TLDR
- Q2 revenue dropped 12% year-over-year to SEK 53.8 million, but the company says the decline was planned
- Product revenue grew 13% year-over-year, or 18% at constant exchange rates
- Adjusted EBITDA widened to a loss of SEK 35.5 million from SEK 20.9 million a year earlier
- Opportunity pipeline hit $1.2 billion in July 2026, up 268% from end of 2025
- Stock rose 2.26% to $3.35 after results; company is eyeing a potential Nasdaq listing in the US
Sivers Semiconductors posted a 12% drop in Q2 2026 revenue, but the Swedish chip maker says the decline was a choice, not a setback. The stock edged up 2.26% to $3.35 following the results.
Net sales came in at SEK 53.8 million, down from SEK 61.4 million in Q2 2025. At constant exchange rates, the drop was around 10%.
The company deliberately pulled resources away from non-recurring engineering work to focus on upcoming product ramps. That shift is reflected in the headline number, but also in the product revenue line, which moved in the opposite direction.
$SIVE ER Q2 is out.
EPS: SEK -0.38 per share (vs -0.19 prior year)
Revenue: SEK 53.8m, down 12% YoY (down 10% currency-adjusted)But product revenue up 18% (currency-adjusted), the number that matters as they shift from NRE to scalable product sales.
The Real News: $1.2B… pic.twitter.com/D8nfr7XPZr
— Kai Capital (@KaiCapitalx) August 27, 2026
Product and hardware revenue rose 13% year-over-year, or 18% adjusted for currency effects. Management is pointing to that figure as the more meaningful indicator of where the business is heading.
Adjusted EBITDA came in at a loss of SEK 35.5 million, wider than the SEK 20.9 million loss reported in Q2 2025. A SEK 42.9 million non-cash social security expense tied to share-based incentives, triggered by a sharp rise in the stock price during the quarter, hit the EBITDA line but did not affect cash.
Pipeline and Customer Programs
The company’s opportunity pipeline expanded to $1.2 billion as of July 2026, up 268% from the end of 2025. Management also identified a new $4 billion addressable market for semiconductor optical amplifiers used in optical circuit switches for AI data centers.
Several customer programs are now moving closer to production. ALL.SPACE placed a production order worth $8.2 million for Ka-band beamforming ICs, targeting a 2027 ramp. A strategic LiDAR customer is expected to place production orders for Q4 2026 and 2027. Tachyon Networks expanded its fixed wireless portfolio through a $1.5 million development partnership with Sivers.
The Jabil collaboration on a 1.6T pluggable optical transceiver module is expected to move through beta builds in Q4 2026, with initial production orders targeted for the first half of 2027.
Balance Sheet and Listing Plans
Sivers raised around SEK 825 million in gross equity capital during the period and converted a $12 million convertible loan into equity after the quarter closed. The company said that gives it a stronger financial footing as it heads into its product ramp phase.
Management is guiding for a revenue inflection in Q4 2026, with broader product revenue growth expected through 2027. The longer-term financial model is targeted for 2028 and beyond.
CEO Vickram Vathulya said the pipeline and production orders give the company confidence in its direction. CFO Heine Thorsgaard said execution remains on track despite the near-term revenue pressure.
Sivers also announced it is evaluating a potential dual listing on the Nasdaq in New York, with readiness work expected to wrap up in the first half of 2027.
The stock currently sits well below its 52-week high of $12.04 but well above its 52-week low of $0.29, with a one-year return of 843%.
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