Revenue growth remains highly volatile, evidenced by a 110.7% surge in 2025Q4 following a 57.6% contraction in 2024Q4, while operating margins remain deeply negative at -146.6%.
| Sales/Revenue | 19.29M | 11.88M | 30.92M | 23.2M | 22.26M | 14.78M | 22.65M | 34.28M | 43.08M | 10.96M | 2.29M |
| Revenue Growth % | 62.43% | -61.59% | 33.28% | 4.22% | 50.61% | -34.76% | -33.92% | -20.42% | 292.96% | 379.31% | - |
| Cost of Goods Sold | 10.05M | 7.58M | 16.17M | 13.4M | 13.17M | 9.31M | 13.2M | 18.32M | 22.39M | 6.54M | 820.17K |
| COGS % of Revenue | 52.11% | 63.85% | 52.31% | 57.76% | 59.17% | 63.02% | 58.26% | 53.44% | 51.97% | 59.63% | 35.86% |
| Gross Profit | 9.24M | 4.29M | 14.74M | 9.8M | 9.09M | 5.46M | 9.46M | 15.96M | 20.69M | 4.43M | 1.47M |
| Gross Margin % | 47.89% | 36.15% | 47.69% | 42.24% | 40.83% | 36.98% | 41.74% | 46.56% | 48.03% | 40.37% | 64.14% |
| Gross Profit Growth % | 115.19% | -70.88% | 50.46% | 7.82% | 66.29% | -42.21% | -40.76% | -22.86% | 367.53% | 201.69% | - |
| Operating Expenses | 56.93M | 31.72M | 28.04M | 7.22M | 35.78M | 24M | 29.96M | 25.02M | 34.2M | 40.67M | 8M |
| OpEx % of Revenue | 295.15% | 267.08% | 90.7% | 31.11% | 160.73% | 162.37% | 132.26% | 72.99% | 79.4% | 371.01% | 349.65% |
| Selling, General & Admin | 42.27M | 24.87M | 23.81M | 6.92M | 28.95M | 18.03M | 23.72M | 20M | 28.34M | 39.28M | 7.35M |
| SG&A % of Revenue | 219.16% | 209.47% | 77.02% | 29.81% | 130.07% | 121.98% | 104.71% | 58.35% | 65.79% | 358.34% | 321.44% |
| Research & Development | 14.88M | 7.03M | 4.4M | 2.31M | 7.01M | 6.01M | 6.42M | 5.31M | 7.39M | 1.44M | 645.12K |
| R&D % of Revenue | 77.16% | 59.17% | 14.22% | 9.95% | 31.48% | 40.68% | 28.35% | 15.48% | 17.15% | 13.12% | 28.21% |
| Other Operating Expenses | -224K | -184K | -167K | -2.01M | -183K | -43K | -180K | -62K | -2K | -18.32K | 0 |
| Operating Income | -47.69M | -27.42M | -13.3M | 2.58M | -26.69M | -18.53M | -20.5M | -9.06M | -13.51M | -36.18M | -6.53M |
| Operating Margin % | -247.26% | -230.93% | -43.02% | 11.13% | -119.9% | -125.39% | -90.52% | -26.43% | -31.36% | -330.06% | -285.51% |
| Operating Income Growth % | -73.92% | -106.19% | -614.91% | 109.68% | -44.01% | 9.62% | -126.31% | 32.94% | 62.66% | -454.1% | - |
| EBITDA | -47.44M | -26.74M | -12.68M | 3.19M | -25.69M | -16.94M | -19.15M | -5.58M | -8.49M | -34.99M | -4.55M |
| EBITDA Margin % | -245.94% | -225.19% | -41% | 13.73% | -115.44% | -114.62% | -84.54% | -16.27% | -19.71% | -319.21% | -198.93% |
| EBITDA Growth % | -77.41% | -110.97% | -497.96% | 112.4% | -51.68% | 11.54% | -243.42% | 34.31% | 75.74% | -669.11% | - |
| D&A (Non-Cash Add-back) | 254K | 682K | 625K | 602K | 994K | 1.59M | 1.35M | 3.48M | 5.02M | 1.19M | 1.98M |
| EBIT | -37.99M | -26.96M | -13.89M | -12.31M | -21.51M | -27.75M | -21.63M | -9.46M | -9.51M | -35.55M | -6.39M |
| Net Interest Income | 5.9M | -1.36M | -1.24M | -775K | -2.1M | -1.22M | -1.65M | -394K | -1.63M | -1.49M | -24.37K |
| Interest Income | 6.13M | 858K | 90K | 14K | 9K | 24K | 74K | 0 | 33K | 29.35K | 7 |
| Interest Expense | 224K | 2.21M | 1.33M | 789K | 2.11M | 1.25M | 1.73M | 394K | 1.66M | 1.52M | 24.38K |
| Other Income/Expense | 9.38M | -1.43M | -1.92M | -2.61M | -2.3M | -10.37M | -2.51M | -795K | -2.19M | -318K | 138.82K |
| Pretax Income | -38.32M | -28.86M | -15.22M | 2.52M | -24.19M | -28.9M | -23.02M | -9.86M | -25.79M | -36.5M | -6.39M |
| Pretax Margin % | -198.65% | -243.01% | -49.22% | 10.88% | -108.67% | -195.53% | -101.61% | -28.75% | -59.86% | -332.96% | -279.44% |
| Income Tax | -163K | 3.09M | 230K | -3.25M | -93K | 9K | 13K | 53K | -1.04M | -16.08K | 300 |
| Effective Tax Rate % | 0.43% | -10.69% | -1.51% | -128.51% | 0.38% | -0.03% | -0.06% | -0.54% | 4.02% | 0.04% | -0% |
| Net Income | -6.07M | -13.45M | -15.36M | 5.77M | -24.09M | -28.91M | -23.03M | -16.28M | -24.27M | -35.93M | -6.16M |
| Net Margin % | -31.48% | -113.23% | -49.68% | 24.87% | -108.25% | -195.6% | -101.67% | -47.49% | -56.33% | -327.72% | -269.18% |
| Net Income Growth % | 54.84% | 12.46% | -366.2% | 123.95% | 16.65% | -25.52% | -41.48% | 32.92% | 32.45% | -483.53% | - |
| Net Income (Continuing) | -38.15M | -31.94M | -15.45M | -9.81M | -23.47M | -28.91M | -23.03M | -9.91M | -10.13M | -36.48M | -6.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -622K | 0 | 30.48M | 0 | 0 | 0 | 0 |
| Minority Interest | 415.23M | 62.08M | -5.59M | -2.23M | 5.48M | -1.84M | -1.57M | -883K | -883K | -1.08M | -107.2K |
| EPS (Diluted) | -0.54 | -0.19 | -2.53 | 1.39 | -5.77 | -8.44 | -7.68 | -6.00 | -41.12 | -79.68 | -13.49 |
