Recent Insider Transactions • Jul 10
Independent Director recently bought kr535k worth of stock On the 9th of July, Todd Thomson bought around 13k shares on-market at roughly kr42.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr111m more in shares than they bought in the last 12 months. Announcement • Jul 09
Sivers Semiconductors AB (publ) to Report Q4, 2026 Results on Feb 25, 2027 Sivers Semiconductors AB (publ) announced that they will report Q4, 2026 results on Feb 25, 2027 Live News • Jul 04
Sivers Semiconductors Secures 700 Million for InP Expansion and Eyes Possible US Listing Sivers Semiconductors has completed a directed share issue of SEK 700 million at SEK 57 per share, with the funds earmarked to expand indium phosphide (InP) manufacturing capacity and increase R&D, while also signaling that a potential U.S. listing could be pursued within the next few quarters.
The capital raise is described as significantly reducing near‑term financing risk, giving Sivers Semiconductors more room to fund its production build‑out and technology development without immediately returning to the market for new capital.
The stock last traded at SEK 56.30, with the share price up very sharply year to date, highlighting how sentiment around Sivers Semiconductors has shifted even as the latest move followed a period of weakness over the past month.
The combination of fresh capital and a possible U.S. listing shifts the focus to execution risk: whether Sivers Semiconductors can convert increased capacity and higher R&D spending into commercially meaningful orders and cost discipline. Board Change • Jun 17
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Todd Thomson is the most experienced director on the board, commencing their role in 2022. Independent Director Karin Raj was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Live News • Jun 16
Sivers Semiconductors Approves Board Changes and Share Issuance Mandate at AGM Sivers Semiconductors held its Annual General Meeting on 15 June 2026 and approved key proposals from the Board of Directors.
Shareholders re-elected existing Board members and elected new members to the Board.
The AGM authorized the Board to issue shares, warrants and/or convertible bonds corresponding to about 15% dilution of the current share capital and approved a secured convertible loan with a fixed interest rate subscribed by Bootstrap Europe 4.0 S.à r.l.
The combination of new and re-elected Board members together with fresh issuance mandates indicates that the company is preparing for potential future financing or capital structure adjustments through equity-linked instruments.
For you as an investor, the roughly 15% potential dilution and the secured convertible loan are important to factor into expectations around future ownership stakes and the company’s balance sheet mix. Announcement • Jun 15
Sivers Semiconductors AB (Publ) Approves Board Elections Sivers Semiconductors AB (publ) at its AGM held on 15 June 2026 approved election of Joakim Nideborn and Helena Svancar as members of the Board of Directors. Joakim Nideborn was new-elected as the Vice Chairman of the Board of Directors. Recent Insider Transactions • Jun 07
Managing Director of Sivers Wireless recently sold kr100m worth of stock On the 29th of May, Harish Krishnaswamy sold around 1m shares on-market at roughly kr71.36 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr117m more than they bought in the last 12 months. Live News • Jun 05
Sivers Semiconductors Surges After GlobalFoundries Deal Targets $25b Silicon Photonics Market for AI Data Centers Sivers Semiconductors announced a collaboration with GlobalFoundries to integrate its laser array technology into GlobalFoundries' silicon photonics platform and SCALE optical engine solutions.
The partnership targets high-bandwidth, energy-efficient optical connectivity for AI data centers, including co-packaged and pluggable optics.
Following the announcement, Sivers’ share price moved up more than 50%, with the companies aiming at a silicon photonics market that is projected to reach $25b by 2030.
This tie-up positions Sivers directly in the build-out of AI data center infrastructure, an area where demand for faster and more power-efficient connections is a central theme.
