Serenity Questions Sivers Photonics' Market Strategy, Urges Focus on U.S. Growth

Huo Xing Cai Jing reports that on August 29, Serenity questioned Sivers Photonics' (SIVE) development strategy, arguing that the company remains overly focused on the Swedish market, while U.S. investors are more likely to be interested in its future growth potential and the tangible economic value generated by its orders. Serenity noted that U.S. analysts are more likely to focus on what Sivers’ recent allocation of two wafer fab capacities implies—particularly how much revenue and operating leverage these capacities will generate amid supply bottlenecks and rising ASPs (average selling prices). Additionally, topics such as the volume ramp-up of NPO/CPO, pluggable optical modules, Ayar and other CPO manufacturers by 2028, ELS products collaborating with O-Net, and the scale and potential TAM (total addressable market) of six new pluggable customers deserve deeper discussion. In contrast, local market concerns center on issues like “how to stop the bleeding,” why private customers cannot be disclosed, why the company focuses on transceivers, and what exactly the “pipeline of business opportunities” means—forcing management to spend significant time addressing these questions rather than discussing future growth. Serenity believes that the more time Sivers invests in the Swedish market, the more its valuation will be constrained by Swedish market investment logic; therefore, it must more actively showcase its future growth opportunities and their underlying economic value to U.S. investors.