Interim report
Page 1
Interim Report Q1 | January - March 2025 Critical Enablers of a Greener Data Economy
Page 2
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 2 Interim Report Q1 2025 The following Interim Report relates to the period January 1 to March 31, 2025 First quarter January - March 2025 Net sales amounted to SEK 78.5 m (56.1), equivalent to an in- crease of 40% YoY and a sequential quarterly increase of 2%. Net sales increased by 37% in constant currency. Adjusted EBITDA totaled SEK -2.6 m (-7.6), equivalent to an im- provement by 65% YoY. Profit/loss before depreciation and amortization (EBITDA) amounted to SEK -5.2 m (-9.5). Operating profit/loss (EBIT) was SEK -26.7 m (-35.4). Profit/loss after tax amounted to SEK -48.3 m (-25.8). Cash flow from operating activities was SEK -22.9 m (-28.1) Earnings per share before and after dilution were SEK -0.19 (-0.11). Equity per share amounted to SEK 4.34 (5.20). Key performance indicators1 1. For definitions and calculations see pages 23-26 Significant events in the first quarter January 8 - Wins a major chip development program with leading Tier-1 telecom infrastructure vendor. January 13 - Signs CHIPS Act contracts with the Northeast Microe- lectronics Coalition Hub. January 16 – Completed directed share issue of 31,712,280 shares, corresponding to approximately SEK 108 m (USD 10.3 m), includ- ing new US investment from Boardman Bay Capital Management. January 29 - Wins Intelsat SATCOM Digitizer Development Program Award. February 13 - Signs strategic MoU with a leader in optical infra- structure solutions for large-scale AI workloads to enable high vol- ume production of Laser Arrays. February 18 - Appoints Alexander McCann as Strategic Senior Ad- visor. February 28 - Announces the change in the total number of shares and votes to 269 359 076, due to new share issue. March 3 – Announces New SATCOM and 5G Antenna Array Prod- ucts at MWC 2025. M arch 25 – A nnounces collaboration with WIN Semiconductors to scale High-volume DFB Laser production. Significant events after the end of the period April 1 – Announces strategic OEM partnership with O-Net Tech- nologies to deliver next-generation external laser sources for Co- packaged Optics. April 16 – Sivers Semiconductors and Nisko Projects sign distribu- tion partnership agreement to expand presence in Israeli markets. April 16 – Announces a new issue of shares of series C and repur- chase and conversion of shares of series C. May 7 - Joins the DIFI Consortium to Advance Satellite Network In- teroperability. Jan-Dec SEK m 2025 2024 2024 Net sales 78.5 56.1 243.7 Net sales growth, % 40% -4% 3% Net sales growth, at constant currency, % 37% -4% 3% Adjusted EBITDA -2.6 -7.6 -15.6 EBITDA -5.2 -9.5 -31.3 EBIT -26.7 -35.4 -127.1 Profit/loss for the period -48.3 -25.8 -116.3 Cash flow from operating activities -22.9 -28.1 -73.48 Earnings per share before and after dilution, SEK -0.19 -0.11 -0.49 Equity per share, SEK 4.34 5.20 4.98 Jan-Mar An online presentation of the Interim Report will be held at 10:00 AM (CEST) on May 8, 2025. Register for the webinar at: https://attendee.gotowebinar.com/register/1249194090184896090
Page 3
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 3 A strong start to 2025 – A solid foundation for execution We delivered strong financial results in Q1, with revenues at SEK 78.5 m, a 40% YoY increase, while AEBITDA improved by 65% YoY. Building on our business transformation momentum in 2024, Sivers continues to deliver against our long-term strategy of becoming a leading and critical enabler of the global shift toward energy-efficient, high-performance infrastruc- ture for AI datacenters and advanced SATCOM systems. Our millimeterwave (mmWave) business grew 85% YoY same quarter. We secured several meaningful development and product contracts that support our strategy, including digitizers for Intelsat SATCOM termi- nals for 2026 deployment, new beamformer chipsets (SEK 60 m/USD 5.4 m) for a Tier-1 infrastructure vendor for mmWave use cases, and signed 2 US CHIPS ACT projects (SEK 327 m+/USD 30 m+ potential over 3 years) which partners us with industry leaders such as BAE Systems, Raytheon and Ericsson to develop next generation products for Communications and Electronic Warfare applications. We announced new Antenna Array products for the SATCOM and 5G markets at the Mobile World Congress (MWC) show in Barcelona in March 2025. These advanced solutions can significantly simplify terminal designs and reduce Time to Market for our customers. We are con- sciously expanding our Bill of Materials (BOM) footprint inside our target applications and now have expanded our product offerings to encom- pass RF beamformers, digitizers and antenna arrays. This will allow us to expand our wireless serviceable addressable market (SAM) and capture more ROI within our customer products in the future. Additionally, we signed a distribution partnership agreement with Nisko . This strategic collaboration will help us to promote our wireless portfolio to a broader base of customers in the innovation rich Israeli market and secure es- sential design wins for the future. In our Photonics business, the hyperscaler ecosystem push continues for next generation AI datacenters using more optical interconnects within the datacenter. This was most recently highlighted at Nvidia GTC in March, where they demonstrated and emphasized the need for Co - Packaged Optics (CPO) for switches in scale-out architectures in the coming years. We have been very timely with our strategic Mo U (SEK 46.8 m/USD 4.3 m) with a global leader in optical infrastructure, focused on driving to production at scale our laser arrays for deployment in AI datacenters. We also announced a strategic OEM partnership with O -Net Technolo- gies, a leading provider of optical networking solutions. Together, we will bring to market high-performance external light sources with various ar- ray formats and power levels, a critical enabler of next-generation AI dat- acenters applicable for both scale-out (CPO within Switch packages) and scale-up (CPO within GPU/Compute) architectures. Our production partnership for lasers and laser arrays, with WIN Semi- conductors, a global leader in compound semiconductor merchant foundry services, successfully positions us as a fabless semiconductor company in both our businesses for production at scale and manufac- turing capacity. This model also allows us to reduce our CAPEX spend as we continue to build a profitable business at scale here at Sivers. The Glasgow facility will be our R&D facility for maintaining technology lead- ership and also have capa city for lower volume production opportuni- ties. We have also brought on -board, Alex McCann, an established in- dustry veteran and operations executive to help us establish world class manufacturing and operations in our Photonics business. The Mobile World Congress in Barcelona , the SATCOM show in Wash- ington DC in March, as well as the OFC (Optical Fiber Communications) conference in San Francisco in April were extremely