Thank you very much, and thank you all for joining us this morning. I am joined today by our Group CFO, John O'Hara.

With that, the first half of 2026 was a period of meaningful progress for WISeKey. We continue to improve our financial performance while advancing key strategic priorities, including the commercialization of our post-quantum semiconductor technology, the expansion of our quantum technology strategy, and the development of our secure space infrastructure platform.

We also continue to refine our corporate structure to provide investors with greater visibility into the value and growth potential of our technology businesses. For the first 6 months of 2026, preliminary unaudited revenue increased approximately by 116% to approximately $11.4 million, compared to $5.3 million in the first half of 2025.

Gross profit increased 192% to $5.5 million, and gross margin expected to approximately 48%, compared with 35% in the prior-year period. This result reflected improved product mix, as well as the increasing contribution of our semiconductor engineering and related technology capabilities.

At June 30, we had approximately $495 million in cash, unrestricted cash, with minimal debt. This gives WISeKey an unusually strong financial foundation from which to execute our long-term strategy commercializing post-quantum technology, building sovereign semiconductors and cybersecurity capabilities, developing quantum platform, expanding trusted digital identities, and advancing in secure space infrastructure.

We have built this technology and investment over many years. In 2026, they are increasingly coming together as one commercial ecosystem.

Our priorities are clear and measurable, which are convert the SEALSQ commercial pipeline into recognized revenue; move post-quantum semiconductor products from qualification and certification towards volume production; complete our planned corporate structure initiatives, including the WISeKey redomiciliation and the proposed WISeSat and Quantisimo transactions; continue expanding sovereign semiconductor, cybersecurity, and trusted infrastructure capability in key jurisdictions; build value across our technology platforms while maintaining a common root of trust. We will provide more details on each of this area shortly.

Before doing that, I will ask John to provide an overview of our first half financial performance. I will then return to discuss the strategic progress and outlook.

John, please go ahead.

Thank you, Carlos, and good morning, everybody. As Carlos noted, preliminary unaudited revenue for the first half of 2026 was $11.4 million, an increase of 116% from $5.3 million in the first half of 2025.

This stems from the revenue increase of our core semiconductor and PKI product lines, the first revenues relating to the Quantix Edge project, and the consolidation of 6 months revenue of IC'Alps and 1 month revenue of Miraex and WeCan Group SA, both acquired on 1st June 2026. Gross profit increased 192% to $5.5 million, compared with $1.9 million in the prior-year period.

Gross margin expanded to approximately 48% from approximately 35% in the first half of 2025. The gross margin improvement reflects changes in revenue mix and the growing contribution from higher-value technology, semiconductor, and engineering activities.

We will continue to focus on the opportunities that can support revenue growth while improving the quality and scalability of the group's revenue base over time. Operating loss for the first half was $40.9 million, compared with $27.3 million in the first half of 2025.

Net loss was $36.4 million, compared with $22.3 million in the prior-year period. Of note, in H1 2026, the group recorded R&D expenses of $9.1 million net of stock-based compensation, showing an increase by $5.1 million in comparison with the $4 million net of stock-based compensation for the 6 months ended June 30th, 2025.

The increase was primarily attributable to the consolidation of the results of IC'Alps, acquired in August 2025, with $4 million R&D expenses. Additionally, approximately $1 million of R&D expenses was related to group-wide intangible asset amortization, substantially all of which relates to intangible assets recognized in the Miraex, WeCan, and IC'Alps transactions.

The increase in operating and net losses principally reflects the investments we are making across the group's strategic platforms, including post-quantum semiconductors, quantum technologies, secure infrastructure, satellite initiatives, product development, certification, engineering, and planned corporate transactions. At June 30th, 2026, WISeKey had approximately $495 million in cash, unrestricted cash, and minimal debt.

This liquidity position gives us the flexibility to continue investing with a long-term perspective while also pursuing strategic opportunities across the group. It supports our ability to fund commercialization, product development, certification, infrastructure initiatives, and selective acquisitions without relying on short-term financing needs.

Turning to our guidance, WISeKey reaffirms its expectation for full year 2026 revenue growth of 50% to 100% compared with 2025. This outlook reflects our current expectations regarding the timing and execution of existing programs, semiconductor and ASIC design activity, digital identity and PKI services, sovereign infrastructure initiatives, and the initial commercialization of our post-quantum product portfolio.

As always, this guidance is subject to risks and uncertainties described in our public filings, including customer timing, certification, production schedules, market conditions, and the conversion of commercial opportunities into recognized revenue. I will now turn the call back to Carlos.

Thank you, Carlos.

Thank you, John. I would like to spend the remainder of my prepared remark discussing the 4 strategic areas that define our next phase of development: number 1, the post-quantum semiconductor commercialization through SEALSQ; number 2, SEAL Quantum sovereign vertical stack and the planned Quantisimo platform; number 3, WISeSat and the quantum spatial orbital cloud; number 4, our corporate structure and capital market initiatives, including the expected WISeKey direct listing.

