Sivers Semiconductors Powers Through Q1 Headwinds With $800M Pipeline and US Listing Ambitions

Sivers Semiconductors is betting big on American soil. The Swedish chipmaker is pushing ahead with plans for a dual listing on a US exchange even as first-quarter numbers took a hit from external disruptions, including the lingering effects of a US government shutdown. A capital injection of roughly SEK 125 million, completed in May with participation from institutional investors, has strengthened the balance sheet for the transatlantic move. Following the raise, the share count now stands at approximately 320 million, with voting rights totaling 306.6 million and free float rising by 8.62 million shares. The company also refinanced its debt via a deal with Bootstrap Europe to shore up long-term finances.

The immediate financial picture, however, is less rosy. Net revenue for the first quarter of 2026 landed at SEK 61.9 million, a 22% slide from SEK 78.9 million a year earlier. Management pointed to the US government shutdown in late 2025 and subsequent delays in defense budgets as the primary culprits, with projects pushed into the second half of the year. Currency headwinds added to the pain: the US dollar weakened 14% against the Swedish krona, and the British pound lost 6%. Adjusted EBITDA swung to a loss of SEK 13.8 million, versus a loss of SEK 6.0 million in the prior-year period. The operating loss (EBIT) widened to SEK 41.5 million from SEK 28.3 million, while the net loss improved slightly to SEK 42.7 million, or SEK 0.14 per share, compared with a SEK 49.9 million loss in Q1 2025.

Despite the soft numbers, the order pipeline tells a far more encouraging story. It has surged 77% since the start of the year to roughly $800 million, fueled by demand from AI data centers and satellite communications. Sivers also secured a contract under the second year of a CHIPS Act program for electronic warfare within the “Microelectronics Commons” framework. CEO Vickram Vathulya confirmed that the company is holding to its full-year revenue guidance, anticipating that delayed projects will materialize in the second half.

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

On the product front, the company has been busy rolling out new chips for satellite ground stations: Ka-band beamforming solutions are now available, alongside the “Daybreak” chips for 5G and 6G infrastructure. After the quarter closed, Sivers announced a partnership with Jabil to develop a 1.6T optical transceiver targeting AI data centers. A major US defense contractor has also handed over a new development order, underscoring Sivers’ foothold in the security segment.

Production milestones are lining up. In the fourth quarter of 2026, Sivers plans to begin a ramp phase for an automotive LiDAR customer, with mass production for several programs — including AI lasers and SATCOM hardware — set to kick off in 2027. The dual listing on the Nasdaq remains on the agenda, though timing depends on market conditions. More details on the US strategy could emerge at the annual general meeting on June 15.

The stock closed at SEK 68.95 on Friday, down 1.78% on the day, but the longer-term momentum is staggering: a 116% gain over the past month and a 1,600% rally over the past year. A short interest of roughly 17% suggests a significant number of bears are betting against the turnaround — a bet that the soaring pipeline and US ambitions may yet upend.

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