SEALSQ Corp (LAES) Income Statement
LAES 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLAES revenue and net income
Where LAES's revenue goes
2025Each bar shows an amount and its share of revenue. LAES kept −187.3% of revenue as net income.
LAES profit margins
LAES growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +46.4% | −9.1% | +3.7% | — |
| Gross profit | +103.9% | −5.6% | +15.0% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LAES quarterly EPS vs estimates
SEALSQ beat the analyst EPS estimate in 1 of the last 2 quarters.
LAES income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $18.3M | $12.5M | $33.4M | $24.3M | $18.6M | $15.3M |
| Cost of revenue | $9.6M | $8.2M | $17.8M | $14.0M | $12.1M | $11.0M |
| Gross profit | $8.6M | $4.2M | $15.6M | $10.3M | $6.5M | $4.3M |
| Research & development | $12.5M | $5.7M | $4.4M | $2.4M | $3.3M | $4.4M |
| Sales, general & admin | $25.8M | $16.3M | $8.6M | $6.9M | $7.6M | $9.5M |
| Total operating expenses | $48.4M | $24.2M | $17.9M | $9.7M | $12.0M | $13.4M |
| Operating income | −$39.8M | −$19.9M | −$2.2M | $603,100 | −$5.5M | −$9.1M |
| Interest income | $6.1M | $703,000 | $88,000 | $9,000 | $0 | $8,000 |
| Interest expense | $223,000 | $2.1M | $987,000 | $605,000 | $168,000 | $9,000 |
| Income before taxes | −$34.4M | −$20.6M | −$3.4M | $2.6M | −$5.3M | −$9.8M |
| Income taxes | −$162,000 | $3.5M | $250,375 | −$3.4M | $6,562 | $5,327 |
| Net income | −$34.2M | −$24.1M | −$3.6M | $6.0M | −$5.3M | −$9.8M |
| EBITDA | −$33.8M | −$17.8M | −$1.8M | $3.7M | −$3.4M | −$6.1M |
| EPS (diluted) | −$0.25 | −$0.25 | −$0.24 | $0.67 | −$0.35 | — |
| Gross margin | 47.3% | 33.9% | 46.7% | 42.2% | 35.0% | 28.2% |
| Operating margin | −218.1% | −159.8% | −6.6% | 2.5% | −29.7% | −60.0% |
| Net margin | −187.3% | −193.1% | −10.9% | 24.9% | −28.4% | −64.3% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Mar '23 | Jun '22 | Dec '21 | Jun '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.2M | $12.7M | $5.6M | $7.1M | $5.4M | $17.3M | $14.8M | $13.0M | $11.3M | $10.5M | $8.1M |
| Cost of revenue | $7.3M | $5.9M | $3.7M | $3.9M | $4.4M | $10.2M | $7.0M | $8.0M | $6.4M | $6.4M | $5.7M |
| Gross profit | $6.9M | $6.7M | $1.9M | $3.2M | $1.0M | $7.1M | $7.8M | $5.0M | $4.8M | $4.1M | $2.4M |
| Research & development | $11.1M | $7.0M | $5.5M | $3.0M | $2.7M | $2.8M | $1.5M | $1.2M | $1.2M | $1.5M | $1.8M |
| Total operating expenses | $49.6M | $20.0M | $28.4M | $13.1M | $11.0M | $9.0M | $7.8M | $4.0M | $5.2M | $5.2M | $7.0M |
| Operating income | −$42.7M | −$13.2M | −$26.6M | −$9.9M | −$10.0M | −$1.9M | $12,000 | $997,550 | −$409,722 | −$1.0M | −$4.6M |
| Interest expense | $1,270 | $120,314 | $343,314 | $1.0M | $1.0M | $896,814 | $197,000 | $466,115 | $165,159 | $118,471 | $64,959 |
| Income before taxes | −$35.7M | −$11.2M | −$23.2M | −$9.9M | −$10.6M | −$2.8M | −$555,000 | $2.8M | −$192,685 | −$1.1M | −$4.2M |
| Income taxes | −$383,796 | −$164,319 | $2,319 | $2.0M | $1.5M | −$107,282 | $320,000 | −$3.4M | $1,058 | $5,434 | $1,101 |
| Net income | −$35.2M | −$11.0M | −$23.2M | −$12.0M | −$12.1M | −$2.7M | −$875,000 | $6.2M | −$193,744 | −$1.1M | −$4.2M |
| EBITDA | −$39.2M | −$7.6M | −$22.5M | −$8.5M | −$9.3M | −$1.6M | −$84,000 | $3.5M | $184,216 | −$343,459 | −$3.1M |
| EPS (diluted) | — | — | −$0.17 | −$0.25 | $0.00 | — | — | — | — | — | — |
| Gross margin | 48.5% | 53.3% | 33.7% | 45.4% | 19.3% | 40.9% | 52.8% | 38.5% | 42.8% | 39.3% | 29.4% |
| Operating margin | −301.3% | −104.7% | −474.6% | −140.7% | −184.1% | −11.2% | 0.1% | 7.7% | −3.6% | −9.9% | −56.9% |
| Net margin | −248.5% | −86.9% | −414.5% | −169.7% | −222.8% | −15.6% | −5.9% | 47.5% | −1.7% | −10.4% | −52.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LAES's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LAES financial results
In fiscal year 2025 (ended December 31, 2025), SEALSQ reported revenue of $18.3 million, up 46.4% from the year before. It had a net loss of $34.2 million, a net profit margin of −187.3%. Diluted earnings per share came to −$0.25. Over five years revenue grew at an average rate of 3.7% a year.
See the LAES stock overview for the latest quote and news, or the LAES chart for price history and technical indicators.
LAES income statement FAQ
What is SEALSQ's annual revenue?
SEALSQ reported total revenue of $18.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 46.4% from $12.5 million the previous year.
Is SEALSQ profitable?
No. SEALSQ reported a net loss of $34.2 million in fiscal 2025, a net profit margin of −187.3%; its operating margin was −218.1%.
What is SEALSQ's gross margin?
SEALSQ's gross margin was 47.3% in fiscal 2025: for every $100 of revenue, SEALSQ kept $47 after the direct cost of its products and services.
How much does SEALSQ spend on research and development?
SEALSQ spent $12.5 million on research and development in fiscal 2025, 68.4% of revenue.
How fast is SEALSQ growing?
Revenue grew 3.7% a year on average over the last five fiscal years, from $15.3 million to $18.3 million.
What are SEALSQ's earnings per share?
SEALSQ earned $-0.25 per diluted share in fiscal 2025, compared with $-0.25 a year earlier.
When does SEALSQ's fiscal year end?
SEALSQ's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.