Key points
- Sivers Semiconductors (SIVEF) reports Q2 2026 on Thursday, August 27, around noon Eastern (6 p.m. Stockholm).
- The market is underwriting the photonics business, not the current numbers. The thing to watch is co-developments starting to turn into volume.
- A SEK 42.9 million non-cash charge will widen the reported loss. A July raise near SEK 700 million cleared the near-term balance-sheet overhang.
- Still no photonics purchase order or named end customer. A confirmed LiDAR customer ramps from Q4 2026, worth $53 million to $138 million over its life.
Sivers Semiconductors reports its second-quarter results on Thursday, August 27. The company moved its reporting to after the market close this year, so the report is due around 6:00 p.m. in Stockholm, about noon Eastern, with a webcast an hour later. The US-listed shares trade over the counter as SIVEF. The Swedish line, SIVE, closed at SEK 35.04 on Tuesday.
The report covers April through June. For a company at this stage, the quarter's revenue and loss are not what moves the stock. What the market is underwriting is the photonics business, and whether its co-development deals start turning into volume.
The Q1 baseline
Sivers last reported on May 29. Revenue fell 22% from a year earlier, gross margin was thin, and the operating loss widened. The company splits its sales into photonics, which makes indium-phosphide lasers, and wireless, which makes millimeter-wave chips.
| Q1 2026 | Figure | Q1 2025 |
|---|---|---|
| Net sales | SEK 61.9M | SEK 78.9M |
| Gross margin | 6.8% | 11.7% |
| Adjusted EBITDA | SEK -13.8M | SEK -6.0M |
| Net loss | SEK -42.7M | SEK -49.9M |
| Cash at quarter end | SEK 26.6M | SEK 73.5M |
Wireless brought in SEK 44.1 million of that and photonics SEK 17.8 million. The report was not reviewed by the auditor. In May, Sivers restated its 2025 accounts for US audit standards ahead of a possible New York listing, widening the net loss to SEK 222.6 million from the SEK 186.5 million first reported, on revenue of SEK 306.6 million.
Why the loss will look worse than the business
Sivers flagged on August 13 that Q2 will carry a SEK 42.9 million non-cash charge, from Swedish social tax on employee share awards that is remeasured each quarter against the share price. The stock ran from SEK 10.71 to SEK 63.15 during the quarter, so the liability was marked up. The company says the expense "does not impact the operating cash flow, or the underlying performance of the business." It's real accounting, and it lands in the reported operating loss. Read the headline number with it in mind.
What the market is actually watching: photonics
Sivers' photonics unit makes continuous-wave DFB lasers, the light sources that feed optical transceivers and co-packaged optics inside AI data centers. It's stacked up co-development deals this year, none of them yet at volume.
On June 2, Sivers said GlobalFoundries will integrate its laser arrays into reference designs on the foundry's silicon photonics platform, covering co-packaged optics and linear pluggable optics. On April 15, Jabil said it plans to build a 1.6T linear receive optical transceiver module using Sivers' DFB lasers. Neither named an end customer or gave a revenue date. Sivers also has an external light-source module with O-Net Technologies and Enablence, a partnership with POET Technologies, and a $3.4 million development program with SemiNex, added August 13, with sampling targeted for the second half of 2027.
The one photonics deal with a dollar figure attached is in sensing, not data centers. On March 11, Sivers said a strategic LiDAR customer, which it did not name, will ramp production from the fourth quarter of 2026, with Sivers supplying lasers and amplifiers at a cumulative revenue potential of $53 million to $138 million over the product's life. To make lasers at volume, Sivers needs a foundry, and last year it named WIN Semiconductors of Taiwan as an outsourced manufacturing partner.
None of the data-center deals has produced a purchase order or a named end customer, the same as when we went through the short-seller allegations and the July insider buying. Sivers frames it as a pipeline that grew 77% year to date in Q1, to $799 million. A first data-center order, a named customer, or a hard revenue date is what would change the story, and Thursday is the next chance for one. Sivers does have a production order in its other unit: ALL.SPACE awarded it an $8.2 million Ka-band beamforming order on June 9, for 2027 delivery.