engaging and added several new branded customer prospects to our expanding op- portunity pipeline. This is a powerful lead indicator of our market focus and technology leadership as well as our asset-lite manufacturing model which has been very positively received in the industry. We constantly work to optimize our financing needs for the company and most recently conducted a very successful directed raise in January to provide for our working capital as we focus on turning the corner on profitability. During this process, we also b rought in Boardman Bay as our second long-term fundamental investor in the US. Their knowledge and insight into our focus markets has been very helpful already as we navigate our strategic planning. It is also rewarding to see Northland Capital, a very reputed analyst firm in the US has picked up coverage on Sivers since March 2025. We continue to advance our technology leadership, grow customer pipeline demand and expand strategic partnerships. As we migrate to becoming a product company, we stay firmly focused on innovation at speed, and readiness for high-volume production across both our wire- less and photonics businesses. We are gaining global awareness as an innovative company with relevant technologies and products for the two most powerful secular trends in our industry among customers, partners, investors and analysts. I believe we are in the right place, at the right time and with the right technology to make meaningful industry impact and execute to grow the company. It is an exciting time to be or become a shareholder in Sivers. Vickram Vathulya, President and CEO
Page 4
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 4 This is Sivers Semiconductors We are Critical Enablers of a Greener Data Economy with Energy Efficient Photonics & Wireless Solutions Sivers – mission critical focus on two markets with tremendous momentum AI Datacenters Satellite Communications (SATCOM) Total number of employees 129 of whom 28 employees hold a PhD The company’s differentiated high precision laser and RF beamformer technologies are targeted to address two long term secular trends: AI Acceleration mmWave adoption With energy efficient photonics and wireless solutions, Sivers enables the deployment of innovative next generation data communication networks from the Cloud to the Edge. Sweden Head office & Wireless / R&D and sales / Fabless 29 employees USA Wireless SATCOM & radar / R&D and sales / Fabless 19 employees Scotland Photonics AI R&D and Sales/ Fab 81 employees Sivers Semiconductors is listed on Nasdaq Stockholm under the SIVE ticker. The Group’s head office is in Kista, Stockholm. At the end of the first quarter 2025, Sivers Semiconductors had 129 employees in the US, Scotland and Sweden.
Page 5
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 5 Net sales and adjusted EBITDA Net sales and results First quarter The Group’s net sales amounted to SEK 78.5 m (56.1), an increase of SEK 22.4 m, equivalent to an increase of 40 percent year-on-year. Net sales increased by 37 percent in constant currency. The improved net sales is mainly related to new NRE- agreements and income from US Chips Act. Wireless’ net sales increased by SEK 26.8 m, corresponding to 85%, while Photonics’ net sales decreased by SEK 4.4 m, corre- sponding to 18 percent. Adjusted EBITDA was SEK -2.6 m (-7.6), an improvement of SEK 5.0 m or 65 percent. The improvement was mainly due to sales mix in NRE business and increased product sales. EBITDA was SEK -5.2 m (-9.5), an improvement of SEK 4.3 m or 45 percent. EBIT was SEK -26.7 m (-35.4), an improvement of SEK 8.7 m or 24 per- cent. EBIT was affected by SEK -21.6 m (-25.9) in depreciation, amorti- zation, and impairment. Profit/loss after tax was SEK -48.3 m (-25.8), a decrease of SEK 22.5, caused by a negative net financial position, mainly due to exchange rate fluctuations from USD and GBP. Other comprehensive income was SEK -68.1 m (46.8), a decrease of SEK 137.4 m. The decrease relates to translation effects of invest- ments in subsidiaries from USD and GBP to SEK. Depreciation and amortization First quarter Profit for the first quarter 2025 was affected by SEK -21.6 m (-25.9) in depreciation, amortization, and impairment, of which SEK 3.6 (-3.7) related to depreciation and amortization of equipment, tools and installations, SEK -3.6 m (-6.8) related to depreciation and amortization of the previous year’s capitalized development expenses, SEK -13.8 m (-13.4) related to amortization of other intangible assets and SEK -1.1 m (-2.0) related to depreciation and amortization of right-of-use assets in lease agreements. Liquidity, cash flow and financing On March 31, 2025, the Group’s cash and cash equivalents and other current financial assets amounted to SEK 73.4 m (63.2). In the first quarter, the previously announced directed new issue of 31.7 million shares, corresponding to a capital injection of approxi- mately SEK 108 m before transaction fees, was carried out. In the first quarter, the Group’s cash flow from operating activities amounted to SEK -22.9 m (-28.1). The company´s management has finalized the negotiations with a lender to secure the short-term financing needs and work to optimize the long-term capital structure is ongoing in parallel. As the Group is in a development phase, management prepares and monitors detailed cash flow forecasts and may need to take measures such as new share issues to ensure sufficient liquidity. Reviewing and optimizing the company's capital structure is part of the annual strategic planning work. To reduce working capital needs going forward, the company has taken measures to introduce improved commercial terms in new and existing customer agreements regarding more frequent billing milestones. A focus initiative is to gain better alignment between customer and supplier payments. Investments The Group’s total investments in the period January to March amounted to SEK 12.0 m (8.9) related to intangible assets for capital- ized development expenses of SEK 11.3 m (3.3), acquisitions of other intangible assets of SEK 0.6 m (0.6), acquisitions of property, plant and equipment of SEK 0.1 m (4.9). The investment in capitalized develop- ment expenses was attributable to the development of new product generations. Equity As of March 31, 2025, Group equity amounted to SEK 1,168.6 m (1,219.8). The share capital totaled SEK 131.9 m (118.8). Parent Company Interest expense and similar items were negatively affected by cur- rency conversion of GBP and USD to SEK and increased interest costs. -40% -30% -20% -10% 0% 10% 20% 30% 40% -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 Net sales, SEK m Adjusted EBITDA, SEK m Adjusted EBITDA, % of net sales
Page 6
