NASDAQ : LAES
SEALSQ Corp — Financial statements
Technology · Semiconductors · Switzerland
Last price 1.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 339.47M
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Financial statements
SEALSQ Corp (LAES) reported revenue of 24.58M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 24.58M | 18.25M | 10.98M | 30.06M | 23.20M | 17.00M |
| Cost of Revenue | 11.65M | 9.12M | 6.78M | 15.59M | 13.27M | 9.55M |
| Gross Profit | 12.93M | 9.14M | 4.21M | 14.47M | 9.93M | 7.45M |
| Selling, General & Admin | 49.07M | 38.56M | 16.29M | 14.29M | 6.92M | 9.04M |
| Research & Development | 16.47M | 12.48M | 4.99M | 3.95M | 2.31M | 3.05M |
| Other Operating Expenses | -2.38M | -2.61M | -359.00K | -48.00K | -107.85K | -91.00K |
| Operating Expenses | 63.69M | 48.94M | 21.40M | 18.61M | 9.25M | 12.30M |
| Operating Income | -50.75M | -39.80M | -17.19M | -4.14M | 683.85K | -4.85M |
| Interest Expense | -110.00K | -223.00K | -1.56M | -987.00K | -605.00K | -167.00K |
| Interest & Investment Income | 10.72M | 6.09M | 703.00K | 88.00K | ||
| Earnings From Equity Investments | -545.00K | -148.00K | ||||
| Currency Exchange Gain (Loss) | -1.48M | -51.00K | 314.00K | -176.00K | 543.00K | 482.00K |
| Other Non Operating Income (Expenses) | -753.00K | -257.00K | -286.00K | 2.17M | 4.00K | -287.00K |
| EBT Excluding Unusual Items | -42.92M | -34.39M | -18.02M | -3.04M | 625.85K | -4.82M |
| Gain (Loss) on Sale of Investments | 500.00K | 32.00K | ||||
| Other Unusual Items | -100.00K | 1.90M | ||||
| Pretax Income | -42.42M | -34.36M | -18.12M | -3.04M | 2.52M | -4.82M |
| Income Tax Expense | -466.00K | -162.00K | 3.08M | 225.00K | -3.25M | 6.00K |
| Net Income | -41.88M | -34.19M | -21.20M | -3.27M | 5.77M | -4.83M |
| Net Income to Common | -41.88M | -34.19M | -21.20M | -3.27M | 5.77M | -4.83M |
| Shares Outstanding (Basic) | 192.94M | 142.53M | 35.25M | 15.30M | 14.11M | 14.11M |
| Shares Outstanding (Diluted) | 192.94M | 142.53M | 35.25M | 15.30M | 14.11M | 14.11M |
| EPS (Basic) | -0.22 | -0.24 | -0.60 | -0.21 | 0.41 | -0.34 |
| EPS (Diluted) | -0.22 | -0.24 | -0.60 | -0.21 | 0.41 | -0.34 |
| Free Cash Flow | -45.37M | -32.00M | -10.70M | -5.77M | 147.00K | -3.40M |
| Free Cash Flow Per Share | -0.23 | -0.23 | -0.30 | -0.38 | 0.01 | -0.24 |
| Gross Margin | 52.62% | 50.06% | 38.30% | 48.14% | 42.81% | 43.82% |
| Operating Margin | -206.50% | -218.08% | -156.55% | -13.78% | 2.95% | -28.53% |
| Profit Margin | -170.38% | -187.34% | -193.07% | -10.87% | 24.87% | -28.40% |
| Free Cash Flow Margin | -184.60% | -175.32% | -97.40% | -19.18% | 0.63% | -20.01% |
| EBITDA | -46.07M | -37.58M | -16.56M | -3.57M | 1.09M | -3.31M |
