Sivers Semiconductors: Q1 Revenue Falls 22% as $799M Pipeline and Nasdaq Dual Listing Take Center Stage

Swedish chipmaker Sivers reports sharp Q1 revenue decline but boasts record $799 million order pipeline, advances dual listing on Nasdaq New York, and secures index inclusion.

Sivers Semiconductors is navigating a pivotal moment. The Swedish chipmaker posted a sharp drop in first-quarter revenue, yet its order pipeline swelled to a record $799 million, and management is pushing ahead with plans for a dual listing on the Nasdaq New York. Adding a near-term catalyst, the company's stock will join the OMX Stockholm Benchmark Index on June 1st, 2026.

The Q1 numbers tell a sobering story. Net sales landed at 61.9 million Swedish kronor, down 22% from 78.9 million kronor a year earlier. Sivers blamed the slump partly on the US government shutdown late last year, which delayed defense budgets and froze several projects. Currency headwinds added further pressure.

Profitability took a hit. Adjusted EBITDA came in at a loss of 13.8 million kronor, deepening from a loss of 6.0 million kronor in the prior-year period. The operating loss (EBIT) widened to 41.5 million kronor, and the net loss after tax stood at 42.7 million kronor, or 0.14 kronor per share. While the net loss narrowed slightly from 49.9 million kronor a year ago, operating cash flow remained deeply negative at minus 49.2 million kronor.

Analysts at DNB Carnegie described the report as mixed. They acknowledged the substantial potential in the company's pipeline buildup but noted that current revenues remain too low relative to the cost base.

The pipeline, however, is the headline. Since the end of 2025, Sivers' sales pipeline value has surged 77% to roughly $799 million, fueled by rising demand in satellite communications, 5G/6G, and semiconductors. During the quarter, the company secured a development contract with a major US defense contractor and launched new Ka-band beamforming chips for SATCOM ground stations. Its "Daybreak" chips for 5G/6G FR3 infrastructure also became generally available.

After the quarter closed, Sivers announced a collaboration with Jabil to develop a 1.6-terabit optical transceiver module aimed at the AI data center market — a deal that underscores its push into high-growth computing verticals.

To strengthen its balance sheet, Sivers restructured its debt through a refinancing agreement with Bootstrap Europe. The board also pushed through a directed equity issue approved by an extraordinary general meeting on May 11, 2026, expected to raise around 125 million kronor. The capital increase lifted the total share count to roughly 320 million shares, with voting rights now at 306.6 million. The free float increased by 8.62 million shares.

The Nasdaq dual listing remains a core strategic priority. Sivers sees a US exchange listing as a way to get closer to its expanding American customer base and attract institutional investors in the semiconductor space.

CEO Vickram Vathulya acknowledged "significant headwinds" in the first quarter but reaffirmed the full-year revenue guidance. The inflection point, he said, will come in the second half of 2026 as delayed projects resume. Looking further ahead, Sivers is positioning 2027 as the start of multiple production cycles — in AI data centers, LiDAR, and satellite communications.

The stock edged up about 2% on the day of the earnings release, a muted reaction that suggests investors are cautiously weighing the pipeline potential against the weak quarterly performance. The company's inclusion in the OMX Stockholm index next month could provide additional liquidity and visibility as it prepares for a transatlantic leap.