Had some more time go through $SIVE earnings trans

Had some more time go through $SIVE earnings transcript, it’s very bullish:

- $Jabil(JBL.US) pluggable partnership led to more optical transceiver requests for $SIVE

So maybe Innolight/Eoptolink and other large players are my guess.

- More laser capacity on top of Win Semi with more partners being developed. “When the timing is right, we will bring those details to the market.”

CEO said it’s not just Win/Glasgow. I’m already confident in Win Semi scaling capacity, given they’re critical in SpaceX / $Broadcom(AVGO.US) supply chains already.

But this derisks those capacity ramp even more. Just not publicly disclosed yet.

- tremendous executive credibility and experience with U.S. markets, as well as strong M&A experience

Flagged M&A in regards to new board members, which we guessed based on their backgrounds.

- “Production orders are imminent from our lead SATCOM”…

So that’s volume ramp for space

- U.S dual listing progressing smoothly

No exact timeline, my personal guess was around late Q3 or Q4. Probably after June board meeting, they’ll announce timing since that’s when new board members come in.

- “Viewing the ecosystem vendors as competitors is the wrong way to go about it in supercycles where demand far outstrips supply.”

Too much demand in photonics

- “Over the last five months, there's been a rapid increase in the Photonics pipeline as well”

Basically 77% growth pipeline came from photonics (which validated thesis about cpo/pluggable growth vectors for sivers)

TLDR:

We moved from “can sivers get customers this small and can they compete with $Lumentum(LITE.US)?”

To execution eg. “how much can sivers even produce to feed into each supercycle” as they’re volume ramping while demand > supply.”

To me that’s very positive if anything they make gets bought.

Also there’s likely to be a lot of TAM expansion in the photonics space post-M&A as well as more ongoing hyperscaler supplier qualifications hinted.

Again, revenue pipeline surged 77% in just their quarter (5m) largely from photonics… over the entire company’s history.

As CPO scales up h2 2027 onwards, I’m expecting the revenue numbers to look like an exponential curve.