LAES on Nasdaq

SEALSQ Corp

Semiconductors and related devices company, active since 20222

In its 2026 annual report (Form 20-F) the company says: “SEALSQ Corp is the holding company of the SEALSQ Group.”5 It is headquartered in Road Town, British Virgin Islands.2 Its shares trade on Nasdaq under the symbol LAES.2

Price unavailable

Last updated Oct 20, 2026.

Overview

$18.3MRevenue, fiscal 20253
-$34.2MNet income, fiscal 20253

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  • TickerLAES on Nasdaq2
  • IndustrySemiconductors & Related Devices2
  • HeadquartersRoad Town, British Virgin Islands2
  • Incorporated inVirgin Islands, British4
  • Business addressAvenue Louis-Casai 58, Cointrin, V8 12164
  • Filer categoryNon-accelerated filer, Emerging growth company4
  • Legal formOther2
  • LEI894500UBT7U7WMV2PG592
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O Harneys Corporate Services Limited, VG1110 Road Town, British Virgin Islands2
  • Registered withRegistry of Corporate Affairs (British Virgin Islands Financial Services Commission), 20959462

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SEALSQ Corp (formally known as “SEAL (BVI) Corp.”) was incorporated as a BVI business company under the BVI Act, in the British Virgin Islands on April 1, 2022 with company number: 2095496. The Company’s registered office is located at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. The registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, VG 1110, British Virgin Islands. SEALSQ’s principal executive offices and effective place of management are located at Avenue Louis-Casaï 58, 1216 Cointrin, Switzerland. SEALSQ’s telephone number from the United States is 011 41 22 594 3000. SEALSQ’s website can be accessed at www.SEALSQ.com. The information on or linked to on SEALSQ’s website is not a part of this report.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.3%Gross margin3
-218.1%Operating margin3
-187.3%Net margin3
66.2%Revenue growth, 20253
-7.4%Return on equity3
0.00×Debt to equity3
-$32.0MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Reportable Segment, Aggregation before Other Operating brought in 51% of the revenue SEALSQ Corp broke down this way in fiscal 2025.

  1. Reportable Segment, Aggregation before Other Operating$18.7M351%up 71% from 2024
  2. Semiconductors$14.7M340%up 33% from 2024
  3. Application Specific Integrated Circuit$3.6M310%
Business segments by year
Business segments202320242025
Reportable Segment, Aggregation before Other Operating$30.1M$11.0M$18.7M
Semiconductors$30.1M$11.0M$14.7M
Application Specific Integrated Circuit$3.6M

Regions

North America brought in 57% of the revenue SEALSQ Corp broke down this way in fiscal 2025.

  1. North America$10.5M357%up 40% from 2024
  2. EMEA$4.4M324%up 142% from 2024
  3. Asia Pacific$3.2M318%up 97% from 2024
  4. Latin America$94.0K31%
Regions by year
Regions202320242025
North America$16.5M$7.5M$10.5M
EMEA$10.0M$1.8M$4.4M
Asia Pacific$3.5M$1.6M$3.2M
Latin America$76.0K$94.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue43¢$9.6M
  • Research and development56¢$12.5M
  • Interest0¢$67.0K
  • Income tax1¢$162.0K

Out of $18.3M in revenue.3 The company lost money this year.

Financial statements

Revenue6783$18.3M in 2025+27% since 2020
0$10.0M$20.0M$30.0M$40.0M2020: $14.3M$14.3M20202021: $17.0M$17.0M2021+19%2022: $23.2M$23.2M2022+36%2023: $30.1M$30.1M2023+30%2024: $11.0M$11.0M2024−63%2025: $18.3M$18.3M2025+66%
Gross profit6783$8.6M in 2025+59% since 2020
0$5.0M$10.0M$15.0M2020: $5.4M$5.4M20202021: $7.1M$7.1M2021+32%2022: $9.8M$9.8M2022+37%2023: $14.0M$14.0M2023+43%2024: $3.7M$3.7M2024−73%2025: $8.6M$8.6M2025+131%
Operating income6783-$39.8M in 2025+364% since 2020
-$40.0M-$20.0M0$20.0M2020: -$8.6M-$8.6M20202021: -$5.0M-$5.0M2021−41%2022: $2.6M$2.6M20222023: -$4.1M-$4.1M20232024: -$17.2M-$17.2M2024+315%2025: -$39.8M-$39.8M2025+132%
Net income6783-$34.2M in 2025+272% since 2020
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2020: -$9.2M-$9.2M20202021: -$4.8M-$4.8M2021−48%2022: $5.8M$5.8M20222023: -$3.3M-$3.3M20232024: -$21.2M-$21.2M2024+549%2025: -$34.2M-$34.2M2025+61%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Net sales$18.3M$11.0M$30.1M
Cost of sales-$9.1M-$6.8M-$15.6M
Depreciation of production assets-$506.0K-$478.0K-$420.0K
Gross profit$8.6M$3.7M$14.0M
Other operating income$2.6M$359.0K$48.0K
Research & development expenses-$12.5M-$5.0M-$3.9M
Selling & marketing expenses-$12.8M-$5.5M-$5.6M
General & administrative expenses-$25.8M-$10.8M-$8.6M
Total operating expenses-$48.4M-$20.9M-$18.2M
Operating loss-$39.8M-$17.2M-$4.1M
Non-operating income$8.9M$1.1M$2.4M
Loss on debt extinguishment-$100.0K
Interest and amortization of debt discount-$223.0K-$1.0M-$689.0K
Non-operating expenses-$3.1M-$883.0K-$655.0K
Loss before income tax expense-$34.2M-$18.1M-$3.0M
Income tax (expense) / income$162.0K-$3.1M-$225.0K
Equity in earnings of unconsolidated affiliates-$148.0K
Net loss-$34.2M-$21.2M-$3.3M
Foreign currency translation adjustments-$39.0K-$2.0K
Unrealized holding gain arising during period$25.0K
Net gain / (loss) arising during period$108.0K-$27.0K$11.0K
Other comprehensive income / (loss)$94.0K-$27.0K$9.0K
Comprehensive loss-$34.1M-$21.2M-$3.3M

