SEALSQ: One Of The Quantum Players With Real Products, But Risks Remain

2025-05-22 08:30:00 ET

Summary

• Quantum stock hype has faded, and we're now entering a filtering phase where real product delivery will separate winners from hype-driven players.
• SEALSQ stands out among quantum peers with actual commercial products and revenue, but faces execution risks and a recent sales contraction during its tech transition.
• Despite a cleaned-up balance sheet in FY24, SEALSQ's new equity offerings raise concerns about ongoing dilution, contradicting earlier management optimism.
• I'm holding my LAES position for now, as SEALSQ's roadmap is ambitious but execution and dilution risks keep me from adding or shorting at this stage.

The market is easing back into quantum computing stocks after the short-lived hype late last year, following quantum-related progress updates and announcements from research institutes and some of the mag 7 companies - Google announced Willow and IBM announced the 156 qubits Heron quantum chip . Some of the announcements had much buzz that it felt like quantum tech was right on our doorsteps, and the next minute we’d be on the verge of having quantum-ready chips in our everyday devices....

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