Logo

LAES

SEALSQ Corp

LAES

SEALSQ Corp • NASDAQ
$4.47 ▲ 6.94% (+0.29)
Market Cap $586.36 M
52w High $11.00
52w Low $0.35
Dividend Yield 0%
P/E -11.17
Volume 6.68M
Outstanding Shares 131.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $5.596M ▼ $28.445M ▲ $-23.197M ▼ -414.508% ▼ $-0.2 ▲ $-22.462M ▼
Q4-2024 $7.057M ▲ $13.138M ▲ $-11.977M ▲ -169.722% ▲ $-0.28 ▲ $-8.515M ▲
Q2-2024 $5.427M ▼ $11.041M ▲ $-12.092M ▼ -222.825% ▼ $-0.8 ▼ $-9.254M ▼
Q4-2023 $17.289M ▲ $9.001M ▲ $-2.703M ▼ -15.633% ▼ $-0.18 ▼ $-1.579M ▼
Q2-2023 $14.751M $7.778M $-875K -5.932% $-0.058 $-83.999K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $120.939M ▲ $142.02M ▲ $23.891M ▲ $118.129M ▲
Q4-2024 $84.624M ▲ $97.566M ▲ $19.702M ▼ $77.864M ▲
Q2-2024 $20.986M ▲ $35.871M ▲ $30.058M ▲ $5.813M ▲
Q4-2023 $6.895M ▲ $27.935M ▲ $22.904M ▼ $5.031M ▲
Q2-2023 $1.86M $24.077M $24.722M $-645K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-23.197M ▼ $-13.778M ▼ $-2.439M ▼ $58.22M ▼ $58.555M ▼ $-14.313M ▼
Q4-2024 $-11.977M ▲ $-7.468M ▼ $-554.863K ▼ $83.829M ▲ $72.392M ▲ $-8.023M ▼
Q2-2024 $-12.092M ▼ $-5.383M ▼ $-100.038K ▲ $18.801M ▲ $12.794M ▲ $-5.483M ▼
Q4-2023 $-3.637M ▼ $-1.878M ▼ $-1.735M ▼ $9.208M ▲ $6.332M ▲ $-3.613M ▼
Q2-2023 $-875K $-1.556M $-1.677M $867K $-2.525M $-3.233M

Five-Year Company Overview

Income Statement

Income Statement SEALSQ’s income statement looks like that of a very early‑stage technology business: revenue is still tiny, and profitability is not yet established. Gross profit is positive, but operating losses have widened most recently as the company spends more on growth, development, and public-company costs. Net results swing between small profits and losses, suggesting earnings are still highly volatile and not yet a reliable indicator of long‑term performance. Overall, the business is in a “build and invest” phase rather than a “scale and harvest” phase.

Balance Sheet

Balance Sheet The balance sheet has strengthened recently, with a clear step‑up in total assets and cash after becoming public, and equity turning firmly positive. Debt levels appear modest relative to the company’s size, which reduces financial strain but doesn’t remove funding risk if losses continue. The flip side is that the company is still small in absolute terms, so it has less of a buffer against setbacks than larger semiconductor peers. In short, it now has more breathing room than before, but its financial base is still thin and needs to be supported by future business traction.

Cash Flow

Cash Flow Cash flow from operations is mildly negative, showing that the core business is consuming cash rather than generating it. Free cash flow is also negative, although capital spending is very light, so the main driver is operating losses rather than heavy investment in factories or equipment. This pattern is typical of a young, R&D‑focused tech company, but it means ongoing progress will depend on careful cash management and, potentially, access to outside capital if the ramp‑up takes longer than expected. The key question over time will be how quickly new products can turn this cash burn into sustainable cash inflows.

Competitive Edge

Competitive Edge SEALSQ is targeting a specialized and emerging niche: post‑quantum, hardware‑anchored security in semiconductors. Its integrated stack—secure chips plus identity infrastructure and provisioning—creates a more complete solution than many point‑product rivals, and the post‑quantum focus gives it an early‑mover angle. High technical complexity, certifications, and the need for strong cryptographic expertise create real barriers to entry. However, the company is small in a sector dominated by very large semiconductor and security vendors, so winning mindshare, design slots, and long-term customer commitments remains a major challenge. Its competitive position is promising on technology and strategy, but still unproven in terms of scale and market share.

Innovation and R&D

Innovation and R&D Innovation is the core of the SEALSQ story. The company is betting heavily on post‑quantum cryptography, secure elements, and a broader “Quantum‑as‑a‑Service” platform, supported by collaborations with specialized quantum players. Products like its quantum‑resistant secure elements and planned trusted modules show a clear roadmap aimed at future regulatory and security needs. The emphasis on embedding security in hardware, adopting leading post‑quantum algorithms, and layering in AI support suggests a sophisticated R&D agenda rather than incremental upgrades. The main uncertainty is not the ambition of the roadmap, but how quickly and broadly the market will adopt these new technologies and how effectively SEALSQ can commercialize them.

Summary

SEALSQ is a very early‑stage semiconductor security company whose current financials reflect investment and preparation, not yet scaled commercial success. The balance sheet and cash position have improved since listing, giving it more room to pursue its post‑quantum strategy, but the business still burns cash and operates at a small scale. Its main strengths lie in niche technology leadership, an integrated security ecosystem, and a forward‑looking roadmap focused on quantum‑resistant solutions. Key risks center on execution: converting technical innovation into recurring revenue, achieving meaningful market adoption before cash runs thin, and competing with much larger industry players. Overall, this is a high‑uncertainty, innovation‑driven profile where future outcomes will depend heavily on product rollouts, design wins, and the speed at which the post‑quantum security market matures.

NEWS

November 24, 2025 · 8:00 AM UTC

SEALSQ Appoints Dr. Ballester Lafuente as Chief of Staff and Group AI Officer

Read more

November 21, 2025 · 8:00 AM UTC

SEALSQ and Quobly Announce Collaboration to Advance Secure and Scalable Quantum Technologies

Read more

November 19, 2025 · 11:30 AM UTC

Quantum Risk Turns Real for Cryptocurrencies, and SEALSQ Delivers the Roadmap to Mitigate the Risk

Read more

November 14, 2025 · 8:50 AM UTC

SEALSQ Launches U.S.-Based Post-Quantum Root of Trust to Deliver Quantum-Resistant PKI and Device Identity Services as part of the Made In USA strategy

Read more

November 12, 2025 · 8:45 AM UTC

SEALSQ Inaugurates the Grenoble Node of the SEALSQ Quantum Corridor, Advancing Quantum Sovereignty Across Europe

Read more