Sivers Semiconductors AB (SIVE) AI Stock Analysis

• Market Cap: kr893.35M
• Dividend Yield: N/A
• Average Volume (3M): 1.71M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: 24.53%
• EPS Growth: 35.12%
• Country: SE
• Employees: 128
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.18
• Shares Outstanding: 296,534,760
• 10 Day Avg. Volume: 1,870,959
• 30 Day Avg. Volume: 1,712,888
• PEG Ratio: 0.23
• Price to Book (P/B): 0.63
• Price to Sales (P/S): 3.06
• P/FCF Ratio: -9.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr7.99
• Price Target Upside: 164.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.31
• Revenue Forecast (FY): kr370.57M

• Rating: 46 Neutral
• Price Target: kr3.00 ▼(-0.66% Downside)
• Action: Reiterated Date: 01/15/26
• Date: Action: Reiterated 01/15/26

The score is primarily weighed down by weak profitability and deteriorating/negative cash flow despite strong gross margins and modest revenue growth. Technicals also indicate a weak trend with the stock below major moving averages, while valuation is constrained by ongoing losses and no dividend support.

Positive Factors

Very high gross margins

An 88.7% gross margin indicates strong product-level profitability and pricing power from specialized compound-semiconductor products. This margin buffer supports R&D and customer-specific development investment and can sustain profitability as volumes scale if operating expenses are controlled.

Conservative leverage / stable balance sheet

A low debt-to-equity ratio provides financial flexibility and lowers refinancing risk during multi-quarter product ramps. It gives management room to fund development, absorb temporary losses, or pursue strategic partnerships without immediate pressure to deleverage through distress financing.

Exposure to structural 5G and photonics markets

Serving 5G/mmWave and photonics datacom markets aligns Sivers with long-term secular growth in wireless backhaul, fixed wireless and data-center interconnects. Their GaAs/InP specialty tech and module integration positions them to capture design-wins that can convert into multi-year production contracts.

Negative Factors

Negative operating cash flow and falling FCF

Sustained negative operating cash flow and a 43% decline in free cash flow reduce financial flexibility and increase reliance on external funding. That weakens the firm's ability to fund production scale, customer qualification programs and capital-intensive manufacturing without dilution or debt.

Persistent unprofitability at EBIT/net levels

Despite strong gross margins, negative EBIT and net margins show an inability to convert product economics into bottom-line profits. Continued operating losses constrain reinvestment and raise execution risk: scaling revenue and converting design-wins to profitable volume is critical.

Revenue concentration and dependence on design-wins

Business relies on lumpy design-win cycles and a few large customers, creating revenue volatility and long lead times to scale. That concentration increases execution risk: missed design-wins or delayed customer qualification can materially swing revenue and margin trajectories.

Sivers Semiconductors AB Business Overview & Revenue Model

Company Description

Sivers Semiconductors AB (publ), through its subsidiaries, develops, manufactures, and sells chips, components, modules, and subsystems in North America, Europe, and Asia. The company operates in two business areas, Wireless and Photonics. It provides products based on semiconductor technology for 5G millimeter-wave networks, as well as optical semiconductors for fiber networks, wireless optical networks, and sensors. The company also offers WiGig radio-frequency integrated circuits (RFICs), radiofrequency modules, evaluation kits and 5G NR mmWave RFICs for various applications, such as fixed wireless access, 5G Open RAN, V2X, mobile backhaul, and uncompressed real-time data. In addition, it provides III-V compound semiconductor laser devices to communications, sensing, and wireless markets. Sivers Semiconductors AB (publ) has a partnership with LitePoint Corporation to enhance cellular coverage with 5G mmWave technology. The company was formerly known as Sivers IMA Holding AB (publ) and changed its name to Sivers Semiconductors AB (publ) in October 2020. Sivers Semiconductors AB (publ) was founded in 1951 and is headquartered in Kista, Sweden.

