Sivers Semiconductors (SIVE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached SEK 72.4 million, up 38% year-over-year, the highest Q2 in company history, with 49% growth in constant currency.

• Year-to-date revenue rose 39% (44% in constant FX), with adjusted EBITDA improving to SEK -8.4m in Q2 from -12.4m, and SEK -11.1m for H1 from -20.0m.

• Wireless business grew 71% YoY in Q2, now representing the majority of group sales, driven by NRE projects and US Chips Act income.

• Added a new photonics customer, secured a contract with aiRadar for defense radar, and joined the DIFI Consortium for SATCOM terminals.

• Successfully refinanced debt with improved terms, supporting future growth and operational scale-up.

Financial highlights

• Q2 sales: SEK 72.4 million (+38% YoY), with constant FX growth at 49%; H1 net sales: SEK 150.9 million (+39% YoY).

• Wireless unit sales: SEK 58.2 million (+71% YoY); Photonics unit sales: SEK 22.4 million (-3% YoY), but product sales hit a quarterly record.

• Adjusted EBITDA improved by SEK 4m YoY to SEK -8.4m in Q2; EBIT loss narrowed to SEK -29.0m in Q2 (from -40.7m YoY).

• Product sales in Q2: SEK 21 million (+3% YoY); capitalized R&D investment: SEK 12 million (+SEK 6.8 million YoY).

• Cash and cash equivalents at June 30, 2025, stood at SEK 25.5 million.

Outlook and guidance

• Expect continued strength and year-over-year growth for the remainder of 2025 and H2.

• Broad market SATCOM chipsets to be sampled in Q4 2025; volume production expected 6–9 months after sampling.

• Focus on shifting business model toward 80% product sales, emphasizing standard product configurations.

• New photonics customer expected to unlock further revenue streams, with production targets in H2 2026/H1 2027.

• Management expects to end 2025 with a positive cash balance based on current forecasts.