AI Terminal
Sivers Semiconductors
Quarterly Report • May 8, 2025
3109_10-q_2025-05-08_4e612085-9b0d-41e5-82a7-f109f2a0f310.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Interim Report Q1 | January - March 2025
Critical Enablers of a Greener Data Economy
Interim Report Q1 2025
The following Interim Report relates to the period January 1 to March 31, 2025
First quarter January - March 2025
- Net sales amounted to SEK 78.5 m (56.1), equivalent to an increase of 40% YoY and a sequential quarterly increase of 2%. Net sales increased by 37% in constant currency.
- Adjusted EBITDA totaled SEK -2.6 m (-7.6), equivalent to an improvement by 65% YoY.
- Profit/loss before depreciation and amortization (EBITDA) amounted to SEK -5.2 m (-9.5).
- Operating profit/loss (EBIT) was SEK -26.7 m (-35.4).
- Profit/loss after tax amounted to SEK -48.3 m (-25.8).
- Cash flow from operating activities was SEK -22.9 m (-28.1)
- Earnings per share before and after dilution were SEK -0.19 (-0.11).
- Equity per share amounted to SEK 4.34 (5.20).
Key performance indicators1
| Jan-Mar | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 | |
| Net sales | 78.5 | 56.1 | 243.7 | |
| Net sales growth, % | 40% | -4% | 3% | |
| Net sales growth, at constant currency, % | 37% | -4% | 3% | |
| Adjusted EBITDA | -2.6 | -7.6 | -15.6 | |
| EBITDA | -5.2 | -9.5 | -31.3 | |
| EBIT | -26.7 | -35.4 | -127.1 | |
| Profit/loss for the period | -48.3 | -25.8 | -116.3 | |
| Cash flow from operating activities | -22.9 | -28.1 | -73.48 | |
| Earnings per share before and after dilution, SEK | -0.19 | -0.11 | -0.49 | |
| Equity per share, SEK | 4.34 | 5.20 | 4.98 |
1. For definitions and calculations see pages 23-26
Significant events in the first quarter
- January 8 Wins a major chip development program with leading Tier-1 telecom infrastructure vendor.
- January 13 Signs CHIPS Act contracts with the Northeast Microelectronics Coalition Hub.
- January 16 Completed directed share issue of 31,712,280 shares, corresponding to approximately SEK 108 m (USD 10.3 m), including new US investment from Boardman Bay Capital Management.
- January 29 Wins Intelsat SATCOM Digitizer Development Program Award.
- February 13 Signs strategic MoU with a leader in optical infrastructure solutions for large-scale AI workloads to enable high volume production of Laser Arrays.
- February 18 Appoints Alexander McCann as Strategic Senior Advisor.
- February 28 Announces the change in the total number of shares and votes to 269 359 076, due to new share issue.
- March 3 Announces New SATCOM and 5G Antenna Array Products at MWC 2025.
- March 25 Announces collaboration with WIN Semiconductors to scale High-volume DFB Laser production.
Significant events after the end of the period
- April 1 Announces strategic OEM partnership with O-Net Technologies to deliver next-generation external laser sources for Copackaged Optics.
- April 16 Sivers Semiconductors and Nisko Projects sign distribution partnership agreement to expand presence in Israeli markets.
- April 16 Announces a new issue of shares of series C and repurchase and conversion of shares of series C.
- May 7 Joins the DIFI Consortium to Advance Satellite Network Interoperability.
An online presentation of the Interim Report will be held at 10:00 AM (CEST) on May 8, 2025. Register for the webinar at: https://attendee.gotowebinar.com/register/1249194090184896090
A strong start to 2025 – A solid foundation for execution
We delivered strong financial results in Q1, with revenues at SEK 78.5 m, a 40% YoY increase, while AEBITDA improved by 65% YoY. Building on our business transformation momentum in 2024, Sivers continues to deliver against our long-term strategy of becoming a leading and critical enabler of the global shift toward energy-efficient, high-performance infrastructure for AI datacenters and advanced SATCOM systems.
Our millimeterwave (mmWave) business grew 85% YoY same quarter. We secured several meaningful development and product contracts that support our strategy, including digitizers for Intelsat SATCOM terminals for 2026 deployment, new beamformer chipsets (SEK 60 m/USD 5.4 m) for a Tier-1 infrastructure vendor for mmWave use cases, and signed 2 US CHIPS ACT projects (SEK 327 m+/USD 30 m+ potential over 3 years) which partners us with industry leaders such as BAE Systems, Raytheon and Ericsson to develop next generation products for Communications and Electronic Warfare applications.
We announced new Antenna Array products for the SATCOM and 5G markets at the Mobile World Congress (MWC) show in Barcelona in March 2025. These advanced solutions can significantly simplify terminal designs and reduce Time to Market for our customers. We are consciously expanding our Bill of Materials (BOM) footprint inside our target applications and now have expanded our product offerings to encompass RF beamformers, digitizers and antenna arrays. This will allow us to expand our wireless serviceable addressable market (SAM) and capture more ROI within our customer products in the future. Additionally, we signed a distribution partnership agreement with Nisko. This strategic collaboration will help us to promote our wireless portfolio to a broader base of customers in the innovation rich Israeli market and secure essential design wins for the future.
In our Photonics business, the hyperscaler ecosystem push continues for next generation AI datacenters using more optical interconnects within the datacenter. This was most recently highlighted at Nvidia GTC in March, where they demonstrated and emphasized the need for Co-Packaged Optics (CPO) for switches in scale-out architectures in the coming years.
We have been very timely with our strategic MoU (SEK 46.8 m/USD 4.3 m) with a global leader in optical infrastructure, focused on driving to production at scale our laser arrays for deployment in AI datacenters. We also announced a strategic OEM partnership with O-Net Technologies, a leading provider of optical networking solutions. Together, we will bring to market high-performance external light sources with various array formats and power levels, a critical enabler of next-generation AI datacenters applicable for both scale-out (CPO within Switch packages) and scale-up (CPO within GPU/Compute) architectures.
Our production partnership for lasers and laser arrays, with WIN Semiconductors, a global leader in compound semiconductor merchant
foundry services, successfully positions us as a fabless semiconductor company in both our businesses for production at scale and manufacturing capacity. This model also allows us to reduce our CAPEX spend as we continue to build a profitable business at scale here at Sivers. The Glasgow facility will be our R&D facility for maintaining technology leadership and also have capacity for lower volume production opportunities. We have also brought on-board, Alex McCann, an established industry veteran and operations executive to help us establish world class manufacturing and operations in our Photonics business.
The Mobile World Congress in Barcelona, the SATCOM show in Washington DC in March, as well as the OFC (Optical Fiber Communications) conference in San Francisco in April were extremely engaging and added several new branded customer prospects to our expanding opportunity pipeline. This is a powerful lead indicator of our market focus and technology leadership as well as our asset-lite manufacturing model which has been very positively received in the industry.
We constantly work to optimize our financing needs for the company and most recently conducted a very successful directed raise in January to provide for our working capital as we focus on turning the corner on profitability. During this process, we also brought in Boardman Bay as our second long-term fundamental investor in the US. Their knowledge and insight into our focus markets has been very helpful already as we navigate our strategic planning. It is also rewarding to see Northland Capital, a very reputed analyst firm in the US has picked up coverage on Sivers since March 2025.
We continue to advance our technology leadership, grow customer pipeline demand and expand strategic partnerships. As we migrate to becoming a product company, we stay firmly focused on innovation at speed, and readiness for high-volume production across both our wireless and photonics businesses. We are gaining global awareness as an innovative company with relevant technologies and products for the two most powerful secular trends in our industry among customers, partners, investors and analysts.
