Swedish semiconductor developer Sivers Semiconductors reported a 12% year-over-year decline in revenue for the second quarter of 2026, totaling 53.8 million Swedish kronor (SEK), down from 61.4 million SEK in the same period of 2025. Adjusting for constant foreign exchange rates, the decline moderated to approximately 10%, with revenue at 55.6 million SEK. The company's adjusted EBITDA loss widened to 35.5 million SEK from a 20.9 million SEK loss in Q2 2025.
Product revenue, however, grew 13% year-over-year, reaching 55.6 million SEK on a constant-currency basis, representing an 18% increase. Gross profit margin over the last twelve months stood at negative 2.44% as of the first quarter of 2026. The company's current ratio was reported at 1.5, while non-cash social security expenses related to share-based incentives surged to 42.9 million SEK due to a share price increase from 10.71 SEK to 63.15 SEK during the quarter.
Sivers completed a capital raise of 825 million SEK in gross equity in July, alongside the conversion of a $12 million convertible loan into equity. The company's opportunity pipeline expanded to $1.2 billion as of July 2026, a 268% increase from the end of 2025. Management also identified a new serviceable addressable market of $4 billion for semiconductor optical amplifiers in optical circuit switches for AI data centers.
Revenue inflection is expected in the fourth quarter of 2026, with broader product revenue growth anticipated in 2027. The company is preparing for a potential U.S. Nasdaq listing, with readiness work including two years of PCAOB-standard audited financial statements targeted for completion in the first half of 2027. Site expansion at the Glasgow facility is currently underway.
Sivers highlighted several customer and partner developments, including production orders from ALL.SPACE for 2027 and ongoing multi-year cycles with Tachyon Networks. SemiNex received initial program orders, while a strategic LiDAR customer is expected to place production orders for the fourth quarter of 2026 and 2027. Jabil's pluggable transceiver program is progressing toward beta builds by the fourth quarter of 2026, with initial production orders expected in the first half of 2027 and a ramp in the second half. A tier-one telecom vendor remains in advanced systems integration and trials, with a product release targeted for the end of 2026.
The company's shares have exhibited significant volatility, trading 67% below its 52-week high of $12.04 and well above its 52-week low of $0.29, with a one-year price return of 843%.
