and 2026 Growth Catalysts**

&nbsp;&nbsp;&nbsp;&nbsp;· **2025 Full Year Outlook**: The Company anticipates full year 2025 revenue to be in the range of $17.5
million to $20.0 million, representing year-on-year growth of between 59% and 82%. This full-year outlook includes the expected return
to growth in the demand for our traditional products, the consolidated revenue of IC'ALPS since the completion of the acquisition
on August 4, 2025, as well as our best estimate of the start date for the Quantix Edge Security project.

&nbsp;&nbsp;&nbsp;&nbsp;· **2026 and Beyond**: The Company expects 2026 will be a period of further growth, fueled by several
new revenue streams including a full year of revenue relating to the IC'ALPS acquisition, additional revenues from the Semiconductor
Personalization & Test Center projects including the Quantix Edge Security project and the revenues from the launch of the TPM Post-Quantum
resistant chip. SEALSQ plans to disclose additional expectations as its business continues to evolve but currently expects 2026 to reflect
year-on-year revenue growth in the 50% to 100% range.

&nbsp;&nbsp;&nbsp;&nbsp;· **Business Pipeline**: The Company's new business pipeline continues to grow and is now standing
at $170 million of revenue opportunities with both current and prospective clients for the period 2026 to 2028 (as of September 8, 2025).
This is driven by surging demand for quantum-resistant security solutions and sovereign semiconductor design expertise.

Carlos Moreira, CEO of SEALSQ, commented: "With our H1 results now in hand, we have clear visibility into what promised to be a transformative second half of 2025. SEALSQ enters this period with a strong balance sheet, a deep pipeline, and the successful completion of several strategic milestones, including the IC'ALPS acquisition and the Quantix Edge Security Joint Venture. These achievements significantly strengthen our capabilities across semiconductor design, AI-enabled security, and next-generation cryptographic solutions. As global demand for advanced cybersecurity intensifies, SEALSQ is uniquely positioned to lead the transition to quantum-resilient security standards. By combining innovation, execution, and strategic partnerships, we are building the backbone of tomorrow's trusted digital ecosystems, enabling enterprises, governments, and consumers to securely operate in an increasingly connected and quantum-ready world. With these foundations in place, we are confident in our ability to accelerate growth, expand market share, and create sustainable value for our stakeholders."

**Strategic Review and Business Updates**

2025 has been a pivotal year for SEALSQ as we made substantial progress on advancing our mission to deliver quantum-resistant semiconductor solutions and secure digital infrastructures for a rapidly evolving global market. The first half of the year not only confirmed the strength of our strategy and the resilience of our operations, but also underscored the scale of the opportunities ahead.

As a fabless semiconductor innovator, SEALSQ designs and markets secure microcontrollers that anchor digital trust in a quantum-threatened world. We offer both off-the-shelf and custom-designed FIPS- and Common Criteria-certified quantum-resistant microcontrollers, integrated within a vertical trust services ecosystem featuring a post-quantum root of trust, managed PKI services, and secure chip personalization. Our solutions protect industries such as IoT, Energy, Automotive, Smart Home, as well as sensitive applications in Healthcare and Defense. While the global embedded security chips market is projected to reach $7.3 billion in 2025, suppliers offering certified secure products remain scarce. This creates a significant opportunity for innovative players like SEALSQ.

As a result of our strengthened market recognition, bolstered by the growing awareness of the risks posed by quantum computing and the urgent need for secure microcontrollers to defend against these threats, SEALSQ is seeing increased investor confidence and strategic interest in its solutions. As a result, SEALSQ successfully raised over $140 million of additional capital since November 2024. This capital not only accelerates the development of its quantum-resistant product roadmap, but enables the Company to execute strategic investments that expand its capabilities, strengthen growth pipeline and position it at the forefront of the transition to quantum-resilient security.

**Strategic Operational Milestones Achieved in H1 2025**

&nbsp;&nbsp;&nbsp;&nbsp;· **Product and Technology Milestones** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **QUASAR Program:** Engineering samples of the QS7001™ post-quantum microcontroller already delivered
to initial partners in Q2 2025, with production samples and development kits scheduled to be shipped to customers at the end of Q3 2025,
and initial revenues expected in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **QVault TPM Commercialization:** Pilot-Customer sampling for QVault TPM V183 is anticipated to begin
in Q4 2025, and QVault TPM V185 sampling in Q1 2026 with initial revenue expected in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Launched the **MS6003 Secure Element** with FIDO2 passwordless authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Deployed the **INeS Box** provisioning solution for factory IoT identity injection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Introduced **Quantum RootCA** with OISTE Foundation for PQC-integrated PKI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Received confirmation of **VaultIC408 compliance with FIPS 140-3** requirements by UL independent lab
test report (NIST is currently evaluating the lab report).

**Strategic Investments and Partnerships**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **IC'ALPS Acquisition:** On May 27, 2025, SEALSQ signed a share purchase agreement for the acquisition of IC'ALPS,
a French ASIC design company and official partner of Intel Foundry, TSMC, and GlobalFoundries. This acquisition was subsequently completed
on August 4, 2025. The acquisition bolsters SEALSQ's custom chip and IP development capabilities, reinforcing its leadership in
building a PQC-focused hardware ecosystem. Of note, for H1 2025, IC'ALPS generated an estimated unaudited French GAAP revenue of
approximately $4.0 million, which is not included in the SEALSQ reported revenues for H1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Quantix Edge Security Joint Venture:** The Government of Spain recently announced the launch of Quantix Edge Security project
through the Spanish Society for Technological Transformation, for a total investment of EUR 40 million, of which SEALSQ, in conjunction
with its parent WISeKey, is contributing approximately 25%. SEALSQ will provide additional updates regarding the Quantix Edge Security
Joint Venture following the establishment of the Spanish entity which is estimated to be completed in early Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **ColibriTD and QaaS Offering:** SEALSQ completed an investment in ColibriTD, a Quantum-as-a-Service
company. The initiative is part of SEALSQ's previously announced $30 million budget allocated to invest and develop technological
synergies with Quantum companies, aiming to offer a full panel of Quantum related services in applications like automotive, medtech, space
etc.

o **WISeSat Investment:** An investment of $10 million in WISeSat.Space AG ("WISeSat") was also approved under the
above mentioned $30 million budget, supporting the continued development of a quantum-ready satellite constellation. Two launches have
been completed so far in 2025, giving WISeSat access to a total of 22 satellites. SEALSQ is actively advancing its roadmap to a constellation
of 100 satellites to provide near-live connectivity, serving as a critical enabler for secure, quantum-resilient communications."

&nbsp;&nbsp;&nbsp;&nbsp;· **Commercial Achievements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Expanded collaboration with **Landis+Gyr,** including a PKI deployment for 30 million utility users
in Asia and agreed on further developments to serve the US market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Strengthened presence in the Matter Smart Home segment by securing multi-year supply agreements with major
global appliance manufacturers, including Hager and MIWA.

o Advanced
Card Reader business in Asia by onboarding a new customer with an annual order volume of several hundred thousand units.

o Expanded
global footprint by establishing a new sales office in India and appointing new distributors in Asia, Europe, and Turkey.

**Strategic Investments Fueling Growth**

Recent capital infusions have strengthened SEALSQ's financial position, and enabled the accelerated development of its post-quantum chip portfolio as well as strategic investments such as the acquisition of IC'ALPS SAS for a base purchase price of EUR 12.5 million, the $10 million investment in WISeSat.Space for quantum-resilient satellite communication, and the progression of its global Design & Personalization Centers through the recently announced Quantix Edge Security project.

Additionally, SEALSQ's continued investment in Research and Development (R&D) demonstrates its commitment to staying at the forefront of post-quantum innovation, focusing on the strategic importance of the development and commercialization of its next-generation cutting-edge Quantum Resistant chips. In H1 2025, SEALSQ invested $4.7 million, as part of a $7.2 million budget allocated for the full year.

SEALSQ's robust cash reserve of $121 million as of June 30, 2025 ($150 million as of September 9, 2025), and its strong balance sheet have positioned it well to capitalize on opportunities arising from the growing demand for quantum-resistant technologies and drive the commercialization of our new technologies.

**Regulatory Environment**

The EU Cyber Resilience Act, U.S. Cyber Trust Mark, and UK PSTI Act mandate or strongly recommend secure identities and lifecycle management across IoT. Meanwhile, the urgency of post-quantum migration is already reflected by recent US Executive Order 14144. With an integrated portfolio spanning TPMs, secure elements, PKI, ASICs, PQC root-of-trust services, and quantum-ready satellites, SEALSQ is positioned to lead this shift. Our portfolio of products is aligned with these regulatory requirements, and SEALSQ continues to demonstrate strong leadership in post-quantum cryptography, secure semiconductors and digital trust ecosystems.

**Conference Call**

The Company will host a conference call to review its results on Wednesday, September 10, at 9:00 am ET (3:00 pm CET). If you wish to join the conference call, please use the dial-in information below:

&nbsp;&nbsp;&nbsp;&nbsp;· Toll-Free Dial-In Number: 877-445-9755

&nbsp;&nbsp;&nbsp;&nbsp;· International Dial-In Number: 201-493-6744

A simultaneous webcast of the call may be accessed online via the Investors section of the Company's website, https://www.sealsq.com/investors/events or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=3kaXtCxt.

The archived call will also be available on the Investors section of the Company's website, https://www.sealsq.com/investors/events.

