Estados financieros detallados de SEALSQ Corp (LAES): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
SEALSQ Corp registró ingresos de $18.3M en el último ejercicio fiscal, con un CAGR de 5 años del 3.7%.
Márgenes de los últimos 12 meses: margen bruto 47.3%, margen operativo -218.1%, margen neto -187.3%.
Al precio actual de $2.19, LAES presenta beneficios negativos (P/E no significativo) y un ROE del -11.80%. La capitalización bursátil es de $312M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $15.3M | $18.6M | $24.3M | $33.4M | $12.5M | $18.3M |
| Coste de Ventas | $11.0M | $12.1M | $14.0M | $17.8M | $8.2M | $9.6M |
| Beneficio Bruto | $4.3M | $6.5M | $10.3M | $15.6M | $4.2M | $8.6M |
| I+D | $4.4M | $3.3M | $2.4M | $4.4M | $5.7M | $12.5M |
| Generales y Administrativos | $8.9M | $8.7M | $7.2M | $13.5M | $18.5M | $38.6M |
| Gastos Operativos | $13.4M | $12.0M | $9.7M | $17.9M | $24.2M | $48.4M |
| Beneficio Operativo | -$9.1M | -$5.5M | $603100 | -$2.2M | -$19.9M | -$39.8M |
| EBITDA | -$6.1M | -$3.4M | $3.7M | -$1.8M | -$17.8M | -$33.8M |
| Gastos por Intereses | $9000 | $168000 | $605000 | $987000 | $2.1M | $223000 |
| Beneficio Antes de Impuestos | -$9.8M | -$5.3M | $2.6M | -$3.4M | -$20.6M | -$34.4M |
| Impuestos | $5327 | $6562 | -$3.4M | $250375 | $3.5M | -$162000 |
| Beneficio Neto | -$9.8M | -$5.3M | $6.0M | -$3.6M | -$24.1M | -$34.2M |
| BPA | $-0.61 | $-0.32 | $0.38 | $-0.21 | $-0.68 | $-0.24 |
| BPA Diluido | $-0.61 | $-0.32 | $0.38 | $-0.21 | $-0.68 | $-0.24 |
| Acciones en Circulación (Diluidas) | $15.1M | $15.1M | $15.1M | $15.3M | $35.2M | $135.0M |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Ingresos | $7.1M | $5.6M | $12.7M | $14.2M |
| Beneficio Bruto | $3.2M | $1.9M | $6.7M | $6.9M |
| Beneficio Operativo | -$9.9M | -$26.6M | -$13.2M | -$42.7M |
| EBITDA | -$8.5M | -$22.5M | -$7.6M | -$39.3M |
| Beneficio Neto | -$12.0M | -$23.2M | -$11.0M | -$35.2M |
| BPA | $-0.28 | $-0.20 | $-0.09 | $-0.16 |
| BPA Diluido | $-0.28 | $-0.20 | $-0.09 | $-0.16 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.8M | $2.1M | $4.1M | $6.9M | $84.6M | $417.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $10.0M |
| Cuentas por Cobrar | $3.1M | $2.8M | $2.4M | $5.5M | $4.3M | $14.1M |
| Inventario | $2.5M | $2.7M | $7.5M | $5.2M | $1.4M | $2.0M |
| Activos Corrientes | $7.6M | $8.2M | $15.4M | $20.3M | $93.1M | $449.6M |
| Inmovilizado Material | $4.5M | $2.7M | $2.2M | $4.5M | $4.2M | $10.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | $5.7M |
| Activos Intangibles | $9000 | $5000 | $1000 | 0 | 0 | $21.0M |
| Activos Totales | $13.4M | $11.8M | $21.7M | $27.9M | $97.6M | $504.2M |
| Cuentas por Pagar | $6.7M | $7.3M | $6.7M | $7.0M | $3.4M | $4.9M |
| Deuda a Corto | $604106 | $380837 | $3.4M | $1.3M | $4.8M | $689000 |
| Pasivos Corrientes | $7.8M | $7.8M | $10.6M | $8.7M | $15.5M | $28.2M |
| Deuda a Largo | $12.3M | $15.6M | $9.4M | $12.9M | $3.1M | $989000 |
| Pasivos Totales | $22.8M | $25.4M | $21.4M | $22.9M | $19.7M | $42.7M |
| Reservas | -$20.8M | -$23.2M | -$17.4M | -$20.7M | -$41.9M | -$76.1M |
| Patrimonio Neto | -$9.4M | -$13.6M | $212000 | $5.0M | $77.9M | $461.5M |
| Deuda Total | $14.9M | $17.8M | $14.1M | $15.4M | $8.9M | $8.0M |
