Sivers Semiconductors Targets Production Ramp and Nasdaq Listing After Q1 Revenue Dip Puts Spotlight on $799M Pipeline

Sivers Semiconductors is doubling down on growth despite a sluggish start to the year. The Swedish chipmaker raised roughly 125 million Swedish kronor through a targeted share placement in late May and continues to pursue a secondary listing on the Nasdaq New York, even as first-quarter revenues slid 22% due to headwinds from the US government shutdown and adverse currency moves.

The capital hike, which added 8.62 million new shares at 14.50 kronor apiece, was anchored by institutional investors DNB Disruptive Opportunities, Alcur Fonder and Hudson Bay Capital Management. The proceeds are earmarked for production launches in photonics and wireless, two areas where the company sees near-term commercial breakthroughs. The move pushed the total share count to roughly 320 million.

Pipeline Surges to $799 Million

What gives management confidence is the opportunity pipeline, which ballooned 77% since the start of the year to reach $799 million by the end of May. That order book spans artificial intelligence data centers, automotive LiDAR, satellite communications, fixed wireless access and defence applications — a breadth that CEO Vickram Vathulya attributes to strategic wins under the US Chips Act and long-term contracts with major original equipment manufacturers.

Production starts are expected to kick off in the second half of 2026 and continue through 2027. The most concrete milestone is an automotive LiDAR ramp with a large carmaker scheduled for the fourth quarter. In 5G/6G, Sivers has released its Daybreak beamforming integrated circuits for FR3 spectrum to general availability, while on the defence side it secured a development deal with a leading US defence contractor.

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Q1 Financials Hit by Delayed Budgets

Revenue for the first quarter came in at 61.9 million Swedish kronor, down from 78.9 million a year earlier. Adjusted EBITDA swung to a loss of 13.8 million kronor from a loss of 6.0 million in the prior-year period, and the net loss narrowed slightly to 42.7 million kronor. Management pinned the shortfall primarily on US defence budget delays tied to the fourth-quarter 2025 government shutdown, which pushed expected revenue into the second half of this year.

The operating loss widened to 41.5 million kronor, driven by investments in sales resources to handle the expanding pipeline and preparatory work for the potential Nasdaq listing. "We are building the infrastructure to capture the opportunities ahead," Vathulya said.

Dual-Listing and Governance Moves

Sivers is actively exploring a secondary listing on the Nasdaq New York, a step that would broaden its investor base and strengthen its balance sheet. As part of that process, the company restated its 2024 and 2025 financial statements in line with PCAOB standards, which revealed higher historical losses but paved the way for the US listing application.

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Alongside the financial restructuring, two new board members have been nominated: Joakim Nideborn and Helena Svancar. The company also secured a second-year extension for its EW?STAR project under the US Microelectronics Commons programme, worth $6.6 million, in partnership with BAE Systems, MIT Lincoln Laboratory and Columbia University.

Market Reaction and Outlook

The shares closed at 70.20 kronor on 28 May 2026, comfortably above the placement price of 14.50 kronor, reflecting investor optimism about the pipeline's conversion potential. Despite the first-quarter stumble, management reaffirmed its full-year revenue growth target, betting that the delayed defence orders and new product launches will materialise in the back half of 2026. The real test, however, will come with the first production ramp in the fourth quarter — a deadline that will either vindicate the bullish narrative or expose the gap between pipeline and cash flow.

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