May. 5 at 12:08 PM
$WKEY new price target from Maxim
• WKEY ended 2025 with
$429.2M in cash and
$1.8M in debt, compared to
$124.6M in cash and
$2.1M in debt in 1H25. The company announced a ~
$125M capital raise in March 2026 and held over
$535M in cash and short-term investments as of 4/30/26. We believe cash burn will diminish from ~
$32M in 2025 as revenue picks up in 2026–2027 and that WKEY is sufficiently capitalized for 10+ years at the current burn rate.
• We maintain our Buy rating and raise our price target to
$15, based on an EV/revenue multiple of 2.5x 2027. The broad peer group average is ~20x, while quantum peers trade around 80x.
