| Schedule of intersegment sales and transfers |
| | | | | | | | | | | | | 12 months ended December 31, | | 2025 | | 2024 | USD’000 | | Semiconductors | | ASIC | | Total | | Semiconductors | | ASIC | | Total | Revenues from external customers | | 14,651 | | 3,601 | | 18,252 | | 10,981 | | — | | 10,981 | Intersegment revenues | | | | 483 | | 483 | | | | — | | — | | | 14,651 | | 4,084 | | 18,735 | | 10,981 | | — | | 10,981 | | | | | | | | | | | | | | Reconciliation of revenue | | | | | | | | | | | | | Elimination of intersegment revenue | | | | (483) | | (483) | | | | | | — | Total consolidated revenue | | | | | | 18,252 | | | | | | 10,981 | | | | | | | | | | | | | | Less:1 | | | | | | | | | | | | | Cost of revenue | | 9,203 | | 419 | | 9,622 | | 7,253 | | — | | 7,253 | Segment gross profit | | 5,448 | | 3,182 | | 8,630 | | 3,728 | | — | | 3,728 | | | | | | | | | | | | | | Less:1 | | | | | | | | | | | | | Total operating expenses | | 17,737 | | 5,022 | | 22,759 | | 12,845 | | — | | 12,845 | Other segment items | | 1,269 | | (240) | | 1,029 | | (109) | | — | | (109) | Segment profit /(loss) before income taxes | | (13,558) | | (1,600) | | (15,158) | | (9,008) | | — | | (9,008) | | | | | | | | | | | | | | Reconciliation of profit or loss (segment profit/(loss)) | | | | | | | | | | | | | Other profit or loss2 | | | | | | (19,029) | | | | — | | (9,108) | Elimination of intersegment profits | | | | | | (21) | | | | — | | — | Loss before income taxes | | | | | | (34,208) | | | | — | | (18,116) | | | | | | | | | | | | | | Other segment disclosures | | | | | | | | | | | | | Interest revenue | | 7 | | — | | 7 | | 160 | | — | | 160 | Interest expense | | 370 | | 51 | | 421 | | 95 | | — | | 95 | Depreciation and amortization | | 678 | | 1,525 | | 2,203 | | 628 | | — | | 628 | Profit / (loss) from intersegment sales | | — | | 21 | | 21 | | — | | — | | — | Income tax recovery / (expense) | | — | | (171) | | (171) | | (3,077) | | — | | (3,077) | Segment assets | | 17,171 | | 30,721 | | 47,892 | | 13,564 | | — | | 13,564 |
| | | | | | | 12 months ended December 31, | | 2023 | USD’000 | | Semiconductors | | ASIC | | Total | Revenues from external customers | | 30,058 | | — | | 30,058 | Intersegment revenues | | — | | — | | — | | | 30,058 | | — | | 30,058 | | | | | | | | Reconciliation of revenue | | | | | | | Elimination of intersegment revenue | | | | — | | — | Total consolidated revenue | | | | — | | 30,058 | | | | | | | | Less:1 | | | | | | | Cost of revenue | | 16,009 | | — | | 16,009 | Segment gross profit | | 14,049 | | — | | 14,049 | | | | | | | | Less:1 | | | | | | | Total operating expenses | | 12,300 | | — | | 12,300 | Other segment items | | (1,706) | | — | | (1,706) | Segment profit /(loss) before income taxes | | 3,455 | | — | | 3,455 | | | | | | | | Reconciliation of profit or loss (segment profit/(loss)) | | | | | | | Other profit or loss2 | | | | — | | (6,498) | Elimination of intersegment profits | | | | — | | — | Loss before income taxes | | | | — | | (3,043) | | | | | | | | Other segment disclosures | | | | | | | Interest revenue | | 88 | | — | | 88 | Interest expense | | 109 | | — | | 109 | Depreciation and amortization | | 571 | | — | | 571 | Profit / (loss) from intersegment sales | | — | | — | | — | Income tax recovery / (expense) | | (218) | | — | | (218) | Segment assets | | 23,736 | | — | | 23,736 |
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. |
| (2) | Profit or loss from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments. It also includes the holding company SEALSQ Corp, that does not meet the definitions of a reportable segment. |
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| Schedule of asset reconciliation |
| | | | | | | As at December 31, | USD’000 | | 2025 | | 2024 | Asset reconciliation | | | | | Total assets from reportable segments | | 47,892 | | 13,564 | Other assets (incl. goodwill)1 | | 524,536 | | 110,502 | Elimination of intersegment receivables | | (29,737) | | (7,168) | Elimination of intersegment investments | | (38,512) | | (19,332) | Consolidated total assets | | 504,179 | | 97,566 |
| (1) | Assets from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments. Most of Other assets refers to SEALSQ Corp, as the holding is currently excluded from the reportable segments. Most of Other assets consists of cash. |
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| Schedule of geographic information for net sales based on the billing address of the customer, and for property, plant and equipment. |
| | | | | | | Net sales by region | | 12 months ended December 31, | USD’000 | | 2025 | | 2024 | | 2023 | North America | | 10,487 | | 7,500 | | 16,531 | Europe, Middle East & Africa | | 4,444 | | 1,839 | | 9,985 | Asia Pacific | | 3,227 | | 1,642 | | 3,466 | Latin America | | 94 | | — | | 76 | Total net sales | | 18,252 | | 10,981 | | 30,058 |
| | | | | Property, plant and equipment, net of depreciation, by region | | As at December 31, | | As at December 31, | USD’000 | | 2025 | | 2024 | Europe, Middle East & Africa | | 3,770 | | 3,201 | Total Property, plant and equipment, net of depreciation | | 3,770 | | 3,201 |
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