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SIVERS PRESSRELEASE

Interim Report Sivers IMA Holding January–September 2019 – we are building for the future

| Category: Regulatory

Third quarter 2019 Revenues amounted to SEK 24,023 thousand (24,124), a decrease of 0.4 percent  Profit before depreciation and amortization (EBITDA) amounted to SEK -16,443 thousand (-3,415) Result amounted to SEK -24,349 thousand (-12,487) Earnings per share amounted to SEK -0.19 (-0.11) Equity per share amounted to SEK 2.35 (2.20)  

 

January – September 2019

Significant events during the period January – September: 

Significant events following the period:

This report, for the third quarter of 2019, is the Group’s first financial report prepared in accordance with IFRS. The effects of translation to IFRS for the comparative periods in 2018 are presented in Appendix 1. The Group’s full accounting principles are presented in Appendix 2.

Key figures

SEK thousand 2019
Jul–Sept		 2018
Jul–Sept		 2019
Jan–Sept		 2018 Jan–Sept 2018 Jan-Dec
Revenue 24,023 24,124 70,993 51,060 71,485
EBITDA -16,443 -3,415 -28,445 -36,538 -52,589
Profit for the period -24,349 -12,487 -52,877 -54,976 -71,880
Earnings per share before and after dilution, SEK -0.19 -0.11 -0.43 -0.49 -0.63
Equity per share, SEK 2.35 2.20 2.35 2.20 2.30
A web-based presentation of the Interim Report will be held at 10:00am Friday, November 15, 2019.
Register for the webinar via: https://attendee.gotowebinar.com/register/1629585486275052812

CEO Statement

Third quarter – we are building for the future

The third quarter of 2019 was characterized by exciting major follow-up orders, new design wins and intensive work on ramping up the supply chain for the volume orders we expect within 5G.

We do not yet have volume production with any of the ten design-wins within wireless and therefore growth over the quarters can vary until we reach volume production. 

All in all, we did not see any growth for the quarter compared to prior year. In addition, for our fiber business area, the comparative figures from last year were strong as we greatly increased the capacity of our factory in Scotland and welcomed a number of new customers. 

When it comes to earnings, the quarter was burdened with a number of one-off costs totaling just over SEK 10 million. This includes a write-down of inventory within the fiber business area and a write-down of capitalization of completed Radar products within wireless. We continue our work with tight cost control and managed lower staff costs compared to the previous year. This was done without compromising quality or development investments.

There is significant interest in our products and during the third quarter our intensive sales and customer support work continued to secure new contracts. Our efforts have yielded results, both within wireless and fiber.

Our breakthrough agreement of SEK 1.3 million from our Chinese dealer Matrix Electronic in unlicensed 5G in China is particularly important. The order aims to provide products and development support to Matrix and their end customers.

The order, which includes RF products and design-in support, paves the way for future Chinese volume installations to the Chinese markets for high-speed transport and wireless networks. We have hopes that this order will generate significant revenue for us in the coming years and it is also a very important reference project for our gigabit broadband solutions that include our leading 5G chip and antennas.

In the fiber business area CST Global, I particularly want to highlight the large follow-up order that was signed in July for SEK 20 million from our American Fortune 100 customer. In August, we also received a follow-up order of SEK 7.3 million from the same customer. These orders show that we are doing the right things and can offer even very large companies absolutely top quality in high-tech optical semiconductors.

We have previously announced that we have sold more than twenty test systems for 5G. Since July 1, we have sold another 12, whereof 1 were sold to one of the largest telecom companies (so called Tier 1). An additional 5 systems have been delivered through partners, where an additional Tier 1 telecom company is included. Hence, we have now sold a total of 35 evaluation systems in six months. One of these have led to a directly signed design-win and one customer have through our partner reach a sharp test phase, for us within a new vertical – defense. 

The demand for our evaluation kits gives us hope for more business within wireless. In addition, it is encouraging that behind each individual design win is not only an end customer but in many cases, a design win can in fact apply to several end customers. A good example is our design win with our partner Fujikura where our technology is up to date for use in no less than five applications from different customers to Fujikura.

After the quarter, we entered into a partnership with NXP, one of the worlds largest companies within communication solutions. We now have a very strong network of partners. 

The numerous excellent orders we announced during the quarter show the potential of our business and as we are involved in many exciting customer projects that I am looking forward to with anticipation.

Anders Storm, CEO of Sivers IMA Group

For more information, please contact: 

Anders Storm, CEO
Tel: +46 70 262 6390
e-mail: [email protected]

Erik Penser Bank is appointed Sivers IMA Holding AB’s Certified Advisor at Nasdaq First North growth Markets.

Tel: +46 8 463 80 00

e-mail: [email protected] 

This is information that Sivers IMA Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 08:00 pm CET on November 15, 2019.

Sivers IMA Holding AB is a leading and internationally renowned supplier, publicly traded under SIVE at Nasdaq First North Stockholm. The wholly owned subsidiaries Sivers IMA and CST Global develop, manufacture and sell cutting-edge chips, components, modules and subsystems based on proprietary advanced semiconductor technology in microwave, millimeter wave and optical semiconductors. Headquarters in Stockholm, Sweden. Learn more at http://siversima.com. 

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