Operator

Ladies and gentlemen, thank you for your patience, and welcome to WISeKey International Holdings Full Year 2025 Financial Results Conference Call. As a reminder, this conference contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties and other factors that could cause actual results, financial condition, performance or achievement of WISeKeY International Holdings Limited to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

WISeKey is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of WISeKey. Thank you, sir. You may begin.

Carlos Moreira
Founder, Chairman & CEO

Good morning. Thank you very much to every -- and good morning to everybody.

So 2025 was a defining year for WISeKey and the early weeks of 2026 have already validated the strategic decision we made over the last 24 months. We delivered audited full year revenue of $19.3 million, representing a 62% growth year-over-year with a subsidiary SEALSQ contributing $18.3 million and growing 66% over the prior year. Q4 alone produced $8 million of that revenue.

More importantly, we ended 2025 with a fundamentally transformed balance sheet. We have over $429 million in cash and short-term investments at year-end, growing to more than $535 million as