Sivers Semiconductors (SIVE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached SEK 72.4 million, a 38% year-over-year increase and the highest Q2 in company history, with 49% growth in constant currency.

• Year-to-date revenue is up 39% (44% in constant FX), with adjusted EBITDA improving 44% year-over-year.

• Wireless business grew 71% year-over-year in Q2, now representing the majority of group sales, driven by NRE projects and US Chips Act income.

• Strategic initiatives included a new OEM partnership, joining the DIFI Consortium, and a major contract win in defense applications.

• Debt refinancing completed with improved terms, supporting future growth and operational scale-up.

Financial highlights

• Q2 sales: SEK 72.4 million (+38% YoY), with constant FX growth at 49%; H1 net sales were SEK 150.9 million (+39% YoY).

• Wireless unit sales: SEK 58.2 million (+71% YoY); Photonics unit sales: SEK 22.4 million (-3% YoY), but product sales hit a quarterly record.

• Adjusted EBITDA improved 32% YoY in Q2 and 44% YTD; Q2 adjusted EBITDA was SEK -8.4 million (from -12.4 million).

• Q2 operating loss (EBIT) was SEK -29.0 million, an improvement from SEK -40.7 million YoY.

• Product sales in Q2: SEK 21 million (+3% YoY); capitalized R&D investment: SEK 12 million (+SEK 6.8 million YoY).

Outlook and guidance

• Expect continued strength and year-over-year growth for the remainder of 2025.

• Broad market SATCOM chipsets to be sampled in Q4 2025; volume production expected 6–9 months after sampling.

• Focus on shifting business model toward 80% product sales, emphasizing standard product configurations.

• Management expects to end 2025 with a positive cash balance based on current forecasts.

• The Board does not publish forward-looking financial forecasts.