I believe we are in the right place, at the right time and with the right technology to make meaningful industry impact and execute to grow the company. It is an exciting time to be or become a shareholder in Sivers.
Vickram Vathulya, President and CEO
This is Sivers Semiconductors
We are Critical Enablers of a Greener Data Economy withEnergy EfficientPhotonics & Wireless Solutions
Sivers – mission critical focus on two markets with tremendous momentum
Net sales and adjusted EBITDA
Net sales and results
First quarter
The Group's net sales amounted to SEK 78.5 m (56.1), an increase of SEK 22.4 m, equivalent to an increase of 40 percent year-on-year. Net sales increased by 37 percent in constant currency. The improved net sales is mainly related to new NRE- agreements and income from US Chips Act. Wireless' net sales increased by SEK 26.8 m, corresponding to 85%, while Photonics' net sales decreased by SEK 4.4 m, corresponding to 18 percent.
Adjusted EBITDA was SEK -2.6 m (-7.6), an improvement of SEK 5.0 m or 65 percent. The improvement was mainly due to sales mix in NRE business and increased product sales. EBITDA was SEK -5.2 m (-9.5), an improvement of SEK 4.3 m or 45 percent.
EBIT was SEK -26.7 m (-35.4), an improvement of SEK 8.7 m or 24 percent. EBIT was affected by SEK -21.6 m (-25.9) in depreciation, amortization, and impairment.
Profit/loss after tax was SEK -48.3 m (-25.8), a decrease of SEK 22.5, caused by a negative net financial position, mainly due to exchange rate fluctuations from USD and GBP.
Other comprehensive income was SEK -68.1 m (46.8), a decrease of SEK 137.4 m. The decrease relates to translation effects of investments in subsidiaries from USD and GBP to SEK.
Depreciation and amortization
First quarter
Profit for the first quarter 2025 was affected by SEK -21.6 m (-25.9) in depreciation, amortization, and impairment, of which SEK 3.6 (-3.7) related to depreciation and amortization of equipment, tools and installations, SEK -3.6 m (-6.8) related to depreciation and amortization of the previous year's capitalized development expenses, SEK -13.8 m (-13.4) related to amortization of other intangible assets and SEK -1.1 m (-2.0) related to depreciation and amortization of right-of-use assets in lease agreements.
Liquidity, cash flow and financing
On March 31, 2025, the Group's cash and cash equivalents and other current financial assets amounted to SEK 73.4 m (63.2).
In the first quarter, the previously announced directed new issue of 31.7 million shares, corresponding to a capital injection of approximately SEK 108 m before transaction fees, was carried out.
In the first quarter, the Group's cash flow from operating activities amounted to SEK -22.9 m (-28.1).
The company´s management has finalized the negotiations with a lender to secure the short-term financing needs and work to optimize the long-term capital structure is ongoing in parallel.
As the Group is in a development phase, management prepares and monitors detailed cash flow forecasts and may need to take measures such as new share issues to ensure sufficient liquidity.
Reviewing and optimizing the company's capital structure is part of the annual strategic planning work. To reduce working capital needs going forward, the company has taken measures to introduce improved commercial terms in new and existing customer agreements regarding more frequent billing milestones. A focus initiative is to gain better alignment between customer and supplier payments.
Investments
The Group's total investments in the period January to March amounted to SEK 12.0 m (8.9) related to intangible assets for capitalized development expenses of SEK 11.3 m (3.3), acquisitions of other intangible assets of SEK 0.6 m (0.6), acquisitions of property, plant and equipment of SEK 0.1 m (4.9). The investment in capitalized development expenses was attributable to the development of new product generations.
Equity
As of March 31, 2025, Group equity amounted to SEK 1,168.6 m (1,219.8). The share capital totaled SEK 131.9 m (118.8).
Parent Company
Interest expense and similar items were negatively affected by currency conversion of GBP and USD to SEK and increased interest costs.
Shares
Sivers Semiconductors' share capital was divided over 269,359,076 (234,649,894) shares with a quotient value of SEK 0.50 as of March 31, 2025. These shares comprise 269,359,076 ordinary shares with voting rights. Since June 10, 2021, the share trades on Nasdaq Stockholm under the ticker SIVE, ISIN code SE0003917798 and LEI code 254900UBKNY2EJ588J53.
Employees
As of March 31, 2025, the Group had, excluding consultants, 129 (117) employees.
Ownership structure
As of March 31, 2025, Sivers Semiconductors AB (publ) had three shareholders with individual direct and indirect holdings corresponding to five percent or more of the votes and capital in the company. In total, Sivers Semiconductors had approximately 20,000 shareholders.
Outlook
The Board does not publish forward-looking financial forecasts.
Risks and uncertainties
The Group's operations, financial position and results of operations can be affected by a number of risks and uncertainties. These risks are described in the Group's Annual Report 2024. No significant new risks have been identified since the publication of the Annual Report.
This interim report has not been submitted for review by the Company's Auditor.
Sivers Semiconductors AB (publ)
Kista, Sweden, May 8, 2025
The Board
Consolidated Income Statement in summary
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Net sales | 78.5 | 56.1 | 243.7 |
| Other operating income | 1.4 | 3.5 | 5.7 |
| Capitalized work on own account | 11.3 | 3.4 | 27.7 |
| Raw materials and consumables | -17.5 | -15.6 | -62.8 |
| Other external expenses | -34.3 | -20.2 | -100.8 |
| Personnel costs | -44.6 | -36.7 | -144.8 |
| Depreciation, amortization and impairment of property, plant and equipment, and | |||
| intangible assets | -21.6 | -25.9 | -95.8 |
| Operating profit/loss | -26.7 | -35.4 | -127.1 |
| Profit from financial items | |||
| Financial income | - | 11.0 | 16.9 |
| Financial expenses | -25.5 | -4.8 | -25.9 |
| Profit/loss before tax | -52.2 | -29.2 | -136.0 |
| Income tax | 3.9 | 3.4 | 19.7 |
| Profit/loss for the period | -48.3 | -25.8 | -116.3 |
| Attributable to Parent Company shareholders | -48.3 | -25.8 | -116.3 |
| Earnings per share (SEK) | |||
| Before and after dilution | -0.19 | -0.11 | -0.49 |
Consolidated Statement of Comprehensive Income in summary
| Jan-Mar | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 | |
| Other comprehensive income | ||||
| Items to be reclassified tio profit and loss | ||||
| Exchange rate differences from translation of foreign operations | -68.1 | 46.8 | 71.5 | |
| Comprehensive income for the period | -116.4 | 21.0 | -44.8 | |
| Attributable to Parent Company shareholders | -116.4 | 21.0 | -44.8 |
Consolidated Statement of Financial Position in summary
| SEK m | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 391.3 | 407.4 | 416.0 |
| Capitalized development expenses | 199.4 | 197.4 | 199.1 |
| Other intangible assets | 566.2 | 645.1 | 633.5 |
| Property, plant and equipment | 74.9 | 94.9 | 84.4 |
| Other assets | 1.0 | 0.6 | 1.1 |
| Total non-current assets | 1,232.8 | 1,345.3 | 1,334.1 |
| Current assets Inventories |
38.8 | 41.0 | 42.3 |
| Account receivables | 68.3 | 53.2 | 78.9 |
| Other receivables | 16.2 | 8.4 | 14.5 |
| Prepaid expenses and accrued income | 107.2 | 78.7 | 87.4 |
| Other current fixed assets | - | - | - |
| Cash and cash equivalents | 73.5 | 63.2 | 17.8 |
| Total current assets | 304.0 | 244.6 | 240.7 |
| TOTAL ASSETS | 1,536.7 | 1,589.8 | 1,574.8 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,168.6 | 1,219.8 | 1,182.8 |
| Non-current liabilities | |||
| Liabilities to credit institutions | 15.3 | 78.0 | 19.9 |
| Convertible loans | - | 59.2 | - |
| Provisions | 0.7 | 1.6 | 0.6 |
| Deferred tax liability | 116.7 | 140.0 | 132.1 |
| Leasing liabilities | 11.4 | 15.3 | 13.1 |
| Other non-current liabilities | 3.2 | 2.9 | 3.6 |
| Total non-current liabilities | 147.4 | 297.1 | 169.3 |
| Current liabilties | |||
| Liabilities to credit institutions | 68.2 | - | 76.1 |
| Convertible loans | 54.0 | - | 54.0 |
| Accounts payable | 19.9 | 30.1 | 26.9 |
| Leasing liabilities | 4.0 | 6.1 | 4.3 |
| Other liabilities | 9.7 | 4.8 | 8.8 |
| Accrued expenses and prepaid income | 64.9 | 32.0 | 52.6 |
| Total current liabilities | 220.7 | 73.0 | 222.7 |
| TOTAL EQUITY AND LIABILITIES | 1,536.7 | 1,589.8 | 1,574.8 |
Consolidated Statement of Changes in Equity in summary
| SEK m | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| Opening balance | 1,182.8 | 1,197.7 | 1,197.7 |
| Profit/loss for the period | -48.3 | -25.8 | -116.3 |
| Other comprehensive income | -68.1 | 46.8 | 71.5 |
| New share issue | 101.0 | - | 6.5 |
| Conversion of loan | - | - | 6.0 |
| Repurchase/sale of own shares | - | - | 13.0 |
| Share-based payments | 1.2 | 1.0 | 4.4 |
| Closing balance at the end of the period | 1,168.6 | 1,219.8 | 1,182.8 |
Consolidated Statement of Cash Flow in summary
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Operating activities | |||
| Operating profit/loss | -26.7 | -35.4 | -127.1 |
| Adjustments for non-cash items | 23.4 | 38.8 | 99.4 |
| Interest received | - | - | 0.0 |
| Interest paid | -7.0 | -6.6 | -23.8 |
| Income tax received/paid | 0.3 | -0.6 | 2.4 |
| Cash flow from operating activities before change in working capital | -10.0 | -3.8 | -49.2 |
| Cash flow from changes in working capital | |||
| Increase (-)/decrease (+) in inventories | 2.2 | -3.8 | -4.5 |
| Increase (-)/decrease (+) in operating receivables | -25.8 | -4.9 | -39.0 |
| Increase (+)/decrease (-) in operating liabilities | 10.7 | -15.7 | 20.7 |
| Cash flow from operating activities | -22.9 | -28.1 | -72.0 |
| Investing activities | |||
| Acquisition of property, pland and equipment | -0.1 | -4.9 | -8.6 |
| Acquisition of intangible assets | -11.9 | -3.9 | -33.8 |
| Grants received | 2.4 | - | - |
| Frozen bank funds | - | 14.9 | 14.9 |
| Cash flow from investing activities | -9.6 | 6.0 | -27.4 |
| Financing activities | |||
| Borrowings | - | 64.2 | 78.8 |
| Repaid loans | -11.3 | - | - |
| Issue expenses | -6.8 | - | -0.5 |
| New share issue | 107.8 | - | 7.0 |
| Amortization of leasing debt | -1.1 | -2.2 | -7.5 |
| Repurchase/sale of own shares | - | - | 13.4 |
| Cash flow from financing activities | 88.7 | 62.0 | 91.2 |
| Cash flow for the period | 56.1 | 40.0 | -8.3 |
| Opening cash and cash equivalents | 17.8 | 25.5 | 25.5 |
| Exchange rate difference in cash and cash equivalents | -0.5 | -2.3 | 0.5 |
| Closing cash and cash equivalents | 73.4 | 63.2 | 17.8 |
Parent Company Income Statement in summary
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Net sales | 7.3 | 3.1 | 13.7 |
| Other external expenses | -1.9 | -2.2 | -11.8 |
| Personnel costs | -6.5 | -4.2 | -21.4 |
| Depreciation, amortization and impairment of property, plant and equipment, and | |||
| intangible assets | |||
| Operating profit/loss | -1.2 | -3.3 | -19.5 |
| Profit from financial items | |||
| Result from participation in group companies | -0.1 | - | -99.2 |
| Interest income and similar items | 7.9 | 17.1 | 47.6 |
| Interest expense and similar items | -25.4 | -6.3 | -22.0 |
| Profit/loss before tax | -18.8 | 7.5 | -93.2 |
| Income tax | - | - | - |
| Profit/loss for the period | -18.8 | 7.5 | -93.2 |
Parent Company Statement of Comprehensive Income in summary
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Profit/loss for the period | -18.8 | 7.5 | -93.2 |
| Other comprehensive income | - | - | - |
| Comprehensive income for the period | -18.8 | 7.5 | -93.2 |
Parent Company Statement of Financial Position in summary
| SEK m | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Other intangible assets | 2.4 | 0.4 | 2.4 |
| Shares in Group companies | 1,203.5 | 1,188.5 | 1,203.5 |
| Receivables from Group companies | 292.6 | 342.0 | 293.2 |
| Other non-current assets | - | - | - |
| Total non-current assets | 1,498.5 | 1,530.9 | 1,499.1 |
| Current assets | |||
| Current receivables | |||
| Receivables from Group companies | 21.2 | 6.6 | 14.0 |
| Other receivables | 1.3 | 0.6 | 0.8 |
| Prepaid expenses and accrued income | 1.5 | 1.1 | 1.6 |
| Other current fixed assets | - | - | - |
| Total current receivables | 24.0 | 8.3 | 16.4 |
| Cash and cash equivalents | 65.2 | 38.2 | 2.7 |
| Total current assets | 89.2 | 46.5 | 19.1 |
| TOTAL ASSETS | 1,587.7 | 1,577.4 | 1,518.2 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | |||
| Share capital | 134.7 | 117.3 | 118.8 |
| Non-restricted equity | |||
| Share premium reserve | 1,929.6 | 1,833.5 | 1,844.5 |
| Retained earnings including profit/loss for the year | -604.9 | -503.1 | -587.4 |
| Total equity | 1,459.4 | 1,447.7 | 1,375.9 |
| Non-current liabilities | |||
| Liabilities to credit institutions | - | 60.5 | - |
| Convertible loans | - | 59.2 | - |
| Provisions | 0.3 | 0.4 | 0.2 |
| Other non-current liabilities | - | - | - |
| Total non-current liabilities | 0.3 | 120.1 | 0.2 |
| Current liabilties | |||
| Liabilities to credit institutions | 64.3 | - | 76.1 |
| Convertible loans | 54.0 | - | 54.0 |
| Liabilities to Group companies | 0.3 | 1.9 | 1.8 |
| Accounts payable | 2.2 | 1.7 | 0.9 |
| Other liabilities | 3.1 | 1.7 | 2.5 |
| Accrued expenses and prepaid income | 4.0 | 4.1 | 6.8 |
| Total current liabilities | 127.9 | 9.5 | 142.0 |
| TOTAL EQUITY AND LIABILITIES | 1,587.7 | 1,577.4 | 1,518.2 |
Notes
Note 1.
Accounting principles
The Interim Report has been prepared in accordance with IAS 34 and the applicable regulations of the Swedish Annual Accounts Act. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by
Note 2.
Revenue from contracts with customers and segment reporting
The products (chips, modules, evaluation packages, semiconductor products, etc.) that Sivers manufactures and sells to customers are product sales. Product sales are recognized either at a point in time or over time. In the Photonics business area, performance obligations are normally fulfilled at a specific point in time, while Wireless has a larger proportion of contracts where performance obligations are met over time. In both Wireless and Photonics, there are so-called "Non-Recurring Engineering" (NRE) contracts. These contracts relate to development projects where Sivers adapts technology in hardware to match customer needs or develop a new product, for example.
Wireless
Net sales for the first quarter of 2025 amounted to SEK 58.2 m (31.4), an increase of SEK 26.8 m year-on-year, representing an increase of 85%. Adjusted EBITDA was SEK 3.3 m (-4.8), an improvement of SEK 8.1 m.
the EU and the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR2. The same accounting principles and computation methods have been applied in the Interim Reports as in the latest Annual Report.
Customized products developed through NRE contracts can later be sold at volume under the category "product sales". Revenue for Wireless NRE contracts is recognized over time, while Photonics recognizes NRE revenue at a point in time, based on milestones. In the Wireless business area, support is also sold for the company's product sales, to facilitate customer adaptation of the technology to their products. For example, the support contracts allow Sivers Semiconductors' products to be embedded into the customers' products, which are then sold on to end customers. Revenue from support contracts is reported over time.
Photonics
Net sales for the first quarter of 2025 amounted to SEK 20.3 m (24.7), a decrease of SEK 4.4 m year-on-year, representing a decrease of 18 percent. Adjusted EBITDA was SEK -5.3 m (0.2) a decrease of SEK 5.5 m.
Revenue from customer contracts
| Jan-Mar 2025 | Jan-Mar 2024 | |||||
|---|---|---|---|---|---|---|
| Revenue type | Wireless | Photonics | Total | Wireless | Photonics | Total |
| Product sales | 13.9 | 10.7 | 24.6 | 12.0 | 5.4 | 17.4 |
| NRE/Development projects | 44.2 | 9.6 | 53.8 | 19.2 | 19.3 | 38.6 |
| Support & other | 0.1 | - | 0.1 | 0.1 | - | 0.1 |
| Total | 58.2 | 20.3 | 78.5 | 31.4 | 24.7 | 56.1 |
| Recognition | ||||||
| At a point in time | 14.0 | 20.3 | 34.4 | 12.0 | 24.7 | 36.7 |
| Over time | 44.2 | - | 44.2 | 19.4 | - | 19.4 |
| Total | 58.2 | 20.3 | 78.5 | 31.4 | 24.7 | 56.1 |
| Geographical market | ||||||
| North America | 38.7 | 11.3 | 50.0 | 0.7 | 19.4 | 20.1 |
| Europe | 17.7 | 8.0 | 25.7 | 30.5 | 5.4 | 35.8 |
| Asia | 1.9 | 1.0 | 2.8 | 0.2 | - | 0.2 |
| Total | 58.2 | 20.3 | 78.5 | 31.4 | 24.7 | 56.1 |
| Wireless | Photonics | Total |
|---|---|---|
| 53.5 | 25.7 | 79.2 |
| 104.2 | 59.7 | 163.9 |
| 0.7 | - | 0.7 |
| 158.3 | 85.4 | 243.7 |
| 53.7 | 85.4 | 139.0 |
| 104.7 | - | 104.7 |
| 158.3 | 85.4 | 243.7 |
| 37.4 | 59.8 | 97.2 |
| 118.7 | 23.4 | 142.1 |
| 2.2 | 2.2 | 4.4 |
| 158.3 | 85.4 | 243.7 |
| Jan-Dec 2024 |
Net sales and profit by segment
| Jan-Mar 2025 | Jan-Mar 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Wireless | Photonics | Group-wide | Total | Wireless | Photonics | Group-wide | Total | |
| Net sales | ||||||||
| External net sales | 58.2 | 20.3 | - | 78.5 | 31.4 | 24.7 | - | 56.1 |
| Revenue from other segments | - | - | - | - | - | - | - | - |
| Total net sales | 58.2 | 20.3 | - | 78.5 | 31.4 | 24.7 | - | 56.1 |
| Profit/loss | ||||||||
| Adjusted EBITDA | 3.3 | -5.3 | -0.7 | -2.6 | -4.8 | 0.2 | -3.1 | -7.6 |
| Adjustments | - | - | - | -2.5 | - | - | - | -1.9 |
| EBITDA | - | - | - | -5.2 | - | - | - | -9.5 |
| Depreciation/amortizations and | - | - | - | -21.6 | - | - | - | -25.9 |
| EBIT | - | - | - | -26.7 | - | - | - | -35.4 |
| Financial income | - | - | - | - | - | - | - | 11.0 |
| Financial expenses | - | - | - | -25.5 | - | - | - | -4.8 |
| Profit/loss before tax | - | - | - | -52.2 | - | - | - | -29.2 |
| Income tax | - | - | - | 3.9 | - | - | - | 3.4 |
| Profit/loss after tax | - | - | - | -48.3 | - | - | - | -25.8 |
| Jan-Dec 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wireless | Photonics | Group-wide | Total | |||||
| Net sales | ||||||||
| External net sales | 158.3 | 85.4 | - | 243.7 | ||||
| Revenue from other segments | - | - | - | - | ||||
| Total net sales | 158.3 | 85.4 | - | 243.7 | ||||
| Profit/loss | ||||||||
| Adjusted EBITDA | 0.8 | -4.8 | -11.6 | -15.6 | ||||
| Adjustments | - | - | - | -15.7 | ||||
| EBITDA | - | - | - | -31.3 | ||||
| Depreciation/amortizations and impairment | - | - | - | -95.8 | ||||
| EBIT | - | - | - | -127.1 | ||||
| Financial income | - | - | - | 16.9 | ||||
| Financial expenses | - | - | - | -25.9 | ||||
| Profit/loss before tax | - | - | - | -136.0 | ||||
| Income tax | - | - | - | 19.7 | ||||
| Profit/loss after tax | - | - | - | -116.3 | ||||
Note 3. Financial instruments
The Statement of Financial Position includes operating receivables and liabilities held to maturity. These consist of accounts receivable, contract assets, cash and cash equivalents, accounts payable, other current liabilities, accrued expenses and hire purchase loans. These are reported at amortized cost, which approximates fair value. The credit risk for the receivables is judged to be low. The Statement of Sivers Semiconductors AB took a convertible loan of SEK 35 m and loan, and credits of SEK 27 m. SEK 6 m has been converted during the second quarter of 2024. The loans accrue variable interest at STIBOR 3M + 10% with maturity on May 30, 2025.
Long-term liabilities to credit institutions include a loan received by one of the subsidiaries in the first quarter of 2024 of GBP 1.3 m. The loan matures 2031. Fair value is calculated based on level 1 for bonds and level 2 for derivatives in the fair value hierarchy. As of March 31, 2024, there were no assets in the Statement of Financial Position valued at fair value. There were no movements between the different levels compared with 2024.
Note 4.
Transactions with related parties
During this period, normal business transactions took place between companies within the Group and other related parties.
Note 5.
Deferred tax liability
The Group's deferred tax liability on March 31, 2025, was SEK 116.7 m (139.9), Deferred tax liabilities in the Statement of Financial Position are mainly linked to consolidated values identified in connection with the acquisition of MixComm in 2022, which are dissolved in the Income Statement over the useful life of the identified assets.
