Sealsq: Quantum Growth Setup With Cash-Backed Undervaluation

SEALSQ is maintained at a cautious Buy, anchored by a robust $525M cash position and zero debt, providing industry-leading runway. FY25 revenue reached $18.3M, driven by the IC'Alps acquisition, with Q1 FY26 revenue expected to exceed $4M or over 100% YoY growth. LAES trades at a steep discount to peers, with ~$2.35 cash per share and an EV/FY25 sales multiple of ~7.2x, compressing to 4.8x on forward guidance.