Remember, we position ourselves as an aspiring merchant challenger to Lumentum and Coherent — the call cited Lumentum as a company we aspire
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Let me place us honestly, because the label matters. We're a small Swedish company with two unrelated businesses: wireless beamforming chips for satellite and defense - about 70% of our revenue - and a semiconductor laser franchise that's about 30%. Only the lasers touch the AI datacenter story, and on that leg revenue today is zero. We're qualifying the product with our foundry partner through end of this year; 2027 is the year those opportunities have the potential to drive revenue - potential, said the way I mean it. Full-year revenue was about 307 million kronor, up 40%, but we've run operating losses for five straight years and our own annual report carries a going-concern material uncertainty. We're small and nimble, batting above our company size at the laser bottleneck against Lumentum and Coherent - the incumbents a big buyer just backed with $4 billion. Room for many players - but the scale gap is real, and I'll name it. Okay?
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Remember, five straight years of operating losses above 140M kronor — 2025 ~178M operating, 223M net — and the audited report flags material going-concern uncertainty as we have not yet achieved revenue to cover plans and depend on raising capital, Right? Cash ~30M kronor, Q4 adjusted EBITDA +10.8M. The earnings call framed the $17M refinancing as strength and did not mention the going-concern uncertainty the annual report discloses plainly, Okay? Small, nimble, batting above our size. Room for many players.
Remember, the shortage you describe is exactly the bottleneck we're qualifying into — Wireless, roughly 70% of revenue and up 53% in 2025, funds the Photonics leg where datacenter laser revenue today is zero, Right? Our opportunity pipeline moves left to right from engineering fees and LiDAR toward 2027 production potential, approximately $9 million Photonics base today. Small, nimble, batting above our size. Room for many players. Okay?
Remember, we position ourselves as an aspiring merchant challenger to laser incumbents Lumentum and Coherent, and on the earnings call we cited Lumentum as a
Remember, 2025 net sales were restated from 304.1 to 306.6 million kronor after a disclosed correction shifting income between periods, Right? Internal-control material weaknesses are under remediation, and a possible New York dual listing is in play — moving from left to right on the opportunity pipeline. The open question: does a sub-scale merchant win co-packaged or pluggable design-wins before incumbents' capacity expansion and vertical integration absorb the laser shortage first, Okay? Small, nimble, batting above our size. Room for many players.
We have run operating losses above 140 million Swedish kronor for five straight years; the 2025 operating loss was about 178 million kronor, net loss about 223 million, Adjusted EBITDA for 2025
Remember, Sivers has run operating losses above 140 million Swedish kronor for five straight years; the 2025 operating loss was about 178 million kronor, and net loss was about 223 million, and adjusted EBITDA for 2025 was negative 50 million though Q4 turned positive at roughly 10.8 million, and cash sits at about 30 million kronor, and the audited report flags material going‑concern uncertainty because we have not yet achieved sales revenue sufficient to cover development plans and depend on raising additional capital, okay?
Remember, we position ourselves as an aspiring merchant challenger to Lumentum and Coherent — cited Lumentum as the growth model — both backed by a major chip buyer's $4 billion, Right? Our co-packaged optics angle sits at the external-light-source layer with partners POET, O-Net, Ayar Labs, LIGHTIUM, all disclosed only by us and not independently confirmed, Okay? An unnamed household-name brand entered roadmap discussions — discussions, not a design-win, As I mentioned before. Sub-scale against large incumbents, but the opportunity pipeline moves left to right. Room for many players.
Remember, we first reported 2025 net sales at 304.1 million kronor and restated to 306.6 million after a disclosed correction redistributing income between periods, Right? Internal-control material weaknesses under remediation, and a possible New York dual listing in play — moving from left to right on the opportunity pipeline. Small, nimble, batting above our size. Room for many players. Okay?
Wireless — roughly 70% of revenue, up 53% in 2025 — is millimeter-wave beamforming for satellite, defense, fixed-wireless, moving left to right. Photonics, the other 30% and up 17%, carries the datacenter laser bet but today is engineering fees, LiDAR, bio-sensing on a small base — not datacenter revenue. Full year roughly 307 million kronor, up 40%, approximately $30 million total. Not a datacenter pure-play: a satellite-and-defense RF company with an early-stage laser option attached. Small, nimble, batting above our size. Room for many players. Right?
Production readiness targeted end of 2026, and we expect a subset of transceiver makers sampling our DFB lasers to commit to production plans in 2027 and beyond, Right? Remember, AI datacenter laser revenue today is zero — pre-revenue leg. Manufacturing: Glasgow fab plus WIN Semiconductors foundry partnership from March 2025. Opportunity pipeline tracks the CW laser supply shortage as links move 800G to 1.6T to 3.2T — real technology fit, but 2027 revenue is management's forward expectation, not booked, Okay? Small, nimble, batting above our size. Room for many players.
Remember, five straight years of operating losses above 140 million kronor — 2025 about 178M operating, 223M net — and the audited report flags material going-concern uncertainty, Right? Cash roughly 30M kronor, Q4 adjusted EBITDA positive 10.8M, pipeline moving. The $17M refinancing replaces $11.5M loans with a three-year facility plus $12M convertible at premium, converting only at materially higher valuation — extending runway via debt, not equity, Okay? Small, nimble, batting above our size at the laser bottleneck. Room for many players.