Quarterly Data
| 2025 | 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK m | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| INCOME STATEMENT | ||||||||||
| Net sales | 78.5 | 76.7 | 58.7 | 52.3 | 56.1 | 73.9 | 58.3 | 45.8 | 58.4 | 49.8 |
| Other operating income | 1.4 | - | 1.5 | 2.1 | 3.5 | 6.8 | 1.9 | 2.9 | 2.6 | 1.7 |
| Capitalized work on own account | 11.3 | 10.5 | 7.3 | 5.1 | 3.4 | 9.2 | 13.7 | 5.5 | 4.4 | 12.9 |
| Raw materials and consumables | -17.5 | -11.9 | -18.4 | -17.0 | -15.6 | -11.1 | -11.3 | -11.6 | -8.0 | -9.1 |
| Other external expenses | -34.3 | -33.6 | -27.5 | -19.6 | -20.2 | -32.8 | -39.7 | -25.9 | -35.7 | -37.5 |
| Personnel costs | -44.6 | -32.2 | -38.1 | -37.8 | -36.7 | -32.5 | -34.4 | -37.3 | -36.7 | -33.9 |
| Amortization, depreciation and | ||||||||||
| impairment of tangible and intangible | -21.6 | -20.2 | -23.8 | -25.9 | -25.9 | -47.3 | -26.5 | -25.5 | -25.7 | -25.7 |
| assets | ||||||||||
| Operating profit/loss | -26.7 | -10.6 | -40.4 | -40.7 | -35.4 | -33.8 | -38.0 | -46.2 | -40.7 | -41.8 |
| Profit from financial items | ||||||||||
| Financial income | ||||||||||
| - | 14.8 | -0.0 | - | 11.0 | -0.5 | 0.6 | 19.1 | 1.6 | 80.9 | |
| Financial expenses | -25.5 | -8.3 | -14.9 | -6.7 | -4.8 | -19.4 | -7.5 | -6.9 | -4.2 | -9.4 |
| Profit/loss before tax | -52.2 | -4.1 | -55.3 | -47.5 | -29.2 | -53.7 | -44.9 | -33.9 | -43.3 | 29.6 |
| Income tax | 3.9 | 8.4 | 3.9 | 4.0 | 3.4 | 7.3 | 4.0 | 3.9 | 3.1 | 8.5 |
| Profit/loss for the period | -48.3 | 4.4 | -51.4 | -43.5 | -25.8 | -46.4 | -40.9 | -30.0 | -40.1 | 38.2 |
| Other comprehensive income | 62.2 | 62.2 | -34.0 | -3.6 | 46.8 | -55.2 | -0.1 | 36.0 | -6.1 | -51.1 |
| Total comprehensive income | 13.9 | 66.6 | -85.4 | -47.1 | 21.0 | -101.6 | -41.0 | 6.0 | -46.2 | -12.9 |
| EBITDA | -5.2 | 9.6 | -16.6 | -14.8 | -9.5 | 13.5 | -11.5 | -20.6 | -15.0 | -16.1 |
Quarterly data, cont.
| 2025 | 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK m | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| BALANCE SHEET | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | 391.3 | 416.0 | 392.9 | 406.1 | 407.4 | 391.6 | 412.0 | 412.3 | 399.5 | 401.7 |
| Capitalized development expenses | 199.4 | 199.1 | 196.7 | 195.5 | 197.4 | 197.4 | 198.0 | 192.0 | 190.7 | 193.1 |
| Other intangible assets | 566.2 | 633.5 | 589.0 | 629.4 | 645.1 | 620.2 | 713.3 | 727.2 | 692.6 | 705.2 |
| Property, plant and equipment | 74.9 | 84.4 | 88.3 | 91.6 | 94.9 | 90.8 | 98.2 | 104.9 | 100.9 | 102.6 |
| Other assets | 1.0 | 1.1 | 1.3 | 0.7 | 0.6 | 0.5 | 15.4 | 15.5 | 0.4 | 0.4 |
| Total non-current assets | 1,232.8 | 1,334.1 | 1,268.2 | 1,323.3 | 1,345.3 | 1,300.5 | 1,436.8 | 1,451.9 | 1,384.1 | 1,403.0 |
| Inventories | 38.8 | 42.3 | 41.8 | 40.2 | 41.0 | 36.4 | 36.7 | 36.9 | 30.8 | 29.0 |
| Account receivables | 68.3 | 78.9 | 61.0 | 60.1 | 53.2 | 45.0 | 31.9 | 16.9 | 30.7 | 42.3 |
| Other receivables | 16.2 | 14.5 | 3.3 | 3.5 | 8.4 | 14.7 | 2.6 | 21.2 | 7.6 | 15.8 |
| Prepaid expenses and accrued income | 107.2 | 87.4 | 92.6 | 93.4 | 78.7 | 68.8 | 68.5 | 64.7 | 56.6 | 25.3 |
| Other current fixed assets | - | - | - | - | - | 15.2 | - | - | - | 8.5 |
| Cash and cash equivalents | 73.5 | 17.8 | 14.0 | 50.8 | 63.2 | 25.5 | 36.0 | 81.3 | 33.8 | 47.2 |
| Total current assets | 304.0 | 240.7 | 212.6 | 248.0 | 244.6 | 205.4 | 175.7 | 221.0 | 159.5 | 168.1 |
| TOTAL ASSETS | 1,536.7 | 1,574.8 | 1,480.7 | 1,571.3 | 1,589.8 | 1,505.9 | 1,612.5 | 1,673.0 | 1,543.6 | 1,571.1 |
| EQUITY AND LIABILITIES | ||||||||||
| Equity | 1,168.6 | 1,182.8 | 1,108.6 | 1,192.9 | 1,219.8 | 1,197.7 | 1,300.0 | 1,341.4 | 1,195.5 | 1,240.1 |
| Liabilities to credit institutions | 15.3 | 19.9 | 17.6 | 17.4 | 78.0 | 48.0 | 4.0 | 5.0 | 6.0 | 7.0 |
| Convertible loans | - | - | - | - | 59.2 | 23.9 | 23.6 | 24.0 | - | - |
| Provisions | 0.7 | 0.6 | 1.2 | 1.1 | 1.6 | 1.1 | 1.1 | 1.2 | 1.7 | 1.2 |
| Deferred tax liability | 116.7 | 132.1 | 125.0 | 135.4 | 140.0 | 135.6 | 150.7 | 154.9 | 151.7 | 156.9 |
| Leasing liabilities | 11.4 | 13.1 | 14.6 | 13.8 | 15.3 | 15.6 | 17.4 | 19.5 | 20.4 | 21.5 |
| Other non-current liabilities | 3.2 | 3.6 | 3.7 | 3.8 | 3.0 | 2.8 | 25.2 | 26.4 | 3.3 | 3.5 |
| Total non-current liabilities | 147.4 | 169.3 | 162.0 | 171.5 | 297.1 | 227.0 | 222.1 | 231.1 | 183.2 | 190.1 |
| Liabilities to credit institutions | 68.2 | 76.1 | 72.8 | 72.9 | - | - | 4.0 | 4.0 | 4.0 | 4.0 |
| Convertible loans | 54.0 | 54.0 | 55.5 | 53.5 | - | - | - | - | 48.3 | 44.5 |
| Accounts payable | 19.9 | 26.9 | 36.8 | 34.3 | 30.1 | 37.7 | 47.6 | 46.5 | 56.4 | 39.3 |
| Leasing liabilities | 4.0 | 4.3 | 4.8 | 5.2 | 6.1 | 7.2 | 6.9 | 7.0 | 6.9 | 6.9 |
| Other liabilities | 9.7 | 8.8 | 6.3 | 6.2 | 4.8 | 5.8 | 5.8 | 6.7 | 11.6 | 14.3 |
| Accrued expenses and prepaid income | 64.9 | 52.6 | 34.0 | 34.9 | 32.0 | 30.4 | 26.2 | 36.2 | 37.8 | 32.0 |
| Total current liabilities | 220.7 | 222.7 | 210.2 | 206.9 | 73.0 | 81.1 | 90.5 | 100.4 | 165.0 | 141.0 |
| TOTAL EQUITY AND LIABILITIES | 1,536.7 | 1,574.8 | 1,480.7 | 1,571.3 | 1,589.9 | 1,505.9 | 1,612.5 | 1,672.9 | 1,543.6 | 1,571.1 |
| 2025 | 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK m | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| CASH FLOW | ||||||||||
| From operating activities | -22.9 | 13.0 | -28.8 | -29.6 | -28.1 | -27.6 | -32.4 | -41.6 | -4.4 | -11.5 |
| From investing activities | -9.6 | -14.4 | -10.2 | -8.9 | 6.0 | -2.5 | -18.6 | -35.3 | -3.6 | -18.5 |
| From financing activities | 88.7 | 4.7 | -0.3 | 26.2 | 62.0 | 15.5 | 2.5 | 130.5 | -3.4 | 45.9 |
| Cash flow for the period | 56.1 | 3.3 | -39.3 | -12.3 | 40.0 | -14.6 | -48.5 | 53.6 | -11.4 | 16.0 |
Quarterly data, cont.
