Sivers Semiconductors: A Post-Crash Entry Into An H2 2027 Photonics Ramp

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.

The thesis is back-loaded to H2 2027, with near-term focus on Q4 revenue inflection, photonics order visibility, and gross margin stabilization.