Wisekey International Holding S.A. financial statements
Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Wisekey International Holding S.A. 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
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
33.7
34.3
22.7
14.8
17.6
23.8
30.9
11.9
19.3
Cost of revenue
17.9
17.6
12.9
8.58
9.89
13.6
15.8
7.1
9.55
Gross profit
15.8
16
9.46
5.47
7.45
10.1
14.7
4.29
9.24
Research and development
5.34
5.31
6.42
6.01
5.62
3.86
4.4
7.03
14.9
Selling and marketing
4.46
5.77
7.93
7.36
9.11
7.28
6.52
8.55
14.4
General and administrative
15.4
14.2
15.8
10.7
14.1
11.5
17.3
16.3
27.9
Operating expenses
23.7
25
30
24
28.6
20.5
28
31.7
56.9
Operating income
-7.87
-9.06
-20.5
-18.5
-21.2
-10.4
-13.3
-27.4
-47.7
Interest expense
0.24
2.88
0.72
0.72
1.06
0.17
0.7
0.88
-0.02
Interest income
0
0
0.02
0.01
0.01
0.09
0.17
6.11
Pre-tax income
-10.1
-9.86
-23
-28.9
-23.5
-13
-15.2
-28.9
-38.2
Income tax
0.07
0.05
0.01
0.01
0.01
-3.24
0.23
3.09
-0.16
Income from continuing operations
-10.1
-9.91
-23
-28.9
-23.5
-9.81
-15.4
Net income to minority interests
-1.78
-0.09
-18.5
-32.1
Net income
-24.8
-16.3
7.45
-28.9
-24.1
-27.5
-15.4
-13.4
-6.07
EBITDA
-5.28
-7.75
-19.7
-17.5
-20.7
-9.99
-12.7
-26.7
-46.9
EPS, basic
-0.82
-0.48
0.23
-0.67
-0.28
-0.24
EPS, diluted
-0.82
-0.48
0.23
-0.67
-0.28
-0.24
Shares, basic (weighted)
29.5
33.9
36.1
42.8
71.6
112
Shares, diluted (weighted)
29.5
0
37.5
0
71.6
112
Balance sheet
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
9.58
9.15
12.1
19.7
34.2
20.7
15.3
90.6
429
Short-term investments
0
9.19
10
Receivables
7.62
3.77
2.9
2.98
2.57
5.47
4.29
5.11
Inventory
4.19
2.79
2.47
2.71
7.51
5.23
1.42
2.01
Other current assets
0.92
1.47
0.81
0.56
1.38
1.01
0.57
2.35
Total current assets
32.1
23.6
38.7
42.5
33.9
30.1
101
456
Property, plant and equipment
2.37
1.8
1
0.57
0.84
3.39
3.28
3.8
Lease right-of-use assets
0
2.78
2.5
2.94
2.29
2.05
1.5
6.37
Goodwill
8.32
8.32
8.32
8.32
8.32
8.32
8.32
8.32
14
Intangible assets
1.13
0.6
0.01
0.11
0.1
0.1
0.1
21.1
Other non-current assets
0.15
0.23
0.18
0.26
0.25
0.28
0.26
0.46
Total assets
67.2
78.5
49.9
52.9
88.8
49.5
47.8
115
515
Accounts payable
12.9
10.7
13.1
14.8
13.4
12.9
13.5
19.2
Deferred revenue
0
0.26
0.37
0.13
0.11
0.35
0.39
1.77
Total current liabilities
34.9
20.2
25
24.8
18.8
18.9
21.3
35.3
Long-term debt
1.49
2.37
Lease liabilities
0
2.22
1.9
2.47
1.73
1.44
0.85
5.54
Other non-current liabilities
2.6
0
0.33
0.06
0.01
0
0
1.31
Total liabilities
74.5
29.5
38.5
47.4
25.5
26.7
27.6
53.4
Total debt
1.49
2.37
Paid-in capital
201
212
225
268
281
289
316
343
Retained earnings
-197
-189
-218
-238
-266
-281
-294
-300
Treasury stock
-1.14
-1.29
-0.51
-0.64
-0.37
-0.69
-0.5
-0.5
Other comprehensive income
-0.65
0.1
-1.45
6.94
1.41
5.94
4.04
3.15
3.43
Shareholders' equity
4.86
22
16.3
35.9
26.3
20.4
25
45.9
Minority interests
-0.88
-1.57
-1.84
5.48
-2.24
0.68
62.1
415
Total equity
8.73
3.98
20.4
14.4
41.4
24
21.1
87.1
461
Total liabilities and equity
78.5
49.9
52.9
88.8
49.5
47.8
115
515
Cash flow statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.08
0.16
0.31
0.32
-24.1
-29.3
-15.4
-31.9
-38.2
Depreciation and amortization
2.59
1.32
0.82
0.99
0.49
0.45
0.62
0.73
0.75
Stock-based compensation
2.23
1.66
5.41
0.39
3.78
0.74
0.18
1.18
8.35
Deferred income tax
-1.12
-0.15
-0.02
0.01
-0.13
-3.27
0.22
0
-0.17
Change in receivables
2.59
-2.9
1.35
0.87
0.21
0.23
-2.9
1.19
0.55
Change in inventory
-0.48
-0.72
1.4
0.31
-0.24
-5.35
2.32
4.34
-0.63
Change in payables
1.51
-0.13
-1.77
2.39
2.06
0.14
