Key points
- Sivers Semiconductors reported Q2 net sales of SEK 53.8 million, while cost of goods sold reached SEK 73.4 million. That produced a gross loss of SEK 19.7 million and a -37% gross margin, compared with -7% one year earlier. The report does not address the result.
- Even after removing costs that Sivers classifies as affecting comparability, adjusted EBITDA deteriorated from negative SEK 20.9 million to negative SEK 35.5 million.
- The company now values its opportunity pipeline at $1.2 billion, a stated increase of 268% from year-end 2025. In Q1, it reported a $799 million pipeline and described that figure as 77% above the same year-end baseline. Those percentages point to two different starting values.
- Sivers released the report after trading ended in Stockholm. SIVE had closed 2.15% higher without reflecting the report, while the US-quoted SIVEF line dropped about 14%.
Sivers Semiconductors published its second-quarter report at 6 p.m. Stockholm time on Thursday, and the number that matters sits three lines into the income statement. The company reported net sales of SEK 53.8 million against cost of goods sold of SEK 73.4 million. Gross profit came in at negative SEK 19.7 million, a gross margin of -37%, against -7% in the same quarter last year. Across the company's reported revenue, cost of goods sold exceeded net sales by about SEK 19.6 million, and the report doesn't discuss the gap anywhere. The US-quoted line, SIVEF, was down about 14% at $3.30 as of about 2:40 p.m. in New York. Stockholm had already closed for the day.
| Q2, SEK m | 2026 | 2025 restated |
|---|---|---|
| Net sales | 53.8 | 61.4 |
| of which hardware | 29.2 | 25.7 |
| of which NRE contracts | 24.6 | 35.5 |
| Cost of goods sold | -73.4 | -65.7 |
| Gross profit | -19.7 | -4.3 |
| Research and development | -25.0 | -10.4 |
| Selling and administrative | -73.2 | -27.2 |
| Operating result (EBIT) | -116.9 | -40.3 |
| Loss after tax | -115.0 | -50.6 |
The line the report skips
The mix matters here. Hardware brought in SEK 29.2 million of the quarter's sales, up from SEK 25.7 million a year earlier. That is the 13% product growth the company leads with, or 18% adjusted for currency. Non-recurring engineering contracts brought in SEK 24.6 million, down from SEK 35.5 million. That shift is deliberate, and Sivers says so plainly: it has moved resources away from engineering projects and toward customer production ramps, and US federal budget delays cost it more. The single cost of goods sold line sits under both revenue streams, which is why the negative gross profit is a statement about the whole business rather than about hardware alone.
Sivers devotes a section of the report to net sales and results. It walks through the sales decline, the operating loss, adjusted EBITDA and depreciation. It doesn't mention gross profit or cost of goods sold anywhere. Sales fell 12% year on year, or 10% adjusted for currency, while cost of goods sold rose 12%.
The gross line has also moved between reports. Sivers published a first-quarter gross profit of SEK 4.2 million in May. Thursday's report puts first-half gross profit at negative SEK 5.2 million, which against the second quarter's negative SEK 19.7 million implies a first quarter of positive SEK 14.5 million. The gap is about SEK 10.3 million of cost shifted out of cost of goods sold and into research and administrative expenses, the same functional reallocation the company applied to its 2025 accounts. The first-quarter operating loss is unchanged at SEK 41.5 million either way, so nothing about the quarter's economics changed. The restatement note says the re-presentation covers the 2025 quarterly comparatives and does not mention that 2026 quarters were re-presented too. The direction matters for reading Thursday's number: the reallocation lifts the gross line, so on the earlier presentation the second quarter would have looked worse than negative SEK 19.7 million, not better.
We flagged before the report that a SEK 42.9 million non-cash charge for Swedish social tax on employee share awards would widen the reported loss, and it did. That charge sits inside SEK 50.3 million of share-based payment expense the company adds back, along with SEK 12.4 million of US listing preparation costs, to get from EBITDA of negative SEK 98.3 million to adjusted EBITDA of negative SEK 35.5 million. Sivers labels those add-backs items affecting comparability rather than one-offs, and the adjusted figure still fell from negative SEK 20.9 million a year ago. Cash flow from operations was negative SEK 70.0 million against negative SEK 20.1 million. The charge explains the size of the headline loss. It doesn't explain the direction of the business.
