Wisekey International Hlds Ltd Financials

WSKEF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wisekey International Hlds Ltd (WSKEF) financial statements, including the 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).

Rhea AI WSKEF FY2024 2026-04-22

External financing is supporting a fixed-cost business whose cash burn stayed high despite volatile sales.

Over recent years, operating cash burn stayed near -$17M to -$18M even as sales moved sharply, which points to a mostly fixed expense base rather than a model where revenue swings meaningfully change cash needs. FY2024's larger cash position of $90.6M was created by $92.9M of financing inflow, so liquidity improved without the core business yet funding itself.

FY2024's operating loss margin of -230.9% on revenue of $11.9M shows the year was dominated by overhead rather than product economics. With SG&A and R&D still above gross profit, the cost base did not flex down when volume weakened.

The company is not burning cash because of heavy reinvestment: capital spending was just $571K while free cash flow was -$18.3M. That means the drain comes mainly from running the business, so the larger cash balance reflects financing activity more than internally generated cash.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Wisekey International Hlds Ltd'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.

Profitability

Wisekey International Hlds Ltd has an operating margin of -247.3%, meaning the company retains $-247 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -230.9% the prior year.

Growth

Wisekey International Hlds Ltd's revenue surged 62.4% year-over-year to $19.3M, reflecting rapid business expansion. This strong growth earns a score of 0/100.

Leverage

100

Wisekey International Hlds Ltd carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 12.92, Wisekey International Hlds Ltd holds $12.92 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Wisekey International Hlds Ltd generated -$32.4M in operating cash flow, capex of $743K consumed most of it, leaving -$33.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Wisekey International Hlds Ltd generates a -13.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -53.7% the prior year.

Piotroski F-Score Neutral

4/9

Wisekey International Hlds Ltd passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

5.33x

For every $1 of reported earnings, Wisekey International Hlds Ltd generates $5.33 in operating cash flow (-$32.4M OCF vs -$6.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-212.9x

Wisekey International Hlds Ltd earns $-212.9 in operating income for every $1 of interest expense (-$47.7M vs $224K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$19.3M

YoY+62.4%

5Y CAGR+5.5%

Wisekey International Hlds Ltd generated $19.3M in revenue in fiscal year 2025. This represents an increase of 62.4% from the prior year.

EBITDA

-$45.4M

YoY-70.0%

Wisekey International Hlds Ltd'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.

Net Income

-$6.1M

YoY+54.8%

Wisekey International Hlds Ltd reported -$6.1M in net income in fiscal year 2025. This represents an increase of 54.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$33.1M

YoY-80.5%

Wisekey International Hlds Ltd generated -$33.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 80.5% from the prior year.

Cash & Debt

$429.2M

YoY+373.8%

5Y CAGR+85.3%

Wisekey International Hlds Ltd held $429.2M in cash against $2.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

47.9%

YoY+11.7pp

5Y CAGR+10.9pp

Wisekey International Hlds Ltd'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.

Operating Margin

-247.3%

YoY-16.3pp

5Y CAGR-121.9pp

Wisekey International Hlds Ltd's operating margin was -247.3% in fiscal year 2025, reflecting core business profitability. This is down 16.3 percentage points from the prior year.

Net Margin

-31.5%

YoY+81.8pp

5Y CAGR+164.1pp

Wisekey International Hlds Ltd's net profit margin was -31.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 81.8 percentage points from the prior year.

Return on Equity

-13.2%

YoY+40.5pp

5Y CAGR+164.5pp

Wisekey International Hlds Ltd'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.

Capital Allocation

R&D Spending

$14.9M

YoY+111.8%

5Y CAGR+19.9%

Wisekey International Hlds Ltd invested $14.9M in research and development in fiscal year 2025. This represents an increase of 111.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$743K

YoY+30.1%

5Y CAGR+70.2%

Wisekey International Hlds Ltd 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.

WSKEF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$19.3M+62.4%	$11.9M-61.6%	$30.9M+29.8%	$23.8M+35.0%	$17.6M+19.4%	$14.8M
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
Gross Profit	$9.2M+115.2%	$4.3M-70.9%	$14.7M+46.1%	$10.1M+35.5%	$7.5M+36.4%	$5.5M
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
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
Operating Income	-$47.7M-73.9%	-$27.4M-106.2%	-$13.3M-27.4%	-$10.4M+50.7%	-$21.2M-14.2%	-$18.5M
Interest Expense	$224K-77.9%	$1.0M+62.3%	$624K+271.4%	$168K-84.1%	$1.1M+47.2%	$718K
Income Tax	-$163K-105.3%	$3.1M+1241.7%	$230K+107.1%	-$3.2M-25007.7%	$13K+44.4%	$9K
Net Income	-$6.1M+54.8%	-$13.4M+12.5%	-$15.4M+44.1%	-$27.5M-14.0%	-$24.1M+16.6%	-$28.9M
EPS (Diluted)	N/A	N/A	N/A	$-0.24+14.3%	$-0.28+58.2%	$-0.67