**About SEALSQ:**

SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

**Forward-Looking Statements**

This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. These statements may be identified by words such as "may", "could", "expects", "hopes" "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates" or words of similar meaning. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, customer growth and business growth opportunities, joint venture opportunities and performance, the ability to realize returns from our investments, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the adoption of post-quantum semiconductors and the development of quantum computers; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SEALSQ Corp.<br> Carlos Moreira<br> Chairman & CEO<br> Tel: +41 22 594 3000<br> info@sealsq.com SEALSQ Investor Relations (US)<br> The Equity Group Inc.<br> Lena Cati<br> Tel: +1 212 836-9611 lcati@theequitygroup.com

## Exhibit 99.3

?xml version='1.0' encoding='ASCII'? Exhibit 99.1

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

**Condensed Consolidated Financial Statements**

**of SEALSQ Corp**

(unaudited)

**As at June 30, 2025**

1. Condensed Consolidated Statements of Comprehensive Income / (Loss) F-2

2. Condensed Consolidated Balance Sheets F-3

3. Condensed Consolidated Statements of Changes in Shareholders' Equity F-5

4. Condensed Consolidated Statements of Cash Flows F-6

5. Notes to the Condensed Consolidated Financial Statements F-7

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;1. Condensed Consolidated Statements of Comprehensive Income / (Loss)

---

| | | | |
|:---|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | |
| <br>**USD'000, except earnings per share** | **2025** | **2024** |<br>***Note ref.*** |
| Net sales | 4825 | 4828 | 26 |
| Cost of sales | (2956) | (3667) |  |
| Depreciation of production assets | (243) | (228) |  |
| **Gross profit** | **1626** | **933** |  |
| Other operating income | 1662 |  | 27 |
| Research & development expenses | (4724) | (2393) |  |
| Selling & marketing expenses | (6025) | (2653) |  |
| General & administrative expenses | (13776) | (4777) |  |
| **Total operating expenses** | **(22863)** | **(9823)** |  |
| **Operating loss** | **(21237)** | **(8890)** |  |
| Non-operating income | 2814 | 465 | 29 |
| Loss on debt extinguishment |  | (100) |  |
| Interest and amortization of debt discount | (88) | (557) | 20 |
| Non-operating expenses | (1487) | (372) | 30 |
| **Loss before income tax expense** | **(19998)** | **(9454)** |  |
| Income tax expense | (2) | (1304) |  |
| **Net loss** | **(20000)** | **(10758)** |  |
| **Earnings / (loss) per Ordinary Share (USD)** |  |  |  |
| Basic | (0.17) | (0.37) | 32 |
| Diluted | (0.17) | (0.37) | 32 |
| **Earnings / (loss) per F Share (USD)** |  |  |  |
| Basic | (0.86) | (1.87) | 32 |
| Diluted | (0.86) | (1.87) | 32 |
| **Other comprehensive loss, net of tax:** |  |  |  |
| Foreign currency translation adjustments | 10 | (8) |  |
| Unrealized gains / (losses) on debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized holding gains arising during period | 23 |  |  |
| Defined benefit pension plans: |  |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain / (loss) arising during period | 75 |  |  |
| **Other comprehensive loss** | **108** | **(8)** |  |
| **Comprehensive loss** | **(19892)** | **(10766)** |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;2. Condensed Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
| | | | ***Note ref.*** |
| <br>**USD'000, except par value** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** | ***Note ref.*** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 120939 | 84624 | *7* |
| Accounts receivable, net of allowance for doubtful accounts | 6663 | 3825 | *8* |
| Inventories | 2204 | 1418 | *9* |
| Prepaid expenses | 403 | 355 |  |
| Government assistance | 2149 | 2247 | *10* |
| Other current assets | 501 | 593 | *11* |
| **Total current assets** | **132859** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93062** |  |
| **Noncurrent assets** |  |  |  |
| Deferred tax credits | 748 | 190 | *12* |
| Property, plant and equipment, net of accumulated depreciation | 3504 | 3201 | *13* |
| Intangible assets, net of accumulated amortization | 300 |  | *14* |
| Operating lease right-of-use assets | 902 | 1031 | *15* |
| Investments in unconsolidated affiliates | 3487 |  | *16* |
| Available-for-sale debt securities, noncurrent | 127 |  | *17* |
| Other noncurrent assets | 93 | 82 | *18* |
| **Total noncurrent assets** | **9161** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4504** |  |
| **TOTAL ASSETS** | **142020** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97566** |  |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| Accounts payable | 13951 | 10073 | *19* |
| Notes payable | 1907 | 4828 | *20* |
| Deferred revenue, current | 15 | 5 | *26* |
| Current portion of obligations under operating lease liabilities | 375 | 327 | *15* |
| Income tax payable |  | 1 |  |
| Other current liabilities | 1748 | 283 | *21* |
| **Total current liabilities** | **17996** | **15517** |  |
| **Noncurrent liabilities** |  |  |  |
| Indebtedness to related parties, noncurrent | 3531 | 3105 | *22* |
| Operating lease liabilities, noncurrent | 558 | 616 | *15* |
| Employee benefit plan obligation | 1806 | 464 | *23* |
| **Total noncurrent liabilities** | **5895** | **4185** |  |
| **TOTAL LIABILITIES** | **23891** | **19702** |  |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | | ***Note ref.*** |
| <br>**USD'000, except par value** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** | ***Note ref.*** |
| **Commitments and contingent liabilities** |  |  | *24* |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Common stock - Ordinary shares | 1237 | 1000 | *25* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value - USD 0.01 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized - 200,000,000 and 200,000,000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding - 123,731,729 and 100,039,519 |  |  |  |
| Common stock - F shares | 75 | 75 | *25* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value - USD 0.05 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized - 10,000,000 and 10,000,000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding - 1,499,800 and 1,499,700 |  |  |  |
| Share subscription in progress | 1 |  |  |
| Additional paid-in capital | 177863 | 117944 |  |
| Accumulated other comprehensive income / (loss) | 866 | 758 |  |
| Accumulated deficit | (61913) | (41913) |  |
| **Total shareholders' equity** | **118129** | **77864** |  |
| **TOTAL LIABILITIES AND EQUITY** | **142020** | **97566** |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;3. Condensed Consolidated Statements of Changes in Shareholders' Equity

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | |
|  | Number of common shares | Number of common shares | Common share capital | Common share capital | | | | | | |
| **USD'000 (except for share numbers)** | Ordinary Shares | F Shares | Ordinary Shares | F Shares | Total share capital | Share subscription in progress | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income / (loss) | **Total equity (deficit)** |
| **As at December 31, 2023** | **15446807** | **1499700** | **154** | **75** | **229** | **—** | **24730** | **(20712)** | **784** | **5031** |
| Stock-based compensation |  |  |  |  |  |  | 42 |  |  | **42** |
| L1 SPA | 3317719 |  | 33 |  | 33 |  | 5057 |  |  | **5090** |
| Anson SPA | 3970104 |  | 40 |  | 40 |  | 5787 |  |  | **5827** |
| Comprehensive income / (loss) |  |  |  |  |  |  |  | (10758) | (8) | **(10766)** |
| **As at June 30, 2024** | **22734630** | **1499700** | **227** | **75** | **302** | **—** | **35616** | **(31470)** | **776** | **5224** |
| **As at December 31, 2024** | **100039519** | **1499700** | **1000** | **75** | **1075** | **—** | **117944** | **(41913)** | **758** **(a)** | **77864** |
| Options exercised | 1231981 | 100 | 12 |  | 12 | 1 | (3024) |  |  | **(3011)** |
| Stock-based compensation |  |  |  |  |  |  | 8296 |  |  | **8296** |
| Anson SPA | 5750000 |  | 58 |  | 58 |  | 10537 |  |  | **10595** |
| L1 SPA | 4250000 |  | 43 |  | 43 |  | 7788 |  |  | **7831** |
| Anson Warrants | 2234691 |  | 22 |  | 22 |  | 3665 |  |  | **3687** |
| L1 Warrants | 2234691 |  | 22 |  | 22 |  | 3665 |  |  | **3687** |
| ATM | 7509737 |  | 75 |  | 75 |  | 27048 |  |  | **27123** |
| Investment in WeCan Group | 481110 |  | 5 |  | 5 |  | 1944 |  |  | **1949** |
| Comprehensive income / (loss) |  |  |  |  |  |  |  | (20000) | 108 | **(19892)** |
| **As at June 30, 2025** | **123731729** | **1499800** | **1237** | **75** | **1312** | **1** | **177863** | **(61913)** | **866** | **118129** |
| (a) Adjusted for rounding | (a) Adjusted for rounding | (a) Adjusted for rounding |  |  |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;4. Condensed Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| <br>**USD'000** | **2025** | **2024** |
| **Cash Flows from operating activities:** |  |  |
| Net income / (loss) | (20000) | (10758) |
| Adjustments to reconcile net income to net cash provided by / (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant & equipment | 315 | 301 |
| &nbsp;&nbsp;&nbsp;Depreciation of lease building & assets, net of cash paid | 21 |  |
| &nbsp;&nbsp;&nbsp;Interest and amortization of debt discount | 88 | 557 |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 100 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 9935 |  |
| &nbsp;&nbsp;&nbsp;Inventory valuation allowance | (14) | 243 |
| &nbsp;&nbsp;&nbsp;Bad debt expense |  | 19 |
| &nbsp;&nbsp;&nbsp;Income tax expense, net of cash paid |  | 1304 |
| &nbsp;&nbsp;&nbsp;Other non cash expenses /(income) |  |  |
| &nbsp;&nbsp;&nbsp;Expenses settled in equity |  | 131 |
| &nbsp;&nbsp;&nbsp;Unrealized and non cash foreign currency transactions | (335) | (42) |
| Changes in operating assets and liabilities, net of effects of businesses acquired / divested |  |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in accounts receivables, net of balance owed to related parties and shareholders and their affiliates | 1068 | 3488 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in inventories | (772) | 2108 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in government assistance | 98 | (107) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in other current assets and prepaids, net | 44 | 275 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in other noncurrent assets, net | (570) | (2) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | 1950 | (58) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in deferred revenue, current | 10 | 2 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in income tax payable | (1) | (2) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in other current liabilities, excluding stock-based compensation liability | (174) | (105) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in defined benefit pension liability | 1343 | 10 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in interest on debt owed to related parties | (379) | (35) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net balance owed to shareholders and their affiliates, excluding debt and interest on debt | (4506) | (2218) |
| **Net cash provided by / (used in) operating activities** | **(11879)** | **(4789)** |
| **Cash Flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment | (161) | (89) |
| &nbsp;&nbsp;&nbsp;Acquisition of intangible assets | (300) |  |
| &nbsp;&nbsp;&nbsp;Acquisition of available-for-sale debt securities | (104) |  |
| &nbsp;&nbsp;&nbsp;Acquisition of unconsolidated affiliate | (1538) |  |
| **Net cash provided by / (used in) investing activities** | **(2103)** | **(89)** |
| **Cash Flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from options and warrants exercises | 7398 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Stock | 48263 |  |
| &nbsp;&nbsp;&nbsp;Common Stock issuance costs | (2715) |  |
| &nbsp;&nbsp;&nbsp;Repayment of indebtedness to related parties | (2750) | (1407) |
| &nbsp;&nbsp;&nbsp;Payments of debt issue costs |  | (1217) |
| &nbsp;&nbsp;&nbsp;Proceeds from convertible loan issuance |  | 19350 |
| **Net cash provided by / (used in) financing activities** | **50196** | **16726** |
| **Effect of exchange rate changes on cash and cash equivalents** | 101 | 115 |
| **Cash and cash equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) during the period | 36315 | 11963 |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | 84624 | 6895 |
| **Cash and cash equivalents balance, end of period** | **120939** | **18858** |
| **Supplemental cash flow information for financing and investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax |  |  |
| &nbsp;&nbsp;&nbsp;Noncash conversion of convertible loans into common stock |  | 10725 |
| &nbsp;&nbsp;&nbsp;ROU assets obtained from operating lease | 70 | 62 |
| &nbsp;&nbsp;&nbsp;Shares withheld to satisfy tax obligations | 3035 |  |
| &nbsp;&nbsp;&nbsp;Issuance of shares in relation to investments in unconsolidated affiliates | 1948 |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;5. Notes to the Condensed Consolidated Financial Statements

 **Note 1.&nbsp;&nbsp;&nbsp;&nbsp; The SEALSQ Group**

SEALSQ Corp, together with its consolidated subsidiaries ("**SEALSQ**" or the "**Group**" or the "**SEALSQ Group**"), has its headquarters in Tortola, British Virgin Islands (BVI). SEALSQ Corp, the parent of the SEALSQ Group, was incorporated in April 2022 and is listed on the NASDAQ Capital Market exchange with the valor symbol "LAES" since May 23, 2023.

