Sivers Semiconductors: Q1 Revenue Decline Belies Record Pipeline and Dual-Listing Drive

Sivers Semiconductors finds itself in a familiar tug-of-war between near-term pain and long-term potential. The Swedish chip specialist reported a sharp drop in first-quarter revenue as the US government shutdown cast a long shadow over defense-related orders, yet its opportunity pipeline hit an all-time high of $799 million and strategic moves toward a Nasdaq listing gathered pace.

Net sales for the three months ended March 31, 2026 slid 22% to 61.9 million Swedish kronor, down from 78.9 million kronor a year earlier. The shortfall stemmed largely from delays in US defense budgets triggered by the fourth-quarter 2025 government shutdown, compounded by unfavorable currency effects. The result weighed on profitability: adjusted EBITDA swung to a loss of 13.8 million kronor from a loss of 6.0 million kronor in the prior-year period, while the operating loss widened to 41.5 million kronor. The net loss came in at 42.7 million kronor, or 0.14 kronor per share.

CEO Vickram Vathulya described the quarter as “significant headwinds” but stuck to the full-year outlook, insisting that the deferred revenues would materialize in the second half of 2026. The company has been beefing up its sales force, a move that drove higher costs – partly tied to preparations for a potential secondary listing on the Nasdaq in New York, announced in April.

Despite the operational drag, the long-term narrative centers on a burgeoning pipeline. The opportunity pipeline ballooned 77% from year-end 2025 to a record $799 million. Vathulya cited “enormous momentum” across photonics and radio markets, with multiple volume production cycles expected in AI data centers, LiDAR, satellite communications, fixed wireless access, and defense. “From 2027 we are ready to transition to a significantly higher level of product shipments,” he said.

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To support that ramp, Sivers has been active on the technology and partnership fronts. After the quarter closed, it inked a collaboration with Jabil to develop a 1.6T optical transceiver for AI data centers. It also launched new Ka-band beamforming chips for satellite ground stations and made its “Daybreak” chips for 5G/6G radio infrastructure commercially available. A fresh development contract from a major US defense contractor further underscored its foothold in the security segment.

The company also shored up its balance sheet. A capital increase approved in April and finalized by an extraordinary general meeting in May placed 8.62 million new shares with institutional investors, lifting the total share count to roughly 320 million. Voting rights now stand at 306.6 million. Separately, Sivers refinanced its debt through an agreement with Bootstrap Europe, aiming to stabilize its long-term financial structure.

First-quarter results were reported under PCAOB auditing standards for the first time – a prerequisite for the dual listing on the Nasdaq that Sivers is actively pursuing. The switch required retrospective adjustments to the 2024 and 2025 balance sheets, covering revenue recognition, inventory valuation, and share-based compensation.

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The stock closed the reporting day at 70.20 kronor, down 4.36% after touching an intraday high of 76.80 kronor. Investors will get their next chance to weigh in at the annual general meeting on June 15, where shareholders will vote on board composition and capital proposals – and where the Nasdaq listing timeline is expected to become more concrete.

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