WKEY

MKT CAP:$45M

WISeKey International Holding AG

Market Cap

$45M

Technology·Semiconductors·🇨🇭 Switzerland·NASDAQ

Technology·Semiconductors·🇨🇭·NASDAQ

Stock Price

$7.31-$1.34 (-15.49%)

Apr 23, 2026

Company Details

WISeKey International Holding AG, a cybersecurity company, provides integrated security solutions for the internet of things (IoT) and digital identity ecosystems in Switzerland, rest of Europe, the Middle East, Africa, North America, the A...

CEO

Carlos Creus Moreira

IPO Date

Jan 11, 2019

Website

www.wisekey.com

Key Metrics TTM

Revenue

$39M

-9.6% YoY

Net Income

-$29M

EPS (Diluted)

-$11.49

Free Cash Flow

-$44M

Revenue / Share

$9.31

Gross Margin

53.6%

Operating Margin

-156.3%

Net Margin

-74.8%

FCF Margin

-111.9%

P/S

1.2x

P/E

—

Earnings Reports

Q2 2025

Jun 30, 2025

$5MEPS -$1.06

Q4 2024

Apr 17, 2025

$7M-57.6%EPS -$0.78

FY 2023

May 15, 2024

$31MEPS -$3.66

Q4 2023

May 15, 2024

$16MEPS -$3.87

Q4 2021

Apr 13, 2022

$11M+3.4%EPS -$5.78

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$17M	$8M	-$5M
Q4 18	$17M	$8M	-$5M
Q2 20	$4M	$2M	-$4M
Q4 20	$11M	$4M	-$15M
Q2 21	$11M	$5M	-$13M
Q4 21	$11M	$5M	-$13M
Q4 23	$16M	$11M	-$7M
Q4 24	$7M	$3M	-$13M
Q2 25	$5M	$2M	-$27M

Valuation

Quarter	P/S	P/E
Q2 18	—	—
Q4 18	—	—
Q2 20	—	—
Q4 20	0.4x	—
Q2 21	5.7x	—
Q4 21	0.7x	—
Q4 23	0.2x	—
Q4 24	0.3x	—
Q2 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	-$4M	-$5M
Q4 18	-$4M	-$5M
Q2 20	$0	-$11.0K
Q4 20	-$13M	-$13M
Q2 21	-$11M	-$11M
Q4 21	-$11M	-$11M
Q4 23	-$6M	-$8M
Q4 24	-$9M	-$10M
Q2 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q2 18	$622.0K
Q4 18	$622.0K
Q2 20	$11.0K
Q4 20	$41.0K
Q2 21	$18.0K
Q4 21	$18.0K
Q4 23	$1M
Q4 24	$461.0K
Q2 25	$161.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-35.1%	+12.9%
Q4 21	-35.1%	+12.9%
Q4 23	+294.1%	+201.6%
Q4 24	-37.8%	-24.0%
Q2 25	-52.4%	+33.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$0	0.0%
Q4 18	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$393.0K	3.7%
Q2 21	$2M	17.0%
Q4 21	$2M	17.0%
Q4 23	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$10M	190.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 18	$3M	$7M	$3M
Q4 18	$3M	$7M	$3M
Q2 20	$1M	$4M	—
Q4 20	$5M	$7M	$10M
Q2 21	$4M	$9M	$5M
Q4 21	$4M	$9M	$5M
Q4 23	$2M	$5M	$1M
Q4 24	$4M	$7M	$5M
Q2 25	$6M	$16M	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 17	$6M	$0	$6M
Q4 17	$12M	$0	$12M
Q2 18	$8M	$0	$8M
Q4 18	$9M	$0	$9M
Q2 19	$18M	$0	$18M
Q4 19	$12M	$0	$12M
Q2 20	$15M	$0	$15M
Q4 20	$20M	$9M	$29M
Q4 21	$34M	$0	$34M
Q2 22	$23M	$0	$23M
Q4 22	$4M	$0	$4M
Q2 23	$14M	$0	$14M
Q4 23	$15M	$5.0K	$15M
Q2 24	$26M	$5.0K	$26M
Q4 24	$91M	$0	$91M
Q2 25	$125M	$0	$125M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	1M	—	—
Q4 18	1M	0.0%	—
Q2 20	2M	+18.4%	—
Q4 20	2M	+6.6%	—
Q2 21	2M	+21.9%	+53.8%
Q4 21	2M	0.0%	+53.8%
Q4 23	2M	+9.2%	+41.9%
Q4 24	5M	+115.6%	+186.9%
Q2 25	4M	-14.8%	+100.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	—	—
Q4 18	—	—
Q2 20	$47.8K	84
Q4 20	$132.9K	81
Q2 21	$137.4K	81
Q4 21	$81.8K	136
Q4 23	$155.0K	102
Q4 24	$61.5K	109
Q2 25	$48.6K	109

Revenue / Employee