Q2 2026 Sivers Semiconductors AB Earnings Call Transcript
Key Points
- Opportunity pipeline expanded to $1.2 billion as of July 2026, a 268% increase from end of 2025, with strong momentum in both wireless and photonics.
- Product revenue grew 18% year-over-year at constant FX, reflecting successful transition from NRE to product-led business.
- Received production orders from Allspace and initial program orders from Seminex, with production orders imminent for LiDAR customer, signaling multi-year production cycles.
- Identified $4 billion new serviceable addressable market for semiconductor optical amplifiers in optical circuit switches for AI data centers.
- Strategic shift to hybrid manufacturing model with new foundry partner brings fresh capacity and global supply resilience, addressing indium phosphide shortage.
- Balance sheet significantly strengthened with $825 million SEC gross equity capital raised and conversion of $12 million convertible loan, providing financial flexibility for production ramps.
- Total revenue declined 12% year-over-year to $53.8 million SEC, primarily due to deliberate reduction in NRE activities and government-related delays.
- Adjusted EBITDA was negative $35.5 million SEC, worse than prior year, impacted by revenue timing effects and increased investments in growth.
- Q2 costs significantly impacted by non-cash Social Security expense of $42.9 million SEC due to share price increase, affecting reported operating expenses.
- Revenue inflection delayed to Q4 2026, with near-term revenue affected by conscious resource shift from NRE to product ramps.
- US federal defense budget delays and currency movements continued to negatively impact quarterly results.
- Potential US dual listing readiness work ongoing, with decision and timing not expected until early 2027, adding uncertainty.
Good day to everybody and welcome to the second quarter 2026 Earnings Webcast with Seaworth Semiconductors. My name is Vikram Bhatullia. I'm the CEO and I'm joined by Heine Thorsgaard who is our CFO. The agenda is as follows. I start with an executive summary, then I will hand it over to Heine for financial results and a deeper dive. And then I'll come back for a business update followed by key takeaways and then we'll open up the floor for Q&A where people can submit written questions. Our opportunity pipeline has expanded to $1.2 billion as of July 2026. Our second quarter revenues came in at 53.8 million SIEC or 55.6 at constant FX. And our adjusted EBITDA came in at negative 35.5 million SIEC. Software H1 2026 financials as indicated. Our product revenue was up 18% year on year at constant FX. In addition to the government related delays that we talked about last time, we have made a conscious resource shift. By prioritizing product ramps versus NRE. And our revenue inflection is expected in Q4 of 2026. Moving on to
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