Redeye notes that Sivers' Q2 2026 report confirmed a deliberately softer quarter, with net sales of SEK53.8m (61.4) down 10% y/y on an FX-neutral basis, as management consciously reallocated resources from NRE projects toward the product ramps expected to drive a Q4 2026 revenue inflection. Encouragingly, product/hardware revenue, the metric that matters most for the long-term scalable business model, grew 18% on an FX-neutral basis. Adjusted EBITDA came in at SEK-35.5m (-20.9), a wider loss than our SEK-16.9m estimate. We trim our 2026e sales and EBITDA estimates to reflect the deliberate near-term resource shift, but leave our 2027e-2028e figures broadly intact and slightly raise our Base Case on the back of the firm orders announced in Q2 from key customers, reflecting our conviction that a hardware ramp is nearing.
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