Starting with post-quantum commercialization, SEALSQ remains the technology foundation of the WISeKey Group. During 2026, SEALSQ continued advancing the QS7001 post-quantum secure element and the Q-Vault TPM product line through important validation, security testing, and customer engagement stage.

The QS7001 achieved NIST SP 800-90B entropy source validation, an important step towards the FIPS 140-3 and Common Criteria EAL5+ certification. We also completed Common Criteria fault injection and side-channel resistant testing.

Engineering samples of the Q-Vault TPM are now available to customers. Separately, SEALSQ received FIPS 140-3 Level 3 validation for its VaultIC408 secure element.

These achievements matter because the transition towards quantum-resistant cryptography is no longer a distant theoretical issue. Government, enterprises, and critical infrastructure operators are beginning to prepare for migration to post-quantum security architecture.

This is creating what we believe will be a multi-year commercial opportunity for secure semiconductor, trusted identity hardware, security module, PKI, and related infrastructure. As of June 30, more than 150 customers and prospects were engaging with SEALSQ post-quantum technology, and more than 30 were actively evaluating or integrating QS7001 and Q-Vault TPM.

As of September 22, SEALSQ commercial pipeline exceeded $225 million through 2029. More than $100 million of that pipeline is associated with post-quantum projects, including QS7001 and Q-Vault TPM opportunities.

We want to be clear that this pipeline represents our estimate of potential commercial opportunity. It's not revenue, and its conversion will depend on customer qualification, product validation, certification, production schedules, integration, and other commercial factors.

However, the pipeline provides an important indication of the level of customer engagement and the market opportunity that we are pursuing. We expect initial production revenue from QS7001 and Q-Vault TPM in the fourth quarter of 2026, with larger contribution expected to begin in 2027, subject to the normal risks associated with production ramp-up and customer deployment.

Moving on to SEAL Quantum and Quantisimo, we also continue building the SEAL Quantum sovereign vertical stack, which is designed to create an integrated technology architecture expanding from cryptography root of trust and post-quantum semiconductor through photonics, quantum computing, and secure infrastructure. The strategy is to support by a targeted allocation of $200 million of SEALSQ internal capital resources.

During the year, SEALSQ completed its acquisition of Miraex in Switzerland, adding quantum photonics interconnect technology to the stack. SEALSQ also made a lead investment of approximately $15 million in colibri under the $150 million Series A financing, and subsequently entered into a $5 million commercial agreement with colibri.

In addition, SEALSQ has invested a total of $7 million in erq, a U.S.-based quantum computing company, and made a majority investment in WeCan Group. Through WeCan, we are working to advance the next generation of the co-pilot compliance solution and explore the integration of post-quantum financial secure capabilities.

Together, these assets complement WISeKey and SEALSQ on semiconductor, PKI, digital identity, and trusted infrastructure capabilities. The WISeKey quantum root key is a central element of this strategy.

It extends the root of trust that WISeKey has operated under the OISTE Foundation governance model since 1999 into the post-quantum and quantum computing era. We are integrating this common quantum-resistant trust layer across the SEAL Quantum ecosystem, from chips to qubits.

In June, WISeKey and SEALSQ established Quantisimo Group and signed a non-binding letter of intent with GIB Capital 8 regarding a potential business combination intended to create a Nasdaq-listed quantum technology company. Quantisimo is designed to combine selected technology and investment developed through the SEAL Quantum ecosystem into a focused platform covering quantum computing, photonics, quantum secure infrastructure, quantum pure play, and related technology.

The proposed transaction remains subject to definitive agreements, regulatory review, shareholder approval, and customary closing conditions. We currently target completion on the first quarter of 2027, subject to the satisfaction of those conditions.

Now let discuss WISeSat and QSAC. Our secure spaces strategy also continued to advance.

WISeSat is progressing towards becoming an independent listed space technology company through its proposed business combination with Columbus Acquisition Corp. The transaction is expected to result in a Nasdaq-listed company, subject to completion of the transaction and all requirements approval and closing.

At the International Space Summit in Paris earlier this month, WISeKey, SEALSQ, and WISeSat presented our combined commercial Quantum Spatial Orbital Cloud, or QSAC, initiative. QSAC is intended to combine the WISeSat satellite constellation with SEALSQ post-quantum semiconductors, PKI, and quantum random number generation, and digital identity technology.

The objective is to create a secure and sovereign orbital infrastructure serving governments, defense organization, financial institution, critical infrastructure, and enterprises. The current roadmap contemplates a progressive deployment of up to 100 satellites through 2033.

