SEALSQ Corp most recently reported annual revenue of $18.0M, a net loss of $34.0M. Revenue grew at an average annual rate of 3.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
SEALSQ Corp: Revenue rose from $15.0M in 2020 to $18.0M in 2025, a change of +20.0% over 5 years; net profit was positive in 1 of 6 reported years; operating margin moved from -60.0% to -218.1%, a shift of -158.1 percentage points; the most recent year shows a net loss of $34.0M.
Income Statement — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Revenue
$15.0M
$19.0M
$24.0M
$33.0M
$12.0M
$18.0M
Operating Expenses
$24.0M
$24.0M
$24.0M
$36.0M
$32.0M
$58.0M
Operating Profit
$-9.0M
$-6.0M
$1.0M
$-2.0M
$-20.0M
$-40.0M
Operating Margin
-60.0%
-29.7%
2.5%
-6.7%
-159.8%
-218.1%
Other Income
$-1.0M
$0
$2.0M
$-1.0M
$-1.0M
$5.0M
Interest
$0
$0
$1.0M
$1.0M
$2.0M
$0
Depreciation
$3.0M
$2.0M
$0
$1.0M
$1.0M
$0
Profit Before Tax
$-10.0M
$-5.0M
$3.0M
$-3.0M
$-21.0M
$-34.0M
Tax
$-50,000
$-120,000
$-128.5M
$-7.4M
$-17.0M
$470,000
Net Profit
$-10.0M
$-5.0M
$6.0M
$-4.0M
$-24.0M
$-34.0M
EPS
$-0.61
$-0.32
$0.38
$-0.21
$-0.68
$-0.24
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 11 Quarters (USD millions)
Metric
Jun '21
Dec '21
Jun '22
Dec '22
Jun '23
Dec '23
Jun '24
Dec '24
Jun '25
Dec '25
Jun '26
Revenue
$8.0M
$11.0M
$11.0M
$13.0M
$15.0M
$17.0M
$5.0M
$7.0M
$6.0M
$13.0M
$14.0M
Operating Expenses
$13.0M
$12.0M
$12.0M
$12.0M
$15.0M
$19.0M
$15.0M
$17.0M
$32.0M
$26.0M
$57.0M
Operating Profit
$-5.0M
$-1.0M
$0
$1.0M
$0
$-2.0M
$-10.0M
$-10.0M
$-27.0M
$-13.0M
$-43.0M
Operating Margin
-56.9%
-9.9%
-3.6%
7.7%
0.1%
-11.2%
-184.1%
-140.7%
-474.6%
-104.7%
-301.3%
Interest
$0
$0
$0
$0
$0
$1.0M
$1.0M
$1.0M
$0
$0
$0
Profit Before Tax
$-4.0M
$-1.0M
$0
$3.0M
$-1.0M
$-3.0M
$-11.0M
$-10.0M
$-23.0M
$-11.0M
$-36.0M
Tax
$-30,000
$-500,000
$-550,000
$-119.9M
$-57.7M
$3.8M
$-13.8M
$-20.6M
$-10,000
$1.5M
$1.1M
Net Profit
$-4.0M
$-1.0M
$0
$6.0M
$-1.0M
$-3.0M
$-12.0M
$-12.0M
$-23.0M
$-11.0M
$-35.0M
EPS
$-0.28
$-0.07
$-0.01
$0.41
$-0.06
$-0.18
$-0.80
$-0.28
$-0.20
$-0.09
$-0.16
Over the 6 years reported for SEALSQ Corp, borrowings decreased from $15.0M in 2020 to $8.0M in 2025, cash stood at $418.0M in the latest year, shareholders' equity was $2.0M, current assets covered current liabilities 16.07 times.
Balance Sheet — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Total Assets
$13.0M
$12.0M
$22.0M
$28.0M
$98.0M
$504.0M
Current Assets
$8.0M
$8.0M
$15.0M
$20.0M
$93.0M
$450.0M
Cash
$2.0M
$2.0M
$4.0M
$7.0M
$85.0M
$418.0M
Inventory
$2.0M
$3.0M
$8.0M
$5.0M
$1.0M
$2.0M
Receivables
$3.0M
$3.0M
$2.0M
$5.0M
$4.0M
$14.0M
Fixed Assets
$4.0M
$3.0M
$2.0M
$5.0M
$4.0M
$10.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
Investments
$0
$0
$0
$0
$0
$25.0M
Other Assets
$0
$0
$0
$0
$0
$6.0M
Total Liabilities
$23.0M
$25.0M
$21.0M
$23.0M
$20.0M
$43.0M
Current Liabilities
$8.0M
$8.0M
$11.0M
$9.0M
$16.0M
$28.0M
Borrowings
$15.0M
$18.0M
$14.0M
$15.0M
$9.0M
$8.0M
Other Liabilities
$8.0M
$8.0M
$7.0M
$8.0M
$11.0M
$35.0M
Equity
$2.0M
$2.0M
$0
$0
$1.0M
$2.0M
Reserves
$-9.0M
$-14.0M
$0
$5.0M
$78.0M
$462.0M
For SEALSQ Corp, operating cash flow was positive in 0 of 6 reported years; free cash flow in the latest year was negative at $32.0M; free cash flow was positive in 0 of 6 years; financing activities used $32.0M in the latest year, which covers debt repayment, dividends and buybacks.