LAES Nasdaq Semiconductors & Related Devices Financials FY2020βFY2025
SEALSQ Corp had $18.3M of revenue in fiscal 2025, up 66.2% on the year before. Over five years, revenue changed +5.0% a year on average.
Hi! I read SEALSQ Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+66.2%
Yes. Sales grew 66.2% last year.
Does it make a profit?
β187.3%
No. It lost money last year.
Does profit turn into cash?
β175.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· SEALSQ Corp had $18.3M of revenue in fiscal 2025, up 66.2% on the year before. Over five years, revenue changed +5.0% a year on average. Its operating margin was β218.1%, down 61.5Β pts: of every 100 in sales, about β218 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· SEALSQ Corp lost $34.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$32.0M in fiscal 2025, β175.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $1.1M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.1M
6 insiders
Of sales under plans
100%
$1.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 35,000 | $2.46 | $0.1M | Form 4 |
| Sep 3, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $2.40 | $0.0M | Form 4 |
| Aug 5, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $2.46 | $0.0M | Form 4 |
| Jul 8, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $2.82 | $0.0M | Form 4 |
| Jun 5, 2026 | Carlos MoreiraChief Executive Officer, Director | Sold plan | 300 | $3.51 | $0.0M | Form 4 |
| Jun 5, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 143 | $3.51 | $0.0M | Form 4 |
| Jun 3, 2026 | Carlos MoreiraChief Executive Officer, Director | Sold plan | 7,005 | $3.53 | $0.0M | Form 4 |
| Jun 3, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 5,582 | $3.53 | $0.0M | Form 4 |
| Jun 3, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $3.51 | $0.1M | Form 4 |
| Jun 2, 2026 | Carlos MoreiraChief Executive Officer, Director | Sold plan | 10,000 | $3.69 | $0.0M | Form 4 |
| Jun 2, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.69 | $0.0M | Form 4 |
| May 29, 2026 | Carlos MoreiraChief Executive Officer, Director | Sold plan | 10,000 | $3.51 | $0.0M | Form 4 |
| May 29, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.51 | $0.0M | Form 4 |
| May 27, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 4,689 | $3.50 | $0.0M | Form 4 |
| May 27, 2026 | Carlos MoreiraChief Executive Officer, Director | Sold plan | 4,139 | $3.50 | $0.0M | Form 4 |
| May 14, 2026 | Franck Jean BuonannoVice-President, Global Sales | Sold plan | 20,000 | $2.90 | $0.1M | Form 4 |
| May 6, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $3.13 | $0.0M | Form 4 |
| Apr 24, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 5,250 | $2.91 | $0.0M | Form 4 |
| Apr 23, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.88 | $0.0M | Form 4 |
| Apr 22, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.06 | $0.0M | Form 4 |
| Apr 21, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.04 | $0.0M | Form 4 |
| Apr 20, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.79 | $0.0M | Form 4 |
| Apr 17, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.72 | $0.0M | Form 4 |
| Apr 16, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.69 | $0.0M | Form 4 |
| Apr 9, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.08 | $0.0M | Form 4 |
| Apr 8, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.20 | $0.0M | Form 4 |
| Apr 8, 2026 | Jean-Pierre EnguentVice President, R&DSS | Sold plan | 15,000 | $2.20 | $0.0M | Form 4 |
| Apr 7, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.14 | $0.0M | Form 4 |
| Apr 7, 2026 | Moreira Andreas FeuardentChief Innovation Officer | Sold plan | 10,000 | $2.31 | $0.0M | Form 4 |
| Apr 6, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.42 | $0.0M | Form 4 |
| Apr 2, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.45 | $0.0M | Form 4 |
| Mar 31, 2026 | Franck Jean BuonannoVice-President, Global Sales | Sold plan | 10,000 | $2.35 | $0.0M | Form 4 |
| Mar 25, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.92 | $0.0M | Form 4 |
| Mar 24, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.90 | $0.0M | Form 4 |
| Mar 23, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $2.99 | $0.0M | Form 4 |
| Mar 20, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.00 | $0.0M | Form 4 |
| Mar 19, 2026 | John Charles O'HaraChief Financial Officer, Director | Sold plan | 10,000 | $3.02 | $0.0M | Form 4 |
| Mar 18, 2026 | Nathalie Claude Odile VerjusCompany Secretary | Sold plan | 5,000 | $3.03 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· SEALSQ Corp has $426M more cash than debt.