Compare SEALSQ Corp with another company

Corporate structure

SEALSQ Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SEALSQ Corp

  • Anson Funds Management LP Filed SCHEDULE 13G/A on SEALSQ Corp, latest Aug 14, 2026 (2 filings since May 15, 2026)
  • CVI Investments, Inc. Filed SCHEDULE 13G/A on SEALSQ Corp, latest May 15, 2026 (3 filings since Oct 15, 2025)
  • SUSQUEHANNA SECURITIES, LLC Filed SCHEDULE 13G/A on SEALSQ Corp, latest May 15, 2026 (2 filings since Feb 13, 2026)
  • L1 Capital Global Opportunities Master Fund, Ltd. Filed SCHEDULE 13G/A on SEALSQ Corp, latest Feb 13, 2025 (4 filings since Dec 18, 2024)
  • SEALSQ Corp Road Town, British Virgin Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SEALSQ Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$17.9M3 Dec 31, 2025$16.9M3 Dec 31, 2024+5.9%
Accumulated depreciation$14.1M3 Dec 31, 2025$13.7M3 Dec 31, 2024+3.1%
Property and equipment, net$3.8M3 Dec 31, 2025$3.2M3 Dec 31, 2024+17.8%
Finance-lease assets$126.0K3 Dec 31, 2025
Operating-lease assets (leased space)$6.1M3 Dec 31, 2025$1.0M3 Dec 31, 2024+492.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$417.7M3 Dec 31, 2025$84.6M3 Dec 31, 2024+393.5%
Marketable securities, current$10.0M3 Dec 31, 2025
Marketable securities, non-current$129.0K3 Dec 31, 2025
Debt securities available for sale$129.0K3 Dec 31, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.7M3 Dec 31, 2025
Intangible assets, net (excluding goodwill)$21.0M3 Dec 31, 2025$1.0K7 Dec 31, 2022+2095200.0%
Finite-lived intangibles, gross$27.3M3 Dec 31, 2025$4.9M3 Dec 31, 2024+457.0%
Accumulated amortization$6.4M3 Dec 31, 2025$4.9M3 Dec 31, 2024+29.7%
Finite-lived intangibles, net$20.5M3 Dec 31, 2025$08 Dec 31, 2024

Inventory

ItemLatestA year beforeChange
Inventory, total$2.0M3 Dec 31, 2025$1.4M3 Dec 31, 2024+41.9%
Raw materials$670.0K3 Dec 31, 2025$764.0K3 Dec 31, 2024−12.3%
Work in process$192.0K3 Dec 31, 2025$482.0K3 Dec 31, 2024−60.2%
Finished goods$1.1M3 Dec 31, 2025$172.0K3 Dec 31, 2024+568.6%

Leadership

Who has led SEALSQ Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Carlos Moreira2026–now

President

  1. Franck Jean Buonanno2026–now

Chief financial officer

  1. John Charles O'Hara2026–now

Chief operating officer

  1. Loic Jean-Claude Hamon2026–now
Board members and other officers (13)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerFrank Buonanno named Oct 22, 202524
  • DirectorHossein Rahnama named Oct 22, 202524
  • DirectorPeter Ward named Jul 21, 2023 to Oct 22, 202524
  • DirectorRose Bose named Jul 21, 2023 to Oct 22, 202524
  • DirectorDanil Kerimi named Jan 17, 2024 to Mar 11, 202425

