Sivers Semiconductors (SIVE) Q1 2026 earnings summary

Executive summary

• Opportunity pipeline expanded 77% since year-end to nearly $800 million as of May 2026, indicating strong forward-looking revenue potential.

• Q1 2026 revenue declined due to U.S. government defense spending delays and adverse FX, but full-year revenue growth plans for 2026 remain intact with H2 expected to drive results.

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

• 2027 expected to be a transformational year with multiple product ramps across automotive LiDAR, AI data center lasers, SATCOM, and fixed wireless access.

• Significant partnerships and product launches in SATCOM, LIDAR, and data center segments.

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 revenue timing and increased investment.

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

• Net result after tax: -42.7 MSEK; EPS: -0.14 SEK.

• Operating cash flow: -49.2 MSEK; equity per share: 2.99 SEK.

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 formal financial forecasts published.