Episode Details

SEALSQ Corp (LAES) H1 2026 — The September 15 intraday quote was $2.26; this is a dated snapshot, not a closing reaction. SEALSQ more than doubled first-half revenue, but operating losses and free-cash burn widened. The cash cushion also looks different when F-share economic rights and the complete share count are included. THE CALL: SELL (3/5, MODERATE) — base-case value ~$1.65 vs ~$2.26 today. KEY METRICS: - H1 revenue $11.151M, up 131.1% YoY - Gross profit $5.408M; gross margin 48.5% - Operating loss $32.162M; consolidated net loss $27.789M - OCF −$23.731M; FCF −$25.249M - Net liquid assets $481.033M before burn/commitments - Model economic shares 231.140922M; net liquid assets/share $2.08 - Mean fair value $1.65; separate probability-weighted value $1.805 What to watch: Commercial post-quantum revenue by year-end, H2 operating cash use at or below $20M, related-party receivables below $14M, and disciplined economic share growth. Full research packet: https://chargedalpha.com/research/laes-h1-2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.