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GENEVA/MUMBAI - SEALSQ Corp (NASDAQ:LAES), a $551 million market cap semiconductor company whose stock has surged over 700% in the past year, announced Monday it has signed a term sheet with Kaynes SemiCon to establish a joint venture called SEALKAYNESQ Ltd in India, focused on developing a semiconductor design and personalization center. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The joint venture will set up an Outsourced Semiconductor Test & Personalization facility at Kaynes SemiCon’s manufacturing site in India, aiming to enhance capabilities with advanced testing services compliant with Common Criteria standards while integrating Public Key Infrastructure and Post-Quantum Cryptography personalization capabilities.
Under the agreement, SEALSQ will hold 51% of the joint venture’s share capital while Kaynes SemiCon will hold 49%. Governance will be shared equally under a five-member board, according to the press release statement.
The partnership will deploy SEALSQ’s Quantum Shield semiconductor technology in India, providing a foundation for post-quantum computing security across multiple sectors.
"This partnership with Kaynes SemiCon leverages SEALSQ’s expertise in building advanced semiconductor personalization and design to enter India’s vibrant market through a trusted local manufacturer," said Carlos Moreira, CEO of SEALSQ.
Kaynes SemiCon, a subsidiary of Kaynes Technology India Limited, is on track to become the first company in India to deliver packaged semiconductor chips by October 2025. The company has already secured agreements with Alpha Omega Semiconductor, Fujitsu, Enti, and Infineon.
The joint venture is expected to benefit from the Swiss-India Free Trade Agreement signed last year, which provides customs relief for 94.7% of Swiss exports to India.
Kaynes Technology reported trailing twelve-month revenue of $340 million with a market capitalization of $5.44 billion as of mid-September 2025, according to the company’s press release. Meanwhile, SEALSQ reported revenues of $10.98 million in the last twelve months. Analysts have set a $6 price target for SEALSQ, suggesting potential upside. For deeper insights into SEALSQ’s financials and growth prospects, including additional ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports covering over 1,400 US stocks.
In other recent news, SEALSQ Corp has updated its revenue guidance for fiscal year 2025, projecting between $17.5 million and $20 million, which signifies a growth of 59% to 82% compared to the previous year. The company reported first-half 2025 revenue of $4.8 million, consistent with the same period last year, and noted a significant increase in cash reserves, which rose to $121 million as of June 30. SEALSQ also announced plans to launch its Quantum Shield QS7001 chip in mid-November 2025, integrating quantum-resistant algorithms to protect critical applications from potential quantum computing threats. Additionally, the company is preparing for a satellite launch in November 2025, which will deploy post-quantum-ready technology in space, enhancing its existing constellation of 22 operational satellites. In another development, SEALSQ’s CEO, Carlos Moreira, has joined the board of directors of WeCan Group SA, where SEALSQ holds a 28.3% equity stake. Meanwhile, AuthenTrend Technology is working on a proof-of-concept that integrates SEALSQ’s Quantum Shield chip into a biometric security key. These initiatives reflect SEALSQ’s continued focus on advancing post-quantum technology solutions.
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