Investors should weigh the opportunity in a projected $25b market against execution risks around integrating technologies, winning design slots and converting this partnership into meaningful revenue over time. Price Target Changed • Jun 01
Price target increased by 52% to kr9.80 Up from kr6.45, the current price target is an average from 4 analysts. New target price is 84% below last closing price of kr60.85. Stock is up 1,373% over the past year. The company is forecast to post a net loss per share of kr0.39 next year compared to a net loss per share of kr0.69 last year. Reported Earnings • May 29
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: kr0.14 loss per share (improved from kr0.19 loss in 1Q 2025). Revenue: kr61.9m (down 31% from 1Q 2025). Net loss: kr42.7m (loss narrowed 12% from 1Q 2025). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 117% per year, which means it is well ahead of earnings. Announcement • May 21
Sivers Semiconductors AB Announces Board Changes Sivers Semiconductors AB announced that Company's Board is grateful to Tomas Duffy, who is retiring, for his many years of contributions as Vice Chairman and former Chairman of the Board, as well as to Erik Fallstrom, one of the founding investors, and Keith Halsey for their dedication and service. Announcement • Apr 27
Sivers Semiconductors AB (publ), Annual General Meeting, Jun 15, 2026 Sivers Semiconductors AB (publ), Annual General Meeting, Jun 15, 2026. Announcement • Apr 17
Sivers Semiconductors AB (publ) announced that it expects to receive SEK 124.99 million in funding from DNB Asset Management S.A., Storebrand Fonder AB, Sivers Semiconductors AB announced a private placement of 8,620,000 ordinary shares of the company at a price per share of SEK 14.5 for gross proceeds of SEK 124,990,000 on April 16, 2026. The transaction involves participation from a limited number of Swedish and international institutional and other qualified investors including both new and existing shareholders, including new investor DNB Fund - Disruptive Opportunities, DNB Asset Management SA - Nordic Small Cap Retail Fund and Storebrand Sverige. The transaction has been approved by the Board of Directors of the company. The Board's decision is conditional on approval at a subsequent extraordinary general meeting intended to be held on May 11, 2026. It has been taken into account that shares cannot be delivered to the subscribers until the extraordinary general meeting has approved the directed new share issue. The directed new share issue amounts to SEK 124,990,000 before issue costs. Subject to the directed new share issue being approved at an extraordinary general meeting, the directed new share issue of 8,620,000 new ordinary shares, on a fully diluted basis including all outstanding employee stock options, convertibles and warrants, will result in a dilution of approximately 2.5% of the total number of shares and votes in the Company. The securities being issued in this transaction are, by a lock-up agreement, are on lockup period with certain exceptions, not to issue additional shares for a period of 180 calendar days after completion of the directed new share issue. . In addition, the shareholder board members Bami Bastani, Tomas Duffy, Karin Raj and Todd Thomson as well as the Company's CEO Vickram Vathulya, and CFO Heine Thorsgaard have undertaken not to sell any shares in the Company for a period of 90 days after completion of the Directed New Share Issue, with customary exceptions. Recent Insider Transactions • Mar 31
Managing Director of Sivers Wireless recently sold kr8.8m worth of stock On the 25th of March, Harish Krishnaswamy sold around 696k shares on-market at roughly kr12.62 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr17m more than they bought in the last 12 months. Announcement • Mar 30
Sivers Semiconductors Announces Availability Of Daybreak 5G 6G Advanced Ics For Emerging Fr3 Applications Sivers Semiconductors AB announced general availability of its 7-15GHz Daybreak beamforming ICs for emerging 5G/6G FR3 applications as well as multi-function defense arrays. FR3 frequencies are the next frontier for 5G-Advanced and 6G network deployments, combining the benefits of superior propagation at sub-6GHz and wider bandwidths at millimeter-wave frequencies. While global standardization of the FR3 band is pending, Yole Intelligence 5G/6G market reports estimate a $1.3B SAM in 2030 based on FR3 penetration assumptions in base stations and CPE. Sivers' DAYBREAK0715 beamforming ICs delivers industry-leading broadband transmit power and efficiency, while also offering receiver noise figure. The ICs also support integration with external front-end modules. The new chipset was developed under the $6MUS Department of Defense (DoD) Microelectronics Commons5G/6G project awarded to Sivers in 2024 and included Raytheon and Ericsson as partners. Recent Insider Transactions • Mar 09
