Sivers Semiconductors AB (publ), Interim Report Q1, January – March 2021

First quarter 2021

• Revenue amounted to SEK 13.840 M (22.810), a decrease of 39%
• Profit before depreciation and amortization (EBITDA) amounted to SEK -17.771 M (-11.001)
• Operating profit/loss (EBIT) for the period was SEK -25.802 M (-18.459)
• Profit/loss after tax was SEK -26.233 M (-21.217)
• Earnings per share before and after dilution was SEK -0.17 (-0.16)
• Equity per share amounted to SEK 3.32 (2.34)

Significant events in the first quarter:

• On January 11, Pelle Wijk was appointed MD of the subsidiary Sivers Wireless.
• On January 11, Sivers Semiconductors announced that the subsidiary Sivers Photonics had won an order in Optical Sensing worth approximately SEK 11 million from one of the company’s established Fortune 100 customers. The order will be delivered and invoiced in the first half of 2021.
• On January 21, Lottie Saks was appointed new Board member in Sivers Semiconductors AB at an Extraordinary General Meeting.
• On February 4, Sivers Semiconductors AB announced that the subsidiary Sivers Wireless had received an order for the IC component from TMYTEK in Taiwan, a company that provides millimeter wave solutions in 5G and satellite communication. This new order opens up new opportunities on the Asian market, even if the order is of minor value at the current stage.
• On March 15, Sivers Semiconductors AB announced that its subsidiary Sivers Wireless AB had won new so called design wins with three new customers. The aim is to use Sivers Semiconductors’ technology in new products in new verticals and applications, as well as in products at customers with an existing product line in the millimeter wave area.
• On March 30, Sivers Semiconductors AB announced that its subsidiary Sivers Wireless AB had received two major orders totaling SEK 7 M. The orders are for RFICs to be used for licensed and unlicensed 5G products and will be delivered during Q1 and Q2 2021.

Significant events after the end of the period:

• A proposal that Carolina Tendorf be elected to the Board of Directors will be presented to the AGM on 20 May 2021.
• Sivers Semiconductors AB announced on May 12^th that its subsidiary Sivers Wireless has won a new design win with a North American telecom company. This new customer has decided to develop products for the unlicensed 5G millimeter wave market by using Sivers market leading 60 GHz technology.

Key performance indicators

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CEO’s Statement

In the first quarter, the second and third waves of the pandemic slowed the positive growth from the fourth quarter, which affected first quarter sales negatively. Although this did not lead to any order or customer losses, revenue was pushed forward into the future for both Photonics and Wireless. Now that the vaccination roll-out has gathered pace on many of our main markets, we are observing increased activity in both business areas, which indicates that growth has started to increase again.

Digital customer meetings and design-wins
We continue to prepare for the future with new design wins and productive digital customer meetings, which are set to generate new business during the year. The planned list change to Nasdaq’s main list during June 2021 has also been in focus during the quarter. We are ensuring that we are able to manage our future growth by investments in new production capacity and recruitment of new personnel. In the quarter, we employed 14 new members of staff who will start over the coming six months. At the end of the first quarter, we retained our strong cash position of approximately SEK 197 M that will be used for future investments in growth. Net sales totaled SEK 14 M in the first quarter, a decrease of 39% year-on-year. As we have previously indicated, in this phase quarterly sales can be irregular depending on when orders are delivered. The agreement signed in the closing days of the quarter provides one example, as major parts were postponed to the second quarter.

Photonics participates in many promising processes
In the first quarter, we received another optical recognition order worth approximately SEK 11 M from our largest Fortune 100 customer. Part of the order was delivered and invoiced in the first quarter, with the remainder due in the second quarter. This means that this customer has placed orders totaling SEK 85 M since October 2018. We continue to focus on the next step with this Fortune 100 customer, and our other Fortune 100 customer. We are also in dialog with other potential major customers.

Wireless advances in the US and Asia
Wireless continued to advance. In the first quarter, Wireless signed three new designs wins and received two US volume orders totaling SEK 7 M, of which the majority will be delivered in the second quarter. As soon as the pandemic loosens its grip I am convinced that several of Wireless’ customers will pick up speed in their external test networks, resulting in many more end customers. In the quarter, we also received an order for BFIC1 components from TMYTEK in Taiwan. This is a new product that we have developed alongside Ampleon. Although the value of TMYTEK’s order is not significant at present, we believe that the order can open up new opportunities on the Asian market as the company is an important Taiwanese operator in 5G millimeter wave solutions and satellite communication . At the end of the quarter, we had sold a total of 13 evaluation kits and signed three new design wins, which means that we now have a total of 24 design wins. This is eight more than a year ago and we anticipate more design wins in 2021.

Strong future optimism
We are continuing to expand our customer base and are involved in multiple talks with old and new customers and partners. Many of our customers are moving towards volume production and we are confident about the future. Our competitive products and global network mean that we are well equipped to take advantage of strong underlying market growth. We are in an excellent position in terms of customers, our Balance Sheet and new products. This means that I am very optimistic about our future.


Anders Storm, President and CEO



For more information, please contact:
Anders Storm, Group CEO
Tel: +46 (0) 702 62 63 90
E-mail: anders.storm@sivers-semiconductors.com

Erik Penser Bank is appointed Sivers IMA Holding AB’s Certified Advisor at Nasdaq First North Growth Market.
Tel: +46 (0) 8 463 80 00
E-mail: certifiedadviser@penser.se

This is information that Sivers Semiconductors AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above at 08:00 (CET) on May 20, 2021. 

Sivers Semiconductors AB is a leading and internationally recognized technology company that, through its two business areas Wireless and Photonics, supplies chips and integrated modules. Wireless develops RF chips and antennas for advanced 5G systems for data and telecommunications networks. Photonics develops and manufactures semiconductor-based optical products for optical fiber networks, sensors and optical fiber communications (Li-Fi). The company is listed on Nasdaq First North Growth Market Stockholm under SIVE. The head office is located in Kista, Sweden. For more information: http://sivers-semiconductors.com.