Operational cash flow remains deeply negative at -$25.3M for 2025Q4, a figure exacerbated by $11.3M in stock-based compensation that obscures the underlying cash burn rate.
| Cash from Operations | -31.26M | -11.21M | -3.04M | -1.55M | -3.59M | -3.02M |
| Operating CF Margin % | -171.25% | -89.86% | -9.09% | -6.4% | -19.32% | -19.82% |
| Operating CF Growth % | -178.96% | -268.59% | -95.62% | 56.73% | -18.79% | - |
| Net Income | -34.19M | -21.2M | -3.64M | 5.77M | -5.28M | -9.2M |
| Depreciation & Amortization | 191K | 715.37K | 570K | 408K | 1.68M | 2.85M |
| Stock-Based Compensation | 11.26M | 148K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -168K | 3.08M | 225K | -3.25M | 6K | 5K |
| Other Non-Cash Items | 512K | 711.63K | -323.44K | -209K | 35.51K | 38K |
| Working Capital Changes | -8.86M | 5.34M | 125K | -4.27M | -34K | 3.29M |
| Change in Receivables | 688K | 1.45M | -2.83M | 387K | -400K | 1.54M |
| Change in Inventory | -1.1M | 4.34M | 2.32M | -5.35M | -236K | 313K |
| Change in Payables | 4.56M | 2.1M | 39K | -521K | 522K | -457K |
| Cash from Investing | -35.31M | -571K | -3.02M | -299K | -36K | 163K |
| Capital Expenditures | -1.24M | -571K | -3.02M | -299K | -36K | -52K |
| CapEx % of Revenue | 6.81% | 4.58% | 9.03% | 1.23% | 0.19% | 0.34% |
| Acquisitions | -11.55M | 0 | 0 | 0 | 0 | 215K |
| Investments | - | - | - | - | - | - |
| Other Investing | -104K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 399.52M | 89.48M | 8.92M | 3.75M | 3.69M | 2.81M |
| Debt Issued (Net) | -5.13M | 18.59M | 9.6M | 1.75M | 3.46M | 2.81M |
| Equity Issued (Net) | 436.67M | 60M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -32.02M | 10.89M | -680K | 2M | 227K | 0 |
| Net Change in Cash | 333.03M | 77.73M | 2.84M | 1.99M | 234K | -15K |
| Free Cash Flow | -32.5M | -11.78M | -6.06M | -1.85M | -3.63M | -3.08M |
| FCF Margin % | -178.06% | -94.44% | -18.12% | -7.63% | -19.51% | -20.16% |
| FCF Growth % | -175.99% | -94.29% | -227.09% | 48.91% | -17.95% | - |
| FCF per Share | -0.24 | -0.33 | -0.40 | -0.12 | -0.24 | -0.20 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.47x | 0.84x | -0.26x | 0.68x | 0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 4K | 0 | 4K | 0 | 16K |
Unsustainable cash burn rate
According to recent financial disclosures, SEALSQ's operating cash flow in 2025Q4 reached -$25.3M, a figure significantly worsened by the inclusion of $11.3M in stock-based compensation, suggesting that the company's cash-generating ability is far weaker than the headline net loss might otherwise imply to investors.
The wide divergence between net income and operating cash flow highlights a reliance on non-cash equity incentives to manage talent costs while the core business remains cash-consumptive. This pattern suggests that the company's operational viability is currently decoupled from its reported accounting earnings, necessitating a focus on cash-burn metrics rather than traditional profitability ratios.
As reported in quarterly filings, the company's free cash flow trajectory has remained consistently negative, culminating in a -$25.7M outflow in 2025Q4, which underscores the structural difficulty in achieving self-sustaining operations despite the company's aggressive pursuit of market share in the secure semiconductor and IoT identity sectors.
The consistent negative FCF margins indicate that the business model is currently in a high-investment phase that shows little sign of nearing an inflection point. Investors should monitor whether the recent increase in cash burn is a temporary result of strategic scaling or a permanent feature of the company's high-cost operating structure.
Based on the provided cash flow statements, working capital changes have been highly erratic, including a significant -$6.7M drag in 2025Q4, which suggests that the company is struggling to manage its cash conversion cycle effectively as it attempts to scale its semiconductor and identity provisioning operations.
The negative impact of working capital on cash flow suggests that inventory build-up or delayed collections may be consuming liquidity at an inopportune time. This volatility warrants further investigation into the company's supply chain management and its ability to convert product shipments into actual cash receipts in a timely manner.
Data from recent filings reveals that SEALSQ utilized $11.5M for acquisitions in 2025Q4, a move that highlights a strategy of deploying capital toward inorganic expansion rather than focusing on achieving organic operational break-even, despite the company's ongoing and substantial negative operating cash flow profile.
This deployment strategy appears to prioritize long-term market positioning over immediate cash preservation, which may be a risky approach given the current burn rate. The reliance on external capital to fund these acquisitions suggests that the company's internal cash generation is insufficient to support its strategic growth ambitions.
Quick answers to the most common questions about buying LAES stock.
SEALSQ Corp (LAES) generated $-31.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SEALSQ Corp (LAES) reported negative free cash flow of $32.5M in 2025, indicating capital requirements exceeded cash from operations.
SEALSQ Corp (LAES) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.