Sivers Semiconductors (SIVE) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached SEK 72.5 million, a 24% year-over-year increase, driven by strong Wireless segment and product sales, marking the highest Q3 in company history.

• Adjusted EBITDA improved by 30% year-to-date, reaching SEK -21.6 million; Q3 adjusted EBITDA was SEK -10.5 million.

• Strategic partnerships, including with POET Technologies, and technical engagements in major European space and AI datacenter projects are expanding the opportunity pipeline.

• Successful capital raises, including an oversubscribed SEK 95 million share issue in September, strengthened liquidity and funded R&D and market expansion.

• Positioned as a leading designer and manufacturer of advanced custom semiconductor laser arrays, supporting the shift to photonics connectivity in AI computing.

Financial highlights

• Q3 sales: SEK 72.5 million (+24% YoY); constant currency growth was 34% for the quarter and 40% YTD.

• Adjusted EBITDA for Q3: SEK -10.5 million; YTD improvement of SEK 9.5 million to SEK -21.6 million.

• Wireless net sales: SEK 53.1 million (+30% YoY); Photonics net sales: SEK 19.4 million (+10% YoY).

• Product sales in Q3: SEK 18.9 million (+15% YoY); NRE/development projects: SEK 53.4 million.

• Cash and cash equivalents at period end: SEK 73.5 million (Q3 2024: SEK 14.0 million).

Outlook and guidance

• Management maintains guidance of 20–30% aggregate annual growth over the next five years, supported by a robust pipeline.

• Serviceable addressable market projected to reach $1.1 billion by 2028, driven by rapid GPU adoption and increasing optical penetration in data centers.

• Product sampling for photonics and wireless scheduled for Q4 2025 and Q1/Q2 2026, expected to drive future revenue.

• Volume production for optical I/O in AI/ML expected to ramp up in 2027, based on customer timelines and qualification processes.

• All.Space defense deployments expected to reach inflection point and ramp up in 2026.