| SEK m | 2025 | 2024 | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEGMENT | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Net sales | ||||||||||
| Wireless | 58.2 | 56.8 | 40.9 | 29.2 | 31.4 | 56.7 | 35.0 | 23.1 | 37.4 | 56.7 |
| Photonics | 20.3 | 19.9 | 17.7 | 23.1 | 24.7 | 17.2 | 23.3 | 22.7 | 21.0 | 17.2 |
| Total | 78.5 | 76.7 | 58.7 | 52.3 | 56.1 | 73.9 | 58.3 | 45.8 | 58.4 | 73.9 |
| SEK m | 2025 | 2024 | 2023 | 2022 | ||||||
| SEGMENT | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Wireless | ||||||||||
| Product sales | 13.9 | 17.8 | 13.4 | 10.3 | 12.0 | 7.9 | 9.5 | 3.3 | 3.8 | 7.9 |
| NRE | 44.2 | 39.0 | 27.4 | 18.5 | 19.2 | 48.5 | 25.0 | 19.5 | 33.4 | 48.5 |
| Support | 0.1 | - | 0.1 | 0.4 | 0.1 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 |
| Total | 58.2 | 56.8 | 40.9 | 29.2 | 31.4 | 56.7 | 35.0 | 23.1 | 37.4 | 56.7 |
| SEK m | 2025 | 2024 | 2023 | 2022 | ||||||
| SEGMENT | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Photonics | ||||||||||
| Product sales | 10.7 | 7.3 | 3.1 | 10.0 | 5.4 | 5.0 | 8.7 | 3.8 | 5.0 | 5.0 |
| NRE | 9.6 | 12.6 | 14.6 | 13.1 | 19.3 | 12.2 | 14.6 | 18.9 | 15.9 | 12.2 |
| Support | - | - | - | - | - | - | - | - | - | - |
| Total | 20.3 | 19.9 | 17.7 | 23.1 | 24.7 | 17.2 | 23.3 | 22.7 | 21.0 | 17.2 |
| SEK m | 2025 | 2024 | 2023 | 2022 | ||||||
| SEGMENT | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Total group | ||||||||||
| Product sales | 24.6 | 25.1 | 16.5 | 20.2 | 17.4 | 13.0 | 18.3 | 7.1 | 8.8 | 13.0 |
| NRE | 53.8 | 51.6 | 42.1 | 31.6 | 38.6 | 60.6 | 39.6 | 38.4 | 49.3 | 60.6 |
| Support | 0.1 | - | 0.1 | 0.4 | 0.1 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 |
| Total | 78.5 | 76.7 | 58.7 | 52.3 | 56.1 | 73.9 | 58.3 | 45.8 | 58.4 | 73.9 |
| SEK m | 2025 | 2024 | 2023 | 2022 | ||||||
| SEGMENT | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Adjusted EBITDA | ||||||||||
| Wireless | 3.3 | 15.6 | -3.0 | -7.0 | -4.8 | 15.1 | -5.9 | -8.7 | -5.0 | 15.1 |
| Photonics | -5.3 | -0.2 | -4.1 | -0.7 | 0.2 | 7.9 | -2.2 | -1.8 | -4.3 | 7.9 |
| Group-wide | -0.7 | 0.0 | -3.9 | -4.7 | -3.1 | -2.0 | -4.4 | -6.1 | -2.3 | -2.0 |
| Total | -2.6 | 15.5 | -11.0 | -12.4 | -7.6 | 21.0 | -12.5 | -16.6 | -11.7 | 21.0 |
Five-year Overview
| INCOME STATEMENT Net sales 243.7 236.3 132.6 90.7 96.2 Other operating income 5.7 14.2 8.3 7.2 9.1 Capitalized work on own account 27.7 32.8 59.3 56.4 37.2 Operating costs -404.2 -442.0 -385.3 -295.2 -228.2 Operating profit/loss -127.1 -158.6 -185.1 -140.9 -85.7 Financial net -8.9 -17.2 81.5 1.9 -115.6 Profit/loss before tax -136.0 -175.8 -103.6 -139.0 -201.4 Income tax 19.7 18.4 17.2 5.3 5.6 Profit/loss after tax -116.3 -157.4 -86.4 -133.7 -195.8 SEK m 2024 2023 2022 2021 2020 BALANCE SHEET Non-current assets Goodwill 416.0 391.6 401.7 134.8 134.8 Capitalized development expenses 199.1 197.4 193.1 184.2 147.6 Other intangible assets 633.5 620.2 705.2 - - Property, plant and equipment 84.4 90.8 102.6 101.5 61.4 Other assets 1.1 0.5 0.4 0.2 - Total non-current assets 1,334.1 1,300.5 1,403.0 420.7 343.7 Inventories 42.3 36.4 29.0 23.5 14.8 Account receivables 78.9 45.0 48.6 23.2 19.5 Other receivables 14.5 14.7 9.5 13.5 7.4 Prepaid expenses and accrued income 87.4 68.8 25.3 14.3 12.4 Other current fixed assets - 15.2 8.5 152.1 - Cash and cash equivalents 17.8 25.5 47.2 304.1 249.4 Total current assets 240.7 205.5 168.1 530.6 303.4 TOTAL ASSETS 1,574.8 1,505.9 1,571.1 951.4 647.2 EQUITY AND LIABILITIES Equity 1,182.8 1,197.7 1,240.1 798.9 531.9 Liabilities to credit institutions 19.9 48.0 7.0 11.0 15.0 Convertible loans - 23.9 Provisions 0.6 1.1 1.2 7.2 17.2 Deferred tax liability 132.1 135.6 156.9 0.1 0.1 Leasing liabilities 13.1 15.6 21.5 25.1 22.2 Other non-current liabilities 3.6 2.8 3.5 5.6 7.7 Total non-current liabilities 169.3 227.0 190.1 49.0 62.1 Liabilities to credit institutions 76.1 - 4.0 4.0 4.0 Convertible loans 54.0 - 44.5 - - Accounts payable 26.9 37.7 39.3 21.8 14.2 Leasing liabilities 4.3 7.2 6.9 5.4 4.0 Other liabilities 8.8 5.8 14.3 6.4 8.7 Accrued expenses and prepaid income 52.6 30.4 32.0 65.9 22.1 Total current liabilities 222.7 81.1 141.0 103.5 53.1 TOTAL EQUITY AND LIABILITIES 1,574.8 1,505.9 1,571.1 951.4 647.2 |
SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
Five-year Overview, cont.
