Sivers Semiconductors AB (SIVE) AI Stock Analysis

• Market Cap: €2.49B
• Dividend Yield: N/A
• Average Volume (3M): 1.71M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.69
• 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: -0.15
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 3.67
• P/FCF Ratio: -8.97
• 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: €8.00
• Price Target Upside: -5.18% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.31
• Revenue Forecast (FY): €360.23M

• Rating: 54 Neutral
• Price Target: kr11.50 ▲(36.26% Upside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is held back primarily by persistent losses and negative operating/free cash flow despite strong revenue growth and attractive gross profitability. Technicals are a meaningful positive with strong trend and momentum, but valuation support is limited because earnings are negative and no dividend information is provided.

Positive Factors

Revenue Growth

Triple-digit revenue growth in 2025 reflects strong end-market demand and successful commercial traction in 5G/millimeter-wave and photonics. Sustained top-line expansion can generate operating leverage over time if the company converts design-wins into recurring production volumes.

High Gross Margins

Consistently high gross profit indicates strong unit economics from compound-semiconductor products and differentiated technology. Durable product-level margins provide a structural profit pool that can support future operating profitability if fixed costs stabilize and volumes scale.

Supportive Balance Sheet

A sizeable equity base and relatively low debt provide financial flexibility and a longer runway to fund R&D, NRE and capacity scaling. Modest leverage reduces near-term refinancing pressure and supports strategic investments or partnerships without forcing immediate dilutive financing.

Negative Factors

Negative Cash Generation

Persistent negative operating cash flow and sharply negative free cash flow signal ongoing cash burn and recurring funding needs. Over months, this constrains strategic optionality, increases reliance on external capital, and risks dilution or curtailed investment if cash requirements continue.

Widening Net Losses

Deepening net losses show operating costs scaling faster than revenues; negative EBIT across years indicates the company has not yet reached profitable scale. Continued losses can erode equity, pressure credit capacity, and delay a sustainable path to self-funded growth.

Design-win & Customer Concentration Risk

Revenue reliance on intermittent design-wins and a concentrated customer base makes sales lumpy and unpredictable. Dependence on external foundries and partners limits control over capacity and costs, creating structural execution and margin risks during scaling or supply disruption.

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 primarily makes money by selling semiconductor products and related engineering/services into communications markets. Key revenue streams include: (1) Product sales of RF/microwave and millimeter-wave components, front-end modules, and related high-frequency solutions used by equipment makers and system integrators (e.g., for 5G and other high-capacity wireless links). Revenue is typically recognized from shipment of standard products and customer-specific designs (including custom MMICs/modules) manufactured internally and/or via external foundry/assembly partners; margins depend on product mix, volumes, and manufacturing/test costs. (2) Photonics/optical communications offerings, where the company supplies semiconductor devices and/or integrated solutions used in fiber-optic/datacom/telecom links; revenue comes from device/module shipments to customers building optical transceivers or optical network equipment. (3) Non-recurring engineering (NRE) and development income tied to customer-funded design work, prototypes, qualification, and customization that can precede and enable later volume product orders. Significant factors that can influence earnings include design-wins (which can convert into multi-year production programs), customer concentration typical of component suppliers, and partnerships across the supply chain (such as foundry wafer fabrication, packaging, and test) that enable scaling without owning all manufacturing steps. null

Sivers Semiconductors AB Financial Statement Overview

Summary

Strong revenue growth and consistently high gross profit are positives, but the business still shows deeply negative EBIT/net income and continued cash burn. The balance sheet has modest leverage and a meaningful equity base, yet ongoing losses and negative free cash flow remain the dominant risk.

Income Statement

Revenue growth has been strong most recently (2025 annual revenue up ~133% vs. 2024), following modest growth in 2024 and generally positive expansion since 2022. Gross profit is consistently very high relative to revenue, suggesting attractive underlying unit economics. However, profitability remains a clear weakness: EBIT and net income are deeply negative across all years provided, and 2025 losses widened versus 2024 (net loss ~-186.5m vs. ~-116.3m), indicating operating costs are still scaling faster than revenue.

Balance Sheet

The balance sheet looks relatively supportive: equity is substantial (~1.08bn in 2025) versus debt (~122m), implying modest leverage. Total debt increased in 2024 then declined in 2025, but leverage remains low in absolute terms given the equity base. The main concern is continued losses, which can pressure equity over time; equity has drifted down from 2022–2025, reflecting ongoing cash burn and negative returns for shareholders.