President & CEO recently bought kr482k worth of stock On the 3rd of March, Vickram Vathulya bought around 160k shares on-market at roughly kr3.02 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Vickram's only on-market trade for the last 12 months. Reported Earnings • Feb 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: kr0.69 loss per share (further deteriorated from kr0.49 loss in FY 2024). Revenue: kr369.7m (up 36% from FY 2024). Net loss: kr186.5m (loss widened 60% from FY 2024). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. New Risk • Feb 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr902.9m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr81m). Currently unprofitable and not forecast to become profitable over next 2 years (kr18m net loss in 2 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (kr902.9m market cap, or US$99.7m). Announcement • Feb 18
Sivers Semiconductors AB Announces New Broad Market Ka-Band SATCOM Beamforming ICs and Antenna Panels Sivers Semiconductors AB announced general availability of its Cloudchaser beamforming chipset and Maverick antenna-array panels for Ka-band SATCOM ground terminals. Sivers' Cloudchaser chipset includes the BLUEWAY1721 receive beamforming IC and the STAMPEDE2731/STAMPEDE2731LP transmit beamforming ICs. Cloudchaser enables electronically-steered antenna systems for ground terminals with support for two simultaneous beams. Multi-beam support enables "make-before-break" and two simultaneous links across satellites, orbits and networks. The transmit beamforming IC is offered in two variants, supporting high and medium output power levels. This feature helps customers optimize their user terminal size, configuration complexity and energy footprint. To reduce customer design time, Sivers' is also making available the Maverick (BFM02701 and BFM02702) Ka-band transmit and receive array panels. The Maverick platform integrates the Cloudchaser chipset with antenna arrays in a compact flat-panel design to simplify development of electronically-steered SATCOM terminals. Announcement • Jan 07
Sivers Semiconductors AB (publ) to Report Q1, 2026 Results on May 13, 2026 Sivers Semiconductors AB (publ) announced that they will report Q1, 2026 results on May 13, 2026 Price Target Changed • Dec 05
Price target increased by 9.3% to kr6.45 Up from kr5.90, the current price target is an average from 4 analysts. New target price is 65% above last closing price of kr3.91. Stock is up 79% over the past year. The company is forecast to post a net loss per share of kr0.54 next year compared to a net loss per share of kr0.49 last year. Announcement • Nov 10
Sivers Semiconductors AB (publ) Announces Appointment of Raymond Biagan as Chief Revenue Officer, Effective November 10, 2025 Sivers Semiconductors AB (publ) announced the appointment of Raymond Biagan as its new Chief Revenue Officer (CRO), effective November 10, 2025. In this pivotal role, Raymond will be responsible for Global Sales and Field Applications Engineering. Raymond joins Sivers from GlobalFoundries, a leading manufacturer of essential semiconductors for large-scale and high-growth markets, where he substantially increased the revenue funnel year over year driving his accounts to over $1B in sales. Prior to his time at GlobalFoundries, Raymond has had a very successful Sales Executive leadership tenure spanning over 25 years in the high-tech microelectronics industry. He has worked at several prominent silicon and III-V compound semiconductor companies including Qualcomm, RF Micro Devices (now Qorvo), RFaxis (acquired by Skyworks) and Sanan Integrated Circuits. He brings strong domain knowledge and experience in wireless and photonics technologies. Raymond has a Bachelor's degree in Electrical Engineering from University of California, Irvine and is a graduate of the Executive Education program of University of Michigan'sRoss School of Business. Breakeven Date Change • Oct 27
Forecast to breakeven in 2027 The 3 analysts covering Sivers Semiconductors expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 11% per year to 2026. The company is expected to make a profit of kr7.00m in 2027. Average annual earnings growth of 68% is required to achieve expected profit on schedule. New Risk • Oct 26
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr81m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr81m). Currently unprofitable and not forecast to become profitable over next 2 years (kr36m net loss in 2 years). Share price has been volatile over the past 3 months (9.2% average weekly change). Reported Earnings • Oct 26
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: kr0.19 loss per share (improved from kr0.22 loss in 3Q 2024). Revenue: kr89.9m (up 36% from 3Q 2024). Net loss: kr46.9m (loss narrowed 8.8% from 3Q 2024). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 90%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. New Risk • Sep 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Significant insider selling over the past 3 months (kr1.6m sold). Announcement • Sep 19
Sivers Semiconductors AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 94.999998 million. Sivers Semiconductors AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 94.999998 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,675,675
Price\Range: SEK 3.7
Transaction Features: Subsequent Direct Listing New Risk • Aug 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr116m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr116m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Significant insider selling over the past 3 months (kr4.4m sold). Announcement • Aug 08