| EBITDA Margin | -187.46% | -205.88% | -150.81% | -11.88% | 4.71% | -19.49% |
| D&A For EBITDA | 4.68M | 2.23M | 630.00K | 570.00K | 408.00K | 1.54M |
| EBIT | -50.75M | -39.80M | -17.19M | -4.14M | 683.85K | -4.85M |
| EBIT Margin | -206.50% | -218.08% | -156.55% | -13.78% | 2.95% | -28.53% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 479.80M | 417.66M | 84.62M | 6.89M | 4.06M | 2.06M |
| Short-Term Investments | 2.48M | 10.04M | 5.00K | 4.00K | 3.00K | 5.00K |
| Cash & Short-Term Investments | 482.28M | 427.69M | 84.63M | 6.90M | 4.06M | 2.07M |
| Accounts Receivable | 4.96M | 4.72M | 3.60M | 5.05M | 2.22M | 2.61M |
| Other Receivables | 24.43M | 9.41M | 731.00K | 415.00K | 224.00K | 188.00K |
| Receivables | 29.39M | 14.13M | 4.33M | 5.47M | 2.44M | 2.79M |
| Inventory | 2.10M | 2.01M | 1.42M | 5.23M | 7.51M | 2.71M |
| Prepaid Expenses | 1.44M | 880.00K | 355.00K | 605.00K | 394.00K | 454.00K |
| Other Current Assets | 284.00K | 4.92M | 2.33M | 2.06M | 1.72M | 221.00K |
| Total Current Assets | 521.81M | 449.64M | 93.06M | 20.27M | 16.12M | 8.25M |
| Property, Plant & Equipment | 10.97M | 10.01M | 4.23M | 4.51M | 2.16M | 2.66M |
| Long-Term Investments | 35.03M | 15.35M | ||||
| Goodwill | 11.70M | 5.66M | ||||
| Other Intangible Assets | 30.32M | 20.95M | 1.00K | 5.00K | ||
| Long-Term Deferred Tax Assets | 4.48M | 2.29M | 190.00K | 3.08M | 3.30M | 847.00K |
| Other Long-Term Assets | 325.00K | 251.00K | 82.00K | 83.00K | 77.00K | 82.00K |
| Total Assets | 614.64M | 504.18M | 97.57M | 27.93M | 21.66M | 11.84M |
| Accounts Payable | 5.44M | 4.89M | 3.44M | 6.96M | 6.74M | 7.26M |
| Accrued Expenses | 10.08M | 11.20M | 5.35M | 13.00K | 28.00K | 22.00K |
| Short-Term Debt | 689.00K | 4.83M | 1.28M | |||
| Current Portion of Long-Term Debt | 555.00K | 3.37M | ||||
| Current Portion of Leases | 618.00K | 725.00K | 327.00K | 336.00K | 324.00K | 320.00K |
| Current Income Taxes Payable | 3.00K | 1.00K | 2.00K | 47.00K | 3.00K | |
| Current Unearned Revenue | 2.52M | 1.62M | 88.00K | 125.00K | 84.00K | 111.00K |
| Other Current Liabilities | 16.95M | 9.12M | 2.85M | 36.00K | 47.00K | |
| Total Current Liabilities | 36.16M | 28.25M | 16.89M | 8.72M | 10.63M | 7.76M |
| Long-Term Debt | 696.00K | 989.00K | 3.10M | 12.87M | 9.44M | 15.62M |
| Long-Term Leases | 5.27M | 5.59M | 616.00K | 893.00K | 988.00K | 1.46M |
| Pension & Post-Retirement Benefits | 2.63M | 2.16M | 464.00K | 426.00K | 396.00K | 575.00K |
| Long-Term Deferred Tax Liabilities | 5.80M | 4.37M | ||||
| Other Long-Term Liabilities | 877.00K | 1.31M | ||||
| Total Liabilities | 52.50M | 42.67M | 21.08M | 22.90M | 21.45M | 25.41M |
