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WKEY

WISeKey International Holding AG

WKEY

WISeKey International Holding AG • NASDAQ
$9.47 ▲ 2.16% (+0.20)
Market Cap $58.98 M
52w High $19.80
52w Low $1.90
Dividend Yield 0%
P/E -16.33
Volume 202.27K
Outstanding Shares 6.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $5.293M ▼ $29.436M ▲ $-4.45M ▼ -84.073% ▼ $-1.06 ▼ $-26.935M ▼
Q4-2024 $6.701M ▲ $16.239M ▲ $-3.817M ▲ -56.962% ▲ $-0.78 ▲ $-12.699M ▲
Q2-2024 $5.174M ▼ $15.477M ▲ $-18.742M ▼ -362.241% ▼ $-1.94 ▲ $-13.748M ▼
Q4-2023 $15.811M ▲ $14.829M ▲ $-8.825M ▼ -55.814% ▼ $-3.87 ▼ $-7.133M ▼
Q2-2023 $15.107M $13.904M $-6.968M -46.124% $-3.11 $-5.721M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $124.596M ▲ $154.989M ▲ $28.425M ▲ $31.472M ▲
Q4-2024 $90.6M ▲ $114.688M ▲ $27.564M ▼ $25.048M ▼
Q2-2024 $26.298M ▲ $51.444M ▲ $33.431M ▲ $36.884M ▲
Q4-2023 $15.316M ▲ $47.801M ▲ $26.717M ▲ $26.675M ▲
Q2-2023 $14.063M $47.008M $25.746M $23.735M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-4.45M ▼ $-16.25M ▼ $-1.671M ▼ $54.791M ▼ $124.596M ▲ $-15.115M ▼
Q4-2024 $-3.817M ▲ $-9.481M ▼ $-475.66K ▼ $71.464M ▲ $64.014M ▲ $-9.942M ▼
Q2-2024 $-9.47M ▼ $-7.659M ▼ $654.101K ▲ $17.918M ▲ $11.085M ▲ $-7.973M ▼
Q4-2023 $-8.825M ▼ $-6.226M ▲ $-1.36M ▲ $9.228M ▲ $1.256M ▲ $-7.586M ▲
Q2-2023 $-7.097M $-8.192M $-1.708M $3.04M $-6.775M $-9.9M

Five-Year Company Overview

Income Statement

Income Statement WISeKey is still very much a development‑stage business financially. Revenue is very small and has not shown strong, consistent growth, while gross profit remains modest but positive. Operating results are steadily in the red, meaning day‑to‑day activities do not yet cover their own costs. Net losses have persisted for several years, with only minor fluctuations, suggesting the company has not yet found scale or profitability in its current model. Overall, the story here is high ambition but limited commercial traction so far.

Balance Sheet

Balance Sheet The balance sheet is light, with a relatively small asset base and equity cushion, which limits how much risk the company can absorb. Cash has recently improved and now makes up a large share of total assets, giving some short‑term breathing room. Debt levels appear low, so the company is not heavily leveraged, but that also means it may need to rely on equity raises or partnerships to finance growth. In short, the financial foundation is lean but not overburdened by borrowing.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, indicating that the core business consumes cash rather than generates it. Free cash flow is also negative year after year, and this is not driven by heavy capital spending but mainly by operating costs such as R&D, staff, and go‑to‑market efforts. This pattern points to an ongoing need for external funding or balance‑sheet cash to sustain operations until the business model scales. The key risk is how long the company can maintain this burn before needing additional capital.

Competitive Edge

Competitive Edge Strategically, WISeKey sits in attractive niches at the intersection of secure semiconductors, digital identity, and cybersecurity. Its long‑standing Root of Trust, installed base of secure chips, and a sizable patent portfolio create real barriers for smaller entrants. Vertical integration—from secure chips to PKI services and post‑quantum solutions—allows differentiated, end‑to‑end offerings, and partnerships with large technology players and government entities add credibility. However, compared with much larger semiconductor and cybersecurity incumbents, WISeKey is still a small player, so scaling sales, marketing, and support against bigger rivals remains a central challenge.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of the company. WISeKey is investing heavily in post‑quantum cryptography, secure microcontrollers, satellite‑based IoT security, AI‑driven cyber tools, and blockchain‑enabled identity and NFT platforms. Projects like quantum‑resistant chips, the Quantum RootKey, secure satellite constellations, and the SEALCOIN machine‑to‑machine transaction platform show a willingness to bet early on long‑term trends. The flip side is execution risk: turning these advanced concepts into reliable, widely adopted products—and doing so before competitors catch up or cash runs thin—is uncertain and time‑sensitive.

Summary

Overall, WISeKey looks like a highly innovative, niche technology company with strong intellectual property and a credible technical moat, but still a small and unprofitable business in financial terms. The strategy leans into future themes—post‑quantum security, secure IoT, space connectivity, and digital identity—where long‑term demand could be significant. At the same time, the current scale of revenue, ongoing losses, and persistent cash burn highlight meaningful financing and execution risks. The company’s long‑term outcome will likely depend on its ability to convert its technology leadership and partnerships into durable, growing revenue streams before its limited financial resources need to be replenished again.

NEWS

November 18, 2025 · 4:05 PM UTC

WISeKey International Holding Ltd Announces Plans to Redomicile to the British Virgin Islands

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November 10, 2025 · 8:30 AM UTC

WISeKey International Holding AG (Nasdaq: WKEY) and Columbus Acquisition Corp. (Nasdaq: COLA) Execute Business Combination Agreement to Publicly List WISeKey's Subsidiary WISeSat.Space Corp. Under The Name WISeSat.Space Holdings Corp.

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November 10, 2025 · 1:00 AM UTC

WISeKey International Holding AG (Nasdaq: WKEY) and Columbus Acquisition Corp. (Nasdaq: COLA) Execute Definitive Business Combination Agreement to Publicly List WISeKey's Subsidiary WISeSat.Space Corp. Under The Name WISeSat.Space Holdings

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November 4, 2025 · 1:00 AM UTC

SEALSQ, WISeKey and Swiss Armed Forces Advance Quantum-Secure Satellite Security

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October 29, 2025 · 2:00 AM UTC

WISeKey Affiliate WISeSat.Space Teams Up with INNOSPACE for Post-Quantum Satellite Launches

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