Timeline

  1. Mar 18, 2026New chief executive Carlos Moreira becomes CEO9
  2. Apr 1, 2022Founded SEALSQ Corp is founded2

Filings

282 filings to the SEC since October 2021: 5 annual reports, 51 insider forms, 13 large holders, 4 private raises, 209 other. The latest 20:

  1. Oct 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Oct 7, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 6, 20264 EDGAR
  5. Oct 6, 20264 EDGAR
  6. Oct 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Sep 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Sep 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Sep 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Sep 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Sep 3, 20264 EDGAR
  12. Aug 26, 20263 EDGAR
  13. Aug 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Aug 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Aug 17, 20263 EDGAR
  16. Aug 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Aug 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Aug 14, 2026SCHEDULE 13G/A EDGAR
  19. Aug 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Aug 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 282 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 0 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2026Enguent Jean-PierreVice President, R&DSSSale15,000$2.40$36.0KForm 4
Aug 5, 2026Enguent Jean-PierreVice President, R&DSSSale15,000$2.46$36.9KForm 4
Jul 8, 2026Enguent Jean-PierreVice President, R&DSSSale15,000$2.82$42.3KForm 4
Jun 5, 2026O'Hara John CharlesChief Financial OfficerSale143$3.51$502Form 4
Jun 5, 2026Moreira CarlosChief Executive OfficerSale300$3.51$1.1KForm 4
Jun 3, 2026Enguent Jean-PierreVice President, R&DSSSale15,000$3.51$52.6KForm 4
Jun 3, 2026O'Hara John CharlesChief Financial OfficerSale5,582$3.53$19.7KForm 4
Jun 3, 2026Moreira CarlosChief Executive OfficerSale7,005$3.53$24.7KForm 4
Jun 2, 2026O'Hara John CharlesChief Financial OfficerSale10,000$3.69$36.9KForm 4
Jun 2, 2026Moreira CarlosChief Executive OfficerSale10,000$3.69$36.9KForm 4
May 29, 2026O'Hara John CharlesChief Financial OfficerSale10,000$3.51$35.1KForm 4
May 29, 2026Moreira CarlosChief Executive OfficerSale10,000$3.51$35.1KForm 4
May 27, 2026O'Hara John CharlesChief Financial OfficerSale4,689$3.50$16.4KForm 4
May 27, 2026Moreira CarlosChief Executive OfficerSale4,139$3.50$14.5KForm 4
May 14, 2026Buonanno Franck JeanVice-President, Global SalesSale20,000$2.90$58.0KForm 4
May 6, 2026Enguent Jean-PierreVice President, R&DSSSale15,000$3.13$47.0KForm 4
Apr 24, 2026O'Hara John CharlesChief Financial OfficerSale5,250$2.91$15.3KForm 4
Apr 23, 2026O'Hara John CharlesChief Financial OfficerSale10,000$2.88$28.8KForm 4
Apr 22, 2026O'Hara John CharlesChief Financial OfficerSale10,000$3.06$30.6KForm 4
Apr 21, 2026O'Hara John CharlesChief Financial OfficerSale10,000$3.04$30.4KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 15, 2025Raised $105.2 million in a private offering of securities Form D: 5 investors so far Form D
  2. Mar 1, 2024Raised $10 million in a private offering of debt Form D: 2 investors so far Form D
  3. Jan 9, 2024Raised $10 million in a private offering of debt Form D: 2 investors so far Form D
  4. Jul 11, 2023Raised $10 million in a private offering of debt Form D: 2 investors so far Form D

SEC filer profile

How SEALSQ Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSEALSQ Corp1
  • CIK0001951222
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company5
  • Incorporated inBritish Virgin Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3674 Semiconductors & Related Devices1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressAvenue Louis-Casai 58, Cointrin, V8 12161
  • Mailing addressCraigmuir Chambers, Road Town, Tortola, D8 VG 11101
  • Phone212-336-20391
  • Shares outstanding191,525,129 shares as of Dec 31, 20255
  • AuditorBDO Ltd, Zurich, Switzerland PCAOB ID 5988; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 9, 20221
  • Filings283 in all: 6-K (106), 4 (33), 424B3 (23), CORRESP (17), 3 (16), UPLOAD (15), 424B5 (10), EFFECT (7)1
    All 30 form types

    SCHEDULE 13G/A (7), F-1/A (6), POS AM (5), SCHEDULE 13G (5), 20-F (4), 6-K/A (4), D (4), F-1 (4), 3/A (2), F-3 (2), F-3ASR (2), 20-F/A (1), 424B1 (1), 425 (1), 8-A12B (1), CERT (1), DRS (1), F-3MEF (1), FWP (1), POSASR (1), S-8 (1), SC 13G (1)

  • Latest filingsAnnual report (20-F) Mar 31, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value USD 0.01 per shareLAESNasdaq

From the cover page of the 20-F filed Mar 31, 2026 (Section 12(b) of the Exchange Act).5

Sources

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