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SEALSQ Corp

LAES Clue Score34
Switzerland Fiscal year ends December CIK 0001951222
$2.11 -6.22% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.11 +7.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 24 May 2023. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue14.3Operating income−8.6Net income−9.2EPS, diluted−7.09Fiscal year 2021Revenue17.0 +18.7%Operating income−5.0Net income−4.8EPS, diluted−0.34Fiscal year 2022Revenue23.2 +36.5%Operating income2.6Net income5.8EPS, diluted0.41Fiscal year 2023Revenue30.1 +29.6%Operating income−4.1Net income−3.3 −156.6%EPS, diluted−0.21Fiscal year 2024Revenue11.0 −63.5%Operating income−17.2Net income−21.2EPS, diluted−0.60Fiscal year 2025Revenue18.3 +66.2%Operating income−39.8Net income−34.2
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 14.3 17.0 23.2 30.1 11.0 18.3
Growth +18.7% +36.5% +29.6% −63.5% +66.2%
Operating income −8.6 −5.0 2.6 −4.1 −17.2 −39.8
Net income −9.2 −4.8 5.8 −3.3 −21.2 −34.2
Growth −156.6%
EPS, diluted −7.09 −0.34 0.41 −0.21 −0.60 n/a

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin38.0%Operating margin−60.0%Net margin−64.3%Free cash flow margin−21.5%Fiscal year 2021Gross margin42.1%Operating margin−29.7%Net margin−28.4%Free cash flow margin−20.0%Fiscal year 2022Gross margin42.2%Operating margin11.1%Net margin24.9%Free cash flow margin0.6%Fiscal year 2023Gross margin46.7%Operating margin−13.8%Net margin−10.9%Free cash flow margin−19.2%Fiscal year 2024Gross margin33.9%Operating margin−156.6%Net margin−193.1%Free cash flow margin−97.4%Fiscal year 2025Gross margin47.3%Operating margin−218.1%Net margin−187.3%Free cash flow margin−175.3%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 38.0% 42.1% 42.2% 46.7% 33.9% 47.3%
Operating margin −60.0% −29.7% 11.1% −13.8% −156.6% −218.1%
Net margin −64.3% −28.4% 24.9% −10.9% −193.1% −187.3%
Free cash flow margin −21.5% −20.0% 0.6% −19.2% −97.4% −175.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−3.0Capital expenditure−0.1Free cash flow−3.1Fiscal year 2021Operating cash flow−3.4Capital expenditure−0.0Free cash flow−3.4Fiscal year 2022Operating cash flow0.4Capital expenditure−0.3Free cash flow0.1Fiscal year 2023Operating cash flow−2.7Capital expenditure−3.0Free cash flow−5.8 −4,022.4%Fiscal year 2024Operating cash flow−10.1Capital expenditure−0.6Free cash flow−10.7Fiscal year 2025Operating cash flow−31.3Capital expenditure−0.7Free cash flow−32.0
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −3.0 −3.4 0.4 −2.7 −10.1 −31.3
Capital expenditure −0.1 −0.0 −0.3 −3.0 −0.6 −0.7
Free cash flow −3.1 −3.4 0.1 −5.8 −10.7 −32.0
Growth −4,022.4%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash1.8Shareholders’ equity−9.4Fiscal year 2021Cash2.1Shareholders’ equity−13.6Fiscal year 2022Cash4.1Shareholders’ equity0.2Fiscal year 2023Cash6.9Shareholders’ equity4.7Fiscal year 2024Cash84.6Shareholders’ equity76.5Fiscal year 2025Cash417.7Total debt1.4Net cash (debt)416.2Shareholders’ equity461.5Debt to equity0.00
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.8 2.1 4.1 6.9 84.6 417.7
Total debt n/a n/a n/a n/a n/a 1.4
Net cash (debt) n/a n/a n/a n/a n/a 416.2
Shareholders’ equity −9.4 −13.6 0.2 4.7 76.5 461.5
Debt to equity n/a n/a n/a n/a n/a 0.00

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
14.3 17.0 23.2 30.1 11.0 18.3
Growth +18.7% +36.5% +29.6% −63.5% +66.2%
8.1 9.5 13.3 15.6 6.8 9.6
5.4 7.1 9.8 14.0 3.7 8.6
Growth +31.5% +37.1% +43.4% −73.5% +131.5%
4.1 3.1 2.3 3.9 5.0 12.5
6.8 5.0 3.1 8.6 10.8 25.8
−8.6 −5.0 2.6 −4.1 −17.2 −39.8
Growth −260.3%
−9.2 −4.8 2.5 −3.0 −18.1 −34.2
0.0 0.0 −3.2 0.2 3.1 −0.2
−9.2 −4.8 5.8 −3.3 −21.2 −34.2
Growth −156.6%
Per share
−7.09 −0.34 0.41 −0.21 −0.60 n/a
−7.09 −0.34 0.41 −0.21 −0.60 n/a
Growth −151.2%
1.3 6.6 6.6 7.8 27.7 n/a
1.3 6.6 6.6 7.8 27.7 n/a
Growth +409.2% +0.0% +18.0% +255.8%

† The diluted share count jumps at 2021 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.0% a year over five years.
  • Operating margin is down 158.1 points on five years ago, at -218.1%.
  • A net loss in 5 of 6 years on file.