We can look back on an eventful first six months of the year, during which several strategic milestones have been achieved.
Second quarter 2022
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Significant events after the end of the period:
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We can look back on an eventful first six months of the year, during which several strategic milestones have been achieved. In the first quarter, the strategic acquisition of MixComm was completed. In the second quarter, we won our third Fortune 100 customer, integrated MixComm into the Wireless business area and appointed a new management team for the business area. During the first six months of the year, sales increased by 34 percent to a total of SEK 54 million. In terms of sales, the second quarter was on a par with the first quarter with sales of SEK 27 million, but in terms of growth the second quarter was weaker with an increase of 1 percent compared with the second quarter of 2021.
We believe that conditions during the second half of the year will be better than they have been earlier in the year. As each day passes, it is becoming easier for us to sign new NRE (Non Recurrent Engineering) development contracts and the Company is optimistic about new customers. We see growing interest in new projects and a greater willingness to invest from customers, which is a significant change compared to a year ago when few customers had confidence in planning ahead.
One of the key highlights of the quarter was the long-term partnership agreement Photonics signed with a new Fortune 100 customer to deliver next-generation laser sources for their strategic development project. This initial order is worth over SEK 6 million. This is the third Fortune 100 technology company that has chosen to work with us for Photonics’ laser sources, and I am very proud that Sivers has the ability to add customers like this to our customer base. In parallel, development continues with our two other Fortune 100 customers, making good progress and validates that our Indium phosphide platform InP100 truly is well positioned and timely. The platform will have tremendous potential in a couple of years’ time when our customers make the decision to ramp up volumes for the prototypes currently under development.
In addition to our already strong Photonics operations, we now have a very strong position in 5G, SATCOM and radar thanks to the merger with MixComm. The acquisition has made us one of the strongest suppliers of 5G/ mmWave and we now have 43 design wins to date, and 10 customers which have 20 products on the market that use Sivers’ hardware. The acquisition increases our capacity, broadens our IP portfolio and strengthens our global presence, which is truly valued by our customers. It is incredibly important that Sivers has feet on the ground in the USA in order to win US orders. Specifically, customers and potential customers are showing great interest in SATCOM. Additionally, in Wireless we are also seeing interest from new types of US customer due to our increased presence in the USA.
One positive example of the integration with MixComm is the global distribution agreement with Richardson RFPD signed by Sivers Wireless during the quarter. Richardson RFPD is a division of Arrow and is a formidable player in the component distribution market.
The distribution agreement is a cornerstone of the overall go-to-market strategy of Wireless and gives us global coverage. Richardson RFPD’s strength is the combination of its local presence, deep technical competence and dedication to supporting end customers’ success. The agreement is key to our continued growth.
We attracted a lot of interest at the IMS2022 Exhibition on June 21-23 in Denver, Colorado, USA. The trade fair was proof that the market has gained further momentum and the atmosphere was very positive. We ran live demonstrations of, among other things, our customer Airvines WaveTunnel system for indoor broadband coverage. The system is based on our chips and has the potential to completely conquer the market for indoor intelligent broadband solutions.
Following diligent internal work within Wireless (formerly Sivers IMA) and the acquisitions of CST Global (Photonics) in 2017 and MixComm in 2021, we have a structure and product portfolio in place to take the next exciting steps in Sivers’ development and I greatly look forward to continuing to help build this unique technology company. We will be holding a capital market day on September 26th, 2022 to provide greater insight into the Group and our future prospects. Further details will be available after the summer.
I am delighted to see the wheels of the ecosystem running somewhat more smoothly now. Even though the global economy is in a uncertain situation, we are looking to the future with great confidence. The pandemic and component shortage have led the whole eco system to be behind schedule, but the underlying demand has not changed. Our competitive products, strong global network and the merger of MixComm ensure that we are well equipped for the future. We are in an excellent position and I remain optimistic about the future.
Anders Storm, President and CEO
For more information please contact:
Anders Storm, President and CEO
Tel: +46(0) 702 62 63 90
Email: [email protected]
This disclosure contains information that Sivers Semiconductors is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the contact person set out above on 21 July, 2022 at 08:00 CET.
Sivers Semiconductors AB is a leading and internationally recognized technology company that supplies ICs and integrated modules through its two business areas Wireless and Photonics. Wireless develops mmWave products for advanced 5G systems for data and telecommunications networks and satellite communication. The portfolio includes RF transceivers, beamforming front end ICs, integrated mmWave antennas, repeaters, and software algorithms for optimum mmWave RF performance. 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: http://www.sivers-semiconductors.com