On January 1, 2023, SEALSQ Corp acquired SEALSQ France SAS (formerly WISeKey Semiconductors SAS), a private joint stock company (French Simplified Joint Stock Company), and its subsidiaries. Prior to that acquisition, SEALSQ did not have any operations.

SEALSQ is a semiconductor company specializing in the design of secure microcontrollers and advanced cybersecurity solutions that integrate Post-Quantum Cryptography (PQC) for the Internet of Things (IoT) ecosystem. As an OEM supplier, we cater to a diverse range of clients, including IoT device manufacturers, branded appliances, and high-value objects, ensuring digital trust and security in an increasingly interconnected world. SEALSQ uniquely combines semiconductor and cybersecurity technologies, embedding countermeasures capable of resisting state-of-the-art tampering attacks, including those anticipated from future Quantum Computing threats. SEALSQ has been granted the highest security resistance level (CC EAL5+), positioning us as a leader in the industry. SEALSQ operates as a Public Key Infrastructure (PKI) Root Certification Authority, certified by global organizations such as WEBTRUST, GSMA, CSA-MATTER, and WI-SUN, covering essential sectors like SSL/TLS, telecommunications, utilities, and home automation. By integrating cybersecurity, semiconductors, and post-quantum IoT, SEALSQ is pioneering the future of digital trust, ensuring that connected devices have a secure, verifiable identity and can communicate safely in an increasingly digital landscape.

The Group anticipates being able to generate profits in the future thanks to the increased focus on the security and authentication of IT components and networks on the market, and its search for new revenue streams which may include investments in, and acquisitions of, companies in the industry.

 **Note 2.&nbsp;&nbsp;&nbsp;&nbsp; Future operations and going concern**

The Group recorded a loss from operations in this reporting period and the accompanying condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern.

The Group incurred a net operating loss of USD 21.2 million in the six months ended June 30, 2025, and had positive working capital of USD 114.9 million as at June 30, 2025, calculated as the difference between current assets and current liabilities. Based on the Group's cash projections up to September 30, 2026, SEALSQ has sufficient liquidity to fund operations.

We note that, historically, the Group has been dependent on financing to augment the operating cash flow to cover its cash requirements.

Based on the foregoing, Management believes it is correct to present these figures on a going concern basis.

 **Note 3.&nbsp;&nbsp;&nbsp;&nbsp; Basis of presentation**

The condensed consolidated financial statements are prepared in accordance with the Generally Accepted Accounting Principles in the United States of America ("**US GAAP**") as set forth in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC). All amounts are in United States dollars ("**USD**") unless otherwise stated.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Group's annual financial statements for the year ended December 31, 2024, as filed in the 20-F on March 20, 2025.

The Group's interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The significant accounting policies applied in the annual consolidated financial statements of the Group as of December 31, 2024, contained in the Group's Annual Report have been applied consistently in these unaudited condensed consolidated financial statements.

It is management's opinion that all adjustments necessary for a fair statement of the results for the interim periods have been made. These unaudited condensed consolidated financial statements include a description of the nature and amount of material adjustments other than normal recurring adjustments.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 4.&nbsp;&nbsp;&nbsp;&nbsp; Summary of significant accounting policies**

***Stock-Based Compensation***

Stock-based compensation costs are recognized in earnings using the fair-value based method for all awards granted. Fair values of options and awards granted are estimated using a Black-Scholes option pricing model. The model's input assumptions are determined based on available internal and external data sources. The risk-free rate used in the model is based on the Swiss treasury rate for the expected contractual term. Expected volatility is based on historical volatility of SEALSQ Shares.

Where SEALSQ permits the withholding of shares as a means of meeting the grantee's tax obligation in relation to their option exercise, the awards are accounted for as liabilities under ASC 718 for jurisdictions that do not have any withholding requirement. These awards are measured at fair value on the grant date and remeasured at each reporting period until settlement. Upon exercise, the fair value of the shares withheld is recorded in equity in line with ASC 718-10-25-18.

Compensation costs for unvested stock options and awards are recognized in earnings over the requisite service period based on the fair value of those options and awards at the grant date.

Nonemployee share-based payment transactions are measured by estimating the fair value of the equity instruments that an entity is obligated to issue and the measurement date will be consistent with the measurement date for employee share-based payment awards (i.e., grant date for equity-classified awards).

***Intangible Assets***

Those intangible assets that are considered to have a finite useful life are amortized over their useful lives, which generally range from 1 to 10 years.

The Group's cryptocurrency holding is classified as intangible assets with indefinite useful lives in accordance with ASC 350-30. Cryptocurrencies created or issued by the Group's related parties are explicitly outside the ASU 2023-08 scope. They are accounted for under the cost-less-impairment model and subject to periodic impairment testing and are not amortized. The Group evaluates these assets for impairment at least annually, or more frequently when indicators of impairment exist.

***Investments in Unconsolidated Affiliates***

Under ASC 323, equity method accounting is used when significant influence exists, typically indicated by ownership between 20% and 50%. SEALSQ's share of the income or loss of these companies is reported in the consolidated income statement under 'Equity in income / (loss) of unconsolidated affiliates.' The investment in these companies is reported in the consolidated balance sheet under 'Investments in unconsolidated affiliates.

The Group evaluates the need for the equity method where influence exists despite lower ownership levels.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

***Available-For-Sale Debt Securities***

Available-for-sale debt securities are reported at fair value. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (AOCI) until realized or determined to be credit impaired. The Company evaluates available-for-sale debt securities for expected credit losses under ASC 326. A credit loss allowance is recorded when a security's fair value is less than its amortized cost and the Company does not expect to recover the full amortized cost.

***Recent Accounting Pronouncements***

<u>Adoption of new FASB Accounting Standard in the current year – Prior-Year Financial Statements not restated:</u>

As of January 1, 2025, the Group adopted Accounting Standards Update (ASU) 2023-08 Intangibles – Goodwill and Other – Crypto Assets (subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes guidance for the recognition measurement, presentation and disclosure of certain crypto assets.

ASU 2023-08 requires in-scope crypto assets to be measured at fair value, with changes in fair value recognized in net income. It also requires separate presentation of crypto assets on the balance sheet and enhanced disclosures regarding nature, fair value measurement, and risks associated with crypto holdings. There was no impact on the Group's results upon adoption of the standard.

As of January 1, 2025, the Group also adopted Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure and modifies or eliminates certain existing requirements.

ASU 2023-09 requires entities to disclose the amount of income taxes paid (net of refunds) disaggregated by federal, state, and foreign taxes. They will also disclose the amount of income taxes paid (net of refunds) disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The standard also outlines additional disclosure requirements.

There was no impact on the Group's results upon adoption of the standard.

<u>New FASB Accounting Standard to be adopted in the future:</u>

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which updates mandates that public business entities provide more detailed disclosures about specific expense categories in their financial statement notes, enhancing transparency for investors.

Summary: Entities are required to disaggregate certain expense captions presented on the income statement into the following natural expense categories, such as purchases of Inventory, Employee compensation, Depreciation and Intangible Asset Amortization. These disaggregated expenses must be presented in a tabular format within the notes to the financial statements for both annual and interim reporting periods. Additionally, entities are required to disclose the total amount of selling expenses and provide their definition.

Effective Date: ASU 2024-03 is effective for annual reporting periods for public business entities for fiscal years beginning after December 15, 2026, and for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.

The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This update clarifies the accounting treatment for certain settlements of convertible debt instruments that do not occur under the instruments' preexisting terms.

Summary: The update introduces a "preexisting contract approach" to determine whether an inducement offer should be accounted for as an induced conversion. Under this approach, an inducement offer is considered to preserve the form and amount of consideration if it provides the debt holder with at least the same consideration as the original conversion terms of the instrument. The assessment is based on the terms as they existed one year before the offer acceptance date, especially if the instrument was modified within that period. Additionally, the ASU clarifies that induced conversion accounting applies to convertible debt instruments within the scope of Subtopic 470-20 that are not currently convertible, provided the instrument contained a substantive conversion feature at both its issuance date and the inducement offer acceptance date.

Effective Date: ASU 2024-04 is effective for public business entities for fiscal years beginning after December 15, 2025. Early adoption is permitted.

The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

 **Note 5.&nbsp;&nbsp;&nbsp;&nbsp; Concentration of credit risks**

Financial instruments that are potentially subject to credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Our cash and cash equivalents is mostly held with one large financial institution. Management believes that the financial institution that holds most of our cash and cash equivalents is financially sound and, accordingly, is subject to minimal credit risk. However, to the extent that such deposits exceed the maximum insurance levels, they are uninsured.

The Group sells to large, international customers and, as a result, may maintain individually significant trade accounts receivable balances with such customers during the year. We generally do not require collateral on trade accounts receivable. Summarized below are the clients whose revenue was 10% or higher than the respective total consolidated net sales for the six months to June 30, 2025 and 2024, and the clients whose trade accounts receivable balances were 10% or higher than the respective total consolidated trade accounts receivable balance as at June 30, 2025 and December 31, 2024. In addition, we note that some of our clients are contract manufacturers for the same companies; should these companies reduce their operations or change contract manufacturers, this would cause a decrease in our customer orders which would adversely affect our operating results.

