SIVE - Earnings Call: Q2 '26

Overview

Our North Star remains delivering to our long-term financial model from 2028 onwards
Fabrication:
- A strategic decision was made to move from a Fab-Lite to a Hybrid Manufacturing Model for our Photonics business.
- Using a portion of our recent capital raise to expand our Glasgow production facility and Phase 1 is underway already. The expanded facility will be functional by end of 2027
- long-term model is to have a 1:2 ratio of internal to partner foundry capacity on InP lasers.
Photonics
- we are expecting orders imminently from our strategic LIDAR customer for Q4 2026 and 2027 production demand
AI datacenters
- Sivers’ collaboration with Jabil continues to progress very well as we are moving to Beta builds in Q4 2026, which will be followed by customer qualification cycles. We anticipate production orders in H1 2027 for ramp in H2 2027.
Pluggables
- remain very constrained on CW laser supply, and our products and manufacturing capacity are being received very positively in the market. Several attractive opportunities have arisen for production revenue potential in 2027.
  - We have sampled several pluggable customers and technically engaged with several others, with our 70mW and 100mW CW lasers and arrays.
Wireless
- In Wireless, we are now executing to production orders ($8.2M) from ALL.SPACE for 2027, signaling the start of a multi-year production cycle.
- In Fixed Wireless Access (FWA), we are building product against Tachyon Networks’ initial production order ($3M). Additionally, we remain on track to help our Tier-1 Telco customer release their FWA product by the end of 2026 and move into customer trials (CT) after that.
- We expect new production orders from this customer as well as from Tachyon Networks in H1 2027.
Dual Listings
- We continue to progress our US dual listing preparations carefully and

with discipline, and expect to complete all necessary preparations during H1 2027

Financials

Revenue
- SEK 53.8 m (61.4), a decrease of SEK 7.6 m, equivalent to a decrease of 12 percent year-on-year
- We have made a conscious resource shift by prioritizing product ramps versus NRE, and our revenue inflection is expected in Q4 of 2026
Operating loss
- SEK -116.9 m (-40.3), a decrease of SEK 76.6 m. The quarter included non-recurring costs of total SEK 62.7 m, whereof SEK 12.4 m related to US dual listing preparations and SEK 50.3 m related to share option programs
P&L
- Profit/loss after tax was SEK -115.0 m (-50.6), a decrease of SEK 64.4 m
Debt
- During July, our USD 12 million convertible debt was converted into equity, and in August, we repaid our remaining USD 5 million term loan, leaving Sivers debt-free

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For informational purposes only — not investment advice.

Overview

Our North Star remains delivering to our long-term financial model from 2028 onwards

Fabrication:

A strategic decision was made to move from a Fab-Lite to a Hybrid Manufacturing Model for our Photonics business.
Using a portion of our recent capital raise to expand our Glasgow production facility and Phase 1 is underway already. The expanded facility will be functional by end of 2027
long-term model is to have a 1:2 ratio of internal to partner foundry capacity on InP lasers.

Photonics

we are expecting orders imminently from our strategic LIDAR customer for Q4 2026 and 2027 production demand

AI datacenters

Sivers’ collaboration with Jabil continues to progress very well as we are moving to Beta builds in Q4 2026, which will be followed by customer qualification cycles. We anticipate production orders in H1 2027 for ramp in H2 2027.

Pluggables

remain very constrained on CW laser supply, and our products and manufacturing capacity are being received very positively in the market. Several attractive opportunities have arisen for production revenue potential in 2027.
- We have sampled several pluggable customers and technically engaged with several others, with our 70mW and 100mW CW lasers and arrays.

Wireless

In Wireless, we are now executing to production orders ($8.2M) from ALL.SPACE for 2027, signaling the start of a multi-year production cycle.
In Fixed Wireless Access (FWA), we are building product against Tachyon Networks’ initial production order ($3M). Additionally, we remain on track to help our Tier-1 Telco customer release their FWA product by the end of 2026 and move into customer trials (CT) after that.
We expect new production orders from this customer as well as from Tachyon Networks in H1 2027.

Dual Listings

We continue to progress our US dual listing preparations carefully and

with discipline, and expect to complete all necessary preparations during H1 2027

Financials

Revenue

SEK 53.8 m (61.4), a decrease of SEK 7.6 m, equivalent to a decrease of 12 percent year-on-year
We have made a conscious resource shift by prioritizing product ramps versus NRE, and our revenue inflection is expected in Q4 of 2026

Operating loss

SEK -116.9 m (-40.3), a decrease of SEK 76.6 m. The quarter included non-recurring costs of total SEK 62.7 m, whereof SEK 12.4 m related to US dual listing preparations and SEK 50.3 m related to share option programs

P&L

Profit/loss after tax was SEK -115.0 m (-50.6), a decrease of SEK 64.4 m

Debt

During July, our USD 12 million convertible debt was converted into equity, and in August, we repaid our remaining USD 5 million term loan, leaving Sivers debt-free