Sivers Semiconductors (SIVE) Q2 2026 earnings summary

Executive summary

• Opportunity pipeline expanded to $1.2 billion as of July 2026, up 268% from end of 2025, driven by strong demand in AI/data center and wireless markets, with significant orders from Tachyon Networks, ALL.SPACE, and SemiNex.

• Strategic shift from NRE to product revenue, with multiple production ramps underway for 2026–2027 and a transition to a hybrid manufacturing model, including Glasgow expansion to enhance indium phosphide capacity.

• Adjusted EBITDA for Q2 2026 was SEK -35.5 million, impacted by investments in growth and a SEK 42.9 million non-cash social security expense linked to share price increase.

• Major equity raises and loan conversions post-Q2 materially strengthened the balance sheet and supported expansion plans.

Financial highlights

• Q2 2026 revenue was SEK 53.8 million, down 12% year-over-year (10% at constant FX), mainly due to intentional reduction in NRE activities.

• Product revenue grew 13% year-over-year (18% at constant FX), reflecting the shift to product-led growth.

• Q2 adjusted EBITDA was SEK -35.5 million, compared to SEK -20.9 million last year, reflecting investments in product ramps and lower NRE revenue.

• SEK 825 million in gross equity capital raised and $12 million convertible loan converted to equity post-Q2, materially strengthening the balance sheet.

Outlook and guidance

• Revenue inflection expected in Q4 2026 as multiple product ramps transition to production, with transformational growth anticipated in 2027.

• Focus on expanding manufacturing capacity and supply resilience to meet growing demand, especially in AI data centers.

• Preparation for potential U.S. dual listing progressing, with readiness expected by early 2027.