Weak Q1 Revenue Masks a Growing $799 Million Backlog at Sivers Semiconductors

Sivers Semiconductors has delivered a sharp contrast in its first-quarter update: a 22% slide in revenue, yet a record sales pipeline that ballooned to nearly $800 million. The Swedish chipmaker’s numbers underscore the gap between short-term headwinds and long-term opportunities, with the stock falling 1.78% to SEK 68.95 on the day of the release.

Revenue for the three months through March 2026 came in at SEK 61.9 million, down from the prior-year period, while adjusted EBITDA swung to a loss of SEK 13.8 million. The company blamed a US government shutdown that stretched into the fourth quarter of 2025, delays in defence budget approvals, and unfavourable currency movements. A chunk of revenue that had been expected in the first half has now slipped into the second half, though management reaffirmed its full-year sales targets.

The standout figure lies in the order pipeline, which has surged 77% since the start of the year to hit $799 million — a record for the group. That metric is closely watched as an early indicator of future revenue, particularly as Sivers builds out its presence in photonics and wireless technologies.

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Operationally, the company secured a development contract from a large US defence contractor and locked in the second year of a CHIPS Act award for an electronic-warfare programme, reinforcing its foothold in high-frequency military applications. In the datacom segment, Sivers is working with Jabil on a pluggable 1.6T transceiver module, tapping into the growing demand for high-speed optical links driven by artificial intelligence. A new development partnership with Tachyon Networks, including production orders for 60 GHz products in 2026, expands its fixed-wireless-access business.

To fund these growth plans, Sivers completed a directed share placement in May, raising gross proceeds of roughly SEK 125 million. The issuance of 8.62 million new shares brought the total count to 319,953,572. The fresh capital will be channelled into sales expansion and the organisational infrastructure needed for a potential secondary listing in the US, which the company is actively preparing.

The product launch calendar for 2027 features automotive LiDAR systems, lasers for AI data centres, and satellite-communications gear, with management tipping next year as a “transformational” period. Over the longer term, Sivers targets annual revenue growth of 25 to 30% and expects to reach profitability from 2028 onward.

The immediate test lies in the second half of 2026. With the annual general meeting scheduled for June 15, investors will be watching closely to see whether the record pipeline translates into firm orders and production starts. If conversion accelerates, the growth story gains tangible backing; if delays persist, the gap between promise and performance will remain squarely in focus.

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