---

| | | |
|:---|:---|:---|
| **Revenue concentration**<br> **(% of total net sales)**  | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Revenue concentration**<br> **(% of total net sales)**  | **2025** | **2024** |
| International computer and hardware manufacturer | 9% | 22% |
| International electronic security systems manufacturer |  |  |
| International electronic components manufacturer |  | 12% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Receivables concentration**<br> **(% of total accounts receivable and maximum amount of loss due to credit risk)**  | **As at June 30, 2025 (unaudited)** | **As at June 30, 2025 (unaudited)** | **As at December 31, 2024** | **As at December 31, 2024** |
| **Receivables concentration**<br> **(% of total accounts receivable and maximum amount of loss due to credit risk)**  | **%** | **USD'000** | **%** | **USD'000** |
| International computer and hardware manufacturer | 2% | 136 | 47% | 1804 |
| International electronic security systems manufacturer |  |  | 10% | 400 |
| International electronic components manufacturer |  |  |  |  |

---

 **Note 6.&nbsp;&nbsp;&nbsp;&nbsp; Fair value measurements**

ASC 820 establishes a three-tier fair value hierarchy for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1, defined as observable inputs such as quoted
prices in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2, defined as inputs other than quoted prices
in active markets that are either directly or indirectly observable; and

· Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As at June 30, 2025** | **As at June 30, 2025** | **As at December 31, 2024** | **As at December 31, 2024** | **Fair value level** | |
| <br>**USD'000** | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** | **Fair value level** | <br>**Note ref.** |
| *Recurring fair value measurements* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities, noncurrent | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;17 |
| *Nonrecurring fair value measurements* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 6663 | 6663 | 3825 | 3825 | 3 | 8 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 13951 | 13951 | 10073 | 10073 | 3 | 19 |
| &nbsp;&nbsp;&nbsp;Notes payable | 1907 | 1907 | 4828 | 4828 | 3 | 20 |
| &nbsp;&nbsp;&nbsp;Indebtedness to related parties, noncurrent | 3531 | 3531 | 3105 | 3105 | 3 | 22 |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following methods and assumptions to estimate the fair value of our financial instruments:

Accounts receivable – carrying amount approximated fair value due to their short-term nature.

Accounts payable – carrying amount approximated fair value due to their short-term nature.

Notes payable – carrying amount approximated fair value due to their short-term nature.

Indebtedness to related parties, noncurrent - carrying amount approximated fair value.

 **Note 7.&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents**

Cash consists of deposits held at major banks.

 **Note 8.&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable**

The breakdown of the accounts receivable balance is detailed below:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Trade accounts receivable | 2483 | 3645 |
| Allowance for credit losses | (50) | (50) |
| Accounts receivable from shareholders | 3218 |  |
| Accounts receivable from board members | 101 |  |
| Accounts receivable from other related parties | 911 | 223 |
| Other accounts receivable |  | 7 |
| **Total accounts receivable, net of allowance for credit losses** | **6663** | **3825** |

---

As at June 30, 2025, accounts receivable from shareholders consisted of a receivable from WISeKey International Holding Ltd ("**WISeKey**") in relation to services provided by SEALSQ and pension liabilities due by WISeKey following a transfer of employees from WISeKey to SEALSQ. Accounts receivable from other related parties consisted of receivables from WISeKey SA, SEALCOIN AG and WISeSat.Space AG, all subsidiaries of WISeKey, in relation to services provided by SEALSQ, and pension liabilities due by WISeKey SA following a transfer of employees from WISeKey SA to SEALSQ. See Note 34 for details on related parties.

 **Note 9.&nbsp;&nbsp;&nbsp;&nbsp; Inventories**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Raw materials | 230 | 764 |
| Work in progress | 464 | 482 |
| Finished goods | 1510 | 172 |
| **Total inventories** | **2204** | **1418** |

---

 **Note 10. Government assistance**

SEALSQ France SAS is eligible for research tax credits provided by the French government. As at June 30, 2025 and December 31, 2024, the receivable balances in respect of these research tax credits owed to the Group were respectively USD 2,148,918 and USD 2,246,680. The credit is deductible from the entity's income tax charge for the year or payable in cash the following year, whichever event occurs first.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

The balance as at June 30, 2025 is the aggregate of USD 716,240 (at closing rate) tax credit earned in relation to the year 2025 and USD 1,432,678 (at closing rate) in relation to the year 2024. Refundable R&D tax credits are considered to be government assistance in line with ASC 832.

 **Note 11. Other current assets**

Other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Value-Added Tax receivable | 203 | 501 |
| Advanced payment to suppliers | 292 | 61 |
| Deposits, current | 6 | 5 |
| Other current assets |  | 26 |
| **Total other current assets** | **501** | **593** |

---

 **Note 12. Deferred tax credits**

Most of our deferred tax credits balance relates to Swiss withholding tax charged on financial interest that is recoverable after the end of each tax year.

 **Note 13. Property, plant and equipment**

Property, plant and equipment, net consisted of the following.

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Machinery & equipment | 14286 | 13769 |
| Office equipment and furniture | 2321 | 2321 |
| Computer equipment and licenses | 918 | 817 |
| Total property, plant and equipment, gross | 17525 | 16907 |
| *Accumulated depreciation for:* |  |  |
| Machinery & equipment | (10988) | (10733) |
| Office equipment and furniture | (2320) | (2320) |
| Computer equipment and licenses | (713) | (653) |
| Total accumulated depreciation | (14021) | (13706) |
| **Total property, plant and equipment, net** | **3504** | **3201** |
| Depreciation charge for the 6 months ended June 30, | 315 | 301 |

---

In the six months ended June 30, 2025, SEALSQ Corp did not identify any events or changes in circumstances indicating that the carrying amount of any asset may not be recoverable. As a result, the Group did not record any impairment charge on property, plant and equipment in the six months ended June 30, 2025.

The useful economic life of property plant and equipment is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Production tools 8 to 10 years

&nbsp;&nbsp;&nbsp;&nbsp;· Office equipment and furniture 2 to 5 years

&nbsp;&nbsp;&nbsp;&nbsp;· Production masks 5 years

&nbsp;&nbsp;&nbsp;&nbsp;· Probe cards 5 years

&nbsp;&nbsp;&nbsp;&nbsp;· Licenses 3 years

&nbsp;&nbsp;&nbsp;&nbsp;· Software 1 year

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 14. Intangible assets**

Intangible assets consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| *Intangible assets under the cost-less-impairment model:* |  |  |
| *Cryptocurrencies* | 300 | **—** |
| *Intangible assets subject to amortization:* |  |  |
| Patents | 2281 | 2281 |
| License agreements | 1699 | 1699 |
| Other intangibles | 923 | 923 |
| Total intangible assets, gross | 5203 | 4903 |
| *Accumulated amortization for:* |  |  |
| Patents | (2281) | (2281) |
| License agreements | (1699) | (1699) |
| Other intangibles | (923) | (923) |
| Total accumulated amortization | (4903) | (4903) |
| Total intangible assets subject to amortization, net |  |  |
| **Total intangible assets, net** | **300** |  |
| Amortization charge for the 6 months ended June 30, |  |  |

---

Intangible assets under the cost-less-impairment model consist of a balance of 128,205,128 WeCan tokens acquired from our unconsolidated affiliate, the WeCan Group, for USD 300,000. Cryptocurrencies created or issued by related parties are accounted for under the cost-less-impairment model and subject to periodic impairment testing. In the six months ended June 30, 2025, SEALSQ Corp did not identify any events or changes in circumstances indicating that the carrying amount of our cryptocurrency assets may not be recoverable. As a result, the Group did not record any impairment charge on cryptocurrencies measured at cost in the six months ended June 30, 2025 and the balance remains USD 300,000.

The useful economic life of intangible assets is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Patents 5 to 10 years

&nbsp;&nbsp;&nbsp;&nbsp;· License agreements 1 to 3 years

&nbsp;&nbsp;&nbsp;&nbsp;· Other intangibles 5 years

 **Note 15. Leases**

The Group has historically entered into a number of lease arrangements under which it is the lessee. As at June 30, 2025, the SEALSQ Group holds four operating leases. The operating leases relate to premises. We do not sublease. All of our operating leases include multiple optional renewal periods which are not reasonably certain to be exercised.

During the six months ended June 30, 2025 and 2024, we recognized rent expenses associated with our leases as follows:

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| <br>**USD'000** | **2025** | **2024** |
| *Operating lease cost:* |  |  |
| Fixed rent expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| Short-term lease cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net lease cost** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171** |
| Lease cost - Cost of sales |  |  |
| Lease cost - General & administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| **Net lease cost** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171** |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

In the six months ended June 30, 2025, and in the year ended December 31, 2024, we had the following cash and non-cash activities associated with our leases:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| ***Cash paid for amounts included in the measurement of lease liabilities:*** |  |  |
| Operating cash flows from operating leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| ***Non-cash investing and financing activities:*** |  |  |
| Net lease cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| *Additions to ROU assets obtained from:* |  |  |
| New operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |

---

The following table provides the details of right-of-use assets and lease liabilities as at June 30, 2025, and as at December 31, 2024:

---

| | | |
|:---|:---|:---|
| **USD'000** | **As at June 30, &nbsp;&nbsp;&nbsp;&nbsp; 2025 (unaudited)** | **As at December 31,**<br> **2024** |
| **Right-of-use assets:** |  |  |
| Operating leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| **Total right-of-use assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031** |
| **Lease liabilities:** |  |  |
| Operating leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| **Total lease liabilities** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943** |

---

As at June 30, 2025, future minimum annual lease payments were as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year (USD'000)** | **Operating** | **Short-term** | **Finance** | **Total** |
| 2025 | 188 |  |  | **188** |
| 2026 | 345 |  |  | **345** |
| 2027 | 327 |  |  | **327** |
| 2028 | 180 |  |  | **180** |
| **Total future minimum operating and short-term lease payments** | **1040** |  | **—** | **1040** |
| Less effects of discounting | (107) |  |  | (107) |
| **Lease liabilities recognized** | **933** | **—** | **—** | **933** |

---

As of June 30, 2025, the weighted-average remaining lease term was 2.98 years for operating leases.

For our operating leases, we calculated an estimate rate based upon the estimated incremental borrowing rate of the entity holding the lease. The weighted average discount rate associated with operating leases as of June 30, 2025, was 3.03%.

 **Note 16. Investments in unconsolidated affiliates**

On June 27, 2025, SEALSQ acquired a 31.87% non-controlling interest (28.33% on a diluted basis) in the WeCan Group AG ("WeCan"), a Swiss private fintech and blockchain-based technology company incorporated in 2015 specializing in secure, decentralized data infrastructure, particularly for financial compliance purposes. WeCan's mission is to enable both financial and non-financial institutions to securely manage and exchange sensitive data. In 2023, WeCan launched its own blockchain and WECAN token, which is traded as a cryptocurrency and listed on the Bitstamp exchange since December 20, 2023, as well as on CoinMarketCap and Coinbase.

SEALSQ does not control WeCan but assessed that it had significant influence which requires equity method accounting.