| Deuda Neta | $13.1M | $15.7M | $10.1M | $8.5M | -$75.7M | -$419.7M |
| Capital Circulante | -$283000 | $489000 | $4.8M | $11.6M | $77.5M | $421.4M |
Balance (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Caja y Equivalentes | $84.6M | $120.9M | $417.7M | $602.6M |
| Activos Totales | $97.6M | $142.0M | $504.2M | $762.0M |
| Pasivos Totales | $19.7M | $23.9M | $42.7M | $65.1M |
| Patrimonio Neto | $77.9M | $118.1M | $461.5M | $687.6M |
| Deuda Total | $8.9M | $6.4M | $8.0M | $8.9M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$9.2M | -$5.3M | $5.8M | -$3.6M | -$21.2M | -$34.2M |
| Amortizaciones | $2.8M | $1.7M | $408000 | $570000 | $715366 | $191000 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | $148000 | $11.3M |
| Cambio en Capital Circulante | $3.3M | -$34000 | -$4.3M | $125000 | $5.3M | -$8.9M |
| Flujo de Caja Operativo | -$3.0M | -$3.6M | -$1.6M | -$3.0M | -$11.2M | -$31.3M |
| Inversiones (CapEx) | -$52000 | -$36000 | -$299000 | -$3.0M | -$571000 | -$1.2M |
| Adquisiciones | $215000 | 0 | 0 | 0 | 0 | -$11.5M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.1M | -$3.6M | -$1.9M | -$6.1M | -$11.8M | -$32.5M |
Flujo de Caja (Trimestral)
| Año | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | -$5.4M | -$7.5M | -$13.8M | -$25.3M |
| Inversiones (CapEx) | -$100037 | -$554864 | -$534689 | -$394343 |
| Flujo de Caja Libre | -$5.5M | -$8.0M | -$14.3M | -$25.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | $11.3M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +21.9% | +30.7% | +37.7% | -62.7% | +46.4% |
| Crecimiento Beneficio Neto (anual) | | +46.1% | +214.4% | -160.2% | -562.0% | -42.0% |
| Crecimiento BPA (anual) | | +47.5% | +218.8% | -155.3% | -223.8% | +64.7% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +1.1% | +130.4% | +283.1% |
| Crecimiento FCF (anual) | | -18.0% | +48.9% | -227.1% | -94.3% | -176.0% |
| Margen Bruto | 28.2% | 35.0% | 42.2% | 46.7% | 33.9% | 47.3% |
| Margen Operativo | -60.0% | -29.7% | 2.5% | -6.6% | -159.8% | -218.1% |
| Margen EBITDA | -40.1% | -18.4% | 15.1% | -5.3% | -142.6% | -185.2% |
| Margen Neto | -64.3% | -28.4% | 24.9% | -10.9% | -193.1% | -187.3% |
| Margen FCF | -20.2% | -19.5% | -7.6% | -18.1% | -94.4% | -178.1% |
| Tasa Impositiva Efectiva | -0.1% | -0.1% | -128.5% | -7.4% | -17.0% | 0.5% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.20 | $-0.24 | $-0.12 | $-0.40 | $-0.33 | $-0.24 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $15.1M | $15.1M | $15.1M | $15.3M | $35.2M | $135.0M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -11.80% |
| Rentabilidad sobre capital invertido | -8.30% |
| Rentabilidad sobre activos | -6.78% |
| Margen bruto | 47.28% |
| Margen operativo | -218.08% |
| Margen neto | -187.34% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 15.92 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -17.80 | -33.94 | 28.58 | -6.10 | -9.04 | -15.75 |
| P/VC | -17.53 | -12.11 | 775.06 | 3.89 | 2.78 | 1.11 |
| P/V | 10.77 | 8.84 | 6.76 | 0.59 | 17.39 | 27.96 |
| Margen Bruto | 28.2% | 35.0% | 42.2% | 46.7% | 33.9% | 47.3% |
| Margen Operativo | -60.0% | -29.7% | 2.5% | -6.6% | -159.8% | -218.1% |
| Margen Neto | -64.3% | -28.4% | 24.9% | -10.9% | -193.1% | -187.3% |