Sivers Secures 10% Capacity, Projected Gross Profit of $205 Million to $307 Million

Analysis indicates that if Sivers secures approximately 10% of wafer capacity through the foundry Win Semi, under the assumptions of a 65% yield and an ASP of $50 to $75, its annual revenue from optical array products could reach between $341 million and $512 million, with an annual gross profit estimated at approximately $205 million to $307 million. Based on Sivers' current market capitalization of about $1.1 billion, this translates to a gross profit multiple of approximately 3.6 to 5.4 times. If the capacity allocation increases to 15%, the annual gross profit is expected to rise to between $307 million and $461 million, corresponding to a valuation multiple of 2.4 to 3.6 times. Sivers' CEO confirmed that the company is collaborating with more wafer fabs to expand capacity, with the scope of supply chain certification continuously broadening. The Co-Packaged Optics (CPO) market is accelerating, and future revenue guidance and capacity planning may be further adjusted upwards. On the demand side, there is a tight supply of Continuous Wave (CW) lasers, with Lumentum beginning to source CW lasers from the market to fulfill EML orders, while AMD has locked in related capacity through long-term agreements. Analysts believe that Sivers, in collaboration with partners such as GlobalFoundries, Jabil, Ayar Labs, POET, and O-Net, is advancing mass production, and the newly added independent capacity will be quickly absorbed by the market. Morgan Stanley has listed Sivers as one of the three core players in the CPO laser sector, suggesting that it may expand its market presence through acquisitions in the future.

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