Wisekey Internat Financials
Wisekey Internat (WKEY) reported $19.3M in revenue for fiscal year 2025, up 62.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financing inflows, not operating cash generation, are funding a cash-rich balance sheet while expanding expenses keep profitability out of reach.
The 2025 balance-sheet jump is a funding event:$399.5M of financing cash flow lifted cash to$429.2M . Operating cash flow of-$32.4M and free cash flow of-$33.1M show that the larger liquidity pool did not come from improved cash conversion.
Revenue recovery coincided with gross economics improving, with gross margin rising from
Debt-to-equity was 0.1x and current ratio 12.9x, indicating little reported debt pressure and abundant current-asset coverage. Yet total liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Wisekey Internat's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Wisekey Internat, and counted as zero in the overall score.
Wisekey Internat scores 0.00, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($79.5M) relative to total liabilities ($468.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Wisekey Internat passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Wisekey Internat reported a net loss of $6.1M while operations used $32.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Wisekey Internat reported an operating loss of $47.7M against $224K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Wisekey Internat generated $19.3M in revenue in fiscal year 2025. This represents an increase of 62.4% from the prior year.
Wisekey Internat's EBITDA was -$45.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 70.0% from the prior year.
Wisekey Internat reported -$6.1M in net income in fiscal year 2025. This represents an increase of 54.8% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Wisekey Internat recorded an outflow of $33.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 80.5% from the prior year.
Wisekey Internat held $429.2M in cash against $2.4M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Wisekey Internat's gross margin was 47.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 11.7 percentage points from the prior year.
Wisekey Internat's net profit margin was -31.5% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Wisekey Internat's ROE was -13.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 40.5 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Wisekey Internat invested $14.9M in research and development in fiscal year 2025. This represents an increase of 111.8% from the prior year.
Wisekey Internat invested $743K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 30.1% from the prior year.
Not reported for fiscal year 2025.
WKEY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.3M+62.4% | $11.9M-61.6% | $30.9M+29.8% | $23.8M+35.0% | $17.6M+19.4% | $14.8M-34.8% | $22.7M-33.9% | $34.3M+1.8% | $33.7M |
| Cost of Revenue | $9.5M+34.4% | $7.1M-54.9% | $15.8M+15.9% | $13.6M+37.3% | $9.9M+15.3% | $8.6M-33.4% | $12.9M-26.9% | $17.6M-1.5% | $17.9M |
| Gross Profit | $9.2M+115.2% | $4.3M-70.9% | $14.7M+46.1% | $10.1M+35.5% | $7.5M+36.4% | $5.5M-42.2% | $9.5M-40.8% | $16.0M+1.0% | $15.8M |
| R&D Expenses | $14.9M+111.8% | $7.0M+59.8% | $4.4M+13.9% | $3.9M-31.3% | $5.6M-6.6% | $6.0M-6.4% | $6.4M+21.0% | $5.3M-0.6% | $5.3M |
| SG&A Expenses | $27.9M+70.8% | $16.3M-5.6% | $17.3M+50.8% | $11.5M-18.5% | $14.1M+31.8% | $10.7M-32.4% | $15.8M+10.9% | $14.2M-7.6% | $15.4M |
| Operating Income | -$47.7M-73.9% | -$27.4M-106.2% | -$13.3M-27.4% | -$10.4M+50.7% | -$21.2M-14.2% | -$18.5M+9.6% | -$20.5M-126.3% | -$9.1M-15.1% | -$7.9M |
| Interest Expense | $224K-77.9% | $1.0M+62.3% | $624K+271.4% | $168K-84.1% | $1.1M+47.2% | $718K-0.8% | $724K-74.9% | $2.9M+1081.6% | $244K |
