Sivers Semiconductors: Revenue Slips but Pipeline Hits Record $799M as Nasdaq Dual Listing Takes Shape

Sivers Semiconductors Q1 revenue fell 22% to 61.9M SEK, but project pipeline hit record $799M. Blames US govt shutdown. Plans Nasdaq listing, equity placement, and index inclusion amid high short interest.

The disconnect between Sivers Semiconductors' opportunity pipeline and its top-line performance has rarely been wider. The Swedish chipmaker reported first-quarter net sales of 61.9 million Swedish kronor on May 29, a 22% decline from the 78.9 million kronor posted a year earlier, while the value of its project pipeline surged 77% from year-end 2025 to an all-time high of $799 million.

Management blamed the revenue shortfall squarely on external timing issues. The US government shutdown in late 2025 and the delayed passage of defense budgets pushed anticipated orders into the second half of 2026. Currency headwinds added further pressure. "Expected defense-sector contracts slipped into H2 because of the budget impasse," CEO Vickram Vathulya explained during the earnings call, reiterating that the company still expects full-year revenue growth.

The adjusted EBITDA loss deepened to 13.8 million kronor from 6.0 million kronor in the prior-year quarter, while the unadjusted EBITDA figure came in at negative 24.7 million kronor. Operating losses widened to 41.5 million kronor from 28.3 million kronor. Net loss, however, narrowed to 42.7 million kronor from 49.9 million kronor, translating to a loss per share of 0.14 kronor. Operating cash flow consumed 49.2 million kronor.

Sivers is moving aggressively to shore up its balance sheet and expand its investor base. The company refinanced existing debt through Bootstrap Europe and is preparing a targeted equity placement worth approximately 125 million Swedish kronor. More significantly, management is actively exploring a secondary listing on the Nasdaq in New York. The first step has already been taken: Sivers restated its consolidated financial statements for 2024 and 2025 to comply with US Public Company Accounting Oversight Board (PCAOB) standards — a prerequisite for any US exchange listing.

A structural catalyst is imminent regardless of the earnings disappointment. Nasdaq will add Sivers Semiconductors to the OMX Stockholm Benchmark Index at the start of trading on June 1, 2026. MSCI has also selected the company for index inclusion. Index-tracking funds will need to adjust their portfolios, which could generate short-term buying pressure and lift trading volumes.

The stock closed at 70.20 kronor on the day of the report, down 4.36%, after swinging between 63.40 and 76.80 kronor. Short sellers have grown increasingly bold. According to S&P Global Market Intelligence, roughly 17% of the freely tradable shares were out on loan as of May 26 — a sharp rise from just 1.6% in early March. The elevated short interest adds an element of tension to the index inclusion event, as passive inflows could squeeze bearish positions.

On the product front, Sivers continues to make technical progress. New Ka-band ICs and beamforming solutions for satellite communications are ready, and the "Daybreak" FR3 ICs for 5G and 6G have reached commercial availability. In photonics, the company is collaborating with Jabil on a 1.6-terabit optical transceiver. The ramp-up for automotive LiDAR projects is scheduled to begin in the fourth quarter of 2026, with broader production starts across AI data centers, LiDAR, and satellite communications targeted for 2027.

Vathulya described "enormous momentum" in the company's focus markets for photonics and wireless, adding that multiple product ramps on course for 2027 should drive "significantly higher product shipments" from that year onward. DNB Carnegie retains a "buy" recommendation with a price target of 8.00 Swedish kronor, though the analyst notes that the gap between current revenue levels and the cost base remains wide.

The central question hanging over Sivers is whether its record pipeline will translate into tangible orders and revenue in the coming quarters — or whether the timing gap that hurt Q1 will persist. The index inclusions on June 1 may provide a temporary tailwind, but the real test lies in the second half of 2026, when delayed defense contracts are expected to materialize and the LiDAR ramp is set to begin.