$WKEY

WISeQey Corp.

CIK:0001738699|SEC Filings

Consolidated Statements of Comprehensive (Loss) / Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 19,289	$ 11,875	$ 30,918
Cost of sales	(9,545)	(7,104)	(15,754)
Depreciation of production assets	(506)	(478)	(420)
Gross profit	9,238	4,293	14,744
Other operating income	224	184	167
Research & development expenses	(14,883)	(7,026)	(4,398)
Selling & marketing expenses	(14,394)	(8,550)	(6,523)
General & administrative expenses	(27,879)	(16,324)	(17,290)
Total operating expenses	(56,932)	(31,716)	(28,044)
Operating loss	(47,694)	(27,423)	(13,300)
Non-operating income	13,423	1,629	2,374
Debt conversion expense		(32)	(562)
Interest and amortization of debt discount	(224)	(1,013)	(624)
Non-operating expenses	(3,716)	(2,018)	(3,107)
Loss before income tax expense	(38,211)	(28,857)	(15,219)
Income tax income / (expense)	163	(3,086)	(230)
Equity in earnings of unconsolidated entities	(106)
Net loss	(38,154)	(31,943)	(15,449)
Net loss attributable to noncontrolling interests	(32,082)	(18,497)	(89)
Net loss attributable to WISeKey International Holding Ltd	(6,072)	(13,446)	(15,360)
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	377	287	(842)
Unrealized holding gains arising during period	25	0	0
Net loss arising during period	(72)	(1,206)	(1,151)
Other comprehensive (loss) / income	330	(919)	(1,993)
Comprehensive loss	(37,824)	(32,862)	(17,442)
Other comprehensive income / (loss) attributable to noncontrolling interests	54	(28)	(99)
Other comprehensive income / (loss) attributable to WISeKey International Holding Ltd	276	(891)	(1,894)
Comprehensive loss attributable to noncontrolling interests	(32,028)	(18,525)	(188)
Comprehensive loss attributable to WISeKey International Holding Ltd	$ (5,796)	$ (14,337)	$ (17,254)
Class A Common Stock
Earnings per Share - Basic	$ (0.91)	$ (0.92)	$ (0.5)
Earnings per Share - Diluted	(0.91)	(0.92)	(0.5)
Earning per Share attributable to WISeKey International Holding Ltd - Basic	(0.15)	(0.39)	(0.51)
Earning per Share attributable to WISeKey International Holding Ltd - Diluted	(0.15)	(0.39)	(0.51)
Class B Common Stock
Earnings per Share - Basic	(9.12)	(9.17)	(5.01)
Earnings per Share - Diluted	(9.12)	(9.17)	(5.01)
Earning per Share attributable to WISeKey International Holding Ltd - Basic	(1.45)	(3.86)	(5.06)
Earning per Share attributable to WISeKey International Holding Ltd - Diluted	$ (1.45)	$ (3.86)	$ (5.06)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from operating activities:
Net Income (loss)	$ (38,154,000)	$ (31,943,000)	$ (15,449,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of property, plant & equipment	752,000	728,000	623,974
Depreciation of lease building & assets, net of cash paid	(2,021,000)	(46,000)
Amortization of intangible assets	1,523,000		1,476
Impairment charge	472,000
Write-off loss / (gain)			(48,000)
Debt conversion expense		32,000	562,000
Interest and amortization of debt discount	224,000	1,013,000	624,000
Stock-based compensation	8,347,000	1,182,000	178,000
Bad debt expense			36,000
Inventory valuation allowance	34,000	(523,000)	594,000
Gain on repayment of ExWorks Loan	(3,699,000)
Income / (loss) from equity-method investments, net of dividends received	106,000
Increase (decrease) in defined benefit pension liability, net of unrealized gains and losses	375,000	(330,000)	232,000
Deferred tax asset write-off		3,077,000
Income tax expense / (recovery) net of cash paid	(169,000)	1,000	222,000
Change in income tax receivable - withholding tax	(2,114,000)
Other non cash expenses /(income)
Expenses settled in equity		2,652,000	214,000
Unrealized and non-cash foreign currency transactions	(568,000)	206,000	(518,000)
Other			409,000
Changes in operating assets and liabilities, net of effects of businesses acquired
Decrease (increase) in accounts receivables	549,000	1,186,000	(2,898,000)
Decrease (increase) in inventories	(629,000)	4,335,000	2,319,000
Decrease (increase) in government assistance	(1,039,000)	(529,000)	(1,069,000)
Decrease (increase) in other current assets and prepaids, net	(2,344,000)	361,000	(21,000)
Decrease (increase) in other noncurrent assets	(71,000)	14,000	(26,000)
Increase (decrease) in accounts payable	3,315,000	634,000	(538,000)
Increase (decrease) in deferred revenue, current	(15,000)	(124,000)	43,000
Increase (decrease) in income taxes payable	1,000	(2,000)	(53,000)
Increase (decrease) in other current liabilities, excluding stock-based compensation liability	5,843,000	303,000	360,000
Increase (decrease) in deferred revenue, noncurrent		(3,000)	2,000
Increase (decrease) in other noncurrent liabilities	(3,080,000)	2,000	(6,000)
Net cash provided by (used in) operating activities	(32,362,000)	(17,774,000)	(14,206,000)
Cash Flows from investing activities:
Change in ownership of WISe.ART		750,000
Sale / (acquisition) of equity securities	565,000
Sale / (acquisition) of property, plant and equipment	(743,000)	(571,000)	(3,021,000)
Sale / (acquisition) of cryptocurrencies	(500,000)
Sale / (acquisition) of investment in SAFE	(1,000,000)
Sale / (acquisition) of available-for-sale debt securities	(104,000)
Sale / (acquisition) of investment, current	(10,000,000)
Acquisition of a business, net of cash and cash equivalents acquired	(10,549,000)
Acquisition of unconsolidated affiliates	(6,015,000)
Net cash provided by (used in) investing activities	(28,346,000)	179,000	(3,021,000)
Cash Flows from financing activities:
Proceeds from options and warrants exercises	7,403,000	17,612,000	28,000
Proceeds from issuance of Common Stock	429,266,000	60,000,000
Common Stock issuance costs	(29,098,000)	(4,855,000)
Proceeds from convertible loan issuance		22,500,000	12,990,000
Proceeds from debt		12,000
Repayments of debt	(4,933,000)	(53,000)	(276,000)
Payments of debt issue costs		(2,300,000)	(890,000)
Repurchase of treasury shares			(2,000)
Acquisition of common stock for tax withholding obligations	(3,136,000)
Net cash provided by (used in) financing activities	399,502,000	92,916,000	11,850,000
Effect of exchange rate changes on cash and cash equivalents	(146,000)	(32,000)	(126,000)
Cash and cash equivalents and restricted cash
Net increase (decrease) during the period	338,648,000	75,289,000	(5,503,000)
Balance, beginning of period	90,600,000	15,311,000	20,814,000
Balance, end of period	429,248,000	90,600,000	15,311,000
Reconciliation to balance sheet
Cash and cash equivalents	429,244,000	90,600,000	15,311,000
Restricted cash, current	4,000
Supplemental cash flow information for financing and investing activities
Cash paid for incomes taxes	6,000	8,000	8,000
Shares withheld to satisfy tax obligations	3,136,000
Noncash conversion of convertible loans into common stock		24,515,000	12,875,000
Issuance of shares in relation to investments in unconsolidated affiliates	1,948,000
Issuance of shares in relation to the acquisition of IC'Alps	2,464,000
ROU assets obtained from operating lease	6,312,000	$ 62,000	$ 66,000
ROU assets obtained from finance lease	$ 157,000

