Sivers Semiconductors AB (publ), Interim Report Q2, January – June 2021

Second quarter 2021

• Revenue amounted to SEK 26.911 M (21.445), an increase of 25%
• Profit before depreciation and amortization (EBITDA) amounted to SEK -20.080 M (-9.068)
• Operating profit/loss (EBIT) for the period was SEK -28.009 M (-16.590)
• Profit/loss after tax was SEK -28.897 M (-22.392)
• Earnings per share before and after dilution was SEK -0.19 (-0.16)
• Equity per share amounted to SEK 3.13 (2.15)

January-June 2021

• Revenue amounted to SEK 40.751 M (44.255), a decrease of 8%
• Profit before depreciation and amortization (EBITDA) amounted to SEK -37.851 M (-20.070)
• Operating profit/loss (EBIT) for the period was SEK -53.811 M (-35.049)
• Profit/loss after tax was SEK -55.130 M (-43.609)
• Earnings per share before and after dilution was SEK -0.36 (-0.32)
• Equity per share amounted to SEK 3.13 (2.15)

Significant events during the second quarter:

• On May 12, Sivers Semiconductors AB announced that its subsidiary Sivers Wireless had made a new design win with a North American telecom operator.
• Carolina Tendorf was elected as new board member by the Annual General Meeting on May 20, 2021.
• On June 1, Sivers Semiconductors AB announced that the subsidiary Sivers Wireless and Lithuanian high-tech company 8devices reached a key milestone in the development of a new 60 GHz Fixed Wireless Access (FWA) product. 8devices estimates that earlier indicated order worth of SEK 70-100 M between 2021-2024, has increased by approx. 30-50%.
• On June 3, Nasdaq Stockholm’s listing committee approved Sivers Semiconductors AB’s application for admission of the share for trading on Nasdaq Stockholm main market. The first day of trading on Nasdaq Stockholm’s main list was Thursday 10 June 2021.
• On June 3, Sivers Semiconductors AB´s subsidiary Sivers Photonics announced that it reached a significant milestone, alongside its partners Imec and ASM AMICRA, in a joint silicon photonics project.
• On June 7, Sivers Semiconductors AB announced that its subsidiary, Sivers Wireless, signed a reseller agreement with Japanese electronics specialist Shoshin. The agreement is related to working together on the Japanese market.
• On June 9, Sivers Semiconductors AB announced a design win for the subsidiary Sivers Wireless for its 60 GHz mmWave IC and antenna module with TMYTEK in Taiwan. Sivers also received a small, first order of evaluation kits and BFM06009 RF modules.
• On June 10, Sivers Semiconductors announced that the subsidiary Sivers Photonics had won a new order in Optical Sensing worth approximately SEK 14 million from one of the company’s established Fortune 100 customers.

Significant events after the end of the period:

• The Board of Directors of Sivers Semiconductors AB has resolved on a new issue of Series C shares and the repurchase and conversion of Series C shares. The purpose is to ensure delivery of shares to to participants under the Company´s outstanding incentive program and to secure liquidity for payment of social contributions for such programs.

Key performance indicators

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CEO’s Statement

As expected, we took the first step out of the pandemic in the second quarter, which contributed to the company’s positive progress, and with Wireless in particular returning to growth. We also successfully completed the move to Nasdaq’s main list as planned. We continued to expand the customer base and maintained an excellent dialog with new and existing customers and partners. Sales were SEK 27 million in the second quarter, an increase of 25% year-on-year. Wireless’ sales returned an increase of 118%.

We continued our growth investments in the quarter, including production capacity, customer support, sales and marketing. EBIT was SEK -28 million, down by almost SEK 11 million year-on-year. The cost increase is according to plan and has multiple causes. These include the non-recurring costs associated with the Nasdaq listing process of approximately SEK 8 million. Increased personnel costs are a result of recruitments to ensure strong future growth. We had 117 employees at the end of the quarter, an increase of 18 in year-on-year terms.

During the quarter, the Wireless business area made several important announcements, including new design wins, one with TMYTEK in Taiwan and one with a North American telecom company that will develop products for unlicensed 5G. We now have a total of 26 design wins. Our market leading 60 Ghz technology is the foundation for our agreement with Lithuanian high-tech company 8devices. In the quarter, 8devices increased its estimated demand for equipment from us by 30–50% in 2021– 2024, corresponding to estimated sales of SEK 90–150 million.

Photonics also made advances, winning another follow-up order of SEK 14 million for optical sensing from our largest Fortune 100 customer, who we have now collaborated with for nearly three years. The total order value during these years was just under SEK 100 million, and each new order increases our chances of playing a part in the future volume production of the customer’s sensors. Alongside our partners Imec and ASM AMICRA, we also successfully integrated lasers from our platform with Imec’s Silicon photonics platform in the quarter, which will accelerate the use of silicon photonics in many new applications.

We had a strong cash position at the end of the quarter, which we will continue to use for our organic and international expansion.

We reached an important milestone in the second quarter with the listing of the share on Nasdaq Stockholm’s main list. The listing is a quality stamp and another important piece of the puzzle in the continued expansion and progress of the company. It strengthens our profile and brand with customers and investors, and improves our access to the Swedish and international capital markets. It also improves our ability to attract and retain qualified staff. Overall, the listing is an important step towards creating increased long-term shareholder value.

Everyone at Sivers has worked hard to get where we are today. Many of our customers are moving towards volume production and we foresee considerable potential to capitalize on the hard work we have put into the company when societies are able to open up again. Our competitive products and global network make us well equipped to capture our market opportunities, hence I continue to stay very optmistic about the 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


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 19 August, 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 Stockholm under SIVE. The head office is located in Kista, Sweden.
For more information contact: www.sivers-semiconductors.com