| Common Stock | 2.31M | 1.99M | 1.07M | 229.00K | 150.00K | 1.77M |
| Additional Paid-In Capital | 655.72M | 534.77M | 116.57M | 24.73M | 16.73M | 7.26M |
| Retained Earnings | -103.82M | -76.11M | -41.91M | -20.71M | -17.44M | -23.21M |
| Comprehensive Income & Other | 468.00K | 852.00K | 758.00K | 784.00K | 775.00K | 621.00K |
| Shareholders' Equity | 562.14M | 461.51M | 76.49M | 5.03M | 212.00K | -13.56M |
| Total Liabilities & Equity | 614.64M | 504.18M | 97.57M | 27.93M | 21.66M | 11.84M |
| Total Debt | 7.14M | 8.00M | 8.88M | 15.38M | 14.12M | 17.39M |
| Net Cash (Debt) | 475.14M | 419.70M | 75.75M | -8.48M | -10.06M | -15.32M |
| Net Cash Per Share | 2.46 | 2.94 | 2.15 | -0.55 | -0.71 | -1.09 |
| Filing Date Shares Outstanding | 230.93M | 199.02M | 107.54M | 22.95M | 15.00M | 15.01M |
| Total Common Shares Outstanding | 230.93M | 199.02M | 107.54M | 22.95M | 15.00M | 15.01M |
| Working Capital | 485.65M | 421.39M | 76.17M | 11.55M | 5.50M | 489.00K |
| Book Value Per Share | 2.40 | 2.32 | 0.71 | 0.22 | 0.01 | -0.90 |
| Tangible Book Value | 512.66M | 434.90M | 76.49M | 5.03M | 211.00K | -13.57M |
| Tangible Book Value Per Share | 2.22 | 2.19 | 0.71 | 0.22 | 0.01 | -0.90 |
| Buildings | 218.00K | 224.00K | ||||
| Machinery | 19.38M | 17.67M | 16.91M | 16.31M | 13.29M | 12.99M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -41.88M | -34.19M | -21.20M | -3.27M | 5.77M | -4.83M |
| Depreciation & Amortization | 4.68M | 2.23M | 630.00K | 570.00K | 408.00K | 1.54M |
| Asset Writedown & Restructuring Costs | 472.00K | 472.00K | -2.24M | |||
| Loss (Gain) on Equity Investments | 545.00K | 148.00K | ||||
| Stock-Based Compensation | 5.30M | 11.26M | 148.00K | |||
| Other Operating Activities | -1.75M | -2.31M | 3.88M | 1.77M | -1.46M | 635.00K |
| Change in Accounts Receivable | -5.15M | 688.00K | 1.45M | -2.83M | 387.00K | -400.00K |
| Change in Inventory | -668.00K | -1.10M | 4.34M | 2.32M | -5.35M | -698.00K |
| Change in Accounts Payable | 10.07M | 4.56M | 2.10M | 39.00K | -521.00K | 522.00K |
| Change in Unearned Revenue | 1.75M | 13.00K | 5.00K | -150.00K | ||
| Change in Income Taxes | 2.00K | -45.00K | 44.00K | 3.00K | ||
| Change in Other Net Operating Assets | -16.79M | -13.02M | -1.47M | 941.00K | 1.02M | -450.00K |
| Operating Cash Flow | -43.11M | -31.26M | -10.12M | -2.75M | 446.00K | -3.36M |
| Capital Expenditures | -2.26M | -743.00K | -571.00K | -3.02M | -299.00K | -36.00K |
| Cash Acquisitions | -14.86M | -10.55M | ||||
| Investment in Securities | -38.09M | -23.52M | ||||
| Other Investing Activities | -339.00K | -500.00K | ||||
| Investing Cash Flow | -55.55M | -35.31M | -571.00K | -3.02M | -299.00K | -36.00K |