As at June 30, 2025, three days after acquiring the non-controlling interest, the Group assessed that the share of earnings of WeCan attributable to SEALSQ was immaterial, which means that the investment reported in the consolidated balance sheet under 'Investments in unconsolidated affiliates' is recorded at cost in line with ASC 323-10-30-2. The cost basis was made up of a cash consideration of USD 1,424,704, the transfer of 481,110 Ordinary Shares of SEALSQ fair value at USD 1,948,495, and transaction costs of USD 113,358, hence a total cost basis of USD 3,486,557.

As of June 30, 2025, the initial accounting for this investment is incomplete because the US GAAP financial statements of WeCan as of June 30, 2025 are not yet available. Therefore, the amount recognized in the financial statements for this investment has been determined only provisionally.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 17. Available-for-sale debt securities, noncurrent**

The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our available-for-sale debt securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of security** | **Amortized cost**<br> **USD'000** | **Unrealized gains**<br> **USD'000** | **Unrealized losses**<br> **USD'000** | **Fair value**<br> **USD'000** | **Maturity** |
| Convertible corporate bonds | 120 |  |  | 127 | 1 to 5 years |
| **Total** | **120** | **—** | **—** | **127** |  |

---

As at June 30, 2025, we held one convertible bonds agreement with ColibriTD, a French Quantum as-a-Service company.

 **Note 18. Other noncurrent assets**

Other noncurrent assets consisted of noncurrent deposits. Deposits are primarily made up of rental deposits on the premises rented by the Group.

 **Note 19. Accounts payable**

The accounts payable balance consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Trade creditors | 3306 | 3443 |
| Accounts payable to shareholders | 540 | 1716 |
| Accounts payable to board members | 3589 | 1387 |
| Accounts payable to other related parties | 741 | 673 |
| Accounts payable to underwriters, promoters, and employees | 1478 | 901 |
| Other accounts payable | 4297 | 1953 |
| **Total accounts payable** | **13951** | **10073** |

---

As at June 30, 2025, accounts payable to Board Members are made up of:

- a balance of USD 3,282,506 payable to Carlos Moreira in relation to accrued bonus and social charges thereon (see Note 34 for detail),

- a balance of USD 259,264 payable to John O'Hara in relation to accrued bonus and social charges thereon (see Note 34 for detail), and

- a balance of USD 46,906 payable to other Board Members in relation to their board fee (see Note 34 for detail).

Accounts payable to other related parties are made up of:

- a balance of USD 353,534 payable to WISeCoin AG in relation to accumulated interest on a loan repaid in 2025 (see Notes 22 and 34 for detail), and

- a balance of USD 387,552 payable to WISeKey SA in relation to recharge of employee costs (see Note 34 for detail).

Accounts payable to shareholders consist of short-term payables due to WISeKey International Holding Ltd in relation to interest the recharge of management services (see Notes 22 and 34).

Accounts payable to underwriters, promoters and employees consist primarily of payable balances to employees in relation to holidays, bonus and 13th month accruals across the Group.

Other accounts payable are mostly accruals of social charges in relation to the accrued liability to employees as well as accruals in relation to non-trade creditors such as various professional fees.

 **Note 20. Notes payable**

Notes payable consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Short-term loan | 1907 | 1819 |
| Short-term loan from shareholders |  |  |
| Short-term loan from other related parties |  | 3009 |
| **Total notes payable** | **1907** | **4828** |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

As at June 30, 2025, the current notes payable balance was made up of a USD 1,906,614 short-term production capacity investment loan with a third-party client (see detail below).

***Production Capacity Investment Loan Agreement***

In November 2022, SEALSQ entered into a loan agreement with a third-party client to borrow funds for the purpose of increasing their production capacity. Under the terms of the Agreement, the client has lent to SEALSQ a total of USD 2 million. The loan will be reimbursed by way of a volume rebate against future sales volumes of certain products from the SEALSQ Group to the client during the period from July 1, 2023, through to December 31, 2025. The volume rebate is based upon quarterly sales volumes in excess of a base limit on a yearly projected basis. Any amount still outstanding as at December 31, 2025 shall fall due for repayment on that date. The loan does not bear any interest and there were no fees or costs attributed to the loan.

At inception in November 2022, a debt discount totaling USD 511,128 was booked to additional paid-in capital.

As at June 30, 2025, SEALSQ has not repaid any amount due to a change in the product mix of the client. The loan balance remains USD 2 million with an unamortized debt discount balance of USD 93,386, thus leaving a carrying value of USD 1,906,614.

The Group recorded a debt discount amortization expense of USD 87,670 in the six months to June 30, 2025, and USD 165,147 in the year 2024.

 **Note 21. Other current liabilities**

Other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Other tax payable | 81 | 200 |
| Customer contract liability, current | 28 | 83 |
| Stock-based compensation liability, current | 1639 |  |
| **Total other current liabilities** | **1748** | **283** |

---

 **Note 22. Indebtedness to related parties**

On April 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG (the "**WISeCoin loan**"), an affiliate of WISeKey, pursuant to which WISeCoin AG commits to loan EUR 250,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022. The loan has no maturity date.

On October 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG pursuant to which WISeCoin AG commits to loan USD 2,750,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022. The loan has no maturity date.

On April 1, 2021, the Group entered into a Debt Remission Agreement (the "**Debt Remission"**) with WISeKey pursuant to which an outstanding amount of EUR 5 million (USD 5,871,714 at historical rate) owed to WISeKey was remitted without any compensation from the Group. Per the terms of the Debt Remission, WISeKey will have the right to reinstate the debt and ask for repayment in fiscal years when SEALSQ France SAS achieves a positive income before income tax expense, in an amount calculated based on the income before income tax expense and as agreed by the parties. As such, because of the repayment clause, the loan amount covered by the Debt Remission continues to be shown as noncurrent liabilities included in the line Indebtedness to related parties, noncurrent. The outstanding amount under the Debt Remission is revalued at each period end at the applicable closing rate. On December 20, 2023, the Group and WISeKey entered into an agreement to write off EUR 2 million (USD 2,191,282 at historical rate) of the outstanding Debt Remission amount. Therefore, as at December 31, 2024, an amount of EUR 3 million (USD 3,105,300) remained outstanding under the Debt Remission.

All entities in the SEALSQ Group are subject to management fees from WISeKey and WISeKey's affiliates. Where the payment terms have been defined, the classification between current and noncurrent follows the payment terms, however, where there is no set payment date for these fees, they have been classified as noncurrent.

As at December 31, 2024, the Group owed WISeKey a noncurrent debt in an amount of USD 3,105,300 corresponding to the remaining loan under the Debt Remission and a short-term loan of USD 3,008,775 made up of the WISeCoin loan and the interest thereof. In the year ended December 31, 2024, an aggregate effective interest expense of USD 82,493 was recorded in the income statement.

As at December 31, 2024, the Group also held an accounts payable balance of USD 2,388,441 with WISeKey and WISeKey's affiliates in relation to interest on outstanding loans and the recharge of management services.

In 2025, the Group repaid the WISeCoin loan principal in an amount of USD 2,750,000, the related interests payable remain outstanding in an amount of USD 305,700.

As at June 30, 2025, the Group owed WISeKey a noncurrent debt in an amount of USD 3,531,300 corresponding to the remaining loan under the Debt Remission and a short-term loan of USD 3,008,775 made up of the WISeCoin loan and the interest thereof.

As at June 30, 2025, the Group also held an accounts payable balance of USD 1,281,309 with WISeKey and WISeKey's affiliates in relation to interest on the WISeCoin loan and the recharge of management services.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 23. Employee benefit plans**

**Defined benefit post-retirement plan**

The Group maintains two pension plans: one maintained by SEALSQ Corp covering its employees in Switzerland and one maintained by SEALSQ France SAS covering its employees in France.

All plans are considered defined benefit plans and accounted for in accordance with ASC 715 Compensation – Retirement Benefits. This model allocates pension costs over the service period of employees in the plan. The underlying principle is that employees render services ratably over this period, and therefore, the income statement effects of pensions should follow a similar pattern. ASC 715 requires recognition of the funded status or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet, with a corresponding adjustment recorded in the net loss. If the projected benefit obligation exceeds the fair value of the plan assets, then that difference or unfunded status represents the pension liability.

The Group records net service cost as an operating expense and other components of defined benefit plans as a non-operating expense in the statement of comprehensive loss.

The liabilities and annual income or expense of the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair value of plan assets is determined based on prevailing market prices.

The defined benefit pension plan maintained by SEALSQ France SAS, and its obligations to employees in terms of retirement benefits, is limited to a lump sum payment based on remuneration and length of service, determined for each employee. The plan is not funded, which means that there are no plan assets.

The pension liability calculated as at June 30, 2025 is based on annual personnel costs and assumptions as of December 31, 2024.

The expected future cash flows to be paid by the Group for employer contribution for the year ended December 31, 2025, are USD 191,000.

---

| | | |
|:---|:---|:---|
| | **6 months ended June 30,** | **6 months ended June 30,** |
| **Movement in Funded Status**<br>**USD'000** | **2025** | **2024** |
| Net Service cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Interest cost / (credit) | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Expected return on Assets | (85) |  |
| Amortization on Net (gain/loss) | 36 |  |
| Amortization on Prior service cost / (credit) | 39 |  |
| **Total Net Periodic Benefit Cost / (credit)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24** |
| Employer contributions paid in the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) |
| **Total Cashflow** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)** |

---

 **Note 24. Commitments and contingencies**

**Lease commitments**

The future payments due under leases are shown in Note 15.

**Guarantees**

Our software and hardware product sales agreements generally include certain provisions for indemnifying customers against liabilities if our products infringe a third party's intellectual property rights. Certain of our product sales agreements also include provisions indemnifying customers against liabilities in the event we breach confidentiality or service level requirements. It is not possible to determine the maximum potential amount under these indemnification agreements due to our lack of history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 25. Stockholders' equity**

Stockholders' equity consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at June 30, 2025** | **As at June 30, 2025** | **As at December 31, 2024** | **As at December 31, 2024** |
| **Share Capital** | *Ordinary Shares* | *F Shares* | *Ordinary Shares* | *F Shares* |
| Par value per share | USD 0.01 | USD 0.05 | USD 0.01 | USD 0.05 |
| Share capital (in USD) | 1237317 | 74990 | 1000395 | 74985 |
| | | | | |
| Total number of authorized shares | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Total number of fully paid-in issued shares | &nbsp;&nbsp;&nbsp;&nbsp; 123731729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499800 | &nbsp;&nbsp;&nbsp;&nbsp; 100039519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499700 |
| Total number of fully paid-in outstanding shares | &nbsp;&nbsp;&nbsp;&nbsp; 123731729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499800 | &nbsp;&nbsp;&nbsp;&nbsp; 100039519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499700 |
| **Total share capital (in USD)** | **1312307** | **1312307** | **1075380** | **1075380** |

---

***Share Purchase Agreements with L1 Capital Global Opportunities Master Fund***

On May 5, 2025, the Group entered into a Securities Purchase Agreement with L1 Capital Global Opportunities Master Fund ("**L1**", the "**L1 SPA**") to purchase 4,250,000 Ordinary Shares of SEALSQ for a subscription price of USD 8.5 million. The L1 SPA was assessed as a stock instrument and the proceeds, net of stock issuance costs of USD 669,367, were credited to the Common stock - Ordinary shares account in the amount of the aggregate par value with the excess credited to APIC.

