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WISeKey International Holding (CH:WIHN)
:WIHN
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WISeKey International Holding
(OTC:WIHN)
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Rating:58Neutral
Price Target:
CHF14.00
▲(5.58% Upside)
WISeKey's stock score reflects a challenging financial performance with declining revenue and profitability issues. However, strong technical indicators and strategic initiatives in the earnings call provide some optimism for future growth. The valuation remains unattractive due to negative earnings, but the company's focus on quantum technologies and partnerships could drive long-term potential.
WISeKey International Holding (WIHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
$74.59M
Dividend YieldN/A
Average Volume (3M)20.82K
Price to Earnings (P/E)―
Beta (1Y)-0.18
Revenue Growth-44.06%
EPS Growth58.60%
CountryCH
Employees109
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.68
Shares Outstanding4,080,546
10 Day Avg. Volume42,500
30 Day Avg. Volume20,824
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)4.14
Price to Sales (P/S)8.74
P/FCF Ratio-5.66
Enterprise Value/Market Cap0.52
Enterprise Value/Revenue3.29
Enterprise Value/Gross Profit9.10
Enterprise Value/Ebitda-1.49
Forecast
1Y Price Target
$14.00Price Target Upside5.60% Upside
Rating ConsensusHold
Number of Analyst Covering1
WISeKey International Holding Business Overview & Revenue Model
Company DescriptionWISeKey International Holding AG, a cybersecurity company, provides integrated security solutions for the internet of things (IoT) and digital identity ecosystems in Switzerland, rest of Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America. The company operates through three segments: IoT, Artificial Intelligence (AI), and Managed Public Key Infrastructure (mPKI). It offers microcontrollers that provides identity to various connected devices; and mPKI, which include digital identity, certificate management and signing solutions, and trust services, as well as offers digital certificates; software as a service, including cloud-based certificate life-cycle-management and signing and authentication solutions; software licenses; post-contract customer support for cybersecurity applications; and infrastructure hosting and monitoring services. The company also develops, markets, hosts, and supports a range of solutions that enable secure digital identification of people, content, and objects by generating digital identities through its products and services in cybersecurity services, IoT, digital brand management, and mobile security, which enable clients to monetize their existing user bases, as well as expand its eco-system. In addition, the company operates ISTANA platform to manage components in an intelligent car by providing digital identities based on PKI technology.; and engages in financing, sales, and distribution activities. Further, it provides AI solutions through knowledge automation. The company was founded in 1999 and is headquartered in Zug, Switzerland.
How the Company Makes MoneyWISeKey generates revenue through several key streams, primarily by offering cybersecurity solutions and services such as digital identity management and secure communications. Its revenue model includes subscription fees for its software services, licensing fees for its technology, and consulting services related to cybersecurity. Additionally, WISeKey has established partnerships with various organizations and governments to enhance their cybersecurity infrastructure, contributing to its earnings through collaborative projects and contracts. The company also monetizes its intellectual property through patent licensing and has ventured into blockchain solutions that can provide further revenue opportunities.
WISeKey International Holding Earnings Call Summary
Earnings Call Date:Sep 23, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
WISeKey is making strategic advancements with its quantum convergence strategy and partnerships, promising future revenue growth. However, the current financials show increased operating losses and limited revenue growth, indicating a transitional phase with potential for future improvement.Q2-2025 Updates
Positive Updates
Quantum Convergence Strategy
WISeKey's quantum convergence strategy is beginning to show financial potential, helping to multiply revenues, diversify them, and reduce dependency on any single line of business.
SEALSQ's Post-Quantum Chip Launch
SEALSQ is set to release the world's first post-quantum chip in November 2025, expected to drive significant revenue growth in 2026 and beyond.
Strategic Partnership with Quantix
WISeKey finalized a deal with Quantix Edge Security in Spain, with a committed revenue of EUR 25 million over the next 3 years and participation from the Spanish government.
Strong Backlog and Future Growth
WISeKey reports a 300% higher backlog of book orders for 2026 compared to 2025, indicating confidence in continued growth.
Robust Pipeline
WISeKey has a $170 million robust pipeline of revenue opportunities for the period 2026 to 2028.
Negative Updates
Operating Loss Increase
Operating losses increased by $30.2 million to $27.3 million, largely due to a one-off stock-based compensation charge and increased investment in R&D and administrative costs.
Limited Revenue Growth
Revenues grew slightly by $0.1 million to $5.3 million, reflecting the continued transition period and industry shift toward post-quantum and IoT-driven technologies.
Net Loss Increase
Net loss increased by $6.8 million to $22.3 million for the first half of 2025.