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 6 Shares Sivers Semiconductors’ share capital was divided over 269,359,076 (234,649,894) shares with a quotient value of SEK 0.50 as of March 31, 2025. These shares comprise 269,359,076 ordinary shares with voting rights. Since June 10, 2021, the share trades on Nasdaq Stockholm un- der the ticker SIVE, ISIN code SE0003917798 and LEI code 254900UBKNY2EJ588J53. Employees As of March 31, 2025, the Group had, excluding consultants, 129 (117) employees. Ownership structure As of March 31, 2025, Sivers Semiconductors AB (publ) had three shareholders with individual direct and indirect holdings correspond- ing to five percent or more of the votes and capital in the company. In total, Sivers Semiconductors had approximately 20,000 shareholders. Outlook The Board does not publish forward-looking financial forecasts. Risks and uncertainties The Group’s operations, financial position and results of operations can be affected by a number of risks and uncertainties. These risks are described in the Group’s Annual Report 2024. No significant new risks have been identified since the publication of the Annual Report. This interim report has not been submitted for review by the Company’s Auditor. Sivers Semiconductors AB (publ) Kista, Sweden, May 8, 2025 The Board
Page 7
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 7 Consolidated Income Statement in summary Consolidated Statement of Comprehensive Income in summary Jan-Dec SEK m 2025 2024 2024 Net sales 78.5 56.1 243.7 Other operating income 1.4 3.5 5.7 Capitalized work on own account 11.3 3.4 27.7 Raw materials and consumables -17.5 -15.6 -62.8 Other external expenses -34.3 -20.2 -100.8 Personnel costs -44.6 -36.7 -144.8 Depreciation, amortization and impairment of property, plant and equipment, and intangible assets -21.6 -25.9 -95.8 Operating profit/loss -26.7 -35.4 -127.1 Profit from financial items Financial income - 11.0 16.9 Financial expenses -25.5 -4.8 -25.9 Profit/loss before tax -52.2 -29.2 -136.0 Income tax 3.9 3.4 19.7 Profit/loss for the period -48.3 -25.8 -116.3 Attributable to Parent Company shareholders -48.3 -25.8 -116.3 Earnings per share (SEK) Before and after dilution -0.19 -0.11 -0.49 Jan-Mar Jan-Dec SEK m 2025 2024 2024 Other comprehensive income Items to be reclassified tio profit and loss Exchange rate differences from translation of foreign operations -68.1 46.8 71.5 Comprehensive income for the period -116.4 21.0 -44.8 Attributable to Parent Company shareholders -116.4 21.0 -44.8 Jan-Mar
Page 8
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 8 Consolidated Statement of Financial Position in summary SEK m 3/31/2025 3/31/2024 12/31/2024 ASSETS Non-current assets Goodwill 391.3 407.4 416.0 Capitalized development expenses 199.4 197.4 199.1 Other intangible assets 566.2 645.1 633.5 Property, plant and equipment 74.9 94.9 84.4 Other assets 1.0 0.6 1.1 Total non-current assets 1,232.8 1,345.3 1,334.1 Current assets Inventories 38.8 41.0 42.3 Account receivables 68.3 53.2 78.9 Other receivables 16.2 8.4 14.5 Prepaid expenses and accrued income 107.2 78.7 87.4 Other current fixed assets - - - Cash and cash equivalents 73.5 63.2 17.8 Total current assets 304.0 244.6 240.7 TOTAL ASSETS 1,536.7 1,589.8 1,574.8 EQUITY AND LIABILITIES Equity 1,168.6 1,219.8 1,182.8 Non-current liabilities Liabilities to credit institutions 15.3 78.0 19.9 Convertible loans - 59.2 - Provisions 0.7 1.6 0.6 Deferred tax liability 116.7 140.0 132.1 Leasing liabilities 11.4 15.3 13.1 Other non-current liabilities 3.2 2.9 3.6 Total non-current liabilities 147.4 297.1 169.3 Current liabilties Liabilities to credit institutions 68.2 - 76.1 Convertible loans 54.0 - 54.0 Accounts payable 19.9 30.1 26.9 Leasing liabilities 4.0 6.1 4.3 Other liabilities 9.7 4.8 8.8 Accrued expenses and prepaid income 64.9 32.0 52.6 Total current liabilities 220.7 73.0 222.7 TOTAL EQUITY AND LIABILITIES 1,536.7 1,589.8 1,574.8
Page 9
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 9 Consolidated Statement of Changes in Equity in summary SEK m 3/31/2025 3/31/2024 12/31/2024 Opening balance 1,182.8 1,197.7 1,197.7 Profit/loss for the period -48.3 -25.8 -116.3 Other comprehensive income -68.1 46.8 71.5 New share issue 101.0 - 6.5 Conversion of loan - - 6.0 Repurchase/sale of own shares - - 13.0 Share-based payments 1.2 1.0 4.4 Closing balance at the end of the period 1,168.6 1,219.8 1,182.8
Page 10
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 10 Consolidated Statement of Cash Flow in summary Jan-Dec SEK m 2025 2024 2024 Operating activities Operating profit/loss -26.7 -35.4 -127.1 Adjustments for non-cash items 23.4 38.8 99.4 Interest received - - 0.0 Interest paid -7.0 -6.6 -23.8 Income tax received/paid 0.3 -0.6 2.4 Cash flow from operating activities before change in working capital -10.0 -3.8 -49.2 Cash flow from changes in working capital Increase (-)/decrease (+) in inventories 2.2 -3.8 -4.5 Increase (-)/decrease (+) in operating receivables -25.8 -4.9 -39.0 Increase (+)/decrease (-) in operating liabilities 10.7 -15.7 20.7 Cash flow from operating activities -22.9 -28.1 -72.0 Investing activities Acquisition of property, pland and equipment -0.1 -4.9 -8.6 Acquisition of intangible assets -11.9 -3.9 -33.8 Grants received 2.4 - - Frozen bank funds - 14.9 14.9 Cash flow from investing activities -9.6 6.0 -27.4 Financing activities Borrowings - 64.2 78.8 Repaid loans -11.3 - - Issue expenses -6.8 - -0.5 New share issue 107.8 - 7.0 Amortization of leasing debt -1.1 -2.2 -7.5 Repurchase/sale of own shares - - 13.4 Cash flow from financing activities 88.7 62.0 91.2 Cash flow for the period 56.1 40.0 -8.3 Opening cash and cash equivalents 17.8 25.5 25.5 Exchange rate difference in cash and cash equivalents -0.5 -2.3 0.5 Closing cash and cash equivalents 73.4 63.2 17.8 Jan-Mar
Page 11
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 11 Parent Company Income Statement in summary Parent Company Statement of Comprehensive Income in summary Jan-Dec SEK m 2025 2024 2024 Net sales 7.3 3.1 13.7 Other external expenses -1.9 -2.2 -11.8 Personnel costs -6.5 -4.2 -21.4 Depreciation, amortization and impairment of property, plant and equipment, and intangible assets Operating profit/loss -1.2 -3.3 -19.5 Profit from financial items Result from participation in group companies -0.1 - -99.2 Interest income and similar items 7.9 17.1 47.6 Interest expense and similar items -25.4 -6.3 -22.0 Profit/loss before tax -18.8 7.5 -93.2 Income tax - - - Profit/loss for the period -18.8 7.5 -93.2 Jan-Mar Jan-Dec SEK m 2025 2024 2024 Profit/loss for the period -18.8 7.5 -93.2 Other comprehensive income - - - Comprehensive income for the period -18.8 7.5 -93.2 Jan-Mar
Page 12
