Fourth quarter 2022 Net sales amounted to SEK 49.771 M (23.390), equivalent to an increase of 113%. Net sales increased by 80% at constant currency. Profit/loss before depreciation and amortization (EBITDA) amounted to SEK -16.113 M (-23.422). Adjusted EBITDA totaled SEK -16.943 M (-21.755). Operating profit/loss (EBIT) was SEK -41.842 M (-33.223). Profit/loss after tax amounted to SEK 38.153 M (-25.108). Earnings per share before and after dilution was SEK 0.18 (-0.15). Equity per share amounted to SEK 5.8 (4.57).

January-December 2022

  • Net sales amounted to SEK 132.607 M (90.652), equivalent to an increase of 46%.
  • Net sales increased by 30% at constant currency.
  • Profit/loss before depreciation and amortization (EBITDA) amounted to SEK -73.693 M (-107.185).
  • Adjusted EBITDA totaled SEK -75.277 M (-64.935).
  • Operating profit/loss (EBIT) was SEK -185.096 M (-140.941).
  • Profit/loss after tax amounted to SEK -86.384 M (-133.704).
  • Earnings per share before and after dilution was SEK 0.41 (-0.83).
  • Equity per share amounted to SEK 5.8 (4.57).

Significant events in the fourth quarter:

  • October 17 – Sivers Semiconductors announced that its Sivers Wireless business area and the Department of Microtechnology and Nanoscience at Chalmers University of Technology will collaborate on research and development of a new generation of power amplifiers. The project targets a global market with tremendous growth potential among conventional broadband providers, in addition to new market segments made possible by artificial intelligence (AI) and machine learning (ML).

  • October 21 – Sivers Semiconductors announced that its Sivers Wireless business area had received an additional order of approximately SEK 15.8 M (USD 1.4 M) from a European satellite communications company. The order, for its second-generation production grade beamformer ICs, follows a previously announced acceleration fee and is aimed at the customer’s pre-series production of ground-based satellite communication terminals.

  • October 24 – Sivers Semiconductors announced that it had appointed Harish Krishnaswamy, co-founder of and former CTO at MixComm, Managing Director of Sivers Wireless. Harish Krishnaswamy will also join the management team of Sivers.

  • November 17 – Sivers Semiconductors announced that the close cooperation between its Sivers Wireless business area and the Canadian start-up aiRadar had resulted in a revolutionary line of sophisticated radar products. By leveraging Sivers’ unique RFIC and antenna technology, aiRadar is now offering a brand new formula for developing highly advanced radar products suitable for various relevant applications and verticals.

  • December 2 – Sivers Semiconductors announced that its Sivers Wireless business area had signed a strategic development agreement worth approximately SEK 170 M (USD 16.4 M) with a European satellite communications company to develop several chips for the customer’s next-generation satellite communication ground terminals. Sivers has already received orders worth SEK 16.1 M for development work for this project between August and November 2022, SEK 7.5 M of which was announced on September 27, 2022.

  • December 13 – Sivers Semiconductors announced that its Sivers Wireless business area had signed an agreement worth USD 0.320 M (SEK 3.3 M) to develop a novel 5G mmWave prototype to showcase a solution targeting the Indian 5G market.

  • December 21 – Sivers Semiconductors announced that the main shareholder Rothesay Limited had acquired 2,700,000 shares from Harish Krishnaswamy, member of Sivers’ management team and Managing Director of the subsidiary Sivers Wireless. Harish, who was the co-founder and former CTO of MixComm, has sold shares to pay taxes incurred in connection with the sale of MixComm to Sivers.

Significant events after the end of the period:

  • There were no significant events after the end of the period.

Outlook for 2023
Previously announced customer contracts are expected to drive significant net sales growth for Sivers in 2023. Continuous optimization of costs and investments, together with net sales growth, are expected to accelerate Sivers’ path to profitability.

For 2023 Sivers expects net sales growth to exceed 100% over 2022. Net sales may vary between quarters as a result of individual contracts. Furthermore, Sivers expects to reach positive adjusted EBITDA in the second half of 2023.

