Sivers Semiconductors Navigates Q1 Revenue Dip as $799M Pipeline and Nasdaq Ambitions Gain Momentum

Sivers Semiconductors is laying the groundwork for a major US market push, even as its first-quarter numbers take a hit from delayed defense spending. The Swedish chip specialist reported net revenue of 61.9 million Swedish kronor for the first three months of 2026, a 22% slide from the 78.9 million kronor it booked a year earlier. The drag comes largely from the lingering effects of the US government shutdown in late 2025, which held up numerous defense budgets and pushed expected revenue into the second half of 2026.

The revenue shortfall weighed heavily on profitability. Adjusted EBITDA swung to a loss of 13.8 million kronor, compared with a negative 6.0 million kronor in the same period last year. Operating income (EBIT) widened to a loss of 41.5 million kronor, up from a loss of 28.3 million kronor in the prior-year quarter. The net loss narrowed slightly to 42.7 million kronor, or a loss per share of 0.14 kronor.

Yet beneath the weak quarterly print, Sivers is building momentum on multiple fronts. The company’s project pipeline has ballooned 77% to $799 million, fueled by its push into photonics and wireless technology for AI data centers, lidar, and satellite communications. “We expect revenue to materialize in the second half of 2026 as delayed projects restart,” CEO Vickram Vathulya said, reaffirming the full-year revenue outlook.

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

A potential game-changer is Sivers’ plan for a dual listing on the Nasdaq in New York. To meet the strict audit standards of the US PCAOB, the company had its 2024 and 2025 consolidated accounts completely re-audited and restructured. That audit uplift, combined with expanded sales operations, drove up operating costs and pushed cash flow from operations to a negative 49.2 million kronor — a steeper drain than a year ago.

To shore up its finances, Sivers raised fresh equity through a capital increase. In April the company placed 8.62 million new shares at 14.50 kronor each with institutional investors, boosting the total share count to approximately 320 million and raising the free float by the same number of shares. Voting rights now stand at 306.6 million. The company also refinanced its debt through an agreement with Bootstrap Europe, aimed at stabilizing its long-term capital structure. Additionally, two experienced international executives, Joakim Nideborn and Helena Svancar, have joined the board.

On the product front, Sivers continued to advance its technology roadmap despite the revenue slump. It launched new Ka-band beamforming chips for satellite ground stations and made its “Daybreak” chips for 5G/6G radio infrastructure commercially available. After the quarter closed, the company announced a cooperation with Jabil to develop a 1.6-terabit optical transceiver for AI data centers. It also secured a development order from a major US defense contractor, underscoring its presence in the security segment. Meanwhile, the US Defense Department’s EW STAR program under the CHIPS Act awarded Sivers $6.6 million in “Year 2” funding.

The timeline for the Nasdaq listing remains open, but the company sees the second half of 2026 as a turning point. Looking ahead to 2027, Sivers expects several series production cycles to kick in — across AI data centers, automotive lidar, and satellite communications — which management believes will deliver tangible results.

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