Sivers Semiconductors AB

SIVE.ST

Semiconductors · Technology

Also trades as: SIVEF

Price

kr 36.50

+1.38 (+3.93%)

Market Cap

kr 10.78B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+67.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 160.7M (2021) → 268.8M (2025)

Winston Score History

The full picture

Sivers Semiconductors is a Swedish company that makes specialized chips and electronic components used in wireless communications and sensing technology. Its main products include millimeter-wave chips for 5G networks and photonics components used in fiber-optic data transmission. The company sells to telecom equipment makers, data center operators, and defense customers, competing in a niche corner of the semiconductor industry.

Sivers earns revenue by selling hardware — chips and modules — along with some engineering services and development contracts. It operates primarily out of Sweden and the United Kingdom, and remains a relatively small company despite its market cap. Its competitive position rests on deep technical expertise in millimeter-wave and photonics technology, which are difficult areas to enter. However, the company is currently losing money, with a negative operating margin, meaning it spends significantly more than it earns — the key risk is whether it can scale revenue fast enough to reach profitability before needing to raise additional capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-21.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+26.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 21M/ year

↓ Declining (-69% vs prior year)

7.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~1 months

kr 27M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Sivers Semiconductors AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

6.8%

Thin — 6.8% gross margin

Profit after running costs

Operating Margin

-66.2%

Losing money on operations — -66.2%

Return on the money invested

ROCE

-14.5%

Weak — -14.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+8.0%

Steady sales growth (+8.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-44.7%

Burning cash (-44.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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