Sivers Semiconductors publishes interim Q3 results
Continued strong growth and order book - confirms 100 percent growth target
Sivers Semiconductor has announced very strong growth and won several important new orders in the third quarter. Sales grew by 107 percent to around $5.2M, setting it on route for net sales growth of minimum 100 percent for the full year 2023.
Sales totalled around $14 million for the first nine months of the year, corresponding to growth of 96 percent.
During this quarter, Sivers Wireless received a key volume production order from our leading European SATCOM customer of $5M. Sivers Photonics secured a key order from Ayar Labs, totalling some $1 M. "This order for the qualification of volume production of our unique laser arrays confirmed our position as a key supplier in one of the largest future growth areas; generative artificial intelligence (AI)," according to CEO Anders Storm.
He added: "The strong sales are a result of solid growth within both of our business units, where Photonics and Wireless increased by 38 and 210 percent, respectively, compared to the same period last year.
"The growth per segment during the first 9 months corresponds to 33 and 193 percent, respectively, compared to the same period last year. During the last rolling twelve months, Sivers has reported new orders of SEK 330 million [$29.5M] and turnover of SEK 212 million [$18.9M], which corresponds to a growth of 100 percent."
Storm states that the market for 5G mmwave has shifted but is more than compensated by SatCom and photonics. "So far, 5G mmwave has been most successful in a few niche areas, and although we see great opportunities with the latest prototype order from the Tier-1 customer, this market has not fully matured yet, despite this, we stand very strong as a company and our strategy is timely with several megatrends now accelerating. "
He concluded: "We foresee very strong continued organic growth. In addition, over the past year we have further rationalised costs. Thanks to strong growth generating profitability, plus the new share issue and loan financing secured last spring, we have covered our capital requirement and are looking to the future with great confidence. Our strong, broad customer portfolio benefits from several megatrends and our innovative, competitive products mean that we are in a unique and excellent position. I look forward to our continued success in 2023."