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| CASH FLOW | |||||
| From operating activities | -72.0 | -105.9 | -137.5 | -83.0 | -40.1 |
| From investing activities | -27.4 | -60.0 | -166.0 | -245.0 | -39.5 |
| From financing activities | 91.2 | 145.0 | 35.2 | 376.4 | 279.6 |
| Cash flow for the period | -8.3 | -20.9 | -268.3 | 48.4 | 200.0 |
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| KEY FIGURES | |||||
| Net sales growth, % | 3% | 78% | 46% | -6% | 0% |
| Net sales growth, at constant currency (%) | 3% | 71% | 30% | ||
| EBITDA (SEK m) | -31.3 | -33.7 | -73.7 | -107.2 | -55.7 |
| Adjusted EBITDA (SEK m) | -15.6 | -19.8 | -75.3 | ||
| EBIT (SEK m) | -127.1 | -158.6 | -185.1 | -140.9 | -85.7 |
| Equity (SEK m) | 1,182.8 | 1,197.7 | 1,240.1 | 798.9 | 531.9 |
| Total assets (SEK m) | 1,574.8 | 1,505.9 | 1,571.1 | 951.4 | 647.2 |
| Capital employed (SEK m) | 1,350.3 | 1,294.8 | 1,331.7 | 849.1 | 584.5 |
| Interest-bearing net debt (SEK m) | 149.7 | 71.6 | 38.7 | -253.9 | -196.9 |
| Capital turnover ration (multiple) | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 |
| Equity/assets ratio (%) | 75% | 80% | 79% | 84% | 82% |
| Debt/equity ration (%) | 14% | 8% | 7% | 6% | 10% |
| Acquisition of property, plan and equipment (SEK m) | 8.6 | 7.1 | 13.7 | 38.9 | 2.3 |
| Acquisition of intangible assets (SEK m) | 35.1 | 46.7 | 71.3 | 56.4 | 37.2 |
| Average number of employees | 124.0 | 123.0 | 131.0 | 117.0 | 101.0 |
| Sales per employee (SEK m) | 2.0 | 1.9 | 1.0 | 0.8 | 1.0 |
| Earnings per share before and after dilution | -0.49 | -0.68 | -0.41 | -0.83 | -1.37 |
| Equity per share (SEK) | 4.98 | 5.10 | 5.80 | 4.57 | 3.41 |
Five-year Overview, cont.
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| SEGMENT | |||||
| Net sales | |||||
| Wireless | 158.3 | 152.2 | 59.5 | 22.1 | 22.7 |
| Photonics | 85.4 | 84.2 | 73.1 | 68.5 | 73.5 |
| Total | 243.7 | 236.3 | 132.6 | 90.7 | 96.2 |
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
| Wireless | |||||
| Product sales | 53.5 | 24.5 | 21.7 | 17.8 | 14.6 |
| NRE | 104.2 | 126.4 | 36.4 | 2.5 | 6.5 |
| Support | 0.7 | 1.3 | 1.5 | 1.8 | 1.6 |
| Total | 158.3 | 152.2 | 59.5 | 22.1 | 22.7 |
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
| Photonics | |||||
| Product sales | 25.7 | 22.6 | 11.5 | 17.5 | 13.2 |
| NRE | 59.7 | 61.6 | 61.6 | 51.0 | 60.3 |
| Support | - | - | - | - | - |
| Total | 85.4 | 84.2 | 73.1 | 68.5 | 73.5 |
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total group | |||||
| Product sales | 79.2 | 47.1 | 33.2 | 35.3 | 27.7 |
| NRE | 163.9 | 187.9 | 98.0 | 53.6 | 66.8 |
| Support | 0.7 | 1.3 | 1.5 | 1.8 | 1.6 |
| Total | 243.7 | 236.3 | 132.6 | 90.7 | 96.2 |
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
| Adjusted EBITDA | |||||
| Wireless | 0.8 | -5.3 | -50.7 | ||
| Photonics | -4.8 | -2.1 | -9.5 | ||
| Group-wide | -11.6 | -12.4 | -15.0 | ||
| Total | -15.6 | -19.8 | -75.3 |
Definitions of alternative performance measures
| Profitability | Definition | Reason for using the measure |
|---|---|---|
| Net sales growth, % | Percentage change in Net sales compared with the previ ous period's Net sales |
The measure is used to monitor progress of the Group's op erations between different periods |
| Net sales growth, at constant currency, % |
Net sales adjusted for exchange rates compared to the equivalent period in the previous year. |
Illustrates the Company's growth in Net sales driven by vol ume and price changes independent of exchange rate ef fects. |
| EBITDA | Profit before financial items, tax, depreciation and amorti zation |
The measure is a means of evaluating profit without taking into account financial decisions or tax |
| Adjusted EBITDA | EBITDA adjusted for items affecting comparability. Items af fecting comparability include: Expenses related to the em ployee stock option programs (IFRS 2 expenses and social security expenses), acquisition related expenses, restruc turing costs, legal costs in relation to major disputes, and a data security breach. |
The purpose of using the measure is to illustrate the perfor mance of the operating activities, independent of deprecia tion, amortization and items affecting comparability |
| EBIT (operating profit) | Profit before financial items and tax | Operating profit provides an overall view of total profit gen eration in operations |
| Capital Structure | ||
| Equity | Equity at the end of the period | Used to calculate equity/assets ratio |
| Total assets | Total assets or the sum of liabilities and equity | Used to calculate capital employed and equity/assets ratio |
| Capital employed | Total assets less non-interest bearing liabilities, including deferred tax |
Shows the proportion of assets linked to operations |
| Interest-bearing net debt | Net interest-bearing provisions and liabilities less cash and cash equivalents |
The measure shows the Group's total debt/equity ratio |
| Capital turnover ratio (multiple) | Revenue for the period divided by average total assets | Measure of the assets' ability to generate revenue |
| Equity/assets ratio (%) | Equity as a percentage of total assets | The measure shows the proportion of total assets that com prises equity and helps to increase under-standing of the Group's capital structure |
| Debt/equity ratio (%) | Interest-bearing liabilities divided by equity | The measure describes financial risk, i.e. the proportion of the Group's assets that is financed by borrowing |
| Cash Flow and Liquidity | ||
| Cash flow before investments | Profit after financial items plus items not affecting cash flow and less changes in working capital |
Used to monitor whether the Company is able to generate a sufficiently positive cash flow to maintain operations and generate a surplus for future investments |
| Cash flow after investments | Profit after financial items plus items not affecting cash flow and less changes in working capital and investments |
Used to monitor whether the Company is able to generate a sufficiently positive cash flow to maintain and expand opera tions and generate a surplus for future dividends |
| Cash and cash equivalents | Bank balances and cash | Used to calculate interest-bearing net debt |
| Employees | ||
| Average number of employees1) | Average number of employees in the period | |
| Sales per employee 1) | Sales divided by average number of employees | |
| Total number of employees1) | Total number of employees at the end of the period | |
| Data per share | ||
| Number of shares2) | Number of shares at the end of the period | |
| Average number of shares2) | Average number of shares at the end of the period | |
| Earnings per share (SEK) | Profit for the period divided by average number of shares | The performance indicator sheds light on the owners' share of profit |
| Equity per share (SEK) | Equity divided by total number of shares at the end of the period |
The measure shows the extent of owners' invested capital per share from a owner perspective |
1) The performance indicator is operational and is not considered an Alternative Performance Measure according to ESMA's guidelines
2) Non-financial measure
Alternative Performance Measures
Alternative performance measures are used to describe the progress of operations and increase comparability between periods. They are not defined using the IFRS regulatory framework but rather correspond to the Group Management's and Board's measures of the Company's financial performance and can thus be viewed as a complement to the financial information presented under IFRS.
