WISeKey International Holding (WKEY) AI Stock Analysis

• Market Cap: $99.45M
• Dividend Yield: N/A
• Average Volume (3M): 333.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.32
• Revenue Growth: -42.77%
• EPS Growth: 83.21%
• Country: US
• Employees: 109
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -1.06
• Shares Outstanding: 8,176,574
• 10 Day Avg. Volume: 663,877
• 30 Day Avg. Volume: 333,363
• PEG Ratio: 0.03
• Price to Book (P/B): 0.47
• Price to Sales (P/S): 1.00
• P/FCF Ratio: -0.65
• Enterprise Value/Market Cap: -1.10
• Enterprise Value/Revenue: -9.13
• Enterprise Value/Gross Profit: -21.62
• Enterprise Value/Ebitda: 2.76
• 1Y Price Target: $13.00
• Price Target Upside: 40.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $8.50 ▼(-8.41% Downside)

WISeKey International Holding's overall stock score reflects significant financial challenges, with declining revenues and negative profit margins being the most impactful factors. While there are promising strategic initiatives and a strong future revenue pipeline, current financial instability and valuation concerns weigh heavily on the score. Technical analysis provides mixed signals, and the earnings call suggests potential for future growth, but immediate financial performance remains a critical risk.

Positive Factors

Strategic Partnerships

The ongoing partnership with the Swiss Armed Forces enhances WISeKey's market position in secure communications, leveraging post-quantum cryptographic technologies. This collaboration strengthens the company's competitive edge in the cybersecurity sector, ensuring long-term growth potential.

Revenue Pipeline

A strong revenue pipeline indicates expected growth and demand for WISeKey's post-quantum and IoT-driven technologies. This positions the company for sustained revenue growth, driven by technological advancements and strategic partnerships.

Cash Position

A robust cash position provides WISeKey with the financial flexibility to invest in technological development and strategic initiatives, supporting long-term growth and stability in a competitive cybersecurity market.

Negative Factors

Declining Revenue

Declining revenues indicate challenges in maintaining market share and competitiveness. This trend could hinder the company's ability to invest in growth initiatives and sustain profitability, impacting long-term financial health.

Negative Profit Margins

Decreasing profit margins reflect operational inefficiencies and pricing pressures, which could limit WISeKey's ability to generate sustainable profits. This trend poses a risk to the company's long-term financial performance.

Increased Operating Losses

Rising operating losses indicate financial strain and inefficiencies in cost management. This could impact WISeKey's ability to invest in growth opportunities and maintain competitive positioning in the cybersecurity market.

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 multiple streams, including the sale of cybersecurity solutions, subscription services for digital identity management, and licensing fees for its technology. The company capitalizes on partnerships with organizations in various sectors, which enhances its market reach and customer base. Additionally, WISeKey benefits from government contracts and collaborations aimed at enhancing national cybersecurity infrastructures. The growing demand for secure IoT solutions and digital identities also contributes significantly to its earnings, as more businesses seek to protect their data and comply with regulatory standards.

WISeKey International Holding Financial Statement Overview

Summary

WISeKey International Holding faces substantial financial challenges with declining revenues, negative profit margins, and weakening equity. The company struggles with profitability and cash flow generation, relying heavily on external financing. While cash reserves are robust, operational and financial stability remain concerns without a clear path to revenue recovery or margin improvement.

Income Statement

WISeKey International Holding shows a challenging income statement with declining total revenue from 2023 to 2024 and consistently negative net income. The gross profit margin decreased significantly from 47.7% in 2023 to 36.2% in 2024, indicating lower profitability. The net profit margin is deeply negative, and there is no positive EBIT margin. The company faces revenue contraction, deteriorating margins, and significant operational losses.

Balance Sheet

The balance sheet reflects a mixed picture. While the company maintains a strong cash position with cash and short-term investments exceeding total debt, the total debt-to-equity ratio has increased due to declining equity. Stockholders' equity decreased, suggesting potential financial instability. The equity ratio is moderate but weakened over the years, pointing towards financial leverage increase.

Cash Flow

Cash flows are under pressure with negative operating cash flow and free cash flow in 2024. The free cash flow deteriorated compared to 2023, and both the operating cash flow to net income and free cash flow to net income ratios indicate poor conversion of income to cash. Despite a significant inflow from financing activities, the company struggles with cash generation from its core operations.