| Long-Term Debt Issued | 20.00M | 9.60M | 1.75M | 3.46M | ||
| Long-Term Debt Repaid | -5.13M | -1.41M | ||||
| Net Debt Issued (Repaid) | -3.56M | -5.13M | 18.59M | 9.60M | 1.75M | 3.46M |
| Issuance of Common Stock | 506.02M | 436.67M | 77.61M | |||
| Repurchase of Common Stock | -3.27M | -3.02M | ||||
| Other Financing Activities | -35.23M | -29.00M | -7.80M | -975.00K | ||
| Financing Cash Flow | 463.96M | 399.52M | 88.40M | 8.62M | 1.75M | 3.46M |
| Foreign Exchange Rate Adjustments | -134.00K | 83.00K | 24.00K | -21.00K | 96.00K | 170.00K |
| Net Cash Flow | 365.17M | 333.03M | 77.73M | 2.84M | 1.99M | 234.00K |
| Free Cash Flow | -45.37M | -32.00M | -10.70M | -5.77M | 147.00K | -3.40M |
| Free Cash Flow Margin | -184.60% | -175.32% | -97.40% | -19.18% | 0.63% | -20.01% |
| Free Cash Flow Per Share | -0.23 | -0.23 | -0.30 | -0.38 | 0.01 | -0.24 |
| Levered Free Cash Flow | -32.42M | -10.69M | -1.94M | -6.79M | -6.24M | -2.14M |
| Unlevered Free Cash Flow | -32.35M | -10.55M | -967.38K | -6.17M | -5.86M | -2.03M |
| Cash Interest Paid | 33.00K | 29.00K | ||||
| Cash Income Tax Paid | 6.00K | 6.00K | 4.00K | |||
| Change in Working Capital | -10.80M | -8.86M | 6.42M | 420.00K | -4.27M | -709.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 314.06M | 698.92M | 600.91M | 19.21M | ||
| Enterprise Value | -161.07M | 584.35M | 601.68M | 32.35M | ||
| Last Close Price | 1.36 | 3.78 | 6.15 | 1.28 | ||
| PS Ratio | 12.78 | 38.29 | 54.72 | 0.64 | ||
| PB Ratio | 0.57 | 1.51 | 7.86 | 3.82 | ||
| P/TBV Ratio | 0.61 | 1.61 | 7.86 | 3.82 | ||
| EV/Sales Ratio | 32.02 | 54.79 | 1.08 | |||
| Debt / Equity Ratio | 0.01 | 0.02 | 0.12 | 3.06 | 66.61 | -1.28 |
| Debt / EBITDA Ratio | 9.92 | |||||
| Debt / FCF Ratio | 96.06 | |||||
| Net Debt / Equity Ratio | -0.84 | -0.91 | -0.99 | 1.69 | 47.46 | -1.13 |
| Net Debt / EBITDA Ratio | 10.31 | 11.17 | 4.57 | -2.37 | 9.21 | -4.63 |
| Net Debt / FCF Ratio | 10.47 | 13.12 | 7.08 | -1.47 | 68.44 | -4.51 |
| Asset Turnover | 0.07 | 0.06 | 0.17 | 1.21 | 1.39 | 1.34 |
| Inventory Turnover | 5.41 | 5.32 | 2.04 | 2.45 | 2.60 | 3.68 |
| Quick Ratio | 14.15 | 15.64 | 5.27 | 1.42 | 0.61 | 0.63 |
| Current Ratio | 14.43 | 15.92 | 5.51 | 2.33 | 1.52 | 1.06 |
| Return on Equity (ROE) | -12.33% | -12.71% | -52.02% | -124.66% | ||
| Return on Assets (ROA) | -8.38% | -8.27% | -17.12% | -10.44% | 2.55% | -23.98% |
| Return on Capital Employed (ROCE) | -8.80% | -8.40% | -21.30% | -21.50% | 6.20% | -118.70% |
| Earnings Yield | -15.96% | -4.89% | -3.53% | -17.01% | ||
| FCF Yield | -14.45% | -4.58% | -1.78% | -30.01% | ||
| Buyback Yield / Dilution | -143.80% | -304.36% | -130.41% | -8.43% | -986.83% |