v3.26.3
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Stock-Based Compensation [Line Items]  
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options

The following assumptions were used to estimate the fair value of stock options granted:

 

Assumption   June 30,
2026		     June 30,
2025		  
Dividend yield     None       None  
Risk-free interest rate used (average)     1.00 %     1.00 %
Expected market price volatility     118.90 %     83.07 – 127.81 %
Average remaining expected life of stock options on WIHN Class B Shares (years)     3.28       3.49  
Average remaining expected life of stock options on WIHN Class A Shares (years)     n/a       3.40  
Schedule of Group's Non-Vested Option Activity

The following table illustrates the development of the Group’s non-vested options for the six months ended June 30, 2026.

 

    Options on WIHN Class B Shares     Options on WIHN Class A Shares  
Non-vested options   Number of shares under options     Weighted-average grant date fair value (USD)     Number of shares under options     Weighted-average grant date fair value (USD)  
Non-vested options as of December 31, 2024     136       7.55       -          -  
Granted     22,129       11.08       -       -  
Vested     (22,265 )     11.06       -       -  
Non-vested forfeited or cancelled     -       -       -       -  
Non-vested options as of December 31, 2025     -       -       -       -  
Granted     -       -       -       -  
Vested     -       -       -       -  
Non-vested forfeited or cancelled     -       -       -       -  
Non-vested options as of June 30, 2026     -       -       -       -  
Schedule of Group's Stock Option Activity

The following tables summarize the Group’s stock option activity for the six months ended June 30, 2026.

 

Options on WIHN Class B Shares   WIHN Class B Shares under options     Weighted-average exercise price
(USD)		     Weighted average remaining contractual term
(in years)		     Aggregate intrinsic value
(USD)		  
Outstanding as of December 31, 2024     276,259       2.40       5.25       5,235,260  
Of which vested     276,123       2.40       5.24       5,226,771  
Of which non-vested     136       -       -       -  
Granted     22,129       0.97       -       -  
Exercised or converted     (7,741 )     0.13       -       127,275  
Forfeited or cancelled     (1,200 )     3.16       -       -  
Expired     (200 )     -       -       -  
Outstanding as of December 31, 2025     289,247       2.47       4.31       4,073,566  
Of which vested     289,247       2.47       4.31       4,073,566  
Of which non-vested     -       -       -       -  
Granted     4,894       0.13       -       -  
Exercised or converted     (94,844 )     2.20       -       1,001,061  
Forfeited or cancelled     -       -       -       -  
Expired     (221 )     -       -       -  
Outstanding as of June 30, 2026     199,076       2.54       4.08       2,399,174  
Of which vested     199,076       2.54       4.08       2,399,174  
Of which non-vested     -       -       -       -  

 

Options on WIHN Class A Shares   WIHN Class A Shares under options     Weighted-average exercise price
(USD)		     Weighted average remaining contractual term
(in years)		     Aggregate intrinsic value
(USD)		  
Outstanding as of December 31, 2024     392,720       0.25       3.90       723,175  
Of which vested     392,720       0.25       3.90       723,175  
Granted     -       -       -       -  
Outstanding as of December 31, 2025     392,720       0.25       2.90       526,675  
Of which vested     392,720       0.25       2.90       526,675  
Granted     -       -       -       -  
Exercised or converted     (218,180 )     0.32       -       58,546  
Outstanding as of June 30, 2026     174,540       0.16       2.41       199,624  
Of which vested     174,540       0.16       2.41       199,624  
Schedule of Stock-Based Compensation Expenses
Stock-based compensation expenses   Unaudited 6 months ended
June 30,		  
USD’000   2026     2025  
In relation to Employee Stock Option Plan (ESOP)     (615 )     131  
In relation to non-ESOP Option Agreements     5       27  
In relation to SEALSQ Option Plans     3,970       9,935  
Total     3,360       10,093  

 

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

 

Stock-based compensation expenses   Unaudited 6 months ended
June 30,		  
USD’000   2026     2025  
Research & development expenses     543       1,834  
Selling & marketing expenses     278       3,134  
General & administrative expenses     2,539       5,125  
Total     3,360       10,093  
SEALSQ Corp [Member]  
Stock-Based Compensation [Line Items]  
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options

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

 

Assumption   June 30,
2026		     June 30,
2025		  
Dividend yield     None       None  
Risk-free interest rate used (average)     1.00 %     1.00 %
Expected market price volatility     172.11% - 179.04 %     175.40 %
Average remaining expected life of stock options on F Shares (years)     -       -  
Average remaining expected life of stock options on Ordinary Shares (years)     6.10       6.40  
Schedule of Group's Non-Vested Option Activity

The following table illustrates the development of the Group’s non-vested options for the six months ended June 30, 2026 and for the year 2025.

 

    Options on Ordinary shares  
Non-vested options   Number of shares under options     Weighted-average grant date fair value (USD)  
Non-vested options as of December 31, 2024     -       -  
Granted     3,042,652       2.94  
Vested     3,041,452       2.93  
Non-vested forfeited or cancelled     -       -  
Non-vested options as of December 31, 2025     1,200       4.29  
Granted     1,230,670       3.45  
Vested     1,230,670       3.45  
Non-vested forfeited or cancelled     -       -  
Non-vested options as of June 30, 2026     1,200       4.29  

 

      Options on F shares  
Non-vested options     Number of shares under options       Weighted-average grant date fair value (USD)  
Non-vested options as of December 31, 2024     -           -  
Granted     -       -  
Vested     -       -  
Non-vested forfeited or cancelled     -       -  
Non-vested options as of December 31, 2025     -       -  
Granted     -       -  
Vested     -       -  
Non-vested forfeited or cancelled     -       -  
Non-vested options as of June 30, 2026     -       -  
Schedule of Group's Stock Option Activity

The following tables summarize the Group’s stock option activity for the six months ended June 30, 2026 and the year ended December 31, 2025.

 

Options on Ordinary shares   SEAL Ordinary Shares under options     Weighted-average exercise price
(USD)		     Weighted average remaining contractual term
(in years)		     Aggregate intrinsic value
(USD)		  
Outstanding as of December 31, 2024     245,165       0.01       6.65       1,505,313  
Of which vested     245,165       0.01       6.65       1,505,313  
Granted     3,042,652       0.01       -       -  
Exercised or converted     (2,647,019 )     0.01       -       9,471,366  
Forfeited or cancelled     (65,774 )     0.01       -       -  
Outstanding as of December 31, 2025     575,024       0.04       6.14       2,152,900  
Of which vested     573,824       0.04       6.14       2,148,376  
Granted     1,230,670       0.02       -       -  
Exercised or converted     (1,588,536 )     0.01       -       5,203,593  
Forfeited or cancelled     (6,000 )     2.50       -       -  
Outstanding as of June 30, 2026     211,158       0.08       5.38       648,096  
Of which vested     209,958       0.08       5.38       644,328  

 

Options on F shares     F shares under options       Weighted-average exercise price
(USD)		       Weighted average remaining contractual term
(in years)		       Aggregate intrinsic value
(USD)		  
Outstanding as of December 31, 2024     -       -       -       -  
Of which vested     -       -       -       -  
Granted     -       -       -       -  
Exercised or converted     -       -       -       -  
Outstanding as of December 31, 2025     -       -       -       -  
Of which vested     -       -       -       -  
Granted     -       -       -       -  
Exercised or converted     -       -       -       -  
Outstanding as of June 30, 2026     -       -       -       -  
Of which vested     -       -       -       -