Sivers Semiconductors AB (publ) SIVE
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Full analysis: 24 Jul 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Existing position can be maintained pending clearer revenue growth in upcoming reports.
Strong cash and pipeline are balanced against negative results and execution risk which supports a neutral stance.
Market sentiment
6/10
→
Trend: Stable
Interest is driven by the AI photonics pipeline and partnerships while dilution and weak Q1 sales create some hesitation among investors.
Price context
The 33.66 SEK price reflects a correction after the raises while pricing in long-term potential from the order pipeline.
Risk assessment
6/10
Dilution:
Low
Large cash position after raises reduces need
Jurisdiction:
Low
Operations in Sweden with global customers
Execution:
High
History of delays and weak profitability
Cash flow:
36 mo
Recent changes
- ▲ Large capital raises during summer 2026 strengthened the balance sheet and reduced near-term financing needs.
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Show all changes (2) — follow the company freeAbout the company
Sivers Semiconductors develops and manufactures integrated circuits and modules in photonics for AI data centers and wireless technology for SATCOM and 5G/6G. The company is in a growth phase focused on commercial scaling of laser solutions and beamforming ICs.
Sector:
Semiconductors, photonics and wireless technology
Type:
Tech
Next report
27 Aug 2026
Q2
Catalysts
Q4 2026
LiDAR production start
High
Horizon:
Bull case
Strengthened cash position after large raises and a growing 799 MUSD pipeline provide room for production ramps in photonics and SATCOM.
Bear case
Still negative results and a history of revenue delays mean execution must be proven in upcoming reports.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Pipeline conversion to revenues | Missed conversion → continued negative cash flows and need for additional capital. | Rapid conversion → higher revenues and improved profitability. |
| LiDAR production start | Delayed ramp → lower revenue contribution in 2026-2027. | Successful ramp → significant volume revenues from new customer. |
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Signal rationale (informational)
Strong cash and pipeline are balanced against negative results and execution risk which supports a neutral stance.
Recent news
- Insider transactions after lock-up showed purchases by the CEO but sales by the chairman. The company completed large capital raises during summer 2026 that strengthened the balance sheet.
Key figures
Revenue
Q1 2026
SEK 61.9M
Revenue TTM
TTM
SEK 290M
EBITDA
Q1 2026
SEK -24.7M
Net income
Q1 2026
SEK -42.7M
Cash
Q1 2026
SEK 26.6M
Gross margin
Q3 2025
48.0%
Shares outstanding
2026-07-03
355M
EPS
Q1 2026
SEK -0.12
Price & valuation
Last close
SEK 41.60
Market Cap
SEK 14.8B
1 week
+22.5 %
Exchange
Stockholm
Type
Technology
Sector
Semiconductors, photonics and wireless technology
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.