***Share Purchase Agreements with Anson Investments Master Fund and Anson East Master Fund LP***

On May 5, 2025, the Group entered into a Securities Purchase Agreement with Anson Investments Master Fund LP and Anson East Master Fund LP (collectively "**Anson**", the "**Anson SPA**") to purchase 5,750,000 Ordinary Shares of SEALSQ for a subscription price of USD 11.5 million. The Anson SPA was assessed as a stock instrument and the proceeds, net of stock issuance costs of USD 905,615, were credited to the Common stock - Ordinary shares account in the amount of the aggregate par value with the excess credited to APIC.

***Warrant exercise***

During the six months ended June 30, 2025, the SEALSQ issued 2,234,691 Ordinary Shares to L1 and 2,234,691 Ordinary Shares to Anson upon the exercise of warrants with a strike price of USD 1.65, resulting in gross proceeds of USD 7,374,480.30. The warrants were issued in connection with a financing facility executed in 2023. The exercised warrants were equity-classified and settled in shares, and accordingly, the proceeds were credited to the Common stock - Ordinary shares account in the amount of the aggregate par value with the excess credited to APIC.

***At-the -Market Facility***

On May 19, 2025, SEALSQ entered into an at-the-market ("**ATM**") equity offering program pursuant to which it may offer and sell Ordinary Shares having an aggregate offering price of up to USD 100 million from time to time through a designated sales agent.

In the six months ended June 30, 2025, the Group sold 7,509,737 Ordinary Shares under the ATM program at an average price of USD 3.76 per share, generating gross proceeds of USD 28,262,944. The Group paid commissions and offering expenses of USD 1,139,556, resulting in net proceeds of USD 27,123,388. As at June 30, 2025, approximately USD 71.7 million of the ATM facility remained available for future sales.

 **Note 26. Revenue**

**Nature of goods and services**

The Group generates revenues from the sale of semiconductors secure chips and from Digital Certificates, Software as a Service, Software license and Post-Contract Customer Support (PCS) for cybersecurity applications. Products and services are sold principally separately but may also be sold in bundled packages.

For bundled packages, the Group accounts for individual products and services separately if they are distinct – i.e. if a product or service is separately identified from other items in the bundled package and if a customer can benefit from it. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices when available or estimated based on the Adjusted Market Assessment approach (e.g. licenses), or the Expected Cost-Plus Margin approach (e.g., PCS).

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

The following is a description of the principal activities from which the Group generates its revenue across all reportable segments.

---

| | |
|:---|:---|
| **Product and services** | **Nature, timing of satisfaction of performance obligations and significant payment terms** |
| Semiconductors secure chips | Although they may be sold in connection with other services of the Group, they always represent distinct performance obligations.<br>The Group recognizes revenue when a customer takes possession of the chips, which usually occurs when the goods are delivered. Customers typically pay once goods are delivered. |
| SaaS | The Group's SaaS arrangements cover the provision of cloud-based certificates for authentication purposes such as Device Attestation Certificates (DACs) for MATTER Protocol, IoT Device-to-Cloud Authentication, or Device-to-Device Authentication. The Group recognizes revenue on a straight-line basis over the service period which is usually yearly renewable.<br>Where lifelong certificates are issued, the Group recognizes revenue when the certificate is delivered and usable by the customer.<br>Customers usually pay ahead of the service period; the paid amounts which have not yet been recognized as revenue are shown as deferred revenue on the balance sheet. |
| Software and INeS Certificate Management Platform | The Group provides software for certificates life-cycle management and signing and authentication solutions through its INeS Certificate Management Platform. The Group recognizes revenue when the software has been delivered or the platform has been set up, and PCS revenue over the service period which is usually one-year renewable.<br>Customers pay upon delivery of the software or over the PCS. |
| Implementation, integration and other services | The Group provides services to implement and integrate multi-element cybersecurity solutions. Most of the time the solution elements are off-the-shelve non-customized components which represent distinct performance obligations. Implementation and integration services are payable when rendered, while other revenue elements are payable and recognized as per their specific description in this section. |

---

**Disaggregation of revenue**

The following table shows the Group's revenues disaggregated by product or service type:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **At one point in time** | **At one point in time** | **Over time** | **Over time** | **Total** | **Total** |
| **Disaggregation of revenue** | **Typical payment** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** | | |
| **USD'000** |  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Semiconductors Segment** | **Semiconductors Segment** |  |  |  |  |  |  |
| Secure chips | Upon delivery | 4710 | 4828 |  |  | 4710 | 4828 |
| Certificates | Upon issuance | 108 |  | 7 |  | 115 |  |
| **Total Semiconductors Segment** | **Total Semiconductors Segment** | **4818** | **4828** | **7** |  | **4825** | **4828** |
| **Total Corporate Segment** | **Total Corporate Segment** |  | **—** | **—** |  |  | **—** |
| **Total Revenue** | **Total Revenue** | **4818** | **4828** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7** | **—** | **4825** | **4828** |

---

For the years ended December 31, 2024 and 2023, the Group recorded no revenues related to performance obligations satisfied in prior periods.

The following table shows the Group's revenues disaggregated by geography, based on our customers' billing addresses:

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Net sales by region**<br>**USD'000** | **2025** | **2024** |
| **Semiconductors Segment** |  |  |
| Europe, Middle East and Africa | 852 | 880 |
| North America | 3083 | 3058 |
| Asia Pacific | 795 | 890 |
| Latin America | 95 |  |
| **Total Semiconductors Segment revenue** | **4825** | **4828** |
| **Total Corporate Segment revenue** | **—** | **—** |
| **Total net sales** | **4825** | **4828** |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

**Contract assets, deferred revenue and contract liability**

Our contract assets, deferred revenue and contract liability consist of:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at June 30,**<br> **2025 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp; **As at December 31,**<br>**2024** |
| **Trade accounts receivable** |  |  |
| Trade accounts receivable – Semiconductors Segment | &nbsp;&nbsp;&nbsp;&nbsp; 2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 |
| **Total trade accounts receivable** | **&nbsp;&nbsp;&nbsp;&nbsp;2483** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645** |
| Customer contract liabilities - current | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| **Total customer contract liabilities** | **28** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83** |
| **Deferred revenue** |  |  |
| Deferred revenue – Semiconductors Segment | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| **Total deferred revenue** | **15** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5** |
| Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the year | 5 |  |

---

Increases or decreases in trade accounts receivable, contract assets, deferred revenue and contract liabilities are primarily due to normal timing differences between our performance and customer payments.

**Remaining performance obligations**

As of June 30, 2025, approximately USD 42,514 is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining performance obligations in 2025 and 2026.

 **Note 27. Other operating income**

Other operating income relates to:

services provided to WISeKey International Holding in an amount of USD 1,662,085 (see Note 34 for detail) and

the release of unused provisions in an aggregate amount of USD 169.

 **Note 28. Stock-based compensation**

***Employee stock option plans***

The F Share Option Plan ("**FSOP**") and the Ordinary Share Option Plan ("**OSOP**") were approved respectively on January 19, 2023, and September 15, 2023, by the Board of directors of SEALSQ.

***Grants***

In the six months ended June 30, 2025, the Group granted a total of 2,736,437 options exercisable in Ordinary Shares. Each option is exercisable into one Ordinary Share.

The options granted consisted of:

- 2,232,347 options with immediate vesting granted to employees and Board members, all of which had been exercised as of June 30, 2025.

- 498,090 options with immediate vesting granted to employees and Board members, which had not been exercised as of June 30, 2025.

- 6,000 options with immediate vesting granted to external advisors, which had not been exercised as of June 30, 2025.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

The options granted were valued at grant date using the Black-Scholes model.

There was no grant of options on F Shares in the six months ended June 30, 2025.

***Stock option charge to the income statement***

The Group calculates the fair value of options granted by applying the Black-Scholes option pricing model, using the market price of an Ordinary Share of SEALSQ. Expected volatility is based on historical volatility of SEALSQ's Ordinary Shares.

In the six months ended June 30, 2025, a total charge of USD 9,935,408 for options granted to Board members, employees and external advisors was recognized in the consolidated income statement calculated by applying the Black-Scholes model at grant, in relation to options. An amount of USD 2,201,555 was in relation to equity classified options whilst the remaining USD 7,733,853 related to liability classified stock options. As at June 30, 2025, the liability related to stock-based compensation amounted to USD 1,639,186, all classified as current.

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted:

---

| | | |
|:---|:---|:---|
| **Assumption** | **June 30, 2025** | **June 30, 2024** |
| Dividend yield |  |  |
| Risk-free interest rate used (average) | 1.00% | 1.00% |
| Expected market price volatility | 175.40% | 65.31% |
| Average remaining expected life of stock options on F Shares (years) |  | 5.69 |
| Average remaining expected life of stock options on Ordinary Shares (years) | 6.40 | 6.91 |

---

There were no unvested options as at June 30, 2025.

The following table illustrates the development of the Group's non-vested options for the six months ended June 30, 2025 and for the year 2024.