Key performance indicators

SEK 000 2022
Net sales 49,771 23,390 132,607 90,652
Net sales growth, % 113% -21% 46% -6%
Net sales growth, at constant currency, % 80% 0% 30% 0%
EBITDA -16,113 -23,422 -73,693 -107,185
EBITDA adjusted -16,943 -21,775 -75,277 -64,935
EBIT -41,842 -33,223 -185,096 -140,941
Profit/loss for the period 38,153 -25,108 -86,384 -133,704
Earnings per share before and after dilution, SEK 0.18 -0.15 -0.41 -0.83
Equity per share, SEK 5.8 4.57 5.8 4.57

An online presentation of the Year-End Report will be held at 10:00 AM (CET) on Thursday February 2, 2023.
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CEO´s Statement

It is very pleasing that Sivers end 2022 on a high note. Despite the difficult macroeconomic situation during the year, the Company delivered our strongest quarter of sales in our history. During the last four months of the year, we signed agreements and won orders worth approximately SEK 210 million, of which SEK 170 million was related to the fourth quarter.

Thanks to Sivers’ strong order demand and its improved visibility, we have chosen to provide a forecast for the first time. Sivers is forecast to achieve net sales growth of at least 100% for the full year of 2023, although growth may vary from quarter to quarter. Furthermore, the company is expected to achieve a positive adjusted EBITDA during the second half of 2023.

Sales increased by 113% to SEK 49.8 million in the fourth quarter and by 46%, for the full year, to a total of SEK 132.6 million. Although the strong growth during the year varied from quarter to quarter, it is now clear that we are over the worst macroeconomic challenges that the pandemic and the war in Ukraine gave us. Wireless and Photonics grew by 673% and 15% respectively compared with the fourth quarter of 2021 and by 169% and 7% respectively over the whole year.

In the fourth quarter we also received clear confirmation that the acquisition of MixComm was timely and that the integration of MixComm into Wireless is now giving us unique new opportunities in the field of satellite communication. The strategic development agreement worth approximately SEK 170 million that was signed at the end of the year will be a very important project for much of 2023 and onwards. We also have an interesting pipeline of new customers in this field that we hope to translate into new orders in as early as 2023. Another market that we expect to develop very positively in 2023 is the 5G market in India. We recently gained our first customer in the region and several potential customers are showing an interest in our offering.

During the quarter it has been determined that the time-limited milestone that formed the basis for the performance-based additional purchase consideration to the sellers of MixComm has not been reached in time. As a result, there will be no non-cash issue of the 6.9 million shares for this additional purchase consideration. Although the milestone was not achieved on time, we are still confident about the ongoing project even if it is delayed future performance. Since Sivers is not required to pay this additional purchase consideration, the Company is reversing the provision which had a positive impact on profit of SEK 78.7 million in the fourth quarter.

Profit after tax improved considerably to SEK 38.2 million. The improvement is mainly the effect of the above-mentioned additional purchase consideration. EBITDA was SEK -16.1 million, an improvement therefore of SEK 7.3 million year-on-year. The improvement is primarily a result of increased sales, but we also have good cost control and have reduced our personnel costs for the quarter year-on-year. We are continuing to work methodically to reduce our costs and we took several measures in late 2022 to reduce our annual cost base, thereby further accelerating our path to profitability. The goal is to have a positive cash flow as soon as possible. We are working continuously to secure our liquidity. Of the loan facility of SEK 100 million that was entered into in the third quarter, where of half has been withdrawn from the facility in the fourth quarter, after which the remaining SEK 50 million can be used in 2023. This means that the company’s cash and cash equivalents, other short-term financial assets including the remaining unused loan facility correspond to a total of SEK 105.7 million after the end of the quarter.

The delivery delays that impeded Photonics’ sales earlier in fall have now eased and we are looking forward to 2023 with confidence. Our indium phosphide platform InP100 is well positioned and timely. The Fortune 100 customer – one of three – who has been with us the longest placed orders in 2022 totaling approximately SEK 41 million, which is a new record for one year. We enjoy a close relationship with the customer and look forward to supporting them in their future volume production. Our platform will have tremendous potential in a couple of years’ time when our customers ramp up volumes once their respective prototype phases are complete.

Sivers is benefiting from several megatrends that will continue to grow regardless of developments in the wider world. Needless to say, we are alert to the challenging macroeconomic situation, yet we believe that our competitive products and strong global network ensure that we are well equipped for the future. Sivers is a unique technology company in a unique position. We are looking to the future with great confidence.

Anders Storm
Group Chief Executive Officer


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, on 2 February, 2023 at 08:00 CET.

For more information, please contact:
Anders Storm
CEO, Sivers Semiconductors
Email: [email protected]
Tel: +46 (0)70 262 63 90


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: