Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SEALSQ Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
14.3
17
23.2
30.1
11
18.3
Cost of revenue
8.15
9.55
13.3
15.6
6.78
9.62
Gross profit
5.43
7.15
9.8
14
3.73
8.63
Research and development
4.13
3.05
2.31
3.95
4.99
12.5
Selling and marketing
3.1
4.25
3.82
5.65
5.45
12.8
General and administrative
6.79
4.98
3.09
8.64
10.8
25.8
Operating expenses
14
12.2
7.22
18.2
20.9
48.4
Operating income
-8.59
-5.04
2.58
-4.14
-17.2
-39.8
Interest expense
0.01
0.17
0.36
0
0.01
0.07
Pre-tax income
-9.2
-4.82
2.53
-3.04
-18.1
-34.2
Income tax
0.01
0.01
-3.25
0.23
3.09
-0.16
Net income
-9.2
-4.83
5.77
-3.27
-21.2
-34.2
EBITDA
-6.34
-3.51
2.99
-3.57
-16.6
-39.1
EPS, basic
-0.65
-0.34
0.41
-0.21
-0.60
EPS, diluted
-0.65
-0.34
0.41
-0.21
-0.60
Shares, basic (weighted)
14.2
6.61
6.61
7.8
27.7
Shares, diluted (weighted)
14.2
6.61
6.61
7.8
27.7
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.83
2.06
4.06
6.9
84.6
418
Short-term investments
10
Receivables
2.61
2.22
5.05
3.83
12.9
Inventory
2.71
7.51
5.23
1.42
2.01
Other current assets
0.41
1.25
0.77
0.59
1.53
Total current assets
8.25
16.1
20.3
93.1
450
Property, plant and equipment
0.89
0.78
3.23
3.2
3.77
Lease right-of-use assets
1.78
1.38
1.28
1.03
6.11
Goodwill
5.66
Intangible assets
0.01
0
0
0
21
Long-term investments
0.13
Other non-current assets
0.08
0.08
0.08
0.08
0.25
Total assets
11.8
21.7
27.9
97.6
504
Accounts payable
7.26
6.74
6.96
10.1
16.8
Deferred revenue
0.11
0.08
0.13
0.08
1.6
Short-term debt
0.69
Total current liabilities
7.76
10.6
8.72
16.9
28.2
Long-term debt
0.99
Lease liabilities
1.46
0.99
0.89
0.62
5.52
Other non-current liabilities
1.31
Total liabilities
25.4
21.4
22.9
21.1
42.7
Total debt
1.68
Paid-in capital
7.26
16.7
24.7
117
535
Retained earnings
-23.2
-17.4
-20.7
-41.9
-76.1
Other comprehensive income
0.49
0.62
0.78
0.78
0.76
0.85
Shareholders' equity
-13.6
0.21
4.74
76.5
462
Total equity
-9.37
-13.6
0.21
5.03
77.9
462
Total liabilities and equity
11.8
21.7
27.9
97.6
504
Shares outstanding
1.3
7.5
15.4
100
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-9.2
-4.83
5.77
-3.27
-21.2
-34.2
Depreciation and amortization
2.24
1.53
0.4
0.57
0.63
0.7
Stock-based compensation
0.15
11.3
Deferred income tax
0.01
0.01
-3.25
0.23
3.08
Change in receivables
1.54
-0.4
0.39
-2.83
1.45
0.69
Change in inventory
0.31
-0.7
-5.35
2.32
4.34
-1.1
Change in payables
-0.46
0.52
-0.52
0.04
2.1
4.56
Cash from operations
-3.02
-3.36
0.45
-2.75
-10.1
-31.3
Capital expenditures
-0.05
-0.04
-0.3
-3.02
-0.57
-0.74
Acquisitions
0.22
-10.5
Purchases of investments
-0.1
Cash from investing
0.16
-0.04
-0.3
-3.02
-0.57
-35.3
Debt issued
4.01
3.46
1.75
Debt repaid
-1.21
-0.68
-1.87
-2.38
Stock issued
60
429
Cash from financing
2.81
3.46
1.75
8.63
88.4
400
Exchange rate effect
0.04
0.17
0.1
-0.02
0.02
0.08
Net change in cash
-0.02
0.23
1.99
2.84
77.7
333
Free cash flow
-3.08
-3.4
0.15
-5.77
-10.7
-32
Interest paid
0.03
Income taxes paid
0.02
0
0
0.01
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.35 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.3%
Gross profit / revenue.
Operating margin
-218.1%
Operating income / revenue.
EBITDA margin
-214.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-187.4%
Pre-tax income / revenue.
Net margin
-187.3%
Net income / revenue.
FCF margin
-175.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-171.3%
Cash from operations / revenue.
Return on equity (ROE)
-12.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-11.4%
Net income / average total assets.
Return on invested capital (ROIC)
-168.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
68.4%
Research and development expense / revenue.
Stock-based pay / revenue
61.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.1%
Capital expenditures / revenue.
D&A / revenue
3.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
66.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-7.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
131.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-4.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
9.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
503.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
1,196.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
416.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
185.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
15.9x
Current assets / current liabilities.
Quick ratio
15.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
15.1x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.3%
Total debt / total assets.
Liabilities / assets
8.5%
Total liabilities / total assets.
Net debt
-$426.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Valuation
Metric
Value
How it is calculated
Market cap
$523.5M
Share price x shares outstanding.
Enterprise value
$97.5M
Market cap + total debt - cash - short-term investments.
P/S
28.7x
Market cap / revenue.
P/B
1.13x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.20x
Market cap / tangible book value, when positive.
EV/Sales
5.34x
Enterprise value / revenue.
FCF yield
-6.1%
Free cash flow / market cap.
Earnings yield
-6.5%
Net income / market cap (the inverse of P/E).
What was SEALSQ Corp's revenue in fiscal 2025?
SEALSQ Corp reported revenue of $18.3M for fiscal 2025, 66.2% higher than the year before.
Was SEALSQ Corp profitable in fiscal 2025?
No. It reported a net loss of $34.2M.
How much free cash flow did SEALSQ Corp generate in fiscal 2025?
Cash from operations of $31.3M minus capital expenditures of $743.0K left free cash flow of -$32.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.