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 12 Parent Company Statement of Financial Position in summary SEK m 3/31/2025 3/31/2024 12/31/2024 ASSETS Non-current assets Other intangible assets 2.4 0.4 2.4 Shares in Group companies 1,203.5 1,188.5 1,203.5 Receivables from Group companies 292.6 342.0 293.2 Other non-current assets - - - Total non-current assets 1,498.5 1,530.9 1,499.1 Current assets Current receivables Receivables from Group companies 21.2 6.6 14.0 Other receivables 1.3 0.6 0.8 Prepaid expenses and accrued income 1.5 1.1 1.6 Other current fixed assets - - - Total current receivables 24.0 8.3 16.4 Cash and cash equivalents 65.2 38.2 2.7 Total current assets 89.2 46.5 19.1 TOTAL ASSETS 1,587.7 1,577.4 1,518.2 EQUITY AND LIABILITIES Restricted equity Share capital 134.7 117.3 118.8 Non-restricted equity Share premium reserve 1,929.6 1,833.5 1,844.5 Retained earnings including profit/loss for the year -604.9 -503.1 -587.4 Total equity 1,459.4 1,447.7 1,375.9 Non-current liabilities Liabilities to credit institutions - 60.5 - Convertible loans - 59.2 - Provisions 0.3 0.4 0.2 Other non-current liabilities - - - Total non-current liabilities 0.3 120.1 0.2 Current liabilties Liabilities to credit institutions 64.3 - 76.1 Convertible loans 54.0 - 54.0 Liabilities to Group companies 0.3 1.9 1.8 Accounts payable 2.2 1.7 0.9 Other liabilities 3.1 1.7 2.5 Accrued expenses and prepaid income 4.0 4.1 6.8 Total current liabilities 127.9 9.5 142.0 TOTAL EQUITY AND LIABILITIES 1,587.7 1,577.4 1,518.2
Page 13
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 13 Notes Note 1. Accounting principles The Interim Report has been prepared in accordance with IAS 34 and the applicable regulations of the Swedish Annual Accounts Act. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR2. The same accounting prin- ciples and computation methods have been applied in the Interim Re- ports as in the latest Annual Report. Note 2. Revenue from contracts with customers and segment reporting The products (chips, modules, evaluation packages, semiconductor products, etc.) that Sivers manufactures and sells to customers are product sales. Product sales are recognized either at a point in time or over time. In the Photonics business area, performance obligations are normally fulfilled at a specific point in time, while Wireless has a larger proportion of contracts where performance obligations are met over time. In both Wireless and Photonics, there are so-called “Non- Recurring Engineering” (NRE) contracts. These contracts relate to de- velopment projects where Sivers adapts technology in hardware to match customer needs or develop a new product, for example. Customized products developed through NRE contracts can later be sold at volume under the category “product sales”. Revenue for Wire- less NRE contracts is recognized over time, while Photonics recognizes NRE revenue at a point in time, based on milestones. In the Wireless business area, support is also sold for the company’s product sales, to facilitate customer adaptation of the technology to their products. For example, the support contracts allow Sivers Semiconductors’ products to be embedded into the customers’ products, which are then sold on to end customers. Revenue from support contracts is reported over time. Wireless Net sales for the first quarter of 2025 amounted to SEK 58.2 m (31.4), an increase of SEK 26.8 m year-on-year, representing an increase of 85%. Adjusted EBITDA was SEK 3.3 m (-4.8), an improvement of SEK 8.1 m. Photonics Net sales for the first quarter of 2025 amounted to SEK 20.3 m (24.7), a decrease of SEK 4.4 m year-on-year, representing a decrease of 18 percent. Adjusted EBITDA was SEK -5.3 m (0.2) a decrease of SEK 5.5 m.
Page 14
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 14 Revenue from customer contracts Revenue type Wireless Photonics Total Wireless Photonics Total Product sales 13.9 10.7 24.6 12.0 5.4 17.4 NRE/Development projects 44.2 9.6 53.8 19.2 19.3 38.6 Support & other 0.1 - 0.1 0.1 - 0.1 Total 58.2 20.3 78.5 31.4 24.7 56.1 Recognition At a point in time 14.0 20.3 34.4 12.0 24.7 36.7 Over time 44.2 - 44.2 19.4 - 19.4 Total 58.2 20.3 78.5 31.4 24.7 56.1 Geographical market North America 38.7 11.3 50.0 0.7 19.4 20.1 Europe 17.7 8.0 25.7 30.5 5.4 35.8 Asia 1.9 1.0 2.8 0.2 - 0.2 Total 58.2 20.3 78.5 31.4 24.7 56.1 Jan-Mar 2025 Jan-Mar 2024 Revenue type Wireless Photonics Total Product sales 53.5 25.7 79.2 NRE/Development projects 104.2 59.7 163.9 Support & other 0.7 - 0.7 Total 158.3 85.4 243.7 Recognition At a point in time 53.7 85.4 139.0 Over time 104.7 - 104.7 Total 158.3 85.4 243.7 Geographical market North America 37.4 59.8 97.2 Europe 118.7 23.4 142.1 Asia 2.2 2.2 4.4 Total 158.3 85.4 243.7 Jan-Dec 2024
Page 15
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 15 Net sales and profit by segment Wireless Photonics Group-wide Total Wireless Photonics Group-wide Total Net sales External net sales 58.2 20.3 - 78.5 31.4 24.7 - 56.1 Revenue from other segments - - - - - - - - Total net sales 58.2 20.3 - 78.5 31.4 24.7 - 56.1 Profit/loss Adjusted EBITDA 3.3 -5.3 -0.7 -2.6 -4.8 0.2 -3.1 -7.6 Adjustments - - - -2.5 - - - -1.9 EBITDA - - - -5.2 - - - -9.5 Depreciation/amortizations and - - - -21.6 - - - -25.9 EBIT - - - -26.7 - - - -35.4 Financial income - - - - - - - 11.0 Financial expenses - - - -25.5 - - - -4.8 Profit/loss before tax - - - -52.2 - - - -29.2 Income tax - - - 3.9 - - - 3.4 Profit/loss after tax - - - -48.3 - - - -25.8 Jan-Mar 2025 Jan-Mar 2024 Wireless Photonics Group-wide Total Net sales External net sales 158.3 85.4 - 243.7 Revenue from other segments - - - - Total net sales 158.3 85.4 - 243.7 Profit/loss Adjusted EBITDA 0.8 -4.8 -11.6 -15.6 Adjustments - - - -15.7 EBITDA - - - -31.3 Depreciation/amortizations and impairment - - - -95.8 EBIT - - - -127.1 Financial income - - - 16.9 Financial expenses - - - -25.9 Profit/loss before tax - - - -136.0 Income tax - - - 19.7 Profit/loss after tax - - - -116.3 Jan-Dec 2024
Page 16
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 16 Note 3. Financial instruments The Statement of Financial Position includes operating receivables and liabilities held to maturity. These consist of accounts receivable, con- tract assets, cash and cash equivalents, accounts payable, other cur- rent liabilities, accrued expenses and hire purchase loans. These are reported at amortized cost, which approximates fair value. The credit risk for the receivables is judged to be low. The Statement of Sivers Semiconductors AB took a convertible loan of SEK 35 m and loan, and credits of SEK 27 m. SEK 6 m has been converted during the second quarter of 2024. The loans accrue variable interest at STIBOR 3M + 10% with maturity on May 30, 2025. Long-term liabilities to credit institutions include a loan received by one of the subsidiaries in the first quarter of 2024 of GBP 1.3 m. The loan matures 2031. Fair value is calculated based on level 1 for bonds and level 2 for derivatives in the fair value hierarchy. As of March 31, 2024, there were no assets in the Statement of Financial Position val- ued at fair value. There were no movements between the different lev- els compared with 2024. Note 4. Transactions with related parties During this period, normal business transactions took place between companies within the Group and other related parties. Note 5. Deferred tax liability The Group’s deferred tax liability on March 31, 2025, was SEK 116.7 m (139.9), Deferred tax liabilities in the Statement of Financial Position are mainly linked to consolidated values identified in connection with the acquisition of MixComm in 2022, which are dissolved in the In- come Statement over the useful life of the identified assets.