-0.54
0.63
3.32
Cash from operations
-4.93
-8.49
-13.9
-12.6
-21.8
-17.1
-14.2
-17.8
-32.4
Capital expenditures
-0.67
-1.24
-0.29
-0.05
-0.04
-0.3
-3.02
-0.57
-0.74
Acquisitions
-3.85
-2.01
-10.5
Purchases of investments
-0.1
Cash from investing
-12.9
-4.24
36.6
-3.9
-2.53
-0.48
-3.02
0.18
-28.3
Debt issued
4.03
0.65
2
0.01
Debt repaid
-27.6
-2.34
-5.28
-2.25
-0.28
-0.05
-4.93
Stock issued
5.04
2.9
1.11
2.19
0.23
0.02
0.03
60
429
Share buybacks
0
-0.9
-1.03
-1.14
-0.1
-0
Cash from financing
25.5
11.9
17.3
21.5
37
4.19
11.9
92.9
400
Exchange rate effect
-0.73
-0.2
-0.2
0.08
-0.06
-0.1
-0.13
-0.03
-0.15
Net change in cash
6.99
-1.06
5.49
5.12
12.6
-13.5
-5.5
75.3
339
Free cash flow
-5.6
-9.74
-14.2
-12.6
-21.8
-17.4
-17.2
-18.3
-33.1
Interest paid
0.25
0.77
0.76
0.25
0.41
0.05
Income taxes paid
0.08
0.07
0.01
0.05
0.01
0.01
0.01
0.01
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.05 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.9%
Gross profit / revenue.
Operating margin
-247.3%
Operating income / revenue.
EBITDA margin
-243.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-198.1%
Pre-tax income / revenue.
Net margin
-31.5%
Net income / revenue.
FCF margin
-171.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-167.8%
Cash from operations / revenue.
Return on equity (ROE)
-17.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-1.9%
Net income / average total assets.
R&D / revenue
77.2%
Research and development expense / revenue.
Stock-based pay / revenue
43.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.9%
Capital expenditures / revenue.
D&A / revenue
3.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
62.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
115.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-2.9%
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
11.1%
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
83.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
20.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
23.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
348.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
118.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
57.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.9x
Current assets / current liabilities.
Quick ratio
12.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
12.5x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.05x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.5%
Total debt / total assets.
Liabilities / assets
10.4%
Total liabilities / total assets.
Net debt
-$436.9M
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
$68.8M
Share price x shares outstanding.
Enterprise value
-$368.1M
Market cap + total debt - cash - short-term investments.
P/S
3.57x
Market cap / revenue.
P/B
1.50x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.33x
Market cap / tangible book value, when positive.
FCF yield
-48.1%
Free cash flow / market cap.
Earnings yield
-8.8%
Net income / market cap (the inverse of P/E).
What was Wisekey International Holding S.A.'s revenue in fiscal 2025?
Wisekey International Holding S.A. reported revenue of $19.3M for fiscal 2025, 62.4% higher than the year before.
Was Wisekey International Holding S.A. profitable in fiscal 2025?
No. It reported a net loss of $6.1M.
How much free cash flow did Wisekey International Holding S.A. generate in fiscal 2025?
Cash from operations of $32.4M minus capital expenditures of $743.0K left free cash flow of -$33.1M.
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.