Cash Flow

Cash generation is weak: operating cash flow is negative every year shown and remains meaningfully negative in 2025 (~-57.2m), though improved versus 2024 (~-72.0m). Free cash flow is also consistently negative and worsened in 2025 (~-124.4m vs. ~-80.6m in 2024), pointing to continued funding needs. While negative free cash flow has narrowed compared with some earlier years (e.g., 2022), the business has not yet demonstrated self-funding operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	304.10M	243.80M	236.33M	132.61M	90.65M
Gross Profit	265.30M	208.66M	218.87M	142.96M	116.46M
EBITDA	-45.30M	-14.22M	-32.66M	14.11M	-124.02M
Net Income	-186.50M	-116.30M	-157.38M	-86.38M	-133.70M
Balance Sheet
Total Assets	1.45B	1.57B	1.51B	1.57B	951.38M
Cash, Cash Equivalents and Short-Term Investments	43.50M	17.80M	25.52M	55.69M	456.24M
Total Debt	122.20M	167.46M	47.04M	83.88M	48.28M
Total Liabilities	374.60M	392.00M	308.18M	331.02M	152.48M
Stockholders Equity	1.08B	1.18B	1.20B	1.24B	798.90M
Cash Flow
Free Cash Flow	-124.40M	-80.58M	-159.70M	-222.47M	-175.23M
Operating Cash Flow	-57.20M	-72.01M	-105.86M	-137.46M	-82.97M
Investing Cash Flow	-54.90M	-27.45M	-60.04M	-165.99M	-245.01M
Financing Cash Flow	129.70M	91.17M	144.99M	35.20M	376.41M

Sivers Semiconductors AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 8.44 is above the 20-day moving average (MA) of 4.67, above the 50-day MA of 3.89, and above the 200-day MA of 3.87, indicating a bullish trend. The MACD of 1.37 indicates Negative momentum. The RSI at 69.74 is Neutral, neither overbought nor oversold. The STOCH value of 79.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	kr614.04M	52.29	22.29%	0.48%	27.82%	305.33%
SIVE	54 Neutral	€2.49B	-5.98	-16.62%	―	24.53%	35.12%
KEBNI.B	50 Neutral	kr361.18M	-22.37	8.68%	―	9.30%	―
MAVEN	47 Neutral	kr271.99M	-18.80	-5.81%	―	-9.79%	-144.24%
INCOAX	44 Neutral	kr65.50M	-2.29	-24.59%	―	-48.24%	-48.99%
GAPW.B	43 Neutral	kr396.80M	-8.02	-52.89%	―	53.78%	19.38%

Sivers Semiconductors AB Corporate Events

Sivers Semiconductors Grows Revenue in 2025 but Losses Deepen Amid Strategic Expansion

Sivers Semiconductors AB, a specialist in semiconductor solutions for high-speed and energy-efficient data communications, serves customers in wireless access, advanced electronics distribution, and space applications. Its technology portfolio positions the company within the growing market for greener, higher-capacity data infrastructure.

For the fourth quarter of 2025, Sivers reported net sales of SEK 80.7 million, up 5% year-on-year, or 17% in constant currency, but posted a loss after tax of SEK 52.6 million as margins weakened and EBITDA turned negative. For the full year 2025, revenue rose 25% to SEK 304.1 million with improved adjusted EBITDA, yet operating losses deepened and cash flow remained negative, while a series of strategic partnerships and a European Space Agency contract underscored the company’s efforts to broaden market reach and strengthen its position in fixed wireless and space-related markets.

The most recent analyst rating on (SE:SIVE) stock is a Sell with a SEK3.00 price target. To see the full list of analyst forecasts on Sivers Semiconductors AB stock, see the SE:SIVE Stock Forecast page.

Sivers Semiconductors Delivers Record 2025 Revenues and Expands Strategic Contracts

Sivers Semiconductors reported record full-year 2025 revenues of SEK 304.1 million, up 25% year-on-year, and a solid Q4 revenue increase despite currency headwinds, while improving adjusted EBITDA though remaining loss-making at the EBIT and net levels. The company highlighted growing product revenues, a cash position of SEK 43.5 million and a strengthening sales and operations leadership team as it invests to improve profitability.

Operationally, Sivers expanded its pipeline with multiple strategic contracts and partnerships, including LIDAR production ramp plans from 2026 with sizeable long-term revenue potential, a U.S. defense development award and orders for fixed wireless and Ka-band SATCOM antenna solutions. The company also broadened its photonics reach via a partnership targeting AI datacenters, underscoring ambitions to deepen its position in high-growth communications and sensing markets while accelerating R&D and commercial execution.

The most recent analyst rating on (SE:SIVE) stock is a Sell with a SEK3.00 price target. To see the full list of analyst forecasts on Sivers Semiconductors AB stock, see the SE:SIVE Stock Forecast page.