| Income Tax | -$163K-105.3% | $3.1M+1241.7% | $230K+107.1% | -$3.2M-25007.7% | $13K+44.4% | $9K-30.8% | $13K-75.5% | $53K-25.4% | $71K |
| Net Income | -$6.1M+54.8% | -$13.4M+12.5% | -$15.4M+44.1% | -$27.5M-14.0% | -$24.1M+16.6% | -$28.9M-487.8% | $7.5M+145.8% | -$16.3M+34.3% | -$24.8M |
| EPS (Diluted) | N/A | N/A | N/A | -$0.24+14.3% | -$0.28 | -$0.67-391.3% | $0.23+147.9% | -$0.48+41.5% | -$0.82 |
WKEY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $514.6M+348.7% | $114.7M+139.9% | $47.8M-3.4% | $49.5M-44.3% | $88.8M+67.9% | $52.9M+6.0% | $49.9M-36.4% | $78.5M+16.8% | $67.2M |
| Current Assets | $455.8M+353.5% | $100.5M+234.0% | $30.1M-11.1% | $33.9M-20.3% | $42.5M+10.0% | $38.7M+63.9% | $23.6M-26.6% | $32.1M | N/A |
| Cash & Equivalents | $429.2M+373.8% | $90.6M+491.7% | $15.3M-26.1% | $20.7M-39.5% | $34.2M+74.1% | $19.6M+62.1% | $12.1M+32.5% | $9.1M-4.6% | $9.6M |
| Inventory | $2.0M+41.9% | $1.4M-72.9% | $5.2M-30.4% | $7.5M+177.1% | $2.7M+9.5% | $2.5M-11.2% | $2.8M-33.4% | $4.2M | N/A |
| Accounts Receivable | $5.1M+19.2% | $4.3M-21.7% | $5.5M+112.6% | $2.6M-13.6% | $3.0M+2.7% | $2.9M-23.1% | $3.8M-50.5% | $7.6M | N/A |
| Goodwill | $14.0M+68.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M0.0% | $8.3M |
| Total Liabilities | $468.7M+422.8% | $89.6M+235.5% | $26.7M+4.9% | $25.5M-46.3% | $47.4M+23.3% | $38.5M+30.5% | $29.5M-60.4% | $74.5M+27.5% | $58.4M |
| Current Liabilities | $35.3M+65.4% | $21.3M+12.8% | $18.9M+0.4% | $18.8M-23.9% | $24.8M-0.9% | $25.0M+24.0% | $20.1M-42.2% | $34.9M | N/A |
| Long-Term Debt | $2.4M+59.2% | $1.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $45.9M+83.3% | $25.0M+22.7% | $20.4M-22.3% | $26.3M-26.8% | $35.9M+120.6% | $16.3M-26.1% | $22.0M+353.2% | $4.9M-44.3% | $8.7M |
| Retained Earnings | -$300.5M-2.1% | -$294.4M-4.8% | -$281.0M-5.8% | -$265.6M-11.5% | -$238.2M-9.3% | -$217.8M-15.2% | -$189.2M+4.1% | -$197.3M | N/A |
WKEY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.4M-82.1% | -$17.8M-25.1% | -$14.2M+17.1% | -$17.1M+21.3% | -$21.8M-73.6% | -$12.6M+9.7% | -$13.9M-63.6% | -$8.5M-72.2% | -$4.9M |
| Capital Expenditures | $743K+30.1% | $571K-81.1% | $3.0M+897.0% | $303K+741.7% | $36K-30.8% | $52K-82.3% | $293K-76.4% | $1.2M+85.9% | $669K |
| Free Cash Flow | -$33.1M-80.5% | -$18.3M-6.5% | -$17.2M+1.3% | -$17.4M+20.1% | -$21.8M-73.2% | -$12.6M+11.2% | -$14.2M-45.7% | -$9.7M-73.9% | -$5.6M |
| Investing Cash Flow | -$28.3M-15935.8% | $179K+105.9% | -$3.0M-524.2% | -$484K+80.8% | -$2.5M+35.2% | -$3.9M-110.6% | $36.6M+963.0% | -$4.2M+67.0% | -$12.9M |
| Financing Cash Flow | $399.5M+330.0% | $92.9M+684.1% | $11.8M+183.2% | $4.2M-88.7% | $37.0M+72.1% | $21.5M+24.3% | $17.3M+45.5% | $11.9M-53.4% | $25.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $141K-73.9% | $540K |
| Share Buybacks | N/A | N/A | $2K-98.0% | $102K | N/A | $1.1M+10.7% | $1.0M+13.9% | $900K | $0 |
WKEY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.9%+11.7pp | 36.1%-11.5pp | 47.7%+5.3pp | 42.4%+0.2pp | 42.2%+5.2pp | 37.0%-4.8pp | 41.7%-4.8pp | 46.6%-0.4pp | 46.9% |
| Operating Margin | -247.3% | -230.9% | -43.0%+0.8pp | -43.8% | -119.9% | -125.4% | -90.5%-64.1pp | -26.4%-3.1pp | -23.4% |
| Net Margin | -31.5% | -113.2% | -49.7% | -115.4% | -136.5% | -195.6% | 32.9%+80.4pp | -47.4%+26.1pp | -73.5% |
| Return on Equity | -13.2%+40.5pp | -53.7%+21.6pp | -75.3%+29.4pp | -104.6%-37.5pp | -67.1%+110.6pp | -177.7%-211.5pp | 33.9%+368.7pp | -334.8%-51.1pp | -283.7% |
| Return on Assets | -1.2%+10.5pp | -11.7%+20.4pp | -32.1%+23.4pp | -55.5%-28.4pp | -27.1%+27.5pp | -54.7%-69.6pp | 14.9%+35.7pp | -20.7%+16.1pp | -36.9% |
| Current Ratio | 12.92+8.2x | 4.71+3.1x | 1.59-0.2x | 1.80+0.1x | 1.72+0.2x | 1.55+0.4x | 1.17+0.2x | 0.92 | N/A |