Page 17
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 17 Quarterly Data 2025 2024 2023 2022 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 INCOME STATEMENT Net sales 78.5 76.7 58.7 52.3 56.1 73.9 58.3 45.8 58.4 49.8 Other operating income 1.4 - 1.5 2.1 3.5 6.8 1.9 2.9 2.6 1.7 Capitalized work on own account 11.3 10.5 7.3 5.1 3.4 9.2 13.7 5.5 4.4 12.9 Raw materials and consumables -17.5 -11.9 -18.4 -17.0 -15.6 -11.1 -11.3 -11.6 -8.0 -9.1 Other external expenses -34.3 -33.6 -27.5 -19.6 -20.2 -32.8 -39.7 -25.9 -35.7 -37.5 Personnel costs -44.6 -32.2 -38.1 -37.8 -36.7 -32.5 -34.4 -37.3 -36.7 -33.9 Amortization, depreciation and impairment of tangible and intangible assets -21.6 -20.2 -23.8 -25.9 -25.9 -47.3 -26.5 -25.5 -25.7 -25.7 Operating profit/loss -26.7 -10.6 -40.4 -40.7 -35.4 -33.8 -38.0 -46.2 -40.7 -41.8 Profit from financial items Financial income - 14.8 -0.0 - 11.0 -0.5 0.6 19.1 1.6 80.9 Financial expenses -25.5 -8.3 -14.9 -6.7 -4.8 -19.4 -7.5 -6.9 -4.2 -9.4 Profit/loss before tax -52.2 -4.1 -55.3 -47.5 -29.2 -53.7 -44.9 -33.9 -43.3 29.6 Income tax 3.9 8.4 3.9 4.0 3.4 7.3 4.0 3.9 3.1 8.5 Profit/loss for the period -48.3 4.4 -51.4 -43.5 -25.8 -46.4 -40.9 -30.0 -40.1 38.2 Other comprehensive income 62.2 62.2 -34.0 -3.6 46.8 -55.2 -0.1 36.0 -6.1 -51.1 Total comprehensive income 13.9 66.6 -85.4 -47.1 21.0 -101.6 -41.0 6.0 -46.2 -12.9 EBITDA -5.2 9.6 -16.6 -14.8 -9.5 13.5 -11.5 -20.6 -15.0 -16.1 Adjusted EBITDA -2.6 15.5 -11.0 -12.4 -7.6 21.0 -12.5 -16.6 -11.7 -16.9
Page 18
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 18 Quarterly data, cont. 2025 2024 2023 2022 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 BALANCE SHEET Non-current assets Goodwill 391.3 416.0 392.9 406.1 407.4 391.6 412.0 412.3 399.5 401.7 Capitalized development expenses 199.4 199.1 196.7 195.5 197.4 197.4 198.0 192.0 190.7 193.1 Other intangible assets 566.2 633.5 589.0 629.4 645.1 620.2 713.3 727.2 692.6 705.2 Property, plant and equipment 74.9 84.4 88.3 91.6 94.9 90.8 98.2 104.9 100.9 102.6 Other assets 1.0 1.1 1.3 0.7 0.6 0.5 15.4 15.5 0.4 0.4 Total non-current assets 1,232.8 1,334.1 1,268.2 1,323.3 1,345.3 1,300.5 1,436.8 1,451.9 1,384.1 1,403.0 Inventories 38.8 42.3 41.8 40.2 41.0 36.4 36.7 36.9 30.8 29.0 Account receivables 68.3 78.9 61.0 60.1 53.2 45.0 31.9 16.9 30.7 42.3 Other receivables 16.2 14.5 3.3 3.5 8.4 14.7 2.6 21.2 7.6 15.8 Prepaid expenses and accrued income 107.2 87.4 92.6 93.4 78.7 68.8 68.5 64.7 56.6 25.3 Other current fixed assets - - - - - 15.2 - - - 8.5 Cash and cash equivalents 73.5 17.8 14.0 50.8 63.2 25.5 36.0 81.3 33.8 47.2 Total current assets 304.0 240.7 212.6 248.0 244.6 205.4 175.7 221.0 159.5 168.1 TOTAL ASSETS 1,536.7 1,574.8 1,480.7 1,571.3 1,589.8 1,505.9 1,612.5 1,673.0 1,543.6 1,571.1 EQUITY AND LIABILITIES Equity 1,168.6 1,182.8 1,108.6 1,192.9 1,219.8 1,197.7 1,300.0 1,341.4 1,195.5 1,240.1 Liabilities to credit institutions 15.3 19.9 17.6 17.4 78.0 48.0 4.0 5.0 6.0 7.0 Convertible loans - - - - 59.2 23.9 23.6 24.0 - - Provisions 0.7 0.6 1.2 1.1 1.6 1.1 1.1 1.2 1.7 1.2 Deferred tax liability 116.7 132.1 125.0 135.4 140.0 135.6 150.7 154.9 151.7 156.9 Leasing liabilities 11.4 13.1 14.6 13.8 15.3 15.6 17.4 19.5 20.4 21.5 Other non-current liabilities 3.2 3.6 3.7 3.8 3.0 2.8 25.2 26.4 3.3 3.5 Total non-current liabilities 147.4 169.3 162.0 171.5 297.1 227.0 222.1 231.1 183.2 190.1 Liabilities to credit institutions 68.2 76.1 72.8 72.9 - - 4.0 4.0 4.0 4.0 Convertible loans 54.0 54.0 55.5 53.5 - - - - 48.3 44.5 Accounts payable 19.9 26.9 36.8 34.3 30.1 37.7 47.6 46.5 56.4 39.3 Leasing liabilities 4.0 4.3 4.8 5.2 6.1 7.2 6.9 7.0 6.9 6.9 Other liabilities 9.7 8.8 6.3 6.2 4.8 5.8 5.8 6.7 11.6 14.3 Accrued expenses and prepaid income 64.9 52.6 34.0 34.9 32.0 30.4 26.2 36.2 37.8 32.0 Total current liabilities 220.7 222.7 210.2 206.9 73.0 81.1 90.5 100.4 165.0 141.0 TOTAL EQUITY AND LIABILITIES 1,536.7 1,574.8 1,480.7 1,571.3 1,589.9 1,505.9 1,612.5 1,672.9 1,543.6 1,571.1 2025 2024 2023 2022 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 CASH FLOW From operating activities -22.9 13.0 -28.8 -29.6 -28.1 -27.6 -32.4 -41.6 -4.4 -11.5 From investing activities -9.6 -14.4 -10.2 -8.9 6.0 -2.5 -18.6 -35.3 -3.6 -18.5 From financing activities 88.7 4.7 -0.3 26.2 62.0 15.5 2.5 130.5 -3.4 45.9 Cash flow for the period 56.1 3.3 -39.3 -12.3 40.0 -14.6 -48.5 53.6 -11.4 16.0
Page 19
