SEALSQ (LAES) financial statements
SEALSQ reported revenue of $18M in fiscal 2025, up 5.0% a year over 5 years.
Net income was -$34M and the operating margin -218.1%, against -60.0% in 2020.
Free cash flow was -$32M.
The diluted share count rose 2038% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SEALSQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $14M | $17M | $23M | $30M | $11M | $18M |
| Cost of revenue | $8M | $10M | $13M | $16M | $7M | $10M |
| Gross profit | $5M | $7M | $10M | $14M | $4M | $9M |
| Research and development | $4M | $3M | $2M | $4M | $5M | $12M |
| Selling, general and admin | $10M | $9M | $7M | $14M | $16M | $39M |
| Operating income | -$9M | -$5M | $3M | -$4M | -$17M | -$40M |
| Interest expense | $8,000 | $167,000 | $355,000 | $4,884 | $14,563 | $67,028 |
| Pre-tax income | -$9M | -$5M | $3M | -$3M | -$18M | -$34M |
| Income tax | $5,000 | $6,000 | -$3M | $225,000 | $3M | -$162,000 |
| Net income | -$9M | -$5M | $6M | -$3M | -$21M | -$34M |
| EPS (diluted) | -$7.09 | -$0.34 | $0.41 | -$0.21 | -$0.60 | — |
| Diluted shares | 1M | 7M | 7M | 8M | 28M | — |
| 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% |
Balance sheet
Fiscal years, from SEALSQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $2M | $4M | $7M | $85M | $428M |
| Receivables | — | $3M | $2M | $5M | $4M | $13M |
| Inventory | — | $3M | $8M | $5M | $1M | $2M |
| Total current assets | — | $8M | $16M | $20M | $93M | $450M |
| Property, plant and equipment | — | $886,000 | $782,000 | $3M | $3M | $4M |
| Goodwill | — | — | — | — | — | $6M |
| Total assets | — | $12M | $22M | $28M | $98M | $504M |
| Total current liabilities | — | $8M | $11M | $9M | $17M | $28M |
| Long-term debt | — | — | — | — | — | $989,000 |
| Total liabilities | — | $25M | $21M | $23M | $21M | $43M |
| Shareholders' equity | -$9M | -$14M | $212,000 | $5M | $76M | $462M |
| Net debt | -$2M | -$2M | -$4M | -$7M | -$85M | -$416M |
Cash flow
Fiscal years, from SEALSQ's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$3M | -$3M | $446,000 | -$3M | -$10M | -$31M |
| Capital spending | $52,000 | $36,000 | $299,000 | $3M | $571,000 | $743,000 |
| Free cash flow | -$3M | -$3M | $147,000 | -$6M | -$11M | -$32M |
| Stock-based compensation | — | — | — | — | $148,000 | $11M |
| Net borrowing | $3M | $3M | $2M | -$680,000 | -$2M | -$2M |
| Free cash flow margin | -21.5% | -20.0% | 0.6% | -19.2% | -97.4% | -175.3% |
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Open LAES in InvestinglyQuestions
What was SEALSQ's revenue in 2025?
$18M in fiscal 2025, from its 10-K filing.
How much free cash flow does SEALSQ generate?
-$32M in fiscal 2025 (operating cash flow minus capital spending).
From SEALSQ's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.