Sivers Semiconductors (SIVE) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 revenues, with SEK 304.1 million for the year (up 25% YoY, 33% at constant FX) and SEK 80.7 million in Q4, despite FX headwinds and a U.S. government shutdown.

• Opportunity pipeline grew 64% in 2025 to $453 million, with product pipeline up 90%, supporting long-term revenue growth.

• Strategic refinancing completed, replacing all existing loans and improving financial flexibility, including a $17 million facility and a $12 million convertible facility.

• Strengthened leadership team and expanded global presence with new offices in the U.S. and India, and new Chief Revenue Officer and VP Operations.

• Strategic partnerships expanded, including Doosan, O-Net Technologies, POET Technologies, DigiKey, and a European Space Agency contract.

Financial highlights

• Q4 2025 revenues reached SEK 80.7 million; full-year revenues SEK 304.1 million, both record highs.

• Product revenues for FY25 were SEK 85.7 million, up 13% at constant FX.

• NRE revenues grew 33% for the year and 40% at constant FX, reaching SEK 218.4 million.

• Adjusted EBITDA for Q4 was SEK 10.8 million; full-year Adjusted EBITDA improved by 31% year-over-year to SEK -10.8 million.

• Q4 EBIT: SEK -44.8 million; full-year EBIT: SEK -141.3 million.

Outlook and guidance

• Targeting cash flow breakeven at $50–55 million annual revenue with 65% from products within two years.

• Long-term ambition: 25–30% revenue CAGR, gross margin above 50%, R&D at 20% of revenue, and EBITDA margin above 30%.

• Expecting continued growth in opportunity pipeline and product revenues, with major customer ramps in LiDAR and defense sectors.

• Board proposes no dividend for 2025.

• No forward-looking financial forecasts published.