Sivers Semiconductors Announces CFO Changes Sivers Semiconductors AB announced the appointment of Heine Thorsgaard as its new CFO, effective September 1, 2025. In this role, Heine will be responsible for Global Finance, Investor Relations and IT operations. Heine joins Sivers from Napatech, where he has been the CFO since 2018. Napatech sells high-speed, programmable network interface cards designed for real-time network performance management, cybersecurity, and data center . Prior to his time at Napatech, Heine has had a very successful CFO and Financial Executive leadership tenure across the IT, Technology and Professional Services sectors, with strong exposure to Europe and the US, for over 15 years. Heine has a Phd and Masters degree in Finance from Copenhagen University and a Masters degree in International Business from Roskilde University. Lottie Saks will ensure a smooth transition to the new CFO, during her transition period with Sivers. Reported Earnings • Jul 18
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: kr0.15 loss per share (improved from kr0.18 loss in 2Q 2024). Revenue: kr85.6m (up 49% from 2Q 2024). Net loss: kr38.7m (loss narrowed 11% from 2Q 2024). Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Jul 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr112m). Currently unprofitable and not forecast to become profitable over next 2 years (kr22m net loss in 2 years). Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (kr4.4m sold). Recent Insider Transactions • Jun 29
Independent Director recently sold kr1.2m worth of stock On the 25th of June, Todd Thomson sold around 300k shares on-market at roughly kr3.92 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr1.7m. Insiders have been net sellers, collectively disposing of kr2.3m more than they bought in the last 12 months. New Risk • Jun 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr112m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr112m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr29m net loss in 2 years). Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (kr2.9m sold). New Risk • Jun 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr112m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr112m free cash flow). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (kr2.9m sold). Recent Insider Transactions • Jun 18
Independent Director recently sold kr1.2m worth of stock On the 12th of June, Todd Thomson sold around 264k shares on-market at roughly kr4.43 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr520k more than they sold in the last 12 months. New Risk • May 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr116m Forecast net loss in 2 years: kr79m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr114m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr79m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Reported Earnings • May 04
Full year 2024 earnings released: kr0.49 loss per share (vs kr0.68 loss in FY 2023) Full year 2024 results: kr0.49 loss per share (improved from kr0.68 loss in FY 2023). Revenue: kr271.4m (flat on FY 2023). Net loss: kr116.3m (loss narrowed 26% from FY 2023). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Sivers Semiconductors AB (publ), Annual General Meeting, May 28, 2025 Sivers Semiconductors AB (publ), Annual General Meeting, May 28, 2025, at 16:00 W. Europe Standard Time. Location: at the companys premises at, torshamnsgatan 48 in kista, Sweden New Risk • Apr 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr116m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr988.0m (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr116m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (kr988.0m market cap, or US$98.3m). Announcement • Mar 03
Sivers Semiconductors Announces New SATCOM and 5G Antenna Array Products at MWC 2025 Sivers Semiconductors AB unveiled a new line of antenna array products and evaluation kits for millimeter-wave SATCOM and 5G applications at Mobile World Congress 2025. These products represent a positive shift forward for Sivers' Wireless Business Unit, from chips to antenna arrays. These latest solutions also enable rapid design-in and accelerated time-to-market for customers, since the design, manufacturing and test of millimeter-wave antenna arrays, particularly large arrays targeting SATCOM and 5G infrastructure applications, is complex and time consuming. Over the course of 2025, the following products will be introduced by Sivers Wireless: An unlicensed 5G millimeter-wave (57-71GHz) 16-element transmit-receive single-aperture dual-polarized antenna array module supporting +34dBm EIRP standalone (higher with an integrated lens or reflector) and available for purchase immediately. Read more about the module in the attached product brief. A 26.5-29.5GHz 5G millimeter-wave dual-polarized 128-element antenna array evaluation kit (EVK) based on the SUMMIT 2629 beamforming IC achieving +60dBm EIRP at 3% EVM for full-bandwidth 64-QAM, and available for purchase immediately. Read more about the EVK in the attached product brief. SATCOM 17-21GHz receive and 27-31GHz transmit array panels for high-performance ground terminals, available in Third Quarter 2025. A 24.25-27.5GHz 5G millimeter-wave dual-polarized 512-element antenna array panel based on the SUMMIT 2427e beamforming IC, available in Fourth Quarter 2025. Reported Earnings • Feb 21