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	9.80M	9.09M	5.46M
EBITDA	-39.63M	-26.28M	-13.27M	-12.93M	-20.09M	-17.19M
Net Income	-8.27M	-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	34.25M	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	-25.06M	-18.34M	-17.23M	-17.45M	-21.83M	-12.60M
Operating Cash Flow	-24.44M	-17.77M	-14.21M	-17.14M	-21.79M	-12.55M
Investing Cash Flow	-2.15M	179.00K	-3.02M	-484.00K	-2.52M	-3.90M
Financing Cash Flow	126.25M	92.92M	11.85M	4.18M	36.98M	21.48M

WISeKey International Holding Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.28
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WKEY, the sentiment is Positive. The current price of 9.28 is above the 20-day moving average (MA) of 8.50, below the 50-day MA of 9.29, and above the 200-day MA of 6.97, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 54.16 is Neutral, neither overbought nor oversold. The STOCH value of 53.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WKEY.

WISeKey International Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
QUIK	49 Neutral	$134.16M	-13.54	-39.72%	―	-28.05%	-488.63%
PXLW	47 Neutral	$42.73M	-1.47	―	―	-38.72%	16.01%
SQNS	43 Neutral	$90.12M	―	-18.19%	―	2.80%	―
GCTS	43 Neutral	$63.38M	-1.42	―	―	-46.98%	-186.82%
WKEY	42 Neutral	$99.45M	-11.52	-24.81%	―	-42.77%	83.21%
MOBX	42 Neutral	$21.71M	-0.22	-936.03%	―	―	―

WISeKey International Holding Corporate Events

WISeKey and Columbus Advance WISeSat SPAC Deal with Confidential F-4 Filing and Quantum-Secure Test Satellite Launch

On December 29, 2025, WISeKey International Holding AG and Singapore-based SPAC Columbus Acquisition Corp announced that a newly formed holding company, WISeSat.Space Holdings Corp (Pubco), has confidentially submitted a draft Form F-4 registration statement to the U.S. SEC, marking a key step toward completing their previously announced business combination under a November 10, 2025 agreement. Under the proposed terms, WISeSat and Columbus will become wholly owned subsidiaries of Pubco, WISeSat shareholders will receive Pubco shares valued at $250 million plus any transaction financing, Columbus shareholders’ unredeemed shares and rights will convert into Pubco equity, and at least $10 million in additional financing is expected to support Pubco’s operations and commercialization, with WISeKey retaining the option to distribute up to 10% of its Pubco stake to its own shareholders. The transaction, unanimously approved by the boards of WISeKey, WISeSat and Columbus and still subject to shareholder and customary closing conditions, is designed to fund the expansion of WISeSat’s low Earth orbit constellation, which currently comprises 22 satellites (14 operational) providing secure IoT connectivity, and follows WISeSat’s December 2025 launch from Vandenberg Space Force Base of a next-generation, post-quantum-secure test satellite to validate SEALSQ’s Quantum Shield technology ahead of a planned fully functional QS7001-based satellite mission in the first quarter of 2026.

The most recent analyst rating on (WKEY) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the WKEY Stock Forecast page.

WISeKey Announces Redomiciliation to British Virgin Islands

WISeKey International Holding Ltd announced on November 18, 2025, its intention to redomicile from Switzerland to the British Virgin Islands through a cross-border merger. This strategic move aims to leverage the BVI’s flexible corporate legal framework to enhance WISeKey’s strategic growth, improve access to international capital markets, and attract global institutional investors. The redomiciliation is expected to streamline WISeKey’s structure, improve comparability with industry peers, and support future strategic acquisitions. The company’s shares will continue to be listed on Nasdaq and the SIX Swiss Exchange, ensuring continuity for Swiss-based investors.

The most recent analyst rating on (WKEY) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the WKEY Stock Forecast page.

WISeKey Announces Strategic Business Combination with Columbus Acquisition Corp

On November 9, 2025, WISeKey International Holding Ltd entered into a business combination agreement with Columbus Acquisition Corp and other entities, aiming to restructure its operations through a series of transactions. This agreement will result in WISeSat BVI Sub becoming a wholly owned subsidiary of Pubco, with WISeKey as a shareholder, and CAC merging into Pubco as a wholly owned subsidiary. This strategic move is expected to enhance WISeKey’s market position and offer new growth opportunities, potentially impacting stakeholders by altering the company’s operational dynamics and shareholder structure.

The most recent analyst rating on (WKEY) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the WKEY Stock Forecast page.

WISeKey to Publicly List WISeSat.Space Following $250M Business Combination

On November 10, 2025, WISeKey International Holding AG announced a definitive business combination agreement with Columbus Acquisition Corp. to publicly list its subsidiary, WISeSat.Space Corp., as WISeSat.Space Holdings Corp. on Nasdaq. The transaction, expected to close in the first half of 2026, will see WISeKey receiving $250 million in equity and retaining majority ownership. This move aims to accelerate the commercialization of WISeSat’s satellite-based cybersecurity and IoT ecosystem, positioning the company to expand its satellite network from 14 to 100 satellites by 2030, thereby reinforcing Europe’s leadership in secure space systems.

The most recent analyst rating on (WKEY) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on WISeKey International Holding stock, see the WKEY Stock Forecast page.