Sivers Semiconductors: Q1 Revenue Decline Masks $799M Pipeline, Chips Act Funding and Nasdaq Dual-Listing Progress

The Swedish photonics and RF chip specialist is laying down a series of strategic building blocks that tell two very different stories. On one hand, Sivers Semiconductors posted a 22% drop in net revenue for the first quarter of 2026, with the adjusted EBITDA loss widening to 13.8 million SEK. On the other, its opportunity pipeline swelled to a record $799 million by May, while a fresh injection of US defense funding and preparations for a Nasdaq dual listing signal that the company is playing the long game.

Revenue fell to 61.9 million SEK from 78.9 million SEK a year earlier, dragged down by a US government shutdown that delayed defense budgets and unfavourable currency movements. The operating loss deepened to 41.5 million SEK as the company invested in sales resources to handle the growing pipeline and laid groundwork for an eventual cross-listing in New York. CEO Vickram Vathulya pointed to the buildup as necessary to capitalise on opportunities ahead.

That pipeline, up 77% since the start of the year, is underpinned by a series of contract wins. The Northeast Microelectronics Coalition Hub extended Sivers’ EW?STAR project for a second year, unlocking $6.6 million from the US Chips Act’s Microelectronics Commons program. The initiative, which develops wideband antenna arrays for electronic warfare, communications and radar, involves partners including BAE Systems, MIT Lincoln Laboratory and Columbia University. Separately, Sivers secured a development contract with a major US defence prime and a $1.5?million project with Tachyon Networks for a 60?GHz mmWave transceiver targeting the fixed?wireless?access market.

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The company’s Nasdaq ambitions are also taking shape. Sivers is adapting its consolidated financial statements to the standards of the US Public Company Accounting Oversight Board, a prerequisite for a dual listing that should boost liquidity and access to global capital. The restatement of 2024 and 2025 accounts revealed larger historical losses than previously disclosed, but the move clears the path to a US exchange. To fund the expansion, Sivers completed a directed share issue in May, raising around 125?million SEK from institutional investors such as DNB Disruptive Opportunities, Alcur Fonder and Hudson Bay Capital Management. The placement of 8.62 million shares at 14.50 SEK apiece lifted the total share count to approximately 320 million.

Production ramps are slated for the second half of 2026 and into 2027. Automotive LiDAR is expected to enter manufacturing in the fourth quarter with a major carmaker, while the Daybreak beamforming ICs for 5G/6G FR3 applications have been released for general availability. On the photonics side, Sivers is collaborating with Jabil on a 1.6T pluggable transceiver module for energy?efficient optical interconnects. The company remains confident of hitting its full?year growth target, betting that the second half will deliver the inflection point.

Sivers shares closed at 68.95 SEK on 29 May and have since traded as high as 73.40 SEK, well above the issue price of the recent capital raise. Whether the pipeline momentum and the US listing story can sustain that premium will become clearer once the first production starts arrive in Q4.

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