---

| | | |
|:---|:---|:---|
| | **Options on Ordinary shares** | **Options on Ordinary shares** |
| <br>**Non-vested options** | **Number of shares under options** | **Weighted-average grant date fair value (USD)** |
| **Non-vested options as at December 31, 2023** | **—** | **—** |
| Granted | 245165 | 0.61 |
| Vested | 245165 | 0.61 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2024** | **—** | **—** |
| Granted | 2736437 | 2.76 |
| Vested | 2736437 | 2.76 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at June 30, 2025** | **—** | **—** |

---

---

| | | |
|:---|:---|:---|
| | **Options on F shares** | **Options on F shares** |
| <br>**Non-vested options** | **Number of shares under options** | **Weighted-average grant date fair value (USD)** |
| **Non-vested options as at December 31, 2023** | **—** | **—** |
| Granted | 23 | 2.35 |
| Vested | 23 | 2.35 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2024** | **—** | **—** |
| Granted |  |  |
| Vested |  |  |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at June 30, 2025** | **—** | **—** |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

The following tables summarize the Group's stock option activity for the six months ended June 30, 2025 and the year ended December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options on Ordinary shares** | **SEAL Ordinary Shares under options** | **Weighted-average exercise price<br> (USD)** | **Weighted average remaining contractual term<br> (in years)** | **Aggregate intrinsic value<br> (USD)** |
| **Outstanding as at December 31, 2023** | **—** | **0.00** | **0.00** | **—** |
| Of which vested |  | 0.00 | **0.00** |  |
| Granted | 245165 | 0.01 | **—** | **—** |
| **Outstanding as at December 31, 2024** | **245165** | **0.01** | **6.65** | **1505313** |
| Of which vested | 245165 | 0.01 | **6.65** | 1505313 |
| Granted | 2736437 | 0.01 | **—** | **—** |
| Exercised or converted | (2258623) | 0.01 | **—** | **8051787** |
| Forfeited or cancelled | (65774) | 0.01 | **—** | **—** |
| **Outstanding as at June 30, 2025** | **657205** | **0.01** | **6.62** | **2487960** |
| Of which vested | 657205 | 0.01 | **6.62** | 2487960 |

---

We note that 2,258,623 options on Ordinary Shares were exercised in the six months ended June 30, 2025 but SEALSQ withheld 1,026,642 Ordinary Shares as a means of meeting some grantees' tax obligation in relation to their option exercise, which resulted in the creation and delivery of 1,231,981 Ordinary Shares.

**Summary of stock-based compensation expenses**

****

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Stock-based compensation expenses** <br>**USD'000** | **2025** | **2024** |
| In relation to the Ordinary Share Option Plan | &nbsp;&nbsp;&nbsp;&nbsp;9935 | 42 |
| In relation to the F Share Option Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | **9935** | **42** |

---

Stock-based compensation expenses are recorded under the following expense categories in the income statement.

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Stock-based compensation expenses**<br>**USD'000** | **2025** | **2024** |
| Research & development expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Selling & marketing expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| General & administrative expenses | 4967 | 42 |
| **Total** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42** |

---

 **Note 29. Non-operating income**

Non-operating income consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| <br>**USD'000** | **2025** | **2024** |
| Foreign exchange gain | 1203 | 204 |
| Interest income | 1611 | 254 |
| Other |  | 7 |
| **Total non-operating income** | **2814** | **465** |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 30. Non-operating expenses**

Non-operating expenses consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| <br>**USD'000** | **2025** | **2024** |
| Foreign exchange losses | 1279 | 3 |
| Financial charges | 198 | 2 |
| Interest expense | 10 | 361 |
| Other |  | 6 |
| **Total non-operating expenses** | **1487** | **372** |

---

 **Note 31. Segment reporting**

The Group has two operating segments that meet the criteria set in ASC 280-10-50: Semiconductors and Corporate. The Semiconductors reportable segment is a strategic business unit that offers specific products and is managed separately because it requires dedicated resources and a targeted marketing strategy. The Semiconductors segment encompasses the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ & FIPS 140-3-certified secure microprocessors. The Corporate reportable segment requires separate disclosure based on the asset test; it is a strategic business unit that integrates corporate services and the Group's financing strategy, and is managed separately because it requires dedicated resources. The Corporate reportable segment did not exist prior to January 1, 2023, when SEALSQ Corp acquired SEALSQ France SAS.

The Group's chief operating decision maker, who is its Chief Executive Officer, evaluates performance for its reportable segments based on segment net sales and gross profit where applicable, and on operating income or loss for purposes of allocating resources (including employees, property, plant and equipment, and financial resources) and assessing budgets and performance. The chief operating decision maker considers budget-to-actual variances on a quarterly basis.

The Group accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Unaudited 6 months ended June 30,** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **USD'000** | **Semiconductors** | **Corporate** | **Total** | **Semiconductors** | **Corporate** | **Total** |
| Revenues from external customers | 4825 |  | 4825 | 4828 |  | 4828 |
| Intersegment revenues |  |  |  |  |  |  |
|  | 4825 |  | 4825 | 4828 |  | 4828 |
| *Reconciliation of revenue* |  |  |  |  |  |  |
| Elimination of intersegment revenue |  |  |  |  |  |  |
| Total consolidated revenue |  |  | 4825 |  |  | 4828 |
| Less:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 3199 |  | 3199 | 3895 |  | 3895 |
| Segment gross profit | 1626 |  | 1626 | 933 |  | 933 |
| Less:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 7328 | 15547 | 22875 | 5656 | 4180 | 9836 |
| &nbsp;&nbsp;&nbsp;Other segment items | 691 | (1929) | (1238) | (15) | 583 | 568 |
| Segment profit /(loss) before income taxes | (6393) | (13618) | (20011) | (4708) | (4763) | (9471) |
| *Reconciliation of profit or loss (segment profit/(loss))* |  |  |  |  |  |  |
| Other profit or loss<sup>2</sup> |  |  | 13 |  |  | 17 |
| Elimination of intersegment profits |  |  |  |  |  |  |
| Income / (loss) before income taxes |  |  | (19998) |  |  | (9454) |
| **Other segment disclosures** |  |  |  |  |  |  |
| Interest revenue | 7 | 1604 | 1611 | 74 | 180 | 254 |
| Interest expense | 7 | 3 | 10 | 51 | 316 | 367 |
| Depreciation and amortization | 313 | 2 | 315 | 301 |  | 301 |
| Profit / (loss) from intersegment sales |  |  |  |  |  |  |
| Income tax recovery / (expense) |  | (1) | (1) | (1304) |  | (1304) |
| Segment assets | 13233 | 162364 | 175597 | 15876 | 39948 | 55824 |

---

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Profit or loss from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

Other segment items for each reportable segment are made up of non-operating expenses, including management expenses, foreign exchanges gains and losses, debt discount amortization and financing costs.

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Asset reconciliation** <br>**USD'000** | **2025** | **2024** |
| Total assets from reportable segments | 175597 | 55824 |
| Other assets<sup>1</sup> | 185 | 179 |
| Elimination of intersegment receivables | (14430) | (4437) |
| Elimination of intersegment investment and goodwill | (19332) | (19332) |
| **Consolidated total assets** | **142020** | **32234** |

---

(1) Assets from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments.

**Revenue and property, plant and equipment by geography**

The following tables summarize geographic information for net sales based on the billing address of the customer, and for property, plant and equipment.

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| **Net sales by region**<br>**USD'000** | **2025** | **2024** |
| North America | 3083 | 3058 |
| Europe, Middle East & Africa | 852 | 880 |
| Asia Pacific | 795 | 890 |
| Latin America | 95 |  |
| **Total net sales** | **4825** | **4828** |

---

---

| | | |
|:---|:---|:---|
| **Property, plant and equipment, net of depreciation, by region**<br>**USD'000** | **As at June 30,**<br>**2025 (unaudited)** | **As at December 31,**<br>**2024** |
| Europe, Middle East & Africa | 3504 | 3201 |
| **Total Property, plant and equipment, net of depreciation** | **3504** | **3201** |

---

 **Note 32. Earnings / (Loss) per share**

The computation of basic and diluted net earnings / (loss) per share for the Group is as follows:

---

| | | |
|:---|:---|:---|
| | **Unaudited 6 months ended June 30,** | **Unaudited 6 months ended June 30,** |
| <br>**Earnings / (loss) per share** | **2025** | **2024** |
| Net loss (USD'000) | (20000) | (10758) |
| Effect of potentially dilutive instruments on net earnings (USD'000) | n/a | n/a |
| Net loss after effect of potentially dilutive instruments (USD'000) | (20000) | (10758) |
| **Ordinary Shares used in net earnings / (loss) per share computation:** |  |  |
| Weighted average shares outstanding - basic | 108980395 | 21199165 |
| Effect of potentially dilutive equivalent shares | n/a | n/a |
| Weighted average shares outstanding - diluted | 108980395 | 21199165 |
| **Net earnings / (loss) per Ordinary Share** |  |  |
| Basic weighted average loss per share (USD) | (0.17) | (0.37) |
| Diluted weighted average loss per share (USD) | (0.17) | (0.37) |
| **F Shares used in net earnings / (loss) per share computation:** |  |  |
| Weighted average shares outstanding - basic | 1499800 | 1499700 |
| Effect of potentially dilutive equivalent shares | n/a | n/a |
| Weighted average shares outstanding - diluted | 1499800 | 1499700 |
| **Net earnings / (loss) per F Share** |  |  |
| Basic weighted average loss per share (USD) | (0.86) | (1.87) |
| Diluted weighted average loss per share (USD) | (0.86) | (1.87) |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

 **Note 33. Legal proceedings**

We are currently not party to any legal proceedings and claims that are not provided for in our financial statements.

 **Note 34. Related parties disclosure**

**Subsidiaries**

As at June 30, 2025, the condensed consolidated financial statements of the Group include the entities listed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Group Company Name** | **Country of incorporation** | **Year of incorporation** | **Share Capital** | **% ownership<br> as at June 30, 2025** | **% ownership<br> as at December 31, 2024** | **Nature of business** |
| SEALSQ France SAS | France | 2010 | EUR 1,473,162 | 100% | 100% | Chip manufacturing, sales & distribution |
| SEALSQ Japan KK | Japan | 2017 | JPY 1,000,000 | 100% | 100% | Sales & distribution |
| SEALSQ France Taiwan Branch | Taiwan | 2017 | TWD&nbsp;&nbsp;&nbsp;&nbsp;100,000 | 100% | 100% | Sales & distribution |
| SEALSQ USA Ltd | U.S.A. | 2024 | Nil | 100% | 100% | Sales & distribution |

---

**Unconsolidated affiliates**

As per the table below, as at June 30, 2025, the Group holds an equity investment in an unconsolidated affiliate over which it exercises significant influence, but which is not consolidated because the Group does not control the entity. As detailed in Note 16, this investment is accounted for under the equity method of accounting in accordance with ASC 323.

