Sivers Semiconductors AB (publ) SIVE

Stockholm | Technology | Semiconductors, photonics and wireless technology
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Updated: 28 Aug 2026 Base analysis: 24 Jul 2026

The news check keeps the assessment current.

General analysis — not personal advice.

HOLD Partly clear

Existing position can be maintained pending clearer revenue growth in upcoming reports.

Strengthened cash position and new SemiNex agreement are balanced against negative results and execution risk, supporting a neutral stance.

Market sentiment Neutral →
Trend: Stable

Interest is driven by the new AI-focused partnership while dilution and weak Q1 sales continue to create hesitation.

Risk assessment Medium
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

HOLD is the call. Neutral is the market mood. Medium risk means some things can go wrong.

Latest change
  • 28 Aug 2026 — Report shows lower revenue and worse result driven by continued weak volume sales despite new AI orders and debt-free balance sheet.

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About 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 (Q3)
26 Nov 2026
Catalysts
○
Q4 2026
LiDAR production ramp High
Bull case

New SemiNex agreement validates the technology for AI data centers and converted debt has strengthened the balance sheet.

Bear case

Significant dilution has occurred and the company has yet to demonstrate volume sales or profitability.

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.
Why this signal

Strengthened cash position and new SemiNex agreement are balanced against negative results and execution risk, supporting a neutral stance.

Recent news
  • Q2 report showed product revenue up 18 % but total sales down 12 %; pipeline reached USD 1.2 billion. The company is now debt-free after the SEK 700 million raise and Bootstrap conversion. New USD 8.2 million order from ALL.SPACE and collaborations with GlobalFoundries and Jabil for AI infrastructure were confirmed.

Key figures

Revenue
Q2 2026
SEK 53.8M
Revenue TTM
TTM
SEK 290M
EBITDA
Q2 2026
SEK -98.3M
Net income
Q2 2026
SEK -115M
Cash
Q1 2026
SEK -49.2M
Total debt
After August 2026
USD 0.0M
Gross margin
Q3 2025
48.0%
Shares outstanding
Q3 2026
356,740,332
EPS
Q2 2026
SEK -0.32
Exchange
Stockholm
Type
Technology
Sector
Semiconductors, photonics and wireless technology
Sivers Semiconductors AB (publ) SIVE
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