The pipeline figures do not line up
Sivers reports an opportunity pipeline rather than a backlog, and it's the number the investment case rests on. Thursday's report puts it at $1.2 billion at the end of July, up 268% from December 2025. A footnote defines it as identified customer opportunities with estimated revenue potential over 2026 to 2030, non-binding and subject to timing changes.
In May, Sivers reported a pipeline of $799 million and said it had grown 77% year to date from the same year-end 2025 base. The two disclosures cannot both reconcile to one starting figure. A 77% increase ending at $799 million implies a December value of about $451 million. A 268% gain ending at $1.2 billion implies a base near $326 million. Using $451 million as the December figure would make the July increase approximately 166%, rather than 268%. Sivers has not disclosed whether it changed the pipeline definition between reports. The Q2 footnote is also the first instance we have found that explicitly states the 2026-to-2030 period. For the company's most frequently cited metric, that is a disclosure issue. On its own, it does not establish anything beyond that inconsistency.
Sivers restated its 2025 accounts earlier this year. A note in Thursday's report describes corrections to revenue recognition on certain engineering projects, including incorrect accounting for foreign currency and the omission of revenue for services already rendered, which cut net sales by SEK 4.314 million on its own. The full restatement table shows 2025 net sales revised down by SEK 3.731 million once offsetting currency corrections are included, to SEK 302.8 million. Short seller Ningi Research questioned the company's revenue accounting in June, Sivers hasn't published a detailed rebuttal, and the interim report hasn't been reviewed by the company's auditor.
What did not arrive
The report contains no named data-center customer and no photonics production order. Jabil moves to beta builds in the fourth quarter of 2026, with production orders anticipated in the first half of 2027 and a ramp in the second half. The unnamed LiDAR customer is expected to place orders "imminently" for the fourth quarter and 2027. Preparations for the New York dual listing are now expected to finish during the first half of 2027. Chief executive Vickram Vathulya wrote that "Our North Star remains delivering to our long-term financial model from 2028 onwards." Photonics net sales fell 8% in the quarter and the segment lost SEK 28.3 million at the EBITDA line, against SEK 7.1 million a year ago. Applied Optoelectronics sells lasers into the same data-center demand. It grew second-quarter revenue 86% to $191.9 million, as we covered this month.
The immediate funding pressure has been substantially reduced. Cash stood at SEK 62.7 million on June 30, under one quarter of the current burn. The board resolved a SEK 700 million directed issue on the final day of the quarter and completed it after the period, so that money isn't in the June 30 balance. Bootstrap Europe converted its $12 million loan in July, and Sivers repaid a $5 million term loan in August, leaving no interest-bearing debt. The company is still consuming cash, and that is the cleanest its balance sheet has looked since we covered the July placement and the lockup expiry.
Two prices for one company
Because the report published after Nasdaq Stockholm closed, the Swedish line hasn't traded on it. SIVE finished Thursday at SEK 36.16, up 2.15%, valuing the company near SEK 12.3 billion. SIVEF at $3.30 implies about SEK 31 at Thursday's exchange rate, some 13% below where Stockholm left off. The US line is thin and had traded about 1.05 million shares. Sweden's Finansinspektionen shows aggregate net short positions of about 3.4% of the shares in late August, a total that includes every position of 0.1% and above reported to the regulator, though only holders at 0.5% and above are named publicly. Arrowstreet Capital is the one currently listed, at 0.68%. Stockholm reprices on Friday. We went through the short-seller allegations and the July insider buying earlier this summer.
Sources
- Sivers Semiconductors, Interim Report Q2, January to June 2026
- Sivers Semiconductors, Interim Report Q1 2026, May 29, 2026
- SIVE share price, Nasdaq Stockholm
- Finansinspektionen, net short positions in Sivers Semiconductors AB
Last updated August 27, 2026.
