SEALSQ's 7x Price to Book Valuation Faces Scrutiny Amid Ongoing Losses

SEALSQ (LAES) has a share price of $4.46 and a 7x price-to-book multiple, which is higher than the semiconductor industry average of 4.5x and peer average of 4.9x. The company is loss-making with a negative return on equity of 25.77%, and shareholders have been diluted. Revenue is forecast to grow at 55.34% per year, but there is no data on future earnings or cash flows to test whether this growth translates into improving profitability.