Swedish semiconductor manufacturer Sivers Semiconductors AB reported a 12% decline in total revenue for the second quarter of 2026, falling to 53.8 million Swedish kronor from 61.4 million SEK in the same period a year earlier. The company’s product revenue increased 13% year-over-year, though total revenue was down approximately 10% at constant exchange rates, according to the earnings call transcript.
Adjusted EBITDA loss widened to 35.5 million SEK from a loss of 20.9 million SEK in Q2 2025. Gross profit margin over the last twelve months remained negative at -2.44% as of the first quarter of 2026. The company’s current ratio stood at 1.5, while non-cash social security expenses totaled 42.9 million SEK, driven by share-based incentive programs following a share price increase from 10.71 SEK to 63.15 SEK during the quarter.
Sivers raised 825 million SEK in gross proceeds from a capital raise completed in July and converted a $12 million convertible loan into equity. The company’s opportunity pipeline reached $1.2 billion as of July 2026, representing a 268% increase from the end of 2025. CEO Vickram Vathulya highlighted a newly identified serviceable addressable market of $4 billion for semiconductor optical amplifiers in optical circuit switches for AI data centers.
The company’s stock traded at $3.35, up 2.26% from the previous close of $3.28, though it remains 67% below its 52-week high of $12.04. The one-year price return stands at 843%, while InvestingPro’s financial health score for the company is rated as weak at 1.61.
Management expects a revenue inflection point in the fourth quarter of 2026, followed by broader product revenue growth in 2027. Key customer programs are advancing, with Tachyon Networks in an active multi-year production cycle, a tier 1 telecom vendor targeting product release by the end of 2026, and ALL.SPACE placing a production order for 2027. A strategic LiDAR customer is expected to place production orders in Q4 2026 and 2027, while SemiNex has received initial program orders.
Jabil’s pluggable transceiver program is on track for beta builds in Q4 2026, with initial production orders expected in the first half of 2027 and a ramp in the second half. Sivers is preparing for a potential U.S. dual listing, with required financial reporting capabilities—including two years of PCAOB-audited statements—expected to be completed in the first half of 2027.