Company Guidance
During the WISeKey International Holdings 2025 Interim Financial Results Earnings Conference Call, several key metrics and strategic initiatives were highlighted. Revenue for the first half of 2025 increased by $0.1 million to $5.3 million, and the company anticipates full-year revenues in the range of $18 million to $21 million. Despite an operating loss increase of $30.2 million to $27.3 million, largely due to a one-off stock-based compensation charge, the company's cash balance remains strong at $124.6 million as of June 2025. WISeKey's strategic focus includes expanding quantum resilient digital ecosystems, with a significant milestone being the upcoming launch of a world-first post-quantum chip in November 2025. The company also announced a $170 million revenue pipeline for 2026-2028, driven by demand for SEALSQ's semiconductors and new partnerships, including a EUR 20 million investment in the Quantix Edge Security initiative in Spain. Looking ahead, WISeKey plans to further commercialize its WISe.ART platform and SEALCOIN to create new revenue streams.WISeKey International Holding Financial Statement Overview
Summary
WISeKey International Holding is facing significant financial challenges, including declining revenue, poor profitability, and weak cash flow management. While the balance sheet shows some stability, the overall financial health is concerning, with a need for substantial improvements in operational efficiency and cash flow generation.Income Statement
The company has been experiencing declining revenue, with a significant drop of 61.6% from 2023 to 2024. Negative EBIT and net income margins, at -231% and -113% respectively for 2024, reflect ongoing operational challenges and profitability issues.30
Negative
Balance Sheet
The balance sheet shows a relatively high equity ratio of 21.8% in 2024, indicating some stability. However, the debt-to-equity ratio remains concerning at 0.36, and negative return on equity suggests poor returns for shareholders.45
Neutral
Cash Flow
The company has negative free cash flow, although it improved slightly in 2024. The large discrepancy between operating cash flow and net income highlights cash flow issues. The operating cash flow to net income ratio remains negative, indicating weak cash generation.40
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.88M | 30.92M | 23.81M | 17.65M | 14.78M |
| Gross Profit | 4.29M | 14.74M | 10.23M | 7.75M | 6.20M |
| EBITDA | -26.28M | -13.27M | -11.71M | -20.09M | -17.19M |
| Net Income | -13.45M | -15.36M | -27.48M | -20.34M | -28.66M |
Balance Sheet | |||||
| Total Assets | 114.69M | 47.80M | 49.50M | 88.81M | 52.88M |
| Cash, Cash Equivalents and Short-Term Investments | 90.60M | 15.32M | 20.71M | 34.20M | 28.84M |
| Total Debt | 8.94M | 9.77M | 9.63M | 16.86M | 16.97M |
| Total Liabilities | 27.56M | 26.72M | 25.47M | 47.43M | 38.45M |
| Stockholders Equity | 25.05M | 26.68M | 26.26M | 35.90M | 16.27M |
Cash Flow | |||||
| Free Cash Flow | -18.34M | -17.23M | -17.45M | -21.83M | -12.60M |
| Operating Cash Flow | -17.77M | -14.21M | -17.14M | -21.79M | -12.55M |
| Investing Cash Flow | 179.00K | -3.02M | -484.00K | -2.52M | -3.90M |
| Financing Cash Flow | 92.92M | 11.85M | 4.18M | 36.98M | 21.48M |
WISeKey International Holding Technical Analysis
Positive
13.26
Price Trends
9.86
Positive
10.05
Positive
10.06
Positive
Market Momentum
1.23
Negative
59.74
Neutral
75.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:WIHN, the sentiment is Positive. The current price of 13.26 is above the 20-day moving average (MA) of 11.43, above the 50-day MA of 9.86, and above the 200-day MA of 10.06, indicating a bullish trend. The MACD of 1.23 indicates Negative momentum. The RSI at 59.74 is Neutral, neither overbought nor oversold. The STOCH value of 75.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:WIHN.
WISeKey International Holding Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF2.41B | 26.74 | ― | 2.13% | -0.84% | -8.41% | |
68 Neutral | CHF1.74B | ― | ― | 3.71% | -5.87% | -224.75% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $74.59M | ― | -24.65% | ― | -44.06% | 58.60% | |
58 Neutral | $1.01B | ― | -20.37% | 1.09% | -27.51% | -36.15% | |
46 Neutral | $1.08B | ― | -9.68% | ― | -5.11% | 88.12% | |
45 Neutral | $73.82M | 8.42 | -52.82% | ― | -41.32% | 89.56% |
* Technology Sector Average
CH:WIHN
WISeKey International Holding
13.26
9.64
266.30%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.