Sivers Semiconductors publishes interim Q3 financial update

Date Announced: 13 Nov 2024

Report covers period January – September 2024.

Kista, Sweden -- Sivers Semiconductors AB, a leading supplier of RF beamformers for Satellite Communications and Photonics lasers for AI Datacenters, today announced its Q3 2024 results, highlighting its role in addressing two critical secular trends: AI acceleration and mmWave adoption. With a focus on advanced photonics and wireless technologies, Sivers continues to drive innovation in these high-performance, energy-efficient sectors.

Financial Highlights

• Q3 2024 revenue totaled SEK 58.7 m,up from SEK 58.3 m in Q3 2023, reflecting a 4% increase at constant currency, demonstrating steady growth despite challenging market conditions.
   
• Adjusted EBITDA improved by 12% year-over-year to SEK -11.0 m,indicating continued progress towards profitability, supported by ongoing cost optimization measures and a strategic shift toward higher-margin products.
   
• Product revenue increased to 32% of total sales, reflecting Sivers' strategic focus on product sales over NRE (Non-Recurring Engineering) revenue and marking significant progress in transforming into a product delivery business.

Market focus on AI and mmWave

In Q3, Sivers reinforced its commitment to two secular market trends—AI acceleration and mmWave adoption. The company’s Photonics division continues to drive innovation for the AI datacenter segment with high-performance multi-wavelength laser arrays. This was showcased most recently by the joint demonstration with our marquee partner Ayar Labs at the ECOC show in September. Our 16-element laser array solution is a critical enabler for driving the “copper to optical” interconnect paradigm shift. Emphasizing readiness for manufacturing at scale, Sivers is finalizing a merchant foundry partnership to meet the growing demands of AI data centers.

Meanwhile, the Wireless division develops energy efficient RF beamforming ICs with a specific focus on the satellite communications segment. The division recorded 40% sequential growth quarter-over-quarter, and secured a new “blue chip” customer win in the Satcom segment indicating traction beyond early adopters. 

“Our technologies play a pivotal role in AI datacenters and satellite communications, which demand the energy-efficient solutions we deliver,” said Vickram Vathulya, President and CEO of Sivers Semiconductors. “We continue to deepen and expand our customer engagements, while solving relevant innovation challenges in a timely manner.

Strategic expansion with CHIPS Act awards

Sivers secured two U.S. CHIPS Act awards in September, underscoring the strategic importance of our differentiated RF beamforming technology for the large and growing Electronic Warfare (EW) market. These awards highlight our future strategic positioning while acknowledging the dual-use potential in both defense and commercial applications.

Industry recognition and outlook

The company’s GloTel 2024 Telecom Awards nomination for “Mission Critical Excellence” underscores Sivers’ market leadership and innovative role in addressing high-stakes industry challenges with eco-efficient solutions.

Looking ahead, Sivers will continue to explore partnerships and optimize operational scale as it builds a sustainable product revenue base. “With a focus on long-term growth, an evolving product portfolio, and strong ecosystem partnerships, Sivers is well positioned to deliver innovations at scale for the AI and mmWave markets,” Vathulya added.

Contact

E-mail: ir@sivers-semiconductors.com

Web Site: www.sivers-semiconductors.com