Sivers Semiconductors AB

SIVE.ST

Semiconductors · Technology

Price

kr 33.48

-2.10 (-5.90%)

Market Cap

kr 8.50B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

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.

Winston Score History

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

+5.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1000.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$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

16.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 months

$30M 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

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Quality

Gross Margin

201.2%

Premium pricing power — 201.2% gross margin

Operating Margin

-59.2%

Losing money on operations — -59.2%

ROCE

-4.1%

Weak — -4.1% return on capital

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

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Growth

Sales YoY

+24.7%

Fast-growing sales (24.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-35.7%

Burning cash (-35.7%)

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

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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