How the Company Makes Money

Sivers Semiconductors generates revenue through the sale of its semiconductor products, which include integrated circuits and photonic solutions tailored for high-speed communication and connectivity. The company has a diversified revenue model that includes direct sales to original equipment manufacturers (OEMs) and partnerships with key players in the telecommunications and automotive industries. Significant revenue streams come from long-term contracts with established clients, development agreements for custom semiconductor solutions, and the licensing of its technology to third parties. Additionally, Sivers benefits from collaborations and partnerships that enhance its market reach and provide access to new customer segments, further contributing to its earnings.

Sivers Semiconductors AB Financial Statement Overview

Summary

Revenue grew 4.82% (TTM) and gross margin is very strong (88.68%), but the company remains unprofitable with negative net profit/EBIT margins. Cash generation is a key weakness with negative operating cash flow and free cash flow down 43.32% (TTM), partially offset by a relatively stable balance sheet and low leverage (debt-to-equity 0.12).

Income Statement

Sivers Semiconductors AB shows a mixed performance in its income statement. The company has experienced revenue growth, with a 4.82% increase in the TTM period. However, profitability remains a concern, as indicated by negative net profit and EBIT margins. The gross profit margin is strong at 88.68% in the TTM, but the company struggles to convert this into net income, reflecting operational inefficiencies.

Balance Sheet

The balance sheet of Sivers Semiconductors AB is relatively stable. The debt-to-equity ratio is low at 0.12 in the TTM, indicating conservative leverage. However, the return on equity is negative, suggesting that the company is not generating sufficient returns on shareholders' investments. The equity ratio is healthy, showing a strong equity base relative to total assets.

Cash Flow

Cash flow analysis reveals challenges for Sivers Semiconductors AB. The company has a negative operating cash flow, and free cash flow growth is declining by 43.32% in the TTM. The free cash flow to net income ratio is positive, indicating some ability to cover net losses, but the overall cash flow position is weak, impacting financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	300.10M	243.80M	236.33M	132.61M	90.65M	96.17M
Gross Profit	175.60M	208.66M	218.87M	142.96M	116.46M	107.05M
EBITDA	-15.20M	-14.22M	-32.66M	14.11M	-124.02M	-184.81M
Net Income	-129.50M	-116.30M	-157.38M	-86.38M	-133.70M	-195.78M
Balance Sheet
Total Assets	1.49B	1.57B	1.51B	1.57B	951.38M	647.19M
Cash, Cash Equivalents and Short-Term Investments	87.60M	17.80M	25.52M	55.69M	456.24M	249.45M
Total Debt	119.30M	167.46M	47.04M	83.88M	48.28M	48.23M
Total Liabilities	350.00M	392.00M	308.18M	331.02M	152.48M	115.26M
Stockholders Equity	1.14B	1.18B	1.20B	1.24B	798.90M	531.92M
Cash Flow
Free Cash Flow	-66.60M	-80.58M	-159.70M	-222.47M	-175.23M	-79.59M
Operating Cash Flow	-26.80M	-72.01M	-105.86M	-137.46M	-82.97M	-40.07M
Investing Cash Flow	-47.80M	-27.45M	-60.04M	-165.99M	-245.01M	-39.50M
Financing Cash Flow	133.77M	91.17M	144.99M	35.20M	376.41M	279.55M

Sivers Semiconductors AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SIVE, the sentiment is Negative. The current price of 3.02 is below the 20-day moving average (MA) of 3.17, below the 50-day MA of 3.54, and below the 200-day MA of 3.80, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 41.08 is Neutral, neither overbought nor oversold. The STOCH value of 36.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SIVE.

Sivers Semiconductors AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ADVE	55 Neutral	kr670.35M	40.46	22.29%	0.48%	27.82%	305.33%
KEBNI.B	50 Neutral	kr400.58M	-2,091.43	8.68%	―	9.30%	―
SIVE	46 Neutral	kr893.35M	-6.54	-11.60%	―	24.53%	35.12%
MAVEN	44 Neutral	kr211.08M	-14.26	-5.81%	―	-9.79%	-144.24%
INCOAX	44 Neutral	kr65.63M	-1.99	-24.59%	―	-48.24%	-48.99%
GAPW.B	43 Neutral	kr457.85M	-6.89	-52.89%	―	53.78%	19.38%