The platform is designed to support secure communication, quantum-generated trust, and post-quantum identity services. The initiative demonstrate how our technology platforms can reinforce one another.

WISeSat provides the satellite infrastructure, SEALSQ provides the quantum-resistant security hardware, WISeKey contributes digital identity, PKI, and root of trust. Together, they support a differentiated secure space architecture.

We are focusing on building a sovereign infrastructure. As we have announced via our news releases, we have made substantial progress in building sovereign post-quantum semiconductors and cybersecurity capabilities in Europe and the United States.

Just a couple of weeks, WISeKey, SEALSQ, and the Republic and Canton of Jura in Switzerland signed a memorandum of understanding to work together to a proposed post-quantum semiconductor and cybersecurity center in the Canton of Jura, Switzerland. The initiative has an indicated investment of approximately $40 million to $60 million over 6-year.

It is intended to provide Switzerland with capabilities to design, personalize, test, and securely provision next-generation post-quantum semiconductors, beginning with the QS7001 quantum chip. The project is designed to create skilled employment, support Swiss technology sovereignty, and strengthen the regional ecosystem around secure semiconductor and cybersecurity practices.

The Jura initiative builds on our Quantix Edge project in Murcia, Spain, announced in several occasions, where WISeKey and SEALSQ are developing sovereign semiconductor design personalization and cybersecurity capabilities. We view Murcia and Jura as an important hubs for the WISeKey and SEALSQ quantum highway, linking trusted infrastructure capability across regions.

We are also establishing the Geneva Quantum Center of Excellence at our headquarters in Pont-Rouge in Geneva. The center is intended to provide an end-to-end demonstration environment for customers, government, technology partners, regulators, and investments.

It will bring together our quantum computer, post-quantum cybersecurity, semiconductors, digital identity, satellite, robotics, and artificial intelligence technology in one physical environment. This will help demonstrate how the components of our ecosystem work together in practical use cases.

Moving on to our corporate structure, finally, we have made important progress towards simplifying our corporate structure and strengthening access to the U.S. and international capital market.

On September 9, shareholders approved the redomiciliation of WISeKey Holding company from Switzerland to the British Virgin Islands, along with the related merge agreement. The new parent company has been renamed WISeKey with Q-E-Y Corporation, WISeKey, as the news release issued this morning, the redomiciliation become legally effective today.

WISeKey ordinary shares are expected to begin trading directly on the Nasdaq Global Market and the SIX Swiss Exchange on or about October 5 under the ticker WKEY, with SIX expected to remain the primary listing. This structure is intended to streamline our U.S.

capital market presence by replacing the existing ADS structure with ordinary shares trading directly on the Nasdaq, while maintaining our Swiss operational headquarters, management presence, and international footprint. Over time, the group intends to provide greater visibility, accountability, and a strategic focus for each of its major technology platforms: WISeKey as the parent company overseeing root of trust, PKI, and digital identity business; SEALSQ as the post-quantum semiconductor secure hardware platform; WISeSat as the secure satellite and space technology platform, subject to completion of its proposed transaction; Quantisimo as the potential quantum technology platform, subject to completion of its proposed transaction.

The goal is to enable each business to pursue its specific market opportunities while maintaining the technology integration that differentiates the broader group. Before opening the floor to questions, I would like to emphasize that WISeKey is building on a strong first half as we execute through the remaining of 2026, with solid revenue growth, a substantial liquidity position, increasing engagements with our post-quantum products, and meaningful strategic progress across semiconductor, quantum technology, secure space, and sovereign infrastructure.

We are now focusing on execution. That means converting commercial opportunities into revenue, bringing post-quantum products into productions, completing our planned transaction and corporate structure initiatives, and continuing to demonstrate the value of the integrated trusted infrastructure ecosystem we have built.

From silicon to qubits, from digital identity to artificial intelligence, from Earth to space, our objective remains unchange: to provide the root of trust for the next generation of the digital economy. Thank you for your time and interest in WISeKey.

Operator, we are now ready to open the call for questions.

Hey, thanks for taking my questions. My first one is on the pipeline for repeating what you've done with Quantix Edge.

Is signing and progressing on that agreement a helpful validation point as you negotiate in other regions to bring additional of those types of programs to fruition?

Hi, Matt. Nice to talk to you.

Absolutely. The concept of creating those personalization center, it was a very early concept that actually started even before all the current discussion about sovereign technology and the fact that countries want to control the entire supply chain process of basically manufacturing and, in some cases, personalizing semiconductors at national level, especially now with the post-quantum requirements and they are coming.

The first port project in Murcia it is a joint venture where we invested $10 million, the Spanish government invested €20 million, and a local startup invest $10 million. This project is already generating revenue for us, as they buy our technology, they buy our chips, they buy our machines.

We actually design the clean room and all the process required to personalize the chips. This experiment that we didn't know how that will play is actually playing very well.

