Sivers Semiconductors (SIVE) Q3 2024 earnings summary

Executive summary

• Q3 revenue reached SEK 58.7 million, up 1% year-over-year and 12% sequentially, with year-to-date revenue at SEK 167 million, reflecting 4% growth in constant currencies.

• Wireless business grew 17% year-over-year in Q3, while product revenue share increased to 32% from 21% year-to-date, reflecting a strategic shift toward product business.

• Adjusted EBITDA improved by 12% in Q3 and 24% year-to-date, but Q3 net loss after tax widened to SEK -51.4m.

• Two significant US CHIPS Act awards were secured, supporting technology development in 5G/6G, electronic warfare, and dual-use applications.

• CEO transition completed in July, with Vickram Vathulya appointed as President & CEO.

Financial highlights

• Q3 revenue of SEK 58.7 million, second highest in company history, with 12.2% sequential growth.

• Year-to-date revenue at SEK 167 million, up 4% in constant currencies.

• Q3 2024 operating loss (EBIT) was SEK -40.4m; net loss after tax was SEK -51.4m.

• Cash and cash equivalents at period end were SEK 14.0m, down from SEK 36.0m a year earlier.

• Cash flow from operating activities in Q3 was SEK -28.8m, impacted by higher interest payments.

Outlook and guidance

• Product qualification and manufacturing readiness for AI data center lasers targeted for 2025-2026, with volume ramp expected in late 2026-2027.

• SATCOM product deployments expected in H2 2025 to H1 2026, with anticipated customer ramp in H2 FY25.

• Ambition to achieve a high single-digit share of a $2 billion+ serviceable available market by 2028, translating to $100 million+ in annual revenue.

• Board does not publish forward-looking forecasts; focus remains on profitability, product revenue growth, and sustainable business model.