$LAES

SEALSQ Corp

CIK:0001951222|SEC Filings

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 18,252	$ 10,981	$ 30,058
Cost of sales	(9,116)	(6,775)	(15,589)
Depreciation of production assets	(506)	(478)	(420)
Gross profit	8,630	3,728	14,049
Other operating income	2,607	359	48
Research & development expenses	(12,477)	(4,985)	(3,946)
Selling & marketing expenses	(12,768)	(5,453)	(5,648)
General & administrative expenses	(25,791)	(10,840)	(8,644)
Total operating expenses	(48,429)	(20,919)	(18,190)
Operating loss	(39,799)	(17,191)	(4,141)
Non-operating income	8,897	1,061	2,442
Loss on debt extinguishment		(100)
Interest and amortization of debt discount	(223)	(1,003)	(689)
Non-operating expenses	(3,083)	(883)	(655)
Loss before income tax expense	(34,208)	(18,116)	(3,043)
Income tax (expense) / income	162	(3,085)	(225)
Equity in earnings of unconsolidated affiliates	(148)
Net loss	(34,194)	(21,201)	(3,268)
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	(39)		(2)
Unrealized holding gain arising during period	25
Net gain / (loss) arising during period	108	(27)	11
Other comprehensive income / (loss)	94	(27)	9
Comprehensive loss	$ (34,100)	$ (21,228)	$ (3,259)
Ordinary shares
Earnings per F share (USD)
Basic	$ (0.24)	$ (0.6)	$ (0.21)
Diluted	(0.24)	(0.6)	(0.21)
F shares
Earnings per F share (USD)
Basic	(1.2)	(3.01)	(1.07)
Diluted	$ (1.2)	$ (3.01)	$ (1.07)