The demand backdrop
Laser supply has become a bottleneck for the AI buildout. TrendForce reported in December that DFB and EML laser capacity is tight, with Nvidia locking up supply. Sivers' larger rivals underline the demand: Applied Optoelectronics told investors in August that orders for its co-packaged-optics lasers run ahead of what it can build, with Q2 revenue up 86% to $191.9 million, and MACOM said interest in its continuous-wave lasers is strong but that it won't start production until late 2027. That gap, real demand against capacity years out, is the opening Sivers is trying to fill.
Cash, dilution, and what it is priced on
Cash was SEK 26.6 million at the end of Q1, against a quarterly operating burn near SEK 49 million, and the auditors raised going-concern doubt in the May annual report. Sivers then raised money in July: a directed share issue brought in about SEK 700 million, with debt conversions and a warrant exercise on top. That came in after June 30, so it lands as a subsequent event rather than in the Q2 cash balance, but it takes the near-term funding question and the Bootstrap dilution overhang off the table. The share count is now 356,740,332, up from 311 million. We covered the July placement and the lockup expiry when they landed.
At SEK 35.04 the market value is near SEK 11.9 billion, about $1.25 billion, and the 52-week range runs from SEK 2.85 to SEK 110.00. Independent coverage is thin. Redeye, which Sivers pays for research, carries a fair value of SEK 6.20 a share, a fraction of where the stock trades. That gap is the market paying for the photonics optionality that today's revenue doesn't yet support.
The overhang
Short seller Ningi Research said on June 1 that about 31% of Sivers' 2025 revenue was dubious, and Sivers hasn't published a detailed rebuttal, so the revenue commentary in Thursday's report is worth reading closely. Two US law firms, Rosen Law Firm and Bronstein, Gewirtz & Grossman, opened investigations in June, though neither has filed a complaint. A Swedish leak investigation into the early disclosure of the US listing plan is still open, and the listing is still described as a goal for the next few quarters.
Insiders were active in July, after the quarter closed, around the lockup expiry. Chief executive Vickram Vathulya bought 70,000 shares in mid-July and holds 4,540,076. Chairman Bami Bastani sold 275,000 shares, and a party tied to director Todd Thomson sold about 8.8 million, worth some $31.4 million. Insiders are generally barred from trading during the closed period that has run under EU market-abuse rules since July 28, so expect little fresh activity right before the report.
Sources
- Sivers Semiconductors, Interim Report Q1 2026, May 29, 2026, source of the Q1 figures, the SEK 799 million pipeline and the outlook
- Sivers Semiconductors, "Strong Share Price Appreciation Drives Revaluation of Social Tax Liability in Q2 2026," August 13, 2026, source of the SEK 42.9 million charge and the operating-cash-flow quote
- Sivers, GlobalFoundries advance AI data center optical solutions, June 2, 2026
- Sivers Semiconductors collaborates with Jabil on a 1.6T pluggable optical transceiver module, April 15, 2026
- Strategic LiDAR customer ramps remote-sensing production with Sivers Semiconductors technology, March 11, 2026, source of the Q4 2026 ramp and the $53M to $138M range
- Sivers Semiconductors announces collaboration with WIN Semiconductor to scale high-volume DFB laser production, March 25, 2025
- ALL.SPACE Awards $8.2M Production Order to Sivers Semiconductors for Ka-Band Beamforming ICs, June 9, 2026
- Bootstrap Exercises Warrants in Sivers Semiconductors, August 13, 2026, source of the 356,740,332 share count
- TrendForce, on the AI-driven DFB and EML laser shortage and 2026 capacity, December 8, 2025
- Ningi Research, "Sivers Semiconductors (SIVE.ST): Dubious Revenue Accounting," June 1, 2026
- Share price and market value from Nasdaq Stockholm, SIVE, Tuesday, August 25, 2026 close. Applied Optoelectronics and MACOM figures from their August 2026 earnings calls
