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Sivers Semiconductors is upgraded to Buy after a 78% decline, improved liquidity, and a more attractive valuation entry point. SIVEF addressed its funding overhang with a SEK 700m raise at high prices, resulting in manageable dilution and a stronger cash runway. Valuation reset to ~26x EV/sales (blended), with photonics-only at ~110x; ramp to ~$30m photonics revenue by 2027 is key for 1.5-2x upside.

Sivers Semiconductors AB (publ) (SIVEF) Q2 2026 Earnings Call Transcript

Sivers Semiconductors is rated a 'Speculative Buy' at SEK 37, targeting SEK 52, reflecting high execution risk but significant upside. The investment thesis hinges on multiple production ramps (LiDAR, ALL.SPACE, AI optics) transforming SIVEF from engineering services to recurring hardware revenues. Valuation already prices in aggressive revenue and margin expansion; failure to deliver SEK 1.25 billion in revenue and a 40% gross margin by 2028 risks severe downside.