Good morning and welcome to this webcast for Sivers Semiconductors third quarter results. My name is Anders Storm, I'm the Group CEO of Sivers Semiconductors. Let's start with the summary of the quarter. The quarter came in at SEK 26.5 million. It's a 90% growth year-over-year. The quarter has been quite interesting quarter. We made a partnership with Ayar Labs, which is a sort of a fantastic, interesting partnership for the future, really putting our photonics business on the sort of forefront of all technology around optical I/O. We've also launched our state-of-the-art 5G chipset for the next generation, including the antenna module. One of our long-term customers are now getting into volume production in Fujikura, and we are negotiating, as we speak, the contract with them.
We also just after the quarter ended made this really transformative acquisition of MixComm Inc, which is a U.S.-based company, and it gives us a lot of interesting opportunities in the U.S., both customers as well as partners as well as strength on the ground in the U.S., West and East Coast and so forth. In conjunction with that acquisition, we also did a direct share issue of SEK 400 million for both the acquisition and for the future growth of the company. Moving into the numbers, as I said, revenue grew about 20%. EBITDA was down a bit, but we should remember here that we've also taken immediately the sort of one-time fees of SEK 37.7 million.
Adjusted EBITDA come in at SEK -8.2 rather than this number. Looking at also the operating income for the total, I mean, we had SEK 100 million better than last year, but that is also something you should remember in the revaluation of embedded derivatives that we did last year. All in all, I think we're sort of very similar to last year and actually a bit better when it comes to EBITDA and operating income, and we're growing at about 20%. We look at the segmentation for the quarter, both business unit grow about approximately the same. If we look at the market now as well, we are actually growing the most in the U.S.
The North American market is the biggest, and it's actually increased during this quarter, and U.S. becoming a more and more important business market for us. One of the major milestones was, of course, the acquisition of MixComm in this because we're really now getting into that market. You can also see here that we're still sort of in the photonics business around the income. It's very connected to NRE and development for the Fortune 100 customers. While the hardware now on the wireless business is becoming more and more hardware and more focused on volume, even if the volume so far has been affected by the pandemic and mostly now recently by customers having component issues with other components than Sivers's components. I'm gonna talk more about that also later.
We're looking at sort of this exciting year, and I've talked about this year as a very exciting year, and I think we've sort of fulfilled most of that now. Also a thing, of course, I haven't been able to talk about this transformative acquisition of MixComm and putting that into perspective. This has been a very, very interesting year for us. Of course, we've done the Nasdaq main listing, which was a huge step for us. We also added resources internally and now also adding more resources via the acquisition of MixComm. In the U.S., we actually hired the first personnel in the photonics business in the U.S. and now adding the MixComm people. Also, the sales funnel is looking good. We've added five design wins.
We're winning a new customer on the InP100 platform, and of course, Ayar Labs, which is one of the leaders in this area. It's really good to work with them. The design wins are moving into volume orders. We had, of course, a tough first quarter due to the second and the third wave of corona, but growing, you know, again, Q2, Q3, we're growing the wireless business with 66%, which is sort of in the line where we need to be and grow even more in the future. The negotiation with the Fortune 100 customer is still ongoing, and that takes a long time, but we're still getting orders for SEK 25 million this year and the dialogue continues, and we're very positive about the future about that project.
If we look at the significance of what we've done in Q3 in general, I already talked about most of these things. We also got Håkan into the company, and as you've seen now, Håkan has a sort of a future or he'd been working a lot with acquisitions and that kind of stuff, so it's really helped us a lot in this process lately. We're also seeing this, of course, the focus on both Fujikura and Ayar Labs, and I'm gonna talk a bit more about those two. Fujikura has been working lately, and for you who doesn't know them, there's a company about 60,000 employees in Japan.
They were founded already, like, over 100 years ago, and they've been building up a millimeter wave team, and they're using our 60 GHz unlicensed band products. They recently done this sort of safe driving support demonstration with local buses and so forth, and this technology is now moving into the volume. They're also been doing other type of products, a home CPE. They're doing modules for vehicle communication in general. It's really going to be exciting to see what they can actually do with this in mostly the Japanese market, but also worldwide. If we look at Ayar Labs, they are sort of one of the absolute leaders in silicon photonics, and they built up some really interesting IP around this.
To be able to sort of create the IP they are creating, they need light sources or lasers, and that's where our silicon photonics business comes in, where we make the light sources in indium phosphide. In the future, it's not going to be possible anymore to send, you know, electricity in copper between the CPUs or the GPUs within a sort of data center in a computer. It's going to be way too slow, and that is because of Moore's Law. You know, you're hitting the targets. You're not hitting the targets, I mean, anymore. But with light, you can send this with 90% less power consumption, and you can increase the speeds.
Ayar Labs have already been able to show terabit speeds between computers, and this is going to be a very exciting project to be involved in and making these lasers for their optical I/O computers for high-speed performance computers. If you sort of look at the Capital Markets Day, we had another company there called imec going through how we can use our lasers together with, for example, imec's solutions as well. It's very important step now and we are diving more and more into this ecosystem, and you can see Ayar Labs here.
