LAES

MKT CAP:$420M

SEALSQ Corp

Market Cap

$420M

Technology·Semiconductors·🇨🇭 Switzerland·NASDAQ

Technology·Semiconductors·🇨🇭·NASDAQ

Stock Price

$2.70-$1.54 (-36.32%)

Apr 17, 2026

Company Details

SEALSQ Corp develops and sells semiconductor chips for private and public sectors. The company offers semiconductors and smart card reader chips; identity provisioning services; and managed PKI for IoT solutions. It serves consumer electron...

CEO

Carlos Creus Moreira

IPO Date

May 23, 2023

Website

www.sealsq.com

Key Metrics TTM

Revenue

$31M

— YoY

Net Income

-$58M

EPS (Diluted)

-$1.37

Free Cash Flow

-$54M

Revenue / Share

$0.23

Gross Margin

41.9%

Operating Margin

-194.3%

Net Margin

-189.6%

FCF Margin

-174.1%

P/S

13.7x

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$18MEPS -$0.24

Q4 2025

Mar 31, 2026

$13M+79.3%EPS -$0.09

Q2 2025

Sep 9, 2025

$6M+3.1%EPS -$0.20

Q4 2024

Mar 20, 2025

$7MEPS -$0.28

Q2 2024

Jul 12, 2024

$5M-63.2%EPS -$0.80

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$8M	$2M	-$5M
Q2 23	$15M	$8M	$12.0K
Q2 24	$5M	$1M	-$10M
Q4 24	$7M	$3M	-$10M
Q2 25	$6M	$2M	-$27M
Q4 25	$13M	$7M	-$13M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q2 23	—	—
Q2 24	—	—
Q4 24	10.3x	—
Q2 25	5.2x	—
Q4 25	14.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$2M	-$2M
Q2 23	-$898.0K	-$3M
Q2 24	-$5M	-$5M
Q4 24	-$7M	-$8M
Q2 25	-$14M	-$14M
Q4 25	-$25M	-$26M

Capital Expenditures

Quarter	CapEx
Q2 21	$39.6K
Q2 23	$2M
Q2 24	$100.0K
Q4 24	$554.9K
Q2 25	$534.7K
Q4 25	$394.3K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 25	-30.6%	+154.0%
Q4 25	-14.2%	+75.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q2 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$11M	89.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 21	$2M	$5M
Q2 23	$1M	$6M
Q2 24	$3M	$8M
Q4 24	$3M	$10M
Q2 25	$5M	$23M
Q4 25	$7M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q2 22	$2M	$0	$2M
Q4 22	$4M	$0	$4M
Q2 23	$2M	$0	$2M
Q4 23	$7M	$0	$7M
Q2 24	$21M	$0	$21M
Q4 24	$85M	$0	$85M
Q2 25	$121M	$0	$121M
Q4 25	$418M	$10M	$428M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	15M	—	—
Q2 23	15M	0.0%	—
Q2 24	15M	+0.9%	—
Q4 24	43M	+181.0%	—
Q2 25	116M	+174.0%	+676.5%
Q4 25	135M	+15.9%	+800.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q2 23	—	—
Q2 24	$89.0K	61
Q4 24	$70.6K	100
Q2 25	$56.0K	100
Q4 25	$68.4K	185

Revenue / Employee