WISeKey International Holding AG
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsWisekey International Holding S.A. is a Swiss-domiciled cybersecurity and IoT company that sells digital identity, PKI and semiconductor security products, listed in the U.S. via American Depositary Shares.
What they do
The company operates through subsidiaries and holdings that provide digital security services, including public key infrastructure, managed security and IoT identity, together with semiconductor security components through its SEALSQ-related entities. Its filing lists operating entities across Switzerland, the United States, France, India, Japan, Vietnam and the Middle East, including WISeKey SA, WISeKey Semiconductors GmbH, SEALSQ Corp, WISeSat Space AG, WISe.ART AG and SEALCOIN AG. Revenue is generated from these security technology and related service lines.
Revenue drivers
- Digital identity and PKI services — Core security offerings delivered by subsidiaries such as WISeKey SA and WISeKey Arabia Information Technology Ltd, generating service and licensing revenue.
- Semiconductor security (SEALSQ) — Security chips and related hardware through WISeKey Semiconductors GmbH and SEALSQ Corp, part of the group's reported segment aggregation.
- Space and IoT ventures — Emerging activities at WISeSat Space AG and wisesat.space Corp, alongside IoT entities including WISeKey IoT Japan KK.
- Blockchain and digital asset lines — Entities such as WISECoin AG, SEALCOIN AG and WISe.ART AG hold crypto assets including Polygon and Ethereum, representing early-stage revenue.
Recent performance
Revenue rose to $19.3 million in 2025 from $11.9 million in 2024, after $30.9 million in 2023. Net loss narrowed to $6.1 million in 2025 from $13.4 million in 2024 and $15.4 million in 2023. Operating cash flow was negative $32.4 million in 2025, wider than negative $17.8 million in 2024. At year-end 2025 the company reported $429.2 million in cash and equivalents, total assets of $514.6 million, total liabilities of $53.4 million and shareholder equity of $45.9 million.
Strategy
The filing shows a multi-entity structure spanning cybersecurity, semiconductors, space-based IoT and blockchain/digital-asset ventures. The company has financed itself through instruments including Bpifrance loans and recoverable advances, COVID-19 loans, convertible notes, and at-market and warrant-based share purchase agreements with institutional investors. It maintains operations across Switzerland, the U.S., France, India, Japan, Vietnam and the Middle East, and holds crypto assets on its balance sheet. Cash and equivalents of $429.2 million at year-end 2025 provide substantial liquidity relative to its operating scale.
Risks
- Persistent operating losses — The company recorded a net loss of $6.1 million in 2025 and has reported negative net income in each year from 2021 through 2025.
- Negative operating cash flow — Operating cash flow was negative $32.4 million in 2025 and has been negative every year from 2021 to 2025, widening sharply in the latest year.
- Complex multi-entity structure — Operations span numerous subsidiaries and jurisdictions including Switzerland, the U.S., France, India, Japan, Vietnam and the Middle East, adding consolidation, tax and control complexity.
- Dilutive financing — The company has relied on convertible notes, warrants and at-market share purchase agreements with institutional investors, which can dilute existing shareholders.
Outlook
The filing does not provide a quantified forward revenue or earnings guidance in the excerpted material. Management's disclosed priorities center on the existing security technology, semiconductor and emerging space and digital-asset ventures. With $429.2 million in cash at year-end 2025, the company has significant liquidity relative to its current revenue and operating losses.