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 loss	$ (34,194,000)	$ (21,201,000)	$ (3,268,000)
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:
Depreciation of property, plant & equipment	703,000	630,000	569,000
Depreciation of lease building & assets, net of cash paid	(2,035,000)
Amortization of intangible assets	1,523,000		1,000
Write-off gain			(2,240,000)
Impairment charge	472,318	0
Interest and amortization of debt discount	223,000	1,003,000	689,000
Loss on debt extinguishment		100,000
Stock-based compensation	11,261,000	148,000
Inventory valuation allowance	34,000	(524,000)	594,000
Income from equity-method investments, net of dividends received	148,000
Deferred tax asset write-off		3,077,000
Income tax expense / (recovery) net of cash paid	(168,000)	4,000	225,000
Other non cash expenses /(income)
Expenses settled in equity		441,000	153,000
Unrealized and non cash foreign currency transactions	(365,000)	(478,000)	112,000
Reclassification to financial activities		255,000
Changes in operating assets and liabilities, net of effects of businesses acquired / divested
Decrease / (increase) in accounts receivables	688,000	1,451,000	(2,834,000)
Decrease / (increase) in inventories	(1,101,000)	4,337,000	2,319,000
Decrease / (increase) in other current assets and prepaids, net	(950,000)	423,000	275,000
Decrease / (increase) in government assistance, net	(1,039,000)	(528,000)	(1,026,000)
Decrease / (increase) in other noncurrent assets, net	(2,150,000)	(189,000)	(6,000)
Increase / (decrease) in accounts payable	4,558,000	2,100,000	39,000
Increase / (decrease) in deferred revenue, current	20,000	5,000
Increase / (decrease) in income tax payable	2,000		(45,000)
Increase / (decrease) in other current liabilities, excluding stock-based compensation liability	4,720,000	1,226,000	285,000
Increase / (decrease) in deferred revenue, noncurrent	(7,000)
Increase / (decrease) in defined benefit pension liability	1,521,000	37,000	31,000
Increase / (decrease) in interest on debt owed to related parties	(319,000)	167,000	35,000
Increase / (decrease) in net balance owed to related parties, excluding debt and interest on debt	(11,724,000)	(2,608,000)	1,347,000
Increase / (decrease) in other noncurrent liabilities	(3,078,000)
Net cash provided by / (used in) operating activities	(31,257,000)	(10,124,000)	(2,745,000)
Cash Flows from investing activities:
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 and unconsolidated related party affiliates	(12,416,000)
Net cash provided by / (used in) investing activities	(35,312,000)	(571,000)	(3,021,000)
Cash Flows from financing activities:
Proceeds from options and warrants exercises	7,401,000	17,610,000
Proceeds from issuance of Common Stock	429,266,000	60,000,000
Common Stock issuance costs	(28,996,000)	(5,936,000)	(295,000)
Repayment of indebtedness to related parties	(2,750,000)	(1,407,000)
Repayments of debt	(2,377,000)
Payments of debt issue costs		(1,867,000)	(680,000)
Proceeds from convertible loan issuance		20,000,000	9,600,000
Acquisition of common stock for tax withholding obligations	(3,025,000)
Net cash provided by / (used in) financing activities	399,519,000	88,400,000	8,625,000
Effect of exchange rate changes on cash and cash equivalents	83,000	24,000	(21,000)
Cash and cash equivalents
Net increase / (decrease) during the period	333,033,000	77,729,000	2,838,000
Balance, beginning of period	84,624,000	6,895,000	4,057,000
Cash and cash equivalents balance, end of period	417,657,000	84,624,000	6,895,000
Supplemental cash flow information for financing and investing activities
Cash paid for interest, net of amounts capitalized	29,000
Cash paid for income tax	6,000	4,000
Noncash conversion of convertible loans into common stock		21,825,000	8,175,000
Issuance of shares in relation to the acquisition of IC'Alps	2,464,000
Issuance of shares in relation to investments in unconsolidated affiliates	1,948,000
Shares withheld to satisfy tax obligations	3,136,000
ROU assets obtained from operating lease	6,312,000	$ 62,000	$ 65,000
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	$ 417,657,000	$ 84,624,000
Accounts receivable, net of allowance for doubtful accounts	12,944,000	3,825,000
Inventories	2,012,000	1,418,000
Prepaid expenses	880,000	355,000
Investment, current	10,032,000
Government assistance	4,578,813	2,246,680
Other current assets	1,534,000	593,000
Total current assets	449,638,000	93,062,000
Noncurrent assets
Loans receivable, noncurrent	31,000
Deferred tax credits	2,295,000	190,000
Property, plant and equipment, net of accumulated depreciation	3,770,000	3,201,000
Intangible assets, net of accumulated amortization	20,953,000
Operating lease right-of-use assets	6,113,000	1,031,000
Finance lease right-of-use assets	126,000
Goodwill	5,656,000
Available-for-sale debt securities, noncurrent	129,000
Investment in SAFE	1,000,000
Other noncurrent assets	251,000	82,000
Total noncurrent assets	54,541,000	4,504,000
TOTAL ASSETS	504,179,000	97,566,000
Current Liabilities
Accounts payable	16,818,000	10,073,000
Notes payable	689,000	4,828,000
Deferred revenue, current	25,000	5,000
Current portion of obligations under operating lease liabilities	668,000	327,000
Current portion of obligations under finance lease liabilities	57,000
Income tax payable	3,000	1,000
Other current liabilities	9,988,000	1,659,000
Total current liabilities	28,248,000	16,893,000
Noncurrent liabilities
Noncurrent liabilities	989,000
Operating lease liabilities, noncurrent	5,523,000	616,000
Finance lease liabilities, noncurrent	72,000
Deferred tax liability	4,367,000
Employee benefit plan obligation	2,162,000	464,000
Other noncurrent liabilities	1,310,000
Total noncurrent liabilities	14,423,000	4,185,000
TOTAL LIABILITIES	42,671,000	21,078,000
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY
Additional paid-in capital	534,773,000	116,568,000
Accumulated other comprehensive income	852,000	758,000
Accumulated deficit	(76,107,000)	(41,913,000)
Total shareholders' equity	461,508,000	76,488,000
TOTAL LIABILITIES AND EQUITY	504,179,000	97,566,000
Related party
Current assets
Accounts receivable, net of allowance for doubtful accounts	8,656,000	223,000
Noncurrent assets
Investments in unconsolidated affiliates	9,958,000
Noncurrent liabilities
Noncurrent liabilities		3,105,000
Non-related party
Noncurrent assets
Investments in unconsolidated affiliates	4,259,000
Current Liabilities
Notes payable	689,000	1,819,000
Noncurrent liabilities
Noncurrent liabilities	989,000
Ordinary shares
SHAREHOLDERS' EQUITY
Common stock	1,915,000	1,000,000
F shares
SHAREHOLDERS' EQUITY
Common stock	$ 75,000	$ 75,000