---

| | | | |
|:---|:---|:---|:---|
| **Company Name** | **% ownership<br> as at June 30, 2025** | **% ownership<br> as at December 31, 2024** | **Nature of relationship** |
| The WeCan Group AG | 31.87% | n/a | Equity method investment |

---

**Related party transactions and balances**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Receivables as at** | **Receivables as at** | **Payables as at** | **Payables as at** | **Net expenses to** | **Net expenses to** | **Net income from** | **Net income from** |
|  | | **June 30,** | **December 31,** | **June 30,** | **December 31,** | **in the six months ended June 30,** | **in the six months ended June 30,** | **in the six months ended June 30,** | **in the six months ended June 30,** |
| | <br>**Related Parties**<br>**(in USD'000)** | **2025**<br> **(unaudited)** | **2024**  | **2025**<br> **(unaudited)** | **2024**  | **2025**<br> **(unaudited)** | **2024**<br> **(unaudited)** | **2025**<br> **(unaudited)** | **2024**<br> **(unaudited)** |
| 1 | Carlos Moreira |  |  | 3283 | 953 |  |  |  |  |
| 2 | John O'Hara |  |  | 259 | 381 |  |  |  |  |
| 3 | Ruma Bose |  |  | 21 | 13 | 125 | 28 |  |  |
| 4 | Cristina Dolan | 66 |  |  | 13 | 136 | 12 |  |  |
| 5 | David Fergusson | 35 |  |  |  | 108 | 9 |  |  |
| 6 | Eric Pellaton |  |  | 16 | 13 | 124 | 13 |  |  |
| 7 | Peter Ward |  |  |  |  | 1472 |  |  |  |
| 8 | Hossein Rahnama |  |  | 9 |  | 12 |  |  |  |
| 9 | Danil Kerimi |  |  |  | 13 | 27 | 44 |  |  |
| 10 | WISeKey International Holding AG | 3218 |  | 4071 | 4821 | 500 | 2066 | 1662 |  |
| 11 | WISeKey SA | 73 |  | 387 | 237 | 495 | 510 |  |  |
| 12 | WISeKey Semiconductors GmbH |  |  |  |  |  | 84 |  |  |
| 13 | WISeCoin AG |  |  | 354 | 3445 | 10 | 37 |  |  |
| 14 | SEALCOIN AG | 338 | 223 |  |  |  |  | 80 |  |
| 15 | WISeSat.Space AG | 500 |  |  |  |  |  |  |  |
|  | **Total** | **4230** | **223** | **8400** | **9889** | **3009** | **2803** | **1742** |  |

---

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

1. Carlos Moreira is a member of the Board and the CEO of SEALSQ Corp. A short-term payable to Carlos Moreira in an amount of USD 3,282,506 was outstanding as at June 30, 2025, made up of accrued bonuses, social charges thereon, and an amount due for Mr. Moreira's tax obligations in relation to an option exercise made in early June 2025 and for which the Group withheld a number of shares the market value of which amounted to the tax obligation of Mr. Moreira,.

2. John O'Hara is a member of the Board and the CFO of SEALSQ Corp. A short-term payable to John O'Hara in an amount of USD 259,264 was outstanding as at June 30, 2025, made up of accrued bonuses and social charges thereon.

3. Ruma Bose is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended, and the payable balance as at, June 30, 2025 relate to her Board fee.

4. Cristina Dolan is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended June 30, 2025 relate to her Board fee. The receivable balance as at June 30, 2025 relates to an advance payment by SEALSQ of her tax obligations in relation to an option exercise made in early June 2025. This advance payment is expected to be repaid before year end.

5. David Fergusson is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended June 30, 2025 relate to his Board fee. The receivable balance as at June 30, 2025 relates to an advance payment by SEALSQ of his tax obligations in relation to an option exercise made in early June 2025. This advance payment is expected to be repaid before year end.

6. Eric Pellaton is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended, and the payable balance as at, June 30, 2025 relate to his Board fee.

7. Peter Ward is a member of the board of directors of SEALSQ Corp and was the CFO of the Group until January 2024. The expenses recorded in the income statement in the six months ended June 30, 2025 correspond to a bonus in relation to his CFO role in 2023 and 2024.

8. Hossein Rahnama is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended, and the payable balance as at, June 30, 2025 relate to his Board fee.

9. Danil Kerimi is a former member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the six months ended June 30, 2025 relate to his Board fee.

10. WISeKey International Holding AG has a controlling interest in the SEALSQ Group. WISeKey and its affiliates provide financing and management services, including, but not limited to, sales and marketing, accounting, taxation, business and strategy consulting, marketing, risk management and information technology. These services are centrally recharged by WISeKey International Holding AG. The expenses in relation to WISeKey International Holding AG recorded in the income statement in the six months to June 30, 2025, relate to such recharge of management services. The payable balance as at June 30, 2025 relates to such recharge of management services as well as the Debt Remission balance.

SEALSQ provides financing and management services, including, but not limited to, sales and marketing, accounting, finance, legal, taxation, business and strategy consulting, public relations, marketing, risk management and, information technology and general management. The income in relation to WISeKey International Holding AG recorded in the income statement in the six months to June 30, 2025 relates to the such recharge of management services. The receivable balance as at June 30, 2025 relates to this recharge of management services as well as holiday and pension liabilities due by WISeKey International Holding AG following a transfer of employees from WISeKey International Holding AG to SEALSQ in January 2025.

11. WISeKey SA is part of the group headed by WISeKey International Holding AG (the **"WISeKey Group**") and employs supporting staff who work for the SEALSQ Group. The expenses in relation to WISeKey SA recorded in the income statement in the six months to June 30, 2025 relate to the recharge of employee costs. The payable balance as at June 30, 2025 relates to the recharge of employee costs and tax obligations payable by WISeKey SA for the exercise of options on SEALSQ shares granted by SEALSQ to WISeKey SA employees. The receivable balance as at June 30, 2025 relates to holiday and pension liabilities due by WISeKey SA following a transfer of employees from WISeKey SA to SEALSQ in January 2025.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

12. WISeKey Semiconductors GmbH is part of the WISeKey Group and employed sales staff who worked for the SEALSQ Group.

13. WISeCoin AG is part of the WISeKey Group. The expenses in relation to WISeCoin AG recorded in the income statement in the six months ended, and the payable balance as at, June 30, 2025 relate to interest on the WISeCoin loan.

14. SEALCOIN AG is part of the WISeKey Group. The income in relation to SEALCoin AG recorded in the income statement in the six months ended, and the receivable balance as at, June 30, 2025, relate to services provided by SEALSQ.

15. WISeSat Space AG is part of the WISeKey Group. The receivable balance as at, June 30, 2025, relates to an advance payment for access to WISeSat's constellation for R&D purposes.

 **Note 35. Subsequent events**

***Acquisition of IC'ALPS SAS***

On August 4, 2025, the Group announced that it had completed the acquisition of 100% of the share capital and voting rights of IC'ALPS SAS ("**IC'ALPS**"), an ASIC design and supply specialist based in Grenoble, France. This strategic acquisition is expected to reinforce SEALSQ's commitment to advancing its Application-Specific Integrated Circuit (ASIC) development to meet the growing demand in the sector and adds approximately 100 highly skilled staff based out of IC'ALPS' current centers in Grenoble and Toulouse, France.

The purchase price is made up of EUR 10 million paid in cash, 823,988 Ordinary Shares of SEALSQ with a market value of USD 2.5 million based on the closing price of an Ordinary Share of SEALSQ on August 4, 2025 of USD 2.99, and a contingent consideration of up to EUR 4 million based on the US GAAP revenue of IC'Alps for the financial year ending December 31, 2025.

The assets, liabilities and results of IC'ALPS will be consolidated in SEALSQ's financial statements from August 4, 2025. At the time these financial statements are released, the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, as well as for the goodwill cannot be ascertained because the US GAAP financial statements of IC'Alps as of August 4, 2025 are not yet available.

***Securities Purchase Agreement***

On July 14, 2025, the Group entered into a Securities Purchase Agreement with several institutional investors to purchase 15,000,000 Ordinary Shares and accompanying warrants to purchase up to 30,000,000 Ordinary Shares at a combined purchase price of USD 4.00 per Ordinary Share and accompanying warrants, for a total subscription price of USD 60 million. The warrants will have an exercise price of USD 4.60 per Ordinary Share, will be immediately exercisable, and will expire seven years following the date of issuance.

 **Note 36. Impacts of ongoing conflicts and regulatory changes**

***Impacts of the war in Ukraine***

Following the outbreak of the war in Ukraine in late February 2022, several countries imposed sanctions on Russia, Belarus and certain regions in Ukraine. There has been an abrupt change in the geopolitical situation, with significant uncertainty about the duration of the conflict, changing scope of sanctions and retaliation actions including new laws.

The SEALSQ group does not have any operation or customer in Russia, Belarus or Ukraine, and, as such, does not foresee any direct impact of the war on its operations. However, the war has also contributed to an increase in volatility in currency markets, energy prices, raw material and other input costs, which may impact the Group's supply chain in the future.

As at June 30, 2025, SEALSQ assessed the consequences of the war for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

SEALSQ Corp Consolidated Financial Statements as at June 30, 2025

***Impacts of the Israel–Hamas conflict***

Israel's declaration of war on Hamas in October 2023 has degraded the geopolitical environment in the region and created uncertainty.

The SEALSQ group does not have any operation or customer in that region, and, as such, does not foresee any direct impact of the war on its operations. However, depending on its duration and intensity, the war may adversely affect the global economy, financial markets and the Group's supply chain in the future.

As at June 30, 2025, SEALSQ assessed the consequences of the war for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

***Our business could suffer as a result of tariffs and trade sanctions or similar actions***

The imposition by the United States of tariffs, sanctions or other restrictions on goods exported from the United States or imported into the United States, or countermeasures imposed in response to such government actions, could adversely affect our operations or our ability to sell our products globally, which could adversely affect our operating results and financial condition. In 2025, U.S. government leaders have increased their frequency of discussion of the imposition of stronger tariffs, sanctions, and other restrictions on goods exported from the United States or imported into the United States, and non-U.S. government leaders have increased their discussion of countermeasures. For example, in August 2025, the United States and the European Union are pleased to announced that they had agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade whereby, *inter alia*, the United States commits to apply the higher of either the US Most Favored Nation (MFN) tariff rate or a tariff rate of 15%, comprised of the MFN tariff and a reciprocal tariff, on originating goods of the European Union, including semiconductors. Although a large amount of our supply chain does not currently directly import products to the United States as we supply to contract manufacturers outside the United States, there is a possibility that any future tariffs may still impact upon our ability to sell our product and to remain competitive in the market. Such trade measures may directly impair our business by increasing trade-related costs or disrupting established supply chains and may indirectly impair our business by causing a negative effect on global economic conditions and financial markets. The ultimate impact of these trade measures is uncertain and may be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount, scope, or nature of such trade measures.

As at June 30, 2025, SEALSQ assessed the impact of these uncertainties for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

### Attached PDF Documents

**Attachment 1:** `e664819_ex99-2.pdf`

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