Cash, debt and the ratios that show how comfortably SEALSQ Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.1M | $4.1M | $6.9M | $84.6M | $428M |
| Debt incl. finance leases | β | β | β | β | $1.8M |
| Debt / equity | β | β | β | β | 0.0x |
| Interest coverage | β30.2x | 7.3x | β845.1x | β1,177.5x | β594.0x |
| Current ratio | 1.1x | 1.5x | 2.3x | 5.5x | 15.9x |
| Quick ratio | 0.7x | 0.8x | 1.7x | 5.4x | 15.8x |
| Total assets | $11.8M | $21.7M | $27.9M | $97.6M | $504M |
| Total liabilities | $25.4M | $21.4M | $22.9M | $21.1M | $42.7M |
| Shareholders' equity | β$13.6M | $0.2M | $4.7M | $76.5M | $462M |
| Net debt (β = net cash) | β | β | β | β | β$426M |
KIRA Β· Its return on capital was β88.6%: every 100 invested in the business earned about β89 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· SEALSQ Corp passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 8 | 4 / 8 | 2 / 8 | 4 / 7 |
| Accruals ratio | β | β12.4% | 31.8% | β2.1% | β17.7% | β1.0% |
| Altman Z'' | β | β9.54 | β0.15 | β0.48 | 6.35 | 15.82 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $14.3M | $17.0M | $23.2M | $30.1M | $11.0M | $18.3M |
| Gross profit | $5.4M | $7.1M | $9.8M | $14.0M | $3.7M | $8.6M |
| Research and development | $4.1M | $3.1M | $2.3M | $3.9M | $5.0M | $12.5M |
| Operating income | β$8.6M | β$5.0M | $2.6M | β$4.1M | β$17.2M | β$39.8M |
| Interest expense | $0.0M | $0.2M | $0.4M | $0.0M | $0.0M | $0.1M |
| Pretax income | β$9.2M | β$4.8M | $2.5M | β$3.0M | β$18.1M | β$34.2M |
| Income tax | $0.0M | $0.0M | β$3.2M | $0.2M | $3.1M | β$0.2M |
| Net income | β$9.2M | β$4.8M | $5.8M | β$3.3M | β$21.2M | β$34.2M |
| Net income to common | β$9.2M | β$4.8M | $5.8M | β$3.3M | β$21.2M | β$34.2M |
| Diluted EPS | β$7.09 | β$0.34 | $0.41 | β$0.21 | β$0.60 | β |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.01B | 0.03B | β |
| Cash flow | ||||||
| Cash from operations | β$3.0M | β$3.4M | $0.4M | β$2.7M | β$10.1M | β$31.3M |
| Capital expenditure | $0.1M | $0.0M | $0.3M | $3.0M | $0.6M | $0.7M |
| Free cash flow | β$3.1M | β$3.4M | $0.1M | β$5.8M | β$10.7M | β$32.0M |
| Depreciation and amortization | $2.2M | $1.5M | $0.4M | $0.6M | $0.6M | $0.7M |
| Stock-based compensation | β | β | β | β | $0.1M | $11.3M |
| Acquisitions | β$0.2M | β | β | β | β | $10.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $1.8M | $2.1M | $4.1M | $6.9M | $84.6M | $428M |
| Total debt | β | β | β | β | β | $1.7M |
| Finance lease liabilities | β | β | β | $0.0M | $0.0M | $0.1M |
| Current assets | β | $8.2M | $16.1M | $20.3M | $93.1M | $450M |
| Current liabilities | β | $7.8M | $10.6M | $8.7M | $16.9M | $28.2M |
| Inventory | β | $2.7M | $7.5M | $5.2M | $1.4M | $2.0M |
| Property and equipment, net | β | $0.9M | $0.8M | $3.2M | $3.2M | $3.8M |
| Goodwill | β | β | β | β | β | $5.7M |
| Intangible assets | β | $0.0M | $0.0M | $0.0M | $0.0M | $21.0M |
| Total assets | β | $11.8M | $21.7M | $27.9M | $97.6M | $504M |
| Total liabilities | β | $25.4M | $21.4M | $22.9M | $21.1M | $42.7M |
| Shareholders' equity | β$9.4M | β$13.6M | $0.2M | $4.7M | $76.5M | $462M |
| Margins | ||||||
| Gross margin | 38.0% | 42.1% | 42.2% | 46.7% | 33.9% | 47.3% |
| Operating margin | β60.0% | β29.7% | 11.1% | β13.8% | β156.6% | β218.1% |
| EBITDA margin | β44.3% | β20.6% | 12.9% | β11.9% | β150.8% | β214.2% |
| Net margin | β64.3% | β28.4% | 24.9% | β10.9% | β193.1% | β187.3% |
| FCF margin | β21.5% | β20.0% | 0.6% | β19.2% | β97.4% | β175.3% |
| Returns | ||||||
| Return on capital | β | β | β | β | β | β88.6% |
| Return on capital employed | β | β123.4% | 23.4% | β21.5% | β21.3% | β8.4% |
| Return on equity | β | β | β | β132.1% | β52.2% | β12.7% |
| Return on assets | β | β40.8% | 34.4% | β13.2% | β33.8% | β11.4% |
| Return on tangible equity | β | β | 2,734.6% | β69.0% | β27.7% | β7.9% |
| Growth | ||||||
| Revenue growth | β | 18.7% | 36.5% | 29.6% | β63.5% | 66.2% |
| Net income growth | β | β | β | β156.6% | β | β |
| EPS growth | β | β | β | β151.2% | β | β |
| FCF growth | β | β | β | β4,022.4% | β | β |
| Share count change | β | 409.2% | 0.0% | 18.0% | 255.8% | β |
| Financial health | ||||||
| Debt / equity | β | β | β | β | β | 0.0x |
| Interest coverage | β1,073.1x | β30.2x | 7.3x | β845.1x | β1,177.5x | β594.0x |
| Current ratio | β | 1.1x | 1.5x | 2.3x | 5.5x | 15.9x |
| Quick ratio | β | 0.7x | 0.8x | 1.7x | 5.4x | 15.8x |
| Capital allocation | ||||||
| Capex / revenue | 0.4% | 0.2% | 1.3% | 10.1% | 5.2% | 4.1% |
| Stock comp / revenue | β | β | β | β | 1.3% | 61.7% |
| Quality scores | ||||||
| Piotroski F-score | β | β | 6.0 | 4.0 | 2.0 | 4.0 |
| Altman Z'' | β | β9.5 | β0.1 | β0.5 | 6.3 | 15.8 |
| Accruals ratio | β | β12.4% | 31.8% | β2.1% | β17.7% | β1.0% |
Source: SEC EDGAR XBRL filings (CIK 0001951222). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
