Revenue growth remains highly volatile, exemplified by a 79.3% surge in 2025Q4, yet this is undermined by an operating margin of -104.7% that highlights significant scalability challenges.
| Sales/Revenue | 18.25M | 12.47M | 33.45M | 24.29M | 18.59M | 15.25M |
| Revenue Growth % | 46.38% | -62.72% | 37.71% | 30.67% | 21.87% | - |
| Cost of Goods Sold | 9.62M | 8.24M | 17.81M | 14.03M | 12.08M | 10.96M |
| COGS % of Revenue | 52.72% | 66.05% | 53.26% | 57.76% | 65.01% | 71.82% |
| Gross Profit | 8.63M | 4.23M | 15.63M | 10.26M | 6.5M | 4.3M |
| Gross Margin % | 47.28% | 33.95% | 46.74% | 42.24% | 34.99% | 28.18% |
| Gross Profit Growth % | 103.87% | -72.92% | 52.37% | 57.73% | 51.35% | - |
| Operating Expenses | 48.43M | 24.16M | 17.86M | 9.66M | 12.02M | 13.44M |
| OpEx % of Revenue | 265.36% | 193.77% | 53.39% | 39.76% | 64.65% | 88.14% |
| Selling, General & Admin | 38.56M | 18.5M | 13.47M | 7.24M | 8.67M | 8.94M |
| SG&A % of Revenue | 211.29% | 148.37% | 40.26% | 29.81% | 46.65% | 58.61% |
| Research & Development | 12.48M | 5.66M | 4.39M | 2.42M | 3.34M | 4.4M |
| R&D % of Revenue | 68.36% | 45.4% | 13.13% | 9.95% | 17.95% | 28.83% |
| Other Operating Expenses | -2.61M | 0 | 0 | 0 | 9.84K | 106.54K |
| Operating Income | -39.8M | -19.93M | -2.22M | 603.1K | -5.51M | -9.15M |
| Operating Margin % | -218.08% | -159.82% | -6.65% | 2.48% | -29.66% | -59.96% |
| Operating Income Growth % | -99.74% | -796.32% | -468.65% | 110.94% | 39.72% | - |
| EBITDA | -39.61M | -19.21M | -1.59M | 1.03M | -3.83M | -6.11M |
| EBITDA Margin % | -217.03% | -154.08% | -4.75% | 4.24% | -20.62% | -40.08% |
| EBITDA Growth % | -106.18% | -1109.07% | -254.23% | 126.88% | 37.31% | - |
| D&A (Non-Cash Add-back) | 191K | 715.37K | 634.28K | 427.2K | 1.68M | 3.03M |
| EBIT | -33.98M | -18.49M | -2.4M | 3.25M | -5.11M | -9.15M |
| Net Interest Income | 5.92M | -1.28M | -903K | -597K | -168K | -1K |
| Interest Income | 6.15M | 798.26K | 88K | 9K | 0 | 8K |
| Interest Expense | 223K | 2.08M | 987K | 605K | 168K | 9K |
| Other Income/Expense | 5.45M | -642.69K | -1.16M | 2.04M | 240.63K | -650.96K |
| Pretax Income | -34.36M | -20.57M | -3.39M | 2.64M | -5.27M | -9.8M |
| Pretax Margin % | -188.23% | -164.98% | -10.12% | 10.88% | -28.37% | -64.23% |
| Income Tax | -162K | 3.5M | 250.38K | -3.4M | 6.56K | 5.33K |
| Effective Tax Rate % | 0.47% | -17.03% | -7.39% | -128.51% | -0.12% | -0.05% |
| Net Income | -34.19M | -24.07M | -3.64M | 6.04M | -5.28M | -9.8M |
| Net Margin % | -187.34% | -193.07% | -10.87% | 24.87% | -28.4% | -64.27% |
| Net Income Growth % | -42.04% | -561.99% | -160.19% | 214.43% | 46.14% | - |
| Net Income (Continuing) | -34.19M | -24.07M | -3.64M | 6.04M | -5.28M | -9.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.68 | -0.21 | 0.38 | -0.32 | -0.61 |
| EPS Growth % | 64.71% | -223.81% | -155.26% | 218.75% | 47.54% | - |
| EPS (Basic) | -0.24 | -0.68 | -0.21 | 0.38 | -0.32 | -0.61 |
| Diluted Shares Outstanding | 135.03M | 35.25M | 15.3M | 15.13M | 15.13M | 15.13M |
| Basic Shares Outstanding | 135.03M | 35.25M | 15.3M | 15.13M | 15.13M | 15.13M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Extreme operating margin volatility
As indicated by the latest quarterly data, LAES experienced a 79.3% revenue surge in 2025Q4, yet this follows a period of significant contraction, suggesting that top-line performance remains highly sensitive to project-based cycles rather than a consistent, predictable expansion of the company's core semiconductor and identity service offerings.
The extreme variance in quarterly revenue growth highlights the company's reliance on lumpy design wins and transactional hardware sales. Investors should monitor whether the recent acceleration reflects sustainable adoption of the Matter standard or merely the timing of specific, non-recurring customer deployments.
According to the provided income statement history, gross margins have fluctuated significantly between 19.3% and 53.3%, reflecting the inherent challenges of maintaining pricing power in a specialized semiconductor niche without the manufacturing scale required to stabilize unit costs against variable foundry and material pricing pressures.
The inability to maintain a consistent gross margin profile suggests that SEALSQ lacks the structural cost advantages of larger, integrated peers. This volatility complicates long-term profitability modeling, as the company appears unable to pass through input cost increases effectively during periods of lower production volume.
Based on reported financial figures, the company's operating margin reached a concerning -104.7% in 2025Q4, demonstrating that current revenue levels are insufficient to cover the substantial R&D and SG&A expenses required to maintain its competitive position in the secure identity and semiconductor hardware markets.
The lack of operating leverage indicates that the company is currently in a high-burn phase, prioritizing market share and R&D over immediate profitability. Without a significant shift in revenue scale or a reduction in corporate overhead, the current cost structure appears unsustainable for a standalone public entity.
As revealed in the 2025Q4 financial statements, the company recorded $11.3M in stock-based compensation, a figure that significantly impacts the net loss and highlights the reliance on equity-based incentives to attract talent while the underlying business continues to generate substantial negative operating cash flow.
The sudden appearance of material stock-based compensation warrants further investigation into the company's long-term incentive alignment and potential dilution risks for shareholders. This non-cash expense obscures the true operational cash burn, making it difficult to assess the company's path toward self-funded growth.
Quick answers to the most common questions about buying LAES stock.
For fiscal year 2025, SEALSQ Corp (LAES) reported total revenue of $18.3M. This represents a 19.7% increase compared to $15.3M in 2020.
SEALSQ Corp (LAES) reported a net loss of $34.2M for the fiscal year ending 2025.
SEALSQ Corp (LAES) reported an operating income of $-39.8M, resulting in an operating profit margin of -218.1%. This margin reflects the operational efficiency of the business before interest and taxes.
SEALSQ Corp (LAES) generated $8.6M in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.