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- Founder Voting Power (new) — Founder and CEO Carlos Moreira is expected to control nearly half of the voting power after the merger, giving him significant influence over corporate decisions.
- Revenue Concentration In Sealsq (new) — WISeKey is heavily dependent on its subsidiary SEALSQ, which accounted for 95% of revenue in 2025.
WISeKey (WQEY) files 424B3 prospectus for merger with SEALSQ; no new offering terms disclosed
Filed July 31, 2026 · ~2 min read
Key Changes
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WISeKey reported a GAAP net loss of $38.2 million for 2025, widening from $31.9 million in 2024, despite revenue growth of 62% to $19.3 million.
Management's Discussion and Analysis verify on EDGAR → -
high
The company's operating loss was $47.7 million in 2025, with the gap to net loss driven by below-the-line items including interest expense and fair-value remeasurements.
Management's Discussion and Analysis verify on EDGAR → -
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WISeKey's risk factors disclose a material weakness in internal controls that could lead to financial statement restatements.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify