Sivers Semiconductors AB (SIVE) AI Stock Analysis

• Market Cap: kr1.06B
• Dividend Yield: N/A
• Average Volume (3M): 1.71M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: 24.53%
• EPS Growth: 35.12%
• Country: SE
• Employees: 128
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.19
• 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: kr8.02
• Price Target Upside: 123.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: kr3.50 ▼(-2.51% Downside)

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

High Gross Margin

An 88.7% gross margin signals substantial product-level pricing power and technical differentiation in high-frequency and photonic components. This structural margin cushion allows the company to absorb R&D and scale costs, supporting long-term profitability if operational efficiency improves.

Diversified Revenue Model & Partnerships

Multiple revenue streams—OEM sales, long-term contracts, development agreements and licensing—reduce customer concentration and create recurring revenue. Strategic partnerships deepen market access in telecom and automotive, supporting stable demand and predictable project pipelines over the medium term.

Low Leverage / Stable Balance Sheet

A low debt-to-equity ratio provides financial flexibility to fund R&D, product development and working capital without immediate refinancing pressure. This conservative capital structure helps the company withstand cyclicality in semiconductor demand and pursue strategic investments over the next several quarters.

Negative Factors

Persistent Unprofitability

Negative net profit and EBIT margins indicate the business is not yet generating operating profits despite healthy gross margins. Persisting losses reduce retained earnings and limit the company's ability to self-fund growth initiatives, raising dependency on external capital for longer-term scaling.

Negative Operating Cash Flow and Falling FCF

Declining free cash flow and negative operating cash flow weaken liquidity and constrain investment capacity. Over months this deteriorating cash conversion increases refinancing risk, limits ability to fund development contracts internally, and pressures operational flexibility during industry cycles.

Failure to Convert Strong Gross Margins into Returns

The gap between very high gross margins and negative ROE points to structural cost or operating inefficiencies (SG&A, R&D, or other expenses). If unaddressed, this undermines shareholder returns and the economics of scaling products, making sustained profitability uncertain over the medium term.

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

Sivers Semiconductors AB faces significant challenges in profitability and cash flow management, despite a strong gross profit margin and a stable balance sheet. The company needs to improve operational efficiency and cash flow generation to enhance financial health and shareholder value.

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: 3.59
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 3.59 is below the 20-day moving average (MA) of 3.97, below the 50-day MA of 3.82, and below the 200-day MA of 3.85, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.35 is Neutral, neither overbought nor oversold. The STOCH value of 6.02 is Positive, 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
ADVE	63 Neutral	kr858.60M	36.65	22.29%	0.48%	27.82%	305.33%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KEBNI.B	58 Neutral	kr497.99M	85.05	8.68%	―	9.30%	―
MAVEN	53 Neutral	kr284.59M	-41.79	-5.81%	―	-9.79%	-144.24%
GAPW.B	47 Neutral	kr548.69M	-10.13	-52.89%	―	53.78%	19.38%
SIVE	46 Neutral	kr1.06B	-7.76	-11.60%	―	24.53%	35.12%
INCOAX	44 Neutral	kr121.03M	-3.66	-24.59%	―	-48.24%	-48.99%

Sivers Semiconductors AB Corporate Events

Sivers Semiconductors Reports Q3 2025 Financial Results with Increased Sales

Sivers Semiconductors AB reported a 24% year-over-year increase in net sales for the third quarter of 2025, with a notable 34% rise in constant currency. Despite improvements in adjusted EBITDA, the company still recorded a loss after tax of SEK 46.9 million. Significant events include the appointment of a new CFO and the completion of an oversubscribed share issue, which may strengthen its financial position and support future growth initiatives.

The most recent analyst rating on (SE:SIVE) stock is a Hold with a SEK4.00 price target. To see the full list of analyst forecasts on Sivers Semiconductors AB stock, see the SE:SIVE Stock Forecast page.