Sivers Semiconductors (SIVE) Q1 2026 earnings summary

Executive summary

• Opportunity pipeline expanded 77% year-to-date to $799 million as of May 2026, driven by demand in wireless beamformers and InP lasers, indicating strong forward-looking revenue potential.

• Q1 2026 revenue declined due to US government defense spending delays and FX headwinds, but annual revenue growth plans for 2026 remain intact with H2 expected to drive results.

• Strategic investments in sales, financial controls, and US dual listing readiness continue, with board composition strengthened by experienced executives.

• Multiple product ramps and strategic partnerships in automotive LiDAR, AI data center lasers, SATCOM, and fixed wireless access are expected to drive transformational growth into 2027.

• Profit/loss after tax improved to SEK -42.7m from SEK -49.9m year-over-year.

Financial highlights

• Q1 2026 revenue was SEK 61.9 million, down 22% year-over-year; FX-adjusted revenue down 11%.

• Adjusted EBITDA was SEK -13.8 million, compared to SEK -6 million in Q1 2025, reflecting increased investment and revenue timing.

• US dollar and British pound weakened 14% and 6% respectively against SEK, creating significant FX headwinds.

• Operating profit (EBIT) was SEK -41.5m (Q1 2025: SEK -28.3m).

• Cash flow from operating activities was SEK -49.2m (Q1 2025: SEK -15.8m).

Outlook and guidance

• Full-year 2026 revenue growth plans maintained despite Q1 and Q2 softness from defense delays and FX; H2 expected to be the primary driver.

• Multiple product ramps and production orders are expected to contribute to revenue growth in 2027 and beyond.

• Long-term CAGR guidance remains 25%-30%, with potential upside due to pipeline and market momentum.

• Strategic focus on scaling production and transitioning to profitability by 2028+.

• No significant new risks identified since the 2025 Annual Report.