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WISeKey International Holding
(WIHN)
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Rating:49Neutral
Price Target:
CHF10.50
â–¼(-2.42% Downside)
Action:Reiterated
Date:10/01/26
The score is held down primarily by weak financial performance, especially ongoing operating losses and persistent negative operating/free cash flow. Technicals are only moderately supportive (short-term improvement but still below longer-term averages), and valuation is pressured by negative earnings and no stated dividend yield. These are partially offset by a constructive earnings-call outlook (strong reported growth, margin expansion, reaffirmed guidance, and strong liquidity), though execution and loss trends remain material risks.
Positive Factors
Strong revenue and margin growth
The sharp first-half revenue increase, together with gross-margin expansion, indicates stronger commercial traction and a more favorable mix toward higher-value technology and semiconductor activities. If sustained, these trends can improve operating leverage and strengthen the company’s competitive position over the next several quarters.
Negative Factors
Persistent and widening operating losses
Operating and net losses are increasing even as revenue grows, showing that current expansion has not yet translated into sustainable profitability. Continued spending across semiconductors, quantum technologies, infrastructure and transactions could keep earnings under pressure and require substantial execution before operating leverage emerges.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and margin growth
The sharp first-half revenue increase, together with gross-margin expansion, indicates stronger commercial traction and a more favorable mix toward higher-value technology and semiconductor activities. If sustained, these trends can improve operating leverage and strengthen the company’s competitive position over the next several quarters.
Read all positive factors
WISeKey International Holding (WIHN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF55.08M
Dividend YieldN/A
Average Volume (3M)5.91K
Price to Earnings (P/E)―
Beta (1Y)-0.23
Revenue Growth94.03%
EPS Growth-10.60%
CountryCH
Employees202
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.41
Shares Outstanding4,177,172
10 Day Avg. Volume6,934
30 Day Avg. Volume5,912
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)2.03
Price to Sales (P/S)4.83
P/FCF Ratio-2.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-6.84
Revenue Forecast (FY)CHF32.30M
WISeKey International Holding Business Overview & Revenue Model
Company Description
WISeKey International Holding AG is a cybersecurity firm specializing in comprehensive security solutions tailored for the Internet of Things (IoT) and digital identity landscapes. Serving a global client base across Switzerland, Europe, the Middl...
How the Company Makes Money
WISeKey generates revenue primarily by selling cybersecurity and digital trust products and services centered on cryptographic identity and PKI for people, organizations, and connected devices. Key revenue streams include: (1) fees from issuing an...
WISeKey International Holding Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 23, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, supported by 116% first-half revenue growth, 192% gross-profit growth, gross-margin expansion to approximately 48%, approximately $495 million of cash and restricted cash with minimal debt, reaffirmed 2026 revenue guidance, post-quantum product validation, strong customer engagement and broad strategic progress. The main negative factors were higher operating and net losses, increased R&D expenses, and the execution, certification, production and transaction-closing conditions attached to portions of the company's strategy.Positive Updates
First-Half Revenue Growth
Preliminary unaudited revenue for the first half of 2026 increased approximately 116% to approximately $11.4 million from $5.3 million in the first half of 2025. The increase stemmed from core semiconductor and PKI product lines, initial Quantix Edge project revenue, and the consolidation of acquired businesses.
Negative Updates
Higher Operating Loss
Operating loss for the first half of 2026 was $40.9 million compared with $27.3 million in the first half of 2025. Management said the increase principally reflected investments across post-quantum semiconductors, quantum technologies, secure infrastructure, satellite initiatives, product development, certification, engineering and planned corporate transactions.
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Q2-2026 Updates
Positive
Negative
First-Half Revenue Growth
Preliminary unaudited revenue for the first half of 2026 increased approximately 116% to approximately $11.4 million from $5.3 million in the first half of 2025. The increase stemmed from core semiconductor and PKI product lines, initial Quantix Edge project revenue, and the consolidation of acquired businesses.
Read all positive updates
Company Guidance
WISeKey reaffirms its expectation for full year 2026 revenue growth of 50% to 100% compared with 2025, reflecting current expectations regarding the timing and execution of existing programs, semiconductor and ASIC design activity, digital identity and PKI services, sovereign infrastructure initiatives and the initial commercialization of its post-quantum product portfolio; the guidance is subject to risks and uncertainties, including customer timing, certification, production schedules, market conditions and the conversion of commercial opportunities into recognized revenue. The company expects initial production revenue from QS 7001 and QVault TPM in the fourth quarter of 2026, with larger contribution expected to begin in 2027, currently targets completion of the Quantisimo transaction in the first quarter of 2027, and has a current road map contemplating a progressive deployment of up to 100 satellites through 2033; the Jura initiative has an indicated investment of approximately $40 million to $60 million over 6 years.WISeKey International Holding Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.95M | 19.29M | 11.88M | 30.92M | 23.81M | 17.65M |
| Gross Profit | 12.43M | 9.24M | 4.29M | 14.74M | 10.23M | 7.75M |
| EBITDA | -40.76M | -37.73M | -26.28M | -13.27M | -11.71M | -20.09M |
| Net Income | -28.84M | -6.07M | -13.45M | -15.36M | -27.48M | -20.34M |
Balance Sheet | ||||||
| Total Assets | 616.30M | 514.59M | 114.69M | 47.80M | 49.50M | 88.81M |
| Cash, Cash Equivalents and Short-Term Investments | 487.42M | 439.28M | 90.60M | 15.32M | 20.71M | 34.20M |
| Total Debt | 7.16M | 9.81M | 8.94M | 9.77M | 9.63M | 16.86M |
| Total Liabilities | 52.64M | 53.44M | 27.56M | 26.72M | 25.47M | 47.43M |
| Stockholders Equity | 556.18M | 45.92M | 25.05M | 26.68M | 26.26M | 35.90M |
Cash Flow | ||||||
| Free Cash Flow | -58.20M | -33.10M | -18.34M | -17.23M | -17.45M | -21.83M |
| Operating Cash Flow | -55.96M | -32.36M | -17.77M | -14.21M | -17.14M | -21.79M |
| Investing Cash Flow | -49.98M | -28.35M | 179.00K | -3.02M | -484.00K | -2.52M |
| Financing Cash Flow | 460.68M | 399.50M | 92.92M | 11.85M | 4.18M | 36.98M |
WISeKey International Holding Technical Analysis
Neutral
10.76
Price Trends
10.43
Positive
11.49
Negative
11.67
Negative
Market Momentum
-0.06
Negative
52.72
Neutral
72.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:WIHN, the sentiment is Neutral. The current price of 10.76 is above the 20-day moving average (MA) of 10.16, above the 50-day MA of 10.43, and below the 200-day MA of 11.67, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 52.72 is Neutral, neither overbought nor oversold. The STOCH value of 72.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:WIHN.
WISeKey International Holding Risk Analysis
WISeKey International Holding disclosed 59 risk factors in its most recent earnings report. WISeKey International Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
WISeKey International Holding Peers Comparison
UnderperformOutperform
Sector (55)
CH:WIHN
WISeKey International Holding
10.50
-0.62
-5.58%
CH:KUD
Kudelski SA
1.23
-0.10
-7.89%
WISeKey International Holding Corporate Events
WISeKey Doubles Revenue in H1 2026 as Quantum and Post‑Quantum Strategy Gains Pace
Sep 30, 2026
WISeKey reported unaudited first half 2026 revenue of $11.4 million, up about 116 percent year on year, with gross profit rising to $5.5 million and margins improving, although operating and net losses widened. The group ended June with roughly $4...
WISeKey Sets September Vote on Redomiciling to British Virgin Islands
Aug 6, 2026
WISeKey International Holding has called an extraordinary general meeting for September 9, 2026 in Zurich, where shareholders will vote on a merger with its wholly owned British Virgin Islands subsidiary to redomicile the parent company from Switz...
WISeKey Moves to Redomicile to British Virgin Islands via Merger
Jul 17, 2026
WISeKey International Holding has initiated a planned redomiciliation from Switzerland to the British Virgin Islands by filing a Form F-4 registration statement with the U.S. Securities and Exchange Commission for a merger into its BVI subsidiary....
WISeKey Posts 115% H1 Revenue Surge as Quantum and Space Strategy Accelerates
Jul 14, 2026
WISeKey reported unaudited preliminary H1 2026 revenue of about $11.4 million, a 115 percent increase over H1 2025, supported by strong momentum in post-quantum semiconductors, digital identity and PKI businesses. The company also disclosed roughl...
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.