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 19 Quarterly data, cont. SEK m 2025 2024 2023 2022 SEGMENT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net sales Wireless 58.2 56.8 40.9 29.2 31.4 56.7 35.0 23.1 37.4 56.7 Photonics 20.3 19.9 17.7 23.1 24.7 17.2 23.3 22.7 21.0 17.2 Total 78.5 76.7 58.7 52.3 56.1 73.9 58.3 45.8 58.4 73.9 SEK m 2025 2024 2023 2022 SEGMENT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Wireless Product sales 13.9 17.8 13.4 10.3 12.0 7.9 9.5 3.3 3.8 7.9 NRE 44.2 39.0 27.4 18.5 19.2 48.5 25.0 19.5 33.4 48.5 Support 0.1 - 0.1 0.4 0.1 0.3 0.4 0.3 0.3 0.3 Total 58.2 56.8 40.9 29.2 31.4 56.7 35.0 23.1 37.4 56.7 SEK m 2025 2024 2023 2022 SEGMENT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Photonics Product sales 10.7 7.3 3.1 10.0 5.4 5.0 8.7 3.8 5.0 5.0 NRE 9.6 12.6 14.6 13.1 19.3 12.2 14.6 18.9 15.9 12.2 Support - - - - - - - - - - Total 20.3 19.9 17.7 23.1 24.7 17.2 23.3 22.7 21.0 17.2 SEK m 2025 2024 2023 2022 SEGMENT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Total group Product sales 24.6 25.1 16.5 20.2 17.4 13.0 18.3 7.1 8.8 13.0 NRE 53.8 51.6 42.1 31.6 38.6 60.6 39.6 38.4 49.3 60.6 Support 0.1 - 0.1 0.4 0.1 0.3 0.4 0.3 0.3 0.3 Total 78.5 76.7 58.7 52.3 56.1 73.9 58.3 45.8 58.4 73.9 SEK m 2025 2024 2023 2022 SEGMENT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Adjusted EBITDA Wireless 3.3 15.6 -3.0 -7.0 -4.8 15.1 -5.9 -8.7 -5.0 15.1 Photonics -5.3 -0.2 -4.1 -0.7 0.2 7.9 -2.2 -1.8 -4.3 7.9 Group-wide -0.7 0.0 -3.9 -4.7 -3.1 -2.0 -4.4 -6.1 -2.3 -2.0 Total -2.6 15.5 -11.0 -12.4 -7.6 21.0 -12.5 -16.6 -11.7 21.0
Page 20
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 20 Five-year Overview SEK m 2024 2023 2022 2021 2020 INCOME STATEMENT Net sales 243.7 236.3 132.6 90.7 96.2 Other operating income 5.7 14.2 8.3 7.2 9.1 Capitalized work on own account 27.7 32.8 59.3 56.4 37.2 Operating costs -404.2 -442.0 -385.3 -295.2 -228.2 Operating profit/loss -127.1 -158.6 -185.1 -140.9 -85.7 Financial net -8.9 -17.2 81.5 1.9 -115.6 Profit/loss before tax -136.0 -175.8 -103.6 -139.0 -201.4 Income tax 19.7 18.4 17.2 5.3 5.6 Profit/loss after tax -116.3 -157.4 -86.4 -133.7 -195.8 SEK m 2024 2023 2022 2021 2020 BALANCE SHEET Non-current assets Goodwill 416.0 391.6 401.7 134.8 134.8 Capitalized development expenses 199.1 197.4 193.1 184.2 147.6 Other intangible assets 633.5 620.2 705.2 - - Property, plant and equipment 84.4 90.8 102.6 101.5 61.4 Other assets 1.1 0.5 0.4 0.2 - Total non-current assets 1,334.1 1,300.5 1,403.0 420.7 343.7 Inventories 42.3 36.4 29.0 23.5 14.8 Account receivables 78.9 45.0 48.6 23.2 19.5 Other receivables 14.5 14.7 9.5 13.5 7.4 Prepaid expenses and accrued income 87.4 68.8 25.3 14.3 12.4 Other current fixed assets - 15.2 8.5 152.1 - Cash and cash equivalents 17.8 25.5 47.2 304.1 249.4 Total current assets 240.7 205.5 168.1 530.6 303.4 TOTAL ASSETS 1,574.8 1,505.9 1,571.1 951.4 647.2 EQUITY AND LIABILITIES Equity 1,182.8 1,197.7 1,240.1 798.9 531.9 Liabilities to credit institutions 19.9 48.0 7.0 11.0 15.0 Convertible loans - 23.9 Provisions 0.6 1.1 1.2 7.2 17.2 Deferred tax liability 132.1 135.6 156.9 0.1 0.1 Leasing liabilities 13.1 15.6 21.5 25.1 22.2 Other non-current liabilities 3.6 2.8 3.5 5.6 7.7 Total non-current liabilities 169.3 227.0 190.1 49.0 62.1 Liabilities to credit institutions 76.1 - 4.0 4.0 4.0 Convertible loans 54.0 - 44.5 - - Accounts payable 26.9 37.7 39.3 21.8 14.2 Leasing liabilities 4.3 7.2 6.9 5.4 4.0 Other liabilities 8.8 5.8 14.3 6.4 8.7 Accrued expenses and prepaid income 52.6 30.4 32.0 65.9 22.1 Total current liabilities 222.7 81.1 141.0 103.5 53.1 TOTAL EQUITY AND LIABILITIES 1,574.8 1,505.9 1,571.1 951.4 647.2
Page 21
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 21 Five-year Overview, cont. SEK m 2024 2023 2022 2021 2020 CASH FLOW From operating activities -72.0 -105.9 -137.5 -83.0 -40.1 From investing activities -27.4 -60.0 -166.0 -245.0 -39.5 From financing activities 91.2 145.0 35.2 376.4 279.6 Cash flow for the period -8.3 -20.9 -268.3 48.4 200.0 SEK m 2024 2023 2022 2021 2020 KEY FIGURES Net sales growth, % 3% 78% 46% -6% 0% Net sales growth, at constant currency (%) 3% 71% 30% EBITDA (SEK m) -31.3 -33.7 -73.7 -107.2 -55.7 Adjusted EBITDA (SEK m) -15.6 -19.8 -75.3 EBIT (SEK m) -127.1 -158.6 -185.1 -140.9 -85.7 Equity (SEK m) 1,182.8 1,197.7 1,240.1 798.9 531.9 Total assets (SEK m) 1,574.8 1,505.9 1,571.1 951.4 647.2 Capital employed (SEK m) 1,350.3 1,294.8 1,331.7 849.1 584.5 Interest-bearing net debt (SEK m) 149.7 71.6 38.7 -253.9 -196.9 Capital turnover ration (multiple) 0.2 0.2 0.1 0.1 0.2 Equity/assets ratio (%) 75% 80% 79% 84% 82% Debt/equity ration (%) 14% 8% 7% 6% 10% Acquisition of property, plan and equipment (SEK m) 8.6 7.1 13.7 38.9 2.3 Acquisition of intangible assets (SEK m) 35.1 46.7 71.3 56.4 37.2 Average number of employees 124.0 123.0 131.0 117.0 101.0 Sales per employee (SEK m) 2.0 1.9 1.0 0.8 1.0 Earnings per share before and after dilution -0.49 -0.68 -0.41 -0.83 -1.37 Equity per share (SEK) 4.98 5.10 5.80 4.57 3.41
Page 22