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WSKEF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$514.6M+348.7%	$114.7M+139.9%	$47.8M-3.4%	$49.5M-44.3%	$88.8M+67.9%	$52.9M
Current Assets	$455.8M+353.5%	$100.5M+234.0%	$30.1M-11.1%	$33.9M-20.3%	$42.5M+10.0%	$38.7M
Cash & Equivalents	$429.2M+373.8%	$90.6M+491.7%	$15.3M-26.1%	$20.7M-39.5%	$34.2M+74.1%	$19.6M
Inventory	$2.0M+41.9%	$1.4M-72.9%	$5.2M-30.4%	$7.5M+177.1%	$2.7M+9.5%	$2.5M
Accounts Receivable	$5.1M+19.2%	$4.3M-21.7%	$5.5M+112.6%	$2.6M-13.6%	$3.0M+2.7%	$2.9M
Goodwill	$14.0M+68.0%	$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
Current Liabilities	$35.3M+65.4%	$21.3M+12.8%	$18.9M+0.4%	$18.8M-23.9%	$24.8M-0.9%	$25.0M
Long-Term Debt	$2.4M+59.2%	$1.5M	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
Retained Earnings	-$300.5M-2.1%	-$294.4M-4.8%	-$281.0M-5.8%	-$265.6M-11.5%	-$238.2M-9.3%	-$217.8M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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
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
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
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
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
Goodwill	$14.0M+68.0%	$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
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
Long-Term Debt	$2.4M+59.2%	$1.5M	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
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

WSKEF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$743K+30.1%	$571K-81.1%	$3.0M+897.0%	$303K+741.7%	$36K-30.8%	$52K
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
Investing Cash Flow	-$28.3M-15935.8%	$179K+105.9%	-$3.0M-524.2%	-$484K+80.8%	-$2.5M+35.2%	-$3.9M
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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$2K-98.0%	$102K	N/A	$1.1M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WSKEF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	47.9%+11.7pp	36.1%-11.5pp	47.7%+5.3pp	42.4%+0.2pp	42.2%+5.2pp	37.0%
Operating Margin	-247.3%-16.3pp	-230.9%-187.9pp	-43.0%+0.8pp	-43.8%+76.1pp	-119.9%+5.5pp	-125.4%
Net Margin	-31.5%+81.8pp	-113.2%-63.6pp	-49.7%+65.7pp	-115.4%+21.2pp	-136.5%+59.1pp	-195.6%
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%
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%
Current Ratio	12.92+8.2	4.71+3.1	1.59-0.2	1.80+0.1	1.72+0.2	1.55
Debt-to-Equity	0.050.0	0.06-1.2	1.31+0.3	0.97-0.4	1.32-1.0	2.36
FCF Margin	-171.6%-17.1pp	-154.5%-98.8pp	-55.7%+17.5pp	-73.3%+50.4pp	-123.7%-38.4pp	-85.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	12.92+8.2	4.71+3.1	1.59-0.2	1.80+0.1	1.72+0.2	1.55+0.4	1.17+0.2	0.92
Debt-to-Equity	0.050.0	0.06-1.2	1.31+0.3	0.97-0.4	1.32-1.0	2.36+1.0	1.34-14.0	15.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Wisekey International Hlds Ltd's annual revenue?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's revenue growing?

Wisekey International Hlds Ltd (WSKEF) revenue grew by 62.4% year-over-year, from $11.9M to $19.3M in fiscal year 2025.

Is Wisekey International Hlds Ltd profitable?

No, Wisekey International Hlds Ltd (WSKEF) reported a net income of -$6.1M in fiscal year 2025, with a net profit margin of -31.5%.

What is Wisekey International Hlds Ltd's EBITDA?

Wisekey International Hlds Ltd (WSKEF) had EBITDA of -$45.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Wisekey International Hlds Ltd have?

As of fiscal year 2025, Wisekey International Hlds Ltd (WSKEF) had $429.2M in cash and equivalents against $2.4M in long-term debt.

What is Wisekey International Hlds Ltd's gross margin?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's operating margin?

Wisekey International Hlds Ltd (WSKEF) had an operating margin of -247.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Wisekey International Hlds Ltd's net profit margin?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's return on equity (ROE)?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's free cash flow?

Wisekey International Hlds Ltd (WSKEF) generated -$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 International Hlds Ltd's operating cash flow?

Wisekey International Hlds Ltd (WSKEF) generated -$32.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Wisekey International Hlds Ltd's total assets?

Wisekey International Hlds Ltd (WSKEF) had $514.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Wisekey International Hlds Ltd's capital expenditures?

Wisekey International Hlds Ltd (WSKEF) invested $743K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Wisekey International Hlds Ltd spend on research and development?

Wisekey International Hlds Ltd (WSKEF) invested $14.9M in research and development during fiscal year 2025.

What is Wisekey International Hlds Ltd's current ratio?

Wisekey International Hlds Ltd (WSKEF) had a current ratio of 12.92 as of fiscal year 2025, which is generally considered healthy.

What is Wisekey International Hlds Ltd's debt-to-equity ratio?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's return on assets (ROA)?

Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's cash runway?

Based on fiscal year 2025 data, Wisekey International Hlds Ltd (WSKEF) 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 International Hlds Ltd's Piotroski F-Score?

Wisekey International Hlds Ltd (WSKEF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 International Hlds Ltd's earnings high quality?

Wisekey International Hlds Ltd (WSKEF) has an earnings quality ratio of 5.33x, considered low quality (accrual-driven). 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 International Hlds Ltd cover its interest payments?

Wisekey International Hlds Ltd (WSKEF) has an interest coverage ratio of -212.9x, meaning it can struggle to cover its interest obligations. 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 International Hlds Ltd?

Wisekey International Hlds Ltd (WSKEF) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.