Group
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| PROFITABILITY | |||
| Net sales growth, % | 40% | -4% | 3% |
| Net sales growth, at constant currency (%) | 37% | -4% | 3% |
| EBITDA (SEK m) | -5.2 | -9.5 | -31.3 |
| Adjusted EBITDA (SEK m) | -2.6 | -7.6 | -15.6 |
| EBIT (SEK m) | -26.7 | -35.4 | -127.1 |
| CAPITAL STRUCTURE | |||
| Equity (SEK m) | 1,168.6 | 1,219.8 | 1,182.8 |
| Total assets (SEK m) | 1,536.7 | 1,589.8 | 1,574.8 |
| Capital employed (SEK m) | 1,321.6 | 1,348.8 | 1,350.2 |
| Interest-bearing net debt (SEK m) | 79.5 | 95.7 | 149.7 |
| Capital turnover ration (multiple) | 0.1 | - | 0.2 |
| Equity/assets ratio (%) | 76% | 77% | 75% |
| Debt/equity ration (%) | 13% | 13% | 14% |
| CASH FLOW AND LIQUIDITY | |||
| Cash flow before investments (SEK m) | -22.9 | -28.1 | -73.5 |
| Cash flow after investments (SEK m) | -32.5 | -22.1 | -100.9 |
| Cash and cash equivalents (SEK m) | 73.5 | 63.2 | 17.8 |
| INVESTMENTS | |||
| Acquisition of property, plan and equipment (SEK m) | 0.1 | 4.9 | 8.6 |
| Acquisition of intangible assets (SEK m) | -11.9 | 3.9 | 35.1 |
| EMPLOYEES | |||
| Average number of employees | 125 | 117 | 124 |
| Sales per employee (SEK m) | 0.6 | 0.5 | 2.0 |
| Total number of employees | 129 | 117 | 128 |
| DATA PER SHARE | |||
| Number of shares | 269,359,076 | 234,649,894 | 237,646,796 |
| Average number of shares before and after dilution | 259,106,796 | 234,649,894 | 235,617,971 |
| Earnings per share before and after dilution | -0.19 | -0.11 | -0.49 |
| Equity per share (SEK) | 4.34 | 5.20 | 4.98 |
Calculation of financial measures not included in IFRS
Group
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Net sales growth, % | |||
| Net sales | 78.5 | 56.1 | 243.7 |
| Net sales, corresponding period previous year | 56.1 | 58.4 | 236.3 |
| Net sales growth | 40% | -4% | 3% |
| Net sales growth, at constant currency, % | |||
| Net sales | 78.5 | 56.1 | 243.7 |
| Exchange rate adjustment | -1.5 | -0.1 | 0.7 |
| Net sales adjusted | 77.0 | 56.0 | 244.4 |
| Net sales, corresponding period previous year | 56.1 | 58.4 | 236.3 |
| Net sales growth, at constant currency | 37% | -4% | 3% |
| EBITDA (SEK m) | |||
| Operating profit/loss | -26.7 | -35.4 | -127.1 |
| Depreciation, amortization and impairment of property, plant and equipment, and | |||
| intangible assets | 21.6 | 25.9 | 95.8 |
| EBITDA | -5.2 | -9.5 | -31.3 |
| EBITDA adjusted (SEK m) | |||
| EBITDA | -5.2 | -9.5 | -31.3 |
| Expenses in relation to stock option programs | 2.1 | 1.5 | 3.6 |
| Acquisition-related expenses | - | - | - |
| Restructuring costs | 0.2 | 0.5 | 7.2 |
| Strategic initiatives | 0.2 | - | 4.9 |
| Data security breach | - | - | - |
| Adjusted EBITDA | -2.6 | -7.6 | -15.6 |
| Capital employed (SEK m) | |||
| Total assets | 1,536.7 | 1,589.8 | 1,574.8 |
| Deferred tax liability | -116.7 | -140.0 | -132.1 |
| Provisions | -0.7 | -1.6 | -0.6 |
| Non-interest bearing proportion of other non-current liabilities | -3.2 | -3.0 | -3.6 |
| Accounts payable | -19.9 | -30.1 | -26.9 |
| Non-interest bearing proportion of other liabilities | -9.7 | -4.5 | -8.8 |
| Accrued expenses and prepaid income | -64.9 | -31.9 | -52.6 |
| Capital employed | 1,321.6 | 1,378.8 | 1,350.3 |
Calculation of financial measures not included in IFRS
Group
| Jan-Mar | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Interest- bearing net debt | ||||
| Interest-bearing non-current liabilities (loan, leasing and other) | 26.7 | 152.5 | 33.0 | |
| Interest-bearing current liabilities (loan, leasing and other) | 126.2 | 6.5 | 134.5 | |
| Cash and cash equivalents | -73.5 | -63.2 | -17.8 | |
| Interest- bearing net debt | 79.5 | 95.8 | 149.7 | |
| Capital turnover ratio, multiple | ||||
| Net sales | 78.5 | 56.1 | 243.7 | |
| Average total assets | 1,359.8 | 1,547.9 | 1,540.4 | |
| Total assets at the beginning of the period | 1,182.8 | 1,505.9 | 1,505.9 | |
| Total assets at the end of the period | 1,536.7 | 1,589.8 | 1,574.8 | |
| Capital turnover ratio, multiple | 0.1 | - | 0.2 | |
| Equity/assets ratio, % | ||||
| Equity (SEK m) | 1,168.6 | 1,219.8 | 1,182.8 | |
| Total assets (SEK m) | 1,536.7 | 1,589.8 | 1,574.8 | |
| Equity/assets ratio, % | 76% | 77% | 75% | |
| Debt/equity ratio % | ||||
| Interest-bearing liabilities | 153.0 | 97.1 | 167.5 | |
| Equity | 1,168.6 | 1,197.7 | 1,182.8 | |
| Debt/equity ratio % | 13% | 8% | 14% | |
| Equity per share | ||||
| Equity, MSEK | 1,168.6 | 1,197.7 | 1,182.8 | |
| Number of shares at the end of the period | 269,359,076 | 234,649,894 | 237,646,796 | |
| Equity per share, SEK | 4.34 | 5.10 | 4.98 |
Contact
Sivers Semiconductors AB (publ) Org.nr. 556383-9348
Investor Relations [email protected] Telefon: 08-703 68 00
Sivers Semiconductors AB Torshamnsgatan 48 164 40 Kista
Financial calendar
Sivers Semiconductors AB provides recurring financial information according to the following schedule:
Interim report Jan-Jun 2025 July 17, 2025 Interim report Jan-Sept 2025 October 24, 2025 Year-end report 2025 February 13, 2026