Sivers Semiconductors entered 2026 with strong revenue momentum but still some distance to go before reaching consistent profitability. The Swedish maker of wireless and photonics components posted 2025 revenue of SEK 360.8 million, up 32.9% from SEK 271.5 million a year earlier, underscoring demand for its products in 5G, mmWave and optical communications. Even so, the company remained loss-making, with a trailing 12-month net loss of about SEK 186.5 million. At the start of May, the shares traded around SEK 38, giving Sivers a market value near SEK 11.23 billion and signaling that investors are still pricing in substantial future growth.
Recent operating trends suggest the business is moving in the right direction. Fourth-quarter revenue rose 5% from a year earlier to SEK 80.7 million, or 17% in constant currency, while adjusted EBITDA turned positive at SEK 10.8 million. For the full year, adjusted EBITDA was still negative at SEK 10.8 million, but that marked a 31% improvement from 2024. The shift in sales mix was also notable. Product revenue continued to expand faster than engineering-related income, a sign that Sivers is converting development work into commercial shipments rather than relying heavily on one-off projects.
That transition matters because it says more about the durability of the business than headline revenue alone. In early 2025, product sales were growing more than 40% year on year, with Photonics accounting for the larger share and Wireless still at an earlier stage. North America remained the company’s most important market, generating nearly two-thirds of sales, followed by Europe. Sivers ended 2025 with SEK 43.5 million in cash and said its opportunity pipeline stood at $453 million, giving investors a sense of the scale management believes it can convert over time.
The company’s appeal rests on its exposure to two markets with clear long-term demand drivers. Its Wireless division develops mmWave chips and modules used in high-speed 5G and fixed wireless applications, while Photonics supplies optical components for data centers and telecom networks. Both businesses are tied to the same underlying trend: more data moving across networks that need to be faster, denser and more energy efficient.
That positioning helps explain why the market continues to value Sivers at a level far above current revenue. Investors are looking past today’s losses and focusing on whether the company can establish itself as a meaningful supplier in segments where barriers to entry are high and customer relationships can last for years. Partnerships in North America and ongoing customer work on both first-generation and next-generation products support that case, but they do not eliminate execution risk.
There are still reasons for caution. The company has yet to prove it can scale profitably, and its delayed 2025 annual report, pushed to mid-May because of audit work tied to accounting changes, adds a layer of near-term uncertainty. Management has said cash-flow breakeven should be achievable at annual revenue of $50 million to $55 million, assuming products make up about 65% of sales within two years. That target now looks credible, but not easy.
The next phase for Sivers will depend less on technology claims than on commercial delivery. If it can keep growing product sales, narrow losses and turn its pipeline into repeat orders, the current valuation may be easier to justify. If not, investor patience could fade quickly.