Layer 4 · SIVE — Sivers Semiconductors
Live: SEK 55.70 · Earnings (last): Q4 FY25 loss SEK -23.67M · Next earnings: May 29 (Q1 FY26) · Conviction: 2/10
Bottleneck context
Sivers makes InP lasers and photonics ICs for datacom and 5G. Theoretical CPO play: indium-phosphide laser sources are the bottleneck input into co-packaged optics. Sub-$2B market cap, Stockholm-listed, illiquid.
Why Tier C
Speculative auto-C. Negative TTM EPS, persistent operating losses (SEK -23.67M last quarter), sub-$2B mcap and the May 29 print is the gating event. The InP/CPO thesis is real at the industry level but Sivers is one of several second-tier vendors competing for design-in slots dominated by Coherent, Lumentum and Marvell-Inphi.
Watch trigger
A confirmed CPO design-win at a tier-1 hyperscaler with material revenue contribution disclosed in subsequent earnings.
Position guidance
No position. Watch the May 29 print for any commercial inflection; speculate only on tier-1 design-win confirmation.