Consolidated Balance Sheets ₫ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Current assets
Cash and cash equivalents	$ 429,244,000	$ 90,600,000
Restricted cash, current	4,000
Accounts receivable, net of allowance for credit losses	5,109,000	4,285,000
Notes receivable, current		13,000
Inventories	2,012,000	1,418,000
Prepaid expenses, current	2,445,000	1,364,000
Investment, current	10,032,000
Government assistance	4,578,813	2,246,680
Other current assets	2,353,000	573,000
Total current assets	455,778,000	100,500,000
Noncurrent assets
Notes receivable, noncurrent	31,000	32,000
Deferred tax credits	2,364,000	250,000
Property, plant and equipment, net of accumulated depreciation	3,804,000	3,275,000
Intangible assets, net of accumulated amortization	21,073,000	96,000
Operating lease right-of-use assets	6,366,000	1,502,000
Finance lease right-of-use assets	126,000
Goodwill	13,973,000	8,317,000
Available-for-sale debt securities, noncurrent	129,000
Equity securities, at cost	517,000	455,000
Investment in SAFE	1,000,000
Investment in unconsolidated affiliates	7,857,000
Prepaid expenses, noncurrent	1,114,000
Other noncurrent assets	455,000	261,000
Total noncurrent assets	58,809,000	14,188,000
TOTAL ASSETS	514,587,000	114,688,000
Current Liabilities
Accounts payable	19,207,000	13,496,000
Notes payable	748,000	5,900,000
Indebtedness to related parties, current	84,000	78,000
Convertible note payable, current	10,000	9,000
Deferred revenue, current	93,000	93,000
Current portion of obligations under operating lease liabilities	932,000	607,000
Current portion of obligations under finance lease liabilities	57,000
Income tax payable	3,000	2,000
Other current liabilities	14,132,000	1,135,000
Total current liabilities	35,266,000	21,320,000
Noncurrent liabilities
Bonds, mortgages and other long-term debt	1,047,000	102,000
Deferred revenue, noncurrent	13,000	21,000
Indebtedness to related parties, noncurrent	1,324,000	1,387,000
Operating lease liabilities, noncurrent	5,536,000	853,000
Finance lease liabilities, noncurrent	72,000
Deferred income tax liability	4,367,000
Employee benefit plan obligation	4,502,000	3,877,000
Other noncurrent liabilities	1,311,000	4,000
Total noncurrent liabilities	18,172,000	6,244,000
TOTAL LIABILITIES	53,438,000	27,564,000
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY
Common stock	455,719	375,492
Share subscription in progress		1,000
Treasury stock, at cost (56,508 and 56,508 shares held)	(502,000)	(502,000)
Additional paid-in capital	343,015,000	316,431,000
Accumulated other comprehensive income / (loss)	3,426,000	3,150,000
Accumulated deficit	(300,479,000)	(294,407,000)
Total shareholders' equity attributable to WISeKey shareholders	45,916,000	25,048,000
Noncontrolling interests in consolidated subsidiaries	415,233,000	62,076,000
Total shareholders' equity	461,149,000	87,124,000
TOTAL LIABILITIES AND EQUITY	514,587,000	114,688,000
Class A Common Stock
SHAREHOLDERS' EQUITY
Common stock	16,007	16,007
Class B Common Stock
SHAREHOLDERS' EQUITY
Common stock	439,712	359,485
Treasury stock, at cost (56,508 and 56,508 shares held)	$ (501,644)	$ (501,644)