| Debt-to-Equity | 0.050.0x | 0.06-1.2x | 1.31+0.3x | 0.97-0.4x | 1.32-1.0x | 2.36+1.0x | 1.34-14.0x | 15.33+8.6x | 6.70 |
| FCF Margin | -171.6% | -154.5% | -55.7%+17.5pp | -73.3% | -123.7% | -85.3%-22.7pp | -62.6%-34.2pp | -28.4%-11.8pp | -16.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Wisekey Internat Ranks
Frequently Asked Questions
What is Wisekey Internat's annual revenue?
Wisekey Internat (WKEY) reported $19.3M in total revenue for fiscal year 2025. This represents a 62.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Wisekey Internat's revenue growing?
Wisekey Internat (WKEY) revenue grew by 62.4% year-over-year, from $11.9M to $19.3M in fiscal year 2025.
Is Wisekey Internat profitable?
No, Wisekey Internat (WKEY) reported a net income of -$6.1M in fiscal year 2025, with a net profit margin of -31.5%.
What is Wisekey Internat's EBITDA?
Wisekey Internat (WKEY) had EBITDA of -$45.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Wisekey Internat have?
As of fiscal year 2025, Wisekey Internat (WKEY) had $429.2M in cash and equivalents against $2.4M in long-term debt.
What is Wisekey Internat's gross margin?
Wisekey Internat (WKEY) had a gross margin of 47.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Wisekey Internat's net profit margin?
Wisekey Internat (WKEY) had a net profit margin of -31.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Wisekey Internat's return on equity (ROE)?
Wisekey Internat (WKEY) has a return on equity of -13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Wisekey Internat's free cash flow?
Wisekey Internat (WKEY) recorded an outflow of $33.1M in free cash flow during fiscal year 2025. This represents a -80.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Wisekey Internat's operating cash flow?
Wisekey Internat (WKEY) recorded an outflow of $32.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Wisekey Internat's total assets?
Wisekey Internat (WKEY) had $514.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Wisekey Internat's capital expenditures?
Wisekey Internat (WKEY) invested $743K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Wisekey Internat spend on research and development?
Wisekey Internat (WKEY) invested $14.9M in research and development during fiscal year 2025.
What is Wisekey Internat's current ratio?
Wisekey Internat (WKEY) had a current ratio of 12.92 as of fiscal year 2025, which is generally considered healthy.
What is Wisekey Internat's debt-to-equity ratio?
Wisekey Internat (WKEY) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Wisekey Internat's return on assets (ROA)?
Wisekey Internat (WKEY) had a return on assets of -1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Wisekey Internat's cash runway?
Based on fiscal year 2025 data, Wisekey Internat (WKEY) had $429.2M in cash against an annual operating cash burn of $32.4M. This gives an estimated cash runway of approximately 159 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Wisekey Internat's Altman Z-Score?
Wisekey Internat (WKEY) has an Altman Z-Score of 0.00, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Wisekey Internat's Piotroski F-Score?
Wisekey Internat (WKEY) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Wisekey Internat's earnings high quality?
Wisekey Internat (WKEY) reported a net loss of $6.1M while operations used $32.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Wisekey Internat cover its interest payments?
Wisekey Internat (WKEY) reported an operating loss of $47.7M against $224K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Wisekey Internat?
Wisekey Internat (WKEY) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.