Vickram Vathulya’s letter to shareholders, Interim Report Q1 2026

Record Opportunity Pipeline Growth, and Multiple Product Ramps
into 2027 remain on Track for Growth Acceleration

Q1 revenue was 61.9 MSEK, impacted by US defense budget approval delays and a weaker exchange rate. Q1
AEBITDA was -13.8 MSEK driven by sales team expansion to support pipeline and US dual-list preparation.

Sivers Q1 2026 revenues came in at 61.9 MSEK. The U.S. Government shutdown and associated defense budget approvals in Q4 2025 delayed some expected revenues from Q1 (and Q2) into the second half of 2026. We remain on track to our full-year revenue growth plan despite movement between quarters. Our expenses grew to increase sales headcount to support our growing pipeline as well as preparations for the potential US dual listing. The recent capital raise in May 2026 added high quality institutional investors and provides solid runway for the Company to execute on our plans.

Sivers opportunity pipeline grew strongly by 77% Year-to-Date to $799M. The strong increase was driven by a combination of higher production forecasts from some existing customer opportunities and tremendous influx of interest and engagement with our standard products for wireless beamformers and Indium Phosphide (InP) lasers.

In Photonics, our qual builds and production readiness is on track for our automotive LIDAR customer ramp in Q4 2026. The product portfolio is also poised to find applications for LIDAR beyond automotive in areas such as industrial LIDAR and autonomous robots.

Sivers’ collaboration with Jabil to develop a 1.6T LRO pluggable transceiver is an excellent validation of our laser technology for data centers. 800G+ pluggables will continue to drive the majority of shipments into new AI datacenters for the next several years. Given the massive multi-year imbalance in the demand-supply situation for optical networking in AI datacenters, Sivers stays focused on our concerted strategy to provide reliable, high-performance lasers and laser arrays with relevant manufacturing capacity to the ecosystem at large. Since the Jabil collaboration announcement, we have seen even stronger expansion of the opportunity pipeline with pluggable customer prospects.

Simultaneously, we continue to work with key partners and customers on developing laser technology for future Co-Packaged/Near Packaged Optics for AI Data Centers (CPO/NPO) deployments. These architectures continue to evolve, and we are positioning our technology well to intersect the commercialization trajectory of these solutions.

In Wireless, York Space signing a definitive agreement to acquire our strategic customer ALL.SPACE is a strategically significant milestone for Sivers. The acquisition will combine two innovative companies with a strong balance sheet to drive continued commercialization of their product portfolios. With this acquisition, York Space squarely positions itself as a leading “mission prime” to the Space industry which is expected to be a $1.8T economy by 2035. York Space’s strong tie to the US Space Development Agency is a welcome development for Sivers. We are expecting new production orders imminently for the upcoming ramp in 2027 and look forward to supporting the combined entity.

The release of Cloudchaser and Maverick products for SATCOM have significantly expanded the opportunity pipeline for Wireless. We expect to announce meaningful engagements in the coming quarters.

Sivers has also expanded its relationship with Tachyon Networks to develop 60 GHz products in addition to the 28GHz production ramp which is already underway for Fixed Wireless Access Networks (FWA). Our Tier-1 telecom vendor is also on track to release their first products for FWA by end of 2026. The two companies are anticipated to drive meaningful revenue increases for Sivers in 2027 with both product roll-outs layering on top of each other.

The renewal of US Chips Act funding for the EW Star program is a testament to the state-of-the-art mmWave beamformer technology driven by Sivers. Sivers and our defense prime partners are very focused on accelerating commercialization, as modernization of warfare continues to be a strong thrust in the United States and worldwide.

Our Board of Directors nominations at the company’s upcoming Annual General Meeting (AGM), will provide an extremely accomplished Board to help us navigate our promising future, with prominent members from both the U.S. and Europe. We thank prior Board members Erik Fallstrom, Tomas Duffy and Keith Halsey for their contributions to date and welcome new nominees Joakim Nideborn and Helena Svancar. Additionally, we have been investing proactively to bring our financials to a higher standard of control for a potential US dual listing.

With a strong opportunity pipeline and multiple ramps expected from customers in AI datacenters, LIDAR, Satellite, Fixed Wireless Access, and Defense, I am confident that Sivers is well positioned for a transformational 2027. Backed by an experienced Board, a strong motivated team, and differentiated technology in place, we believe the Company is poised to deliver long-term value for shareholders and customers worldwide.

Vickram Vathulya, President and CEO