You can see GlobalFoundries here, which is also very important part of the silicon photonics ecosystem, where we actually now, via the acquisitions of MixComm, is getting closer to GlobalFoundries. Here we have another potential in the joint work with them, for example. All future markets, like in optical I/O, LIDAR, biosensing, and all the things we're doing now in the silicon photonics business, is really exciting to see that it's coming to fruition. So far, mostly as NRE, as I mentioned, a lot of it, but we will see this business going into the volume business also in the future.
Talking about what we've done so far with the Fortune 100s, so far we got about SEK 100 million in seven different orders on the laser and optics for this bigger Fortune 100 customer. The second one is also a smaller order and still in sort of a research area. We also have other discussions now and in the ecosystem that we see with our Fortune 100 customers where we can actually do more on this. This ecosystem around silicon photonics is sort of just starting up. We are in the right position.
The InP100 platform is at the right time, in the right place, and we're really excited to be able to sort of deeper go into these kind of businesses with the type of companies like Ayar Labs and other Fortune 100s as well. After Q3 acquisition, as I talked about, we're buying sort of MixComm, which is one of the best challengers. I don't see any other company actually in that size that we would have been interested to buy in the same way we did. And we're creating sort of the challenger here in the business, and I'm gonna go more into that.
We also did a direct share issue at SEK 23.50 at SEK 400 million, and we also yesterday had the EGM to resolve sort of non-cash issue for shares to MixComm, and we also added a board seat for Kairos Ventures for Todd there, which I think is really important. I'm going to the U.S. from next week and gonna be there in two weeks to meet investors, to meet all the new people in the company and so forth. Really exciting to bring in these new things and really getting into the U.S. market and being seen more as a U.S. player, which is gonna be very important because the U.S. is driving both the 5G millimeter wave market as well as the photonics market. That's really important for us.
Looking at sort of our two biggest customers, they're making progress in the 5G area. We can see now that Adtran is adding more and more customers, and we expect to see more. They are a very wide company working very internationally. They have customers in 68 countries. They're working with Tier 1, Tier 2, Tier 3 service providers. So far, they've been able to sort of add more Tier 2s and Tier 3s. I think that we're gonna see sort of the Tier 1s popping up here as well, and that's really exciting for the future. However, we're also seeing that if you look at their quarterly report, that they had some challenges with components. I'm not gonna go into that.
We're also seeing now the Cambium solution that we've been working on, and they're coming to market here now, and they're out in many different PoCs, as they mention in their Q3 report. They also have a huge network of customers. They have 17,000+ network operators and 10,000 channel partners. This is what we sort of as a component supplier to them like to sort of piggyback on, and this is going to be very important in the future to see this and how they can do this. We're just in the early stages of this. What they're doing is that they built the base station and this home unit that they can use for 5G NR and point to multipoint solutions.
However, what we're also seeing is this sort of global supply constraints now and earlier we've sort of haven't seen this affecting our customers. Of course it's more now when they're getting into this volume phase, of course. Here is some comments from both Cambium and Adtran. Cambium say great to anticipate the global supply constraints impacting procurement and shipment of products. That is of course not very good, and that's sort of a short term and near term issue I would say. We're also seeing that Adtran having the same issues here and actually already on sort of fairly small volumes, they've seen issues of finding components. It doesn't need to be semiconductors per se, it could be any other type of components that they need to build their products.
Adtran talking about that they are seeing sort of the current half of this year, but they see a normalization in the middle of next year. The conclusion here is that the sort of the growth will be impacted short term, even if we are growing with 20%, it is still an impact. Also one of the impacts in general is that we see that customers need to focus on the current products and redesign products rather than doing new designs. Therefore, we've probably seen less design wins than anticipated the second half this year because they need to redesign and get second source components in and deliver on the commitments they have on other products. Otherwise, they're gonna be sort of penalized by the customers that they're already out there.
This is affecting us now short term, but as I said before, I mean, Sivers is building for the future and building for the long term here. We anticipate to see of course, growth going forward in these areas and specifically also bringing in MixComm into the mix for the next year. We anticipate to see great growth anyway. Talking about MixComm, we have a vision here to build sort of and create the challenger both in 5G and all over millimeter wave and high frequencies. Both Sivers and MixComm have a fantastic mix of products around this, and I'm gonna go through why we're doing this and in a bit more detail. The combined company, and we're still working on the closing, which is sort of depending on an approval from a CFIUS board in the U.S.
We expect that to happen somewhere in Q1. When the companies come together, we have sort of, we'll have total 44 design wins. We're seeing that for next year there's gonna be 16 customers going into volume and some of the really large interesting customers that MixComm has been able to bring in. We're gonna be somewhere around 140 people, and as MixComm has very experienced team coming out from some of the best universities in the U.S., we're gonna be + 40 PhDs in the company and be able to build really exciting products in this area ranging from, you know, 5G base stations, CPEs, satcom, radar, repeaters, and a lot of different technologies.