Full year 2024 earnings released: kr0.49 loss per share (vs kr0.68 loss in FY 2023) Full year 2024 results: kr0.49 loss per share (improved from kr0.68 loss in FY 2023). Revenue: kr277.1m (up 3.0% from FY 2023). Net loss: kr116.3m (loss narrowed 26% from FY 2023). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 17
Sivers Semiconductors AB (publ) to Report Q4, 2024 Results on Apr 28, 2025 Sivers Semiconductors AB (publ) announced that they will report Q4, 2024 results at 9:00 AM, Central European Standard Time on Apr 28, 2025 New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr144m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (kr752.4m market cap, or US$68.0m). Recent Insider Transactions • Dec 01
Independent Director recently bought kr556k worth of stock On the 25th of November, Todd Thomson bought around 250k shares on-market at roughly kr2.23 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.2m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 12
Third quarter 2024 earnings released: kr0.22 loss per share (vs kr0.17 loss in 3Q 2023) Third quarter 2024 results: kr0.22 loss per share (further deteriorated from kr0.17 loss in 3Q 2023). Revenue: kr67.5m (down 6.2% from 3Q 2023). Net loss: kr51.4m (loss widened 26% from 3Q 2023). Revenue is forecast to grow 58% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Announcement • Oct 03
Sivers Semiconductors AB (publ) to Report Nine Months, 2024 Results on Nov 11, 2024 Sivers Semiconductors AB (publ) announced that they will report nine months, 2024 results on Nov 11, 2024 New Risk • Oct 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.02b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr156m free cash flow). Earnings have declined by 3.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr1.02b market cap, or US$99.4m). Recent Insider Transactions • Aug 15
Director recently bought kr563k worth of stock On the 7th of August, Erik Fallstrom bought around 100k shares on-market at roughly kr5.63 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.0m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 20
Second quarter 2024 earnings released: kr0.18 loss per share (vs kr0.13 loss in 2Q 2023) Second quarter 2024 results: kr0.18 loss per share (further deteriorated from kr0.13 loss in 2Q 2023). Revenue: kr59.5m (up 16% from 2Q 2023). Net loss: kr43.5m (loss widened 45% from 2Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Announcement • Jun 26
Sivers Semiconductors AB (publ) to Report Q2, 2024 Results on Jul 18, 2024 Sivers Semiconductors AB (publ) announced that they will report Q2, 2024 results on Jul 18, 2024 Announcement • May 16
Sivers Semiconductors AB (publ) Announces Board Changes Sivers Semiconductors AB (publ) at the Annual General Meeting held on 15 May 2024 elected Karin Thurberg and Keith Halsey as a new member of the Board of Directors. Beth Topolosky has declined re-election. Price Target Changed • May 07
Price target decreased by 19% to kr13.00 Down from kr16.00, the current price target is provided by 1 analyst. New target price is 134% above last closing price of kr5.56. Stock is down 24% over the past year. The company posted a net loss per share of kr0.68 last year. New Risk • May 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr180m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr180m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 5.4% per year over the past 5 years. Announcement • May 03
Sivers Semiconductors AB (publ) to Report Q1, 2024 Results on May 03, 2024 Sivers Semiconductors AB (publ) announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Apr 29
Full year 2023 earnings released: kr0.68 loss per share (vs kr0.41 loss in FY 2022) Full year 2023 results: kr0.68 loss per share (further deteriorated from kr0.41 loss in FY 2022). Revenue: kr269.1m (up 40% from FY 2022). Net loss: kr157.4m (loss widened 82% from FY 2022). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 29
Group CEO & President recently bought kr486k worth of stock On the 27th of March, Anders Storm bought around 90k shares on-market at roughly kr5.39 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.3m worth in shares. Announcement • Mar 26
Sivers Semiconductors AB Announces Resignation of Anders Storm as CEO Sivers Semiconductors AB announced that CEO Anders Storm has decided to leave his position for new challenges outside the Company. Sivers has initiated a global search for a new CEO. Anders Storm will remain in his position until the new CEO has taken office or until the end of his six-month notice period, September 2024. Announcement • Mar 12
Sivers Semiconductors AB (publ) announced that it has received SEK 75 million in funding from Formue Nord A/S On March 11,2024, Sivers Semiconductors AB amended and closed the transaction. The company received convertible loan for gross proceeds of SEK 35 million at a fixed conversion rate of SEK 4.86 and SEK 15 million loan from returning new investor Formue Nord A/S. The loan is convertible into ordinary shares. The transaction has been approved by the board of the company. The loan will mature on may 30, 2025. Announcement • Feb 29