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 22 Five-year Overview, cont. SEK m 2024 2023 2022 2021 2020 SEGMENT Net sales Wireless 158.3 152.2 59.5 22.1 22.7 Photonics 85.4 84.2 73.1 68.5 73.5 Total 243.7 236.3 132.6 90.7 96.2 SEK m 2024 2023 2022 2021 2020 Wireless Product sales 53.5 24.5 21.7 17.8 14.6 NRE 104.2 126.4 36.4 2.5 6.5 Support 0.7 1.3 1.5 1.8 1.6 Total 158.3 152.2 59.5 22.1 22.7 SEK m 2024 2023 2022 2021 2020 Photonics Product sales 25.7 22.6 11.5 17.5 13.2 NRE 59.7 61.6 61.6 51.0 60.3 Support - - - - - Total 85.4 84.2 73.1 68.5 73.5 SEK m 2024 2023 2022 2021 2020 Total group Product sales 79.2 47.1 33.2 35.3 27.7 NRE 163.9 187.9 98.0 53.6 66.8 Support 0.7 1.3 1.5 1.8 1.6 Total 243.7 236.3 132.6 90.7 96.2 SEK m 2024 2023 2022 2021 2020 Adjusted EBITDA Wireless 0.8 -5.3 -50.7 Photonics -4.8 -2.1 -9.5 Group-wide -11.6 -12.4 -15.0 Total -15.6 -19.8 -75.3
Page 23
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 23 Definitions of alternative performance measures Profitability Definition Reason for using the measure Net sales growth, % Percentage change in Net sales compared with the previ- ous period’s Net sales The measure is used to monitor progress of the Group’s op- erations between different periods Net sales growth, at constant currency, % Net sales adjusted for exchange rates compared to the equivalent period in the previous year. Illustrates the Company’s growth in Net sales driven by vol- ume and price changes independent of exchange rate ef- fects. EBITDA Profit before financial items, tax, depreciation and amorti- zation The measure is a means of evaluating profit without taking into account financial decisions or tax Adjusted EBITDA EBITDA adjusted for items affecting comparability. Items af- fecting comparability include: Expenses related to the em- ployee stock option programs (IFRS 2 expenses and social security expenses), acquisition related expenses, restruc- turing costs, legal costs in relation to major disputes, and a data security breach. The purpose of using the measure is to illustrate the perfor- mance of the operating activities, independent of deprecia- tion, amortization and items affecting comparability EBIT (operating profit) Profit before financial items and tax Operating profit provides an overall view of total profit gen- eration in operations Capital Structure Equity Equity at the end of the period Used to calculate equity/assets ratio Total assets Total assets or the sum of liabilities and equity Used to calculate capital employed and equity/assets ratio Capital employed Total assets less non-interest bearing liabilities, including deferred tax Shows the proportion of assets linked to operations Interest-bearing net debt Net interest-bearing provisions and liabilities less cash and cash equivalents The measure shows the Group’s total debt/equity ratio Capital turnover ratio (multiple) Revenue for the period divided by average total assets Measure of the assets’ ability to generate revenue Equity/assets ratio (%) Equity as a percentage of total assets The measure shows the proportion of total assets that com- prises equity and helps to increase under-standing of the Group’s capital structure Debt/equity ratio (%) Interest-bearing liabilities divided by equity The measure describes financial risk, i.e. the proportion of the Group’s assets that is financed by borrowing Cash Flow and Liquidity Cash flow before investments Profit after financial items plus items not affecting cash flow and less changes in working capital Used to monitor whether the Company is able to generate a sufficiently positive cash flow to maintain operations and generate a surplus for future investments Cash flow after investments Profit after financial items plus items not affecting cash flow and less changes in working capital and investments Used to monitor whether the Company is able to generate a sufficiently positive cash flow to maintain and expand opera- tions and generate a surplus for future dividends Cash and cash equivalents Bank balances and cash Used to calculate interest-bearing net debt Employees Average number of employees1) Average number of employees in the period Sales per employee 1) Sales divided by average number of employees Total number of employees1) Total number of employees at the end of the period Data per share Number of shares2) Number of shares at the end of the period Average number of shares2) Average number of shares at the end of the period Earnings per share (SEK) Profit for the period divided by average number of shares The performance indicator sheds light on the owners’ share of profit Equity per share (SEK) Equity divided by total number of shares at the end of the period The measure shows the extent of owners’ invested capital per share from a owner perspective 1) The performance indicator is operational and is not considered an Alternative Performance Measure according to ESMA’s guidelines 2) Non-financial measure
