Sivers Semiconductors Heads Into AGM With $799M Pipeline but Soaring Losses

Sivers Semiconductors will face its shareholders on June 15 in Stockholm with a stark dual narrative: a record order pipeline that has swelled by 77% since the start of the year to $799 million, alongside first-quarter results that saw revenue slide and losses deepen. The vote on a share option program and the decision to skip a dividend for 2025 will test investor patience as the Swedish chipmaker attempts to bridge the gap between long-term promise and near-term execution.

The pipeline figure — fuelled by product ramps in photonics, wireless, SATCOM and AI-related semiconductor applications — now stands at $799 million, with the bulk of those orders expected to convert into revenue from 2027 onward. Management points to this as a leading indicator of future growth, but the first quarter told a different story. Net revenue fell 22% year-on-year to SEK 61.9 million, down from SEK 78.9 million in the same period a year earlier. Adjusted EBITDA came in at minus SEK 13.8 million, while EBIT worsened to minus SEK 41.5 million.

Two external headwinds took much of the blame: a US government shutdown in the fourth quarter of 2025 and subsequent delays in defence budget approvals pushed expected revenue into the second half. An unfavourable currency environment added further strain. At the same time, Sivers increased its sales resources to handle the growing pipeline and prepared for a possible secondary listing in the US, driving costs higher.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

The stock market response to the Q1 report on May 29 was characteristically volatile. The share price initially plunged more than 12% before briefly turning positive, ultimately closing at SEK 68.95 — a loss of 1.78% on the day. The intraday range of SEK 59.25 to SEK 83.85 illustrated just how divided opinion remains on the company's valuation.

On the capital front, Sivers has fine-tuned its equity structure. A directed issue of 8.62 million common shares in April brings the total share count to roughly 320 million. At the upcoming annual general meeting, the board is asking for approval of a stock option programme covering up to 7 million options, representing about 2.0% dilution on a fully diluted basis. Shareholders will also be asked to endorse the decision to forgo a dividend for fiscal 2025.

Operationally, the company ran a busy first quarter. It secured a strategic development contract with a leading US defence contractor, advanced SATCOM beamforming ICs and antenna panels, and made progress in fixed wireless access. At the OFC 2026 conference, Sivers demonstrated photonics technology, and it has announced plans to start production for automotive LiDAR in the fourth quarter of 2026. Post-period highlights include a collaboration with Jabil on a 1.6T pluggable transceiver module, an expanded FWA development partnership with Taychon Networks worth $1.5 million, and funding for the second year of the EW-Star project under the US Chips Act.

Management remains bullish on the full-year revenue targets despite the first-quarter miss, pointing to deferred defence income expected in the second half of 2026 and a wider product ramp in 2027 — which it has labelled a “transformational year.” The long-term growth forecast sits at 25% to 30% annually, with potential upside if market dynamics accelerate. For now, the June 15 AGM will provide the clearest signal yet of how much leash investors are willing to give as Sivers pursues the conversion of its record pipeline into booked revenue.

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