SEALSQ Corp LAES
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
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Dividend yield—
Diluted EPS—
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $18.3M | $11.0M | $30.1M | $23.2M | $17.0M | $14.3M | — |
| Cost of revenue | $9.6M | $7.3M | $16.0M | $13.3M | $9.5M | $8.1M | — |
| Gross profit | $8.6M | $3.7M | $14.0M | $9.8M | $7.1M | $5.4M | — |
| R&D | $12.5M | $5.0M | $3.9M | $2.3M | $3.0M | $4.1M | — |
| SG&A | $25.8M | $10.8M | $8.6M | $3.1M | $5.0M | $6.8M | — |
| Total operating expenses | $48.4M | $20.9M | $18.2M | $7.2M | $12.2M | $14.0M | — |
| Operating income | -$39.8M | -$17.2M | -$4.1M | $2.6M | -$5.0M | -$8.6M | — |
| Interest expense | $67.0K | $14.6K | $4.9K | — | — | — | — |
| Pre-tax income | -$34.2M | -$18.1M | -$3.0M | $2.5M | -$4.8M | -$9.2M | — |
| Income tax | $162.0K | $3.1M | $225.0K | $3.2M | $6.0K | $5.0K | — |
| Net income | -$34.2M | -$21.2M | -$3.3M | $5.8M | -$4.8M | -$9.2M | — |
| EPS, basic | — | -0.60 | -0.21 | 0.41 | -0.34 | -7.09 | — |
| EPS, diluted | — | -0.60 | -0.21 | 0.41 | -0.34 | -7.09 | — |
| Shares, diluted (wtd. avg.) | — | 27.7M | 7.8M | 6.6M | 6.6M | 1.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $417.7M | $84.6M | $6.9M | $4.1M | $2.1M | $1.8M | $1.8M |
| Short-term investments | $10.0M | — | — | — | — | — | — |
| Receivables | $12.9M | $3.8M | $5.1M | $2.2M | $2.6M | — | — |
| Inventory | $2.0M | $1.4M | $5.2M | $7.5M | $2.7M | — | — |
| Total current assets | $449.6M | $93.1M | $20.3M | $16.1M | $8.2M | — | — |
| Property, plant and equipment | $3.8M | $3.2M | $3.2M | $782.0K | $886.0K | — | — |
| Goodwill | $5.7M | — | — | — | — | — | — |
| Other intangibles | $21.0M | $0 | $0 | $1.0K | $5.0K | — | — |
| Total assets | $504.2M | $97.6M | $27.9M | $21.7M | $11.8M | — | — |
| Accounts payable | $16.8M | $10.1M | $7.0M | $6.7M | $7.3M | — | — |
| Short-term debt | $689.0K | — | — | — | — | — | — |
| Total current liabilities | $28.2M | $16.9M | $8.7M | $10.6M | $7.8M | — | — |
| Long-term debt | $989.0K | — | — | — | — | — | — |
| Total liabilities | $42.7M | $21.1M | $22.9M | $21.4M | $25.4M | — | — |
| Retained earnings | -$76.1M | -$41.9M | -$20.7M | -$17.4M | -$23.2M | — | — |
| Total equity | $461.5M | $76.5M | $4.7M | $212.0K | -$13.6M | -$9.4M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$31.3M | -$10.1M | -$2.7M | $446.0K | -$3.4M | -$3.0M | — |
| Depreciation and amortisation | $703.0K | $630.0K | $569.0K | $404.0K | $1.5M | $2.2M | — |
| Stock-based compensation | $11.3M | $148.0K | — | — | — | — | — |
| Capital expenditure | $743.0K | $571.0K | $3.0M | $299.0K | $36.0K | $52.0K | — |
| Investing cash flow | -$35.3M | -$571.0K | -$3.0M | -$299.0K | -$36.0K | $163.0K | — |
| Financing cash flow | $399.5M | $88.4M | $8.6M | $1.8M | $3.5M | $2.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-037706.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Total current liabilities
- Accounts payable
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Total current liabilities | — | — | $7.8M | $10.6M | $8.7M | $16.9M | $28.2M |
| Accounts payable | — | — | $7.3M | $6.7M | $7.0M | $10.1M | $16.8M |
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