| EPS Growth % | -184.21% | 92.49% | -282.01% | 124.09% | 31.64% | -9.9% | -28% | 85.41% | 48.39% | -490.66% | - |
| EPS (Basic) | -0.54 | -0.19 | -2.53 | 1.39 | -5.77 | -8.44 | -7.98 | -6.00 | -41.12 | -79.68 | -13.49 |
| Diluted Shares Outstanding | 11.25M | 9.85M | 8.96M | 4.17M | 4.17M | 3.42M | 3M | 2.71M | 2.36M | 1.83M | 7.58M |
| Basic Shares Outstanding | 11.25M | 9.85M | 8.96M | 4.17M | 4.17M | 3.42M | 2.89M | 2.71M | 2.36M | 1.83M | 7.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Deficits
According to the provided financial data, WISeKey experienced a significant 110.7% revenue surge in 2025Q4, contrasting sharply with the 57.6% contraction reported in 2024Q4, suggesting that the company's top-line performance remains highly susceptible to lumpy, project-based hardware delivery cycles rather than consistent, recurring software-driven expansion.
The extreme variance in quarterly revenue growth indicates that the business model has yet to achieve a predictable cadence of customer acquisition or contract renewals. Investors should monitor whether the recent growth spike represents a sustainable shift in market penetration or merely a temporary concentration of hardware shipments.
As reported in recent financial statements, WISeKey's gross margin fluctuated between 25.9% and 71.8% over the last ten quarters, reflecting a lack of structural pricing power and a high sensitivity to the underlying cost of semiconductor components and foundry services required for its secure hardware offerings.
The inability to maintain a consistent gross margin profile suggests that the company's product mix is heavily influenced by lower-margin hardware sales. This volatility complicates the path to profitability, as the company lacks the scale to buffer against fluctuations in input costs or competitive pricing pressures.
Based on reported figures, WISeKey's operating income remains deeply negative, with an operating margin of -146.6% in 2025Q4, demonstrating that the company's massive SG&A and R&D expenditures are currently scaling far faster than the gross profit generated by its core semiconductor and digital identity business segments.
The persistent decoupling of operating expenses from revenue growth suggests that the current cost structure is unsustainable without a fundamental shift in operational efficiency. The company appears to be prioritizing aggressive R&D and overhead expansion over the achievement of operating leverage, which warrants significant caution from investors.
Analysis of the income statement reveals a recurring discrepancy between operating and net margins, such as the 2025Q4 net margin of -11.6% compared to an operating margin of -146.6%, indicating that non-operating income or valuation adjustments are significantly softening the impact of deep underlying operational losses.
This reliance on non-operating items to bridge the gap between operating and net income suggests that the reported bottom line may not reflect the true cash-generating capability of the business. Investors should focus on operating income as the primary metric for evaluating the company's long-term viability.
While the company maintains a substantial cash position, the historical trend of deep operating deficits and inconsistent revenue growth suggests that the current business model may struggle to reach self-sustaining profitability, potentially forcing future reliance on capital markets despite the current liquidity buffer reported in recent filings.
The aggressive pivot into speculative AI and satellite ventures may further dilute management focus and exacerbate the existing burn rate. Without a clear path to aligning operating expenses with revenue, the company remains vulnerable to prolonged periods of cash depletion regardless of its current balance sheet strength.
Quick answers to the most common questions about buying WKEY stock.
For fiscal year 2025, WISeKey International Holding AG (WKEY) reported total revenue of $19.3M. This represents a 743.4% increase compared to $2.3M in 2015.
WISeKey International Holding AG (WKEY) reported a net loss of $6.1M for the fiscal year ending 2025.
WISeKey International Holding AG (WKEY) reported an operating income of $-47.7M, resulting in an operating profit margin of -247.3%. This margin reflects the operational efficiency of the business before interest and taxes.
WISeKey International Holding AG (WKEY) generated $9.2M in gross profit for the year, representing a gross profit margin of 47.9%. This demonstrates the company's core pricing power and production efficiency.