Been looking at $LAES (SEALSQ) - post-quantum semiconductor company. Curious what people think.
What's interesting: they actually have a chip shipping (QS7001, NIST certified), $18M revenue last year up 66%, and somehow $425M cash for a company this size. France's ANSSI is mandating post-quantum adoption by 2027-2030 which creates real forced demand, not just hype.
What worries me: shares outstanding up 257% in a year, 20% short interest, still burning cash (-$30M TTM). Only 2 analysts cover it.
Trading around $3.10, analyst PT $6.
The tech and the regulatory tailwind seem real. The dilution is what I can't get past. Anyone have a take on whether the bull case survives it?