Has become an inspirational for many other countries, and Jura is the next one that they want to move into semiconductor. What is happening in many of these hubs like Jura in Switzerland is very well known for being one of the watch manufacturing job hubs on the country, and obviously watch manufacturing technology needs to be projected to the future, and the skill sets are there, but they need to enter into the digital era, and semiconductor is the normal extension of that.

That's why we signed with them. Similar projects are in preparation in the United States, we should be able to give more information in Q4 for the same reason, right?

United States wants to be also self-sustainable and independent in what concerns the next-generation secure semiconductors with post-quantum capability because this is now a requirement by the U.S. government on PQC, as is an executive order on President Trump that says that critical infrastructure in the United States needs to be PQC compliant and resilient by the year 2030, this is actually tomorrow.

We will very soon be able to announce progress in the United States on that initiative, which will be obviously much bigger than what Jura or Murcia are, because the country is much bigger and the economy is much bigger. Investment in one side, creating local infrastructure, then become sovereign, and that reinforces our trust model and allows us to sell more chips and more technology at national level, which otherwise will be impossible to reach out because they will prefer to have a local player.

Got it. Thank you.

A follow-up to that question, and we've talked about this, I think, in the past, but you have a bigger balance sheet today than, I think, when you proposed the Quantix project in Spain. As you work towards bringing more of those sovereign-type projects to fruition, do you look to have a bigger economic interest in the projects now that you could potentially put more capital in?

Or is that not necessarily the direction you'd want to take with your investments?

Absolutely. As many technology companies like Nvidia and others, they are creating, in some cases, the market for their own products by investing in centers like that.

The same logic apply for data centers, right, where companies invest in data centers with the objective to have the data center acquiring GPUs from the company. The same thing applies to semiconductors.

The fact that SEALSQ and WISeKey are sitting on a very important cash position, and those projects are not that expensive, we are talking between $40, $50 million per country, it will allow us to localize a few of those centers around the world. We are also looking in South Korea, we are looking in Japan, where we have a good track on the demand on semiconductors.

As soon as we enter into a full PQC era, which should be next year, there's going to be more and more demand for that. This is one of the reasons, by the way, as WISeKey is trading at very low valuation, the enterprise value is very low.

The group has 10 times more cash than valuation in some cases. Obviously that will rectify as well the value of the group, right, as you will be consolidating the revenue generated by those entities.

This is one of the reason as well where the WISeKey, replacing the K with a Q to reflect our commitment to quantum technologies, and listing the company directly into the Nasdaq as a way to correct the historical limitation we had in Switzerland by being only a Swiss-listed company with an ADR in the U.S. All those actions that took a huge amount of effort by the company, the management, and the staff is reaching now maturity.

This is going to create a very interesting scenario where this enterprise value will more and more being recognized by the market.

Thank you. If I could sneak one additional question in, I think you highlighted a interest in growing your constellation to 100 satellites.

Can you maybe fill in a little bit on who you see as launch partners to get that out there? If there's sufficient launch capacity in the coming years to build that sort of size of constellation, and just kind of what are the dynamics you're seeing?

We started 3 years ago launching low-orbit satellites. We did it with the SpaceX, which is our predominant launcher.

SpaceX is actually working with us strategically also. This model of constellation is actually very interesting because it is both a sovereign constellation of our own satellites and at the same time allows us to interconnect with existing satellite in other constellations, right?

Our position in the space is not to have thousands of satellites, but to make the existing satellite more secure, to render them PQC compliant, to create national sovereign hubs where, for instance, one country could use a number of satellites which will be enough for them to coverage their own territory, but in a mixture between a private constellation versus a public constellation like a Starlink. We are also diversifying our launching projects by teaming with companies like Skyroot in India, which they just launched their own rocket, or PLD in Spain, which is another rocket company.

Those are small company, obviously nothing to compare with the SpaceX, but in some cases, space industry is becoming also very sovereign industry, and they might be situations where country will prefer to use their own launching capability. Our focus again, it's not sending rockets, our focus is not having thousands of satellites.

Our focus is actually to bring the cybersecurity that we have been implementing on Earth for many years into the space. This is where WISeSat and very soon to be a Nasdaq-listed company on its own right is building that layer that is not operationally in our days.

Current satellites have very little security, they are not PQC compliant, means that with a quantum attack you can just shut down many of those satellites and create a huge disruption. That's our focus.

There's going to be many strategic partners that they are slowly coming because they want to add their services to this type of secure satellite constellation that we are building.

Thank you.

Thank you very much for your time, and if you have any other questions or information, you can always email to us or go to our investors website, where you will find all the documents and presentations. We would like to thank for your attention, the moderator also to organize this call, and the IR agency to put this in place.

Thank you very much, and we look forward to being in contact with all of you very soon.