Page 24
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 24 Alternative Performance Measures Alternative performance measures are used to describe the progress of operations and increase comparability between periods. They are not defined using the IFRS regulatory framework but rather correspond to the Group Management’s and Board’s measures of the Company’s finan- cial performance and can thus be viewed as a complement to the financial information presented under IFRS. Group Jan-Dec 2025 2024 2024 PROFITABILITY Net sales growth, % 40% -4% 3% Net sales growth, at constant currency (%) 37% -4% 3% EBITDA (SEK m) -5.2 -9.5 -31.3 Adjusted EBITDA (SEK m) -2.6 -7.6 -15.6 EBIT (SEK m) -26.7 -35.4 -127.1 CAPITAL STRUCTURE Equity (SEK m) 1,168.6 1,219.8 1,182.8 Total assets (SEK m) 1,536.7 1,589.8 1,574.8 Capital employed (SEK m) 1,321.6 1,348.8 1,350.2 Interest-bearing net debt (SEK m) 79.5 95.7 149.7 Capital turnover ration (multiple) 0.1 - 0.2 Equity/assets ratio (%) 76% 77% 75% Debt/equity ration (%) 13% 13% 14% CASH FLOW AND LIQUIDITY Cash flow before investments (SEK m) -22.9 -28.1 -73.5 Cash flow after investments (SEK m) -32.5 -22.1 -100.9 Cash and cash equivalents (SEK m) 73.5 63.2 17.8 INVESTMENTS Acquisition of property, plan and equipment (SEK m) 0.1 4.9 8.6 Acquisition of intangible assets (SEK m) -11.9 3.9 35.1 EMPLOYEES Average number of employees 125 117 124 Sales per employee (SEK m) 0.6 0.5 2.0 Total number of employees 129 117 128 DATA PER SHARE Number of shares 269,359,076 234,649,894 237,646,796 Average number of shares before and after dilution 259,106,796 234,649,894 235,617,971 Earnings per share before and after dilution -0.19 -0.11 -0.49 Equity per share (SEK) 4.34 5.20 4.98 Jan-Mar
Page 25
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 25 Calculation of financial measures not included in IFRS Group Jan-Dec 2025 2024 2024 Net sales growth, % Net sales 78.5 56.1 243.7 Net sales, corresponding period previous year 56.1 58.4 236.3 Net sales growth 40% -4% 3% Net sales growth, at constant currency, % Net sales 78.5 56.1 243.7 Exchange rate adjustment -1.5 -0.1 0.7 Net sales adjusted 77.0 56.0 244.4 Net sales, corresponding period previous year 56.1 58.4 236.3 Net sales growth, at constant currency 37% -4% 3% EBITDA (SEK m) Operating profit/loss -26.7 -35.4 -127.1 Depreciation, amortization and impairment of property, plant and equipment, and intangible assets 21.6 25.9 95.8 EBITDA -5.2 -9.5 -31.3 EBITDA adjusted (SEK m) EBITDA -5.2 -9.5 -31.3 Expenses in relation to stock option programs 2.1 1.5 3.6 Acquisition-related expenses - - - Restructuring costs 0.2 0.5 7.2 Strategic initiatives 0.2 - 4.9 Data security breach - - - Adjusted EBITDA -2.6 -7.6 -15.6 Capital employed (SEK m) Total assets 1,536.7 1,589.8 1,574.8 Deferred tax liability -116.7 -140.0 -132.1 Provisions -0.7 -1.6 -0.6 Non-interest bearing proportion of other non-current liabilities -3.2 -3.0 -3.6 Accounts payable -19.9 -30.1 -26.9 Non-interest bearing proportion of other liabilities -9.7 -4.5 -8.8 Accrued expenses and prepaid income -64.9 -31.9 -52.6 Capital employed 1,321.6 1,378.8 1,350.3 Jan-Mar
Page 26
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 26 Calculation of financial measures not included in IFRS Group Jan-Dec 2025 2024 2024 Interest- bearing net debt Interest-bearing non-current liabilities (loan, leasing and other) 26.7 152.5 33.0 Interest-bearing current liabilities (loan, leasing and other) 126.2 6.5 134.5 Cash and cash equivalents -73.5 -63.2 -17.8 Interest- bearing net debt 79.5 95.8 149.7 Capital turnover ratio, multiple Net sales 78.5 56.1 243.7 Average total assets 1,359.8 1,547.9 1,540.4 Total assets at the beginning of the period 1,182.8 1,505.9 1,505.9 Total assets at the end of the period 1,536.7 1,589.8 1,574.8 Capital turnover ratio, multiple 0.1 - 0.2 Equity/assets ratio, % Equity (SEK m) 1,168.6 1,219.8 1,182.8 Total assets (SEK m) 1,536.7 1,589.8 1,574.8 Equity/assets ratio, % 76% 77% 75% Debt/equity ratio % Interest-bearing liabilities 153.0 97.1 167.5 Equity 1,168.6 1,197.7 1,182.8 Debt/equity ratio % 13% 8% 14% Equity per share Equity, MSEK 1,168.6 1,197.7 1,182.8 Number of shares at the end of the period 269,359,076 234,649,894 237,646,796 Equity per share, SEK 4.34 5.10 4.98 Jan-Mar
Page 27
SIVERS SEMICONDUCTORS INTERIM REPORT Q1 2025 27 Contact Sivers Semiconductors AB (publ) Org.nr. 556383-9348 Investor Relations ir@sivers-semiconductors.com Telefon: 08-703 68 00 Sivers Semiconductors AB Torshamnsgatan 48 164 40 Kista Financial calendar Sivers Semiconductors AB provides recurring financial information according to the following schedule: Interim report Jan-Jun 2025 July 17, 2025 Interim report Jan-Sept 2025 October 24, 2025 Year-end report 2025 February 13, 2026