Redeye comments on Sivers' Q1 2026 report, which showed net sales of SEK 61.9m, a decline of 11% on a constant-currency basis.
ANNONS
Delays in US defence spending approvals pushed revenue from H1 into H2 2026, but management is holding its full-year growth plan intact setting H2 up for good numbers.
The most consequential development was strategic rather than financial: the opportunity pipeline expanded 77% YTD to just under USD800m, the Jabil collaboration validated Sivers' photonics laser technology for 1.6T pluggable transceivers, and the York Space acquisition of ALL.SPACE strengthened the commercial and financial position of Sivers' most advanced Satcom customer. Adjusted EBITDA of SEK-13.8m was broadly in-line with our estimate.
We barely touch our 2028e estimates but trim 2026e EBITDA to reflect the deliberately higher cost base.
