WISeKey International Holding (WIHN) AI Stock Analysis

• Market Cap: CHF63.54M
• Dividend Yield: N/A
• Average Volume (3M): 20.82K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.63
• Revenue Growth: -44.06%
• EPS Growth: 58.60%
• Country: CH
• Employees: 109
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -1.65
• Shares Outstanding: 4,088,287
• 10 Day Avg. Volume: 42,500
• 30 Day Avg. Volume: 20,824
• PEG Ratio: 0.39
• Price to Book (P/B): 4.14
• Price to Sales (P/S): 8.74
• P/FCF Ratio: -5.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: CHF11.50 ▼(-19.01% Downside)

WISeKey International Holding's overall stock score reflects significant financial challenges, including declining revenue and profitability issues. Technical indicators suggest a bearish trend, while valuation metrics highlight ongoing financial struggles. Despite strategic advancements and potential future growth, the current financial health remains a concern.

Positive Factors

Strong cash position

A large cash balance provides multi-quarter runway to fund R&D, commercialization and partnerships without immediate dilution. This liquidity supports execution of the quantum convergence strategy and chip launch, reducing near-term financing risk while scaling operations.

Post-quantum chip leadership

Being first to market with a post-quantum chip creates a durable competitive advantage in a growing security niche. Successful commercialization can establish customer locks, premium pricing, and long product lifecycles as industries adopt quantum-resilient infrastructure.

Material revenue pipeline & backlog

A multi-year $170M pipeline and a backlog that is 300% higher for 2026 implies durable revenue visibility. This reduces single-period volatility and supports multi-year commercialization planning, enabling scaling of production and recurring subscription/licensing revenues.

Negative Factors

Steep recent revenue decline

A large year-over-year revenue contraction undermines scale economies and weakens the core business base. Persistent top-line declines constrain investment capacity, reduce leverage in partnerships, and make multi-year growth targets harder to achieve without structural recovery.

Severely negative operating and net margins

Deeply negative margins indicate structural inability to cover operating cost from revenue. Without sustained margin improvement, the business will struggle to convert pipeline into profitable growth and will remain dependent on external funding to offset cash burn.

Weak cash generation / negative free cash flow

Negative free cash flow and a persistent operating cash flow to net income gap signal weak cash conversion. Long-term viability requires turning cash generation positive; otherwise the firm will need to rely on capital raises, which can dilute shareholders and constrain strategic flexibility.

WISeKey International Holding Business Overview & Revenue Model

Company Description

WISeKey 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 Money

WISeKey generates revenue through a diverse range of solutions, including digital certificates, IoT security services, and cloud-based security offerings. The company’s revenue model is primarily based on subscription fees for its services, licensing agreements for its technology, and transactional fees for secure communications and identity verification services. Additionally, WISeKey has established partnerships with other technology firms and governments, enhancing its market reach and creating opportunities for revenue through collaborative projects and joint ventures. The growing demand for cybersecurity solutions and secure digital identities in various industries further contributes to its earnings.

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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.99M	11.88M	30.92M	23.81M	17.65M	14.78M
Gross Profit	5.07M	4.29M	14.74M	10.23M	7.75M	6.20M
EBITDA	-39.48M	-26.28M	-13.27M	-11.71M	-20.09M	-17.19M
Net Income	-8.43M	-13.45M	-15.36M	-27.48M	-20.34M	-28.66M
Balance Sheet
Total Assets	154.99M	114.69M	47.80M	49.50M	88.81M	52.88M
Cash, Cash Equivalents and Short-Term Investments	124.60M	90.60M	15.32M	20.71M	34.20M	28.84M
Total Debt	4.97M	8.94M	9.77M	9.63M	16.86M	16.97M
Total Liabilities	28.43M	27.56M	26.72M	25.47M	47.43M	38.45M
Stockholders Equity	31.47M	25.05M	26.68M	26.26M	35.90M	16.27M
Cash Flow
Free Cash Flow	-10.37M	-18.34M	-17.23M	-17.45M	-21.83M	-12.60M
Operating Cash Flow	-9.89M	-17.77M	-14.21M	-17.14M	-21.79M	-12.55M
Investing Cash Flow	-482.00K	179.00K	-3.02M	-484.00K	-2.52M	-3.90M
Financing Cash Flow	74.67M	92.92M	11.85M	4.18M	36.98M	21.48M

WISeKey International Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:WIHN, the sentiment is Negative. The current price of 14.2 is above the 20-day moving average (MA) of 13.48, above the 50-day MA of 13.70, and above the 200-day MA of 11.73, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 35.34 is Neutral, neither overbought nor oversold. The STOCH value of 9.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:WIHN.

WISeKey International Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IFCN	75 Outperform	CHF2.89B	32.16	―	2.14%	-0.84%	-8.41%
SWON	63 Neutral	CHF1.52B	-55.91	―	3.40%	-5.87%	-224.75%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
UBXN	58 Neutral	CHF1.02B	-8.97	-20.37%	―	-27.51%	-36.15%
KUD	48 Neutral	CHF69.08M	-39.55	-52.82%	―	-41.32%	89.56%
AMS	46 Neutral	CHF816.13M	-5.23	-14.27%	―	-5.48%	79.75%
WIHN	45 Neutral	CHF63.54M	-8.13	-24.65%	―	-44.06%	58.60%

WISeKey International Holding Corporate Events

WISeKey’s SEALSQ Enters Exclusive Talks to Invest $200 Million in Quantum Firm Quobly

SEALSQ, the semiconductor and post-quantum cryptography arm of WISeKey, has entered into a non-binding memorandum of understanding for exclusive negotiations to make an initial minority investment and potentially acquire a majority stake in French quantum computing firm Quobly, in a multi-stage deal that could total about $200 million. The proposed transaction, aligned with SEALSQ’s European-focused quantum strategy and supported by its dedicated Quantum Fund, would deepen the companies’ existing collaboration to build secure-by-design, silicon-based quantum computing platforms, positioning WISeKey and SEALSQ at the intersection of quantum hardware and post-quantum security while targeting defense, intelligence, finance, pharmaceuticals and other mission-critical sectors in the EU and US.

The most recent analyst rating on (CH:WIHN) stock is a Hold with a CHF14.00 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the CH:WIHN Stock Forecast page.

WISeKey Finalizes Business Combination for Nasdaq Listing of WISeSat.Space

WISeKey International Holding AG has finalized a business combination agreement with Columbus Acquisition Corp to list its subsidiary, WISeSat.Space Corp, on Nasdaq as WISeSat.Space Holdings Corp. This strategic move aims to enhance WISeKey’s satellite-based cybersecurity and IoT ecosystem, with plans to expand its satellite constellation to 100 by 2030, thereby strengthening its position in secure space systems and technological sovereignty.

The most recent analyst rating on (CH:WIHN) stock is a Hold with a CHF24.50 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the CH:WIHN Stock Forecast page.

WISeKey to Publicly List WISeSat.Space on Nasdaq Through Business Combination

WISeKey International Holding AG has entered into a definitive business combination agreement with Columbus Acquisition Corp. to publicly list its subsidiary WISeSat.Space Corp. on the Nasdaq Stock Exchange as WISeSat.Space Holdings Corp. This transaction, expected to close in the first half of 2026, will see WISeKey receive $250 million in equity and retain majority ownership. The move is aimed at accelerating the commercialization of WISeSat’s satellite-based cybersecurity and IoT ecosystem, positioning the company to expand its satellite network from 14 to 100 by 2030, thereby reinforcing Europe’s leadership in secure space systems.

The most recent analyst rating on (CH:WIHN) stock is a Hold with a CHF24.50 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the CH:WIHN Stock Forecast page.