Sivers Semiconductors AB (publ) Announces Board Appointments Sivers Semiconductors AB (publ) at its EGM held on February 28, 2024 approved to appoint Dr. Bami Bastani as a new board member and chairman of the Company until the end of the next annual general meeting. Furthermore, it was resolved to appoint the former chairman of the board, Tomas Duffy, as vice chairman of the board. Announcement • Feb 28
Sivers Semiconductors AB Launches 28 Ghz 5G mmWave RF Module At Mobile World Congress 2024 Sivers Semiconductors AB announced the commercial launch of its new low-cost Radio Frequency (RF) Module BFM02803, covering the 5G FR2 mmWave bands N257, N258, and N261 (from 24.25 GHz to 29.5 GHz). Module BFM02803 - presented at the Mobile World Congress (MWC) 2024 - is optimized for high-performance, high-power Fixed Wireless Access (FWA) applications and enables to differentiate and meet the requirements of large-scale manufacturing of FWA products. It is designed to interface with leading baseband modems. The BFM02803 supports 2x2 MIMO with dual-layer polarization in both downlink and uplink for channels up to 1.2 GHz. The new module includes 32 dual-polarized antenna elements with 2D beam steering capabilities, in azimuth and elevation. Autonomous calibration routines and simple baseband interfaces make the module easy to install and manage. With the use of an air-filled cavity in the PCB, the module is optimized for large-scale, low-loss, and low-cost assembly. Additionally, transmitted power greater than +50 dBm per polarization enables FWA product deployments in the most diverse applications with the lowest total cost of ownership. The module BMF02803 will be showcased in a live demonstration of a fully-functioning and deployment-ready base station reference design based on NXP's Layerscape Access LA12xx baseband processor, Sivers Semiconductors' 5G mmWave transceiver module: TRB02801, and PureSoftware's physical layer stack. The BMF02803 module is available for customer sampling. The TRB02801 RFIC is available for volume production. Reported Earnings • Feb 13
Full year 2023 earnings released: kr0.68 loss per share (vs kr0.41 loss in FY 2022) Full year 2023 results: kr0.68 loss per share (further deteriorated from kr0.41 loss in FY 2022). Revenue: kr269.1m (up 40% from FY 2022). Net loss: kr157.4m (loss widened 82% from FY 2022). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Feb 12
Sivers Semiconductors AB (publ)'s Subsidiary Sivers Semiconductors Inc. Appoints Dr. Bami Bastani as US Executive Chairman Sivers Semiconductors AB announced that its subsidiary, Sivers Semiconductors Inc., has appointed Dr. Bami Bastani as US Executive Chairman and has been nominated as the Chairman of the Board of Directors of Sivers Semiconductors AB. Dr. Bastani joined Sivers' team as Strategic Advisor to the Board and the Management team in August 2023. He brings over 42 years of semiconductor industry experience, most recently as Senior Vice president at GlobalFoundries and GlobalFoundries' board member at the Global Semiconductor Alliance (GSA). Prior to GlobalFoundries, Dr. Bastani held President, CEO, and Board member positions at Meru Networks, Trident Microsystems, and ANADIGICS. He brings over 20 years of serving on Boards of Directors of public and private companies. Dr. Bastani will assist the CEO, Anders Storm, in further strengthening Sivers' position in the US with his vast network of executive contacts, sales opportunities, attracting talent, and overall strategies for success. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings have declined by 7.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr165m free cash flow). Earnings have declined by 7.9% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (9.8% increase in shares outstanding). New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings have declined by 7.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr165m free cash flow). Earnings have declined by 7.9% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Announcement • Jan 11
Sivers Semiconductors AB (Publ) Updates Earnings Guidance for the Year 2023 Sivers Semiconductors AB (publ) updated earnings guidance for the year 2023. For the year, the company expected revenue will grow between 65% and 75% higher than 2022. The company was unable to achieve the previously announced guidance of 100% revenue growth year over year for 2023, as a SEK 20 million - SEK 25 million portion of a SEK 55 million order of satellite beam-former chips shipment was pushed out from the fourth quarter 2023 into 2024. Recent Insider Transactions • Oct 30
Group CEO & President recently bought kr270k worth of stock On the 26th of October, Anders Storm bought around 47k shares on-market at roughly kr5.75 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.7m worth in shares. Reported Earnings • Oct 28
Third quarter 2023 earnings released: kr0.17 loss per share (vs kr0.19 loss in 3Q 2022) Third quarter 2023 results: kr0.17 loss per share (improved from kr0.19 loss in 3Q 2022). Revenue: kr73.9m (up 68% from 3Q 2022). Net loss: kr40.9m (loss narrowed 9.5% from 3Q 2022). Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Semiconductor industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. 