If we look at the products then MixComm brings in sort of beamformers, that brings in the satcom products and we're looking forward to tell you more about this. The current product that the customer is building based on this is actually doing really well. The repeaters has recently been out to street testing with the big customer there. Also the algorithm that's gonna come in on the top here, that's gonna differentiate the whole company to the rest of the market. Sivers is of course bringing our 5G RFICs from 24-71 GHz with a bit higher integration level. We have the antenna modules. We have the beamformers as well, where we actually have the only overlap between the companies and where we definitely see that MixComm has been able to actually execute better on that.
We have the system, platforms and the evaluation kits that we're selling, where we can be able to actually integrate and show more things on both ends. If we bring all of this together, Sivers and MixComm actually sort of creates a portfolio that it's outstanding in the whole market. If we look at sort of companies that the larger ones, of course, they have millimeter wave technologies, but not as wide and not covering all the aspects that we can be. We can be a one-stop shop for the real big vendors. Of course, we're seeing companies now trying to catch up. We've seen Movandi lately trying to get out with a sort of a 60 GHz offering and so forth. We are and will be in a very interesting position here in the future in the market.
That's one of the main reasons for the acquisition of MixComm. It also brings in, you know, a very wide portfolio, unlicensed, licensed band, satcom, which is gonna be the sort of next big thing when it comes to high frequencies and millimeter wave. We're solidifying sort of the offering and positioning ourselves in a very interesting space. This is going to help us also winning more customers, and we can cross-sell between these things now and cross-sell between the customers. We're already seeing a big interest in that from, for example, the Tier 1 that we are talking to, as well as the repeater company that MixComm has. Also combining ecosystem. MixComm has been good building up an ecosystem as well as us, and we have the same philosophy here, building the ecosystem.
Richardson RFPD, which is their distributor, has also the same philosophy. Bringing in more basebands, we have SiTune, Xilinx, NXP, Renesas and so forth, which is really strong. They're also one of the few companies being a millimeter wave in the open innovation lab where Intel and T-Mobile are. There is also in the handset side here in the future in the OpenRF. We're bringing together an ecosystem here, which is gonna be one of the strongest ecosystem in the market. This is really exciting for us. Looking also at the design wins, we are sort of de-risking the case, of course. All design wins will not come to fruition as we told before, but a lot of the design wins here are really interesting, and we're bringing them to market now.
As long as we sort of have in the back of our heads, of course, that there is a challenge with components in general, this is sort of short term, but long term here, we're seeing a very interesting path into the market. Just to mention the sort of the top three customers here, which one of the major Tier 1s, which is a sort of a base station customers, where we're seeing sort of the design now coming to market in the late next year, with really state-of-the-art solutions that MixComm has built. Also for the repeater with this very big MSO in the U.S. for the repeater things. Here we're also seeing cross-selling over time.
Also here we have Xilinx as one of the vendors and partners in this project, and we're gonna see more of that, I think. Looking at the satcom company, they just tried out things, and we're seeing in the near future, we hope to see sort of volumes coming in as well as orders for more NRE and so forth. This is also something we can leverage now with other customers where we see new satcom things coming in and the satcom market is coming more and more to fruition, even if it's actually a bit longer ahead than maybe the 5G market, but it is already starting up. We're also looking at the synergies in general, and I think I talked about this, but we're sort of de-risking the case in general because we're getting wider.
We're leveraging a very strong existing partnership with GlobalFoundries. GlobalFoundries, for you who don't know them, is sort of the major sort of sub-supplier of sort of the millimeter wave technology, so to speak, when it comes to sort of the chips that we're making. They're making sort of the fundamental technology and the basis for it to do really what we're doing today. That partnership together with sort of a cost and quality and time to market will really be important for us. Sort of the cost avoidance and benefits of scale-up and all of those things, we can already see possibilities how we can use the teams with different type of projects going forward. Positioning the design wins across all areas, becoming sort of the industry player here and broadest portfolio is really important.
I mean, the bigger you can be, the more business you can win, and often sort of the winners are the guys who gets the best market share in the end. Achieving sort of global go-to-market here, we have had the challenge getting into the U.S. market. Sivers has been really strong, even though we're in the photonics business with the Fortune 100, but now also getting feet on the ground in the U.S. is very important. We have good feet on the ground in the EU, of course, as well as an Asian reseller. We're sort of getting a lot of different benefits here. Also together as a company here, we can actually create something which is really sustainable, and of course, we're looking at sort of constantly cut energy consumption.
There is a lot of different things we can do with sort of silicon photonics, with more efficient power amplifiers and all of those things. Reducing that and improving the footprint and making more and more sustainable technologies with also sort of moving our company into the green area, which is sort of a long-term goal here that we will sort of become green certified and that kind of stuff. That is quite important, of course, and we all know what we need to be careful about the environment and all of those things. That is something that Sivers, as a company together with MixComm will contribute quite heavily.
Just looking at, you know, the silicon photonics business where we can have some groundbreaking technology, we can reduce power consumption using light instead of electricity and copper by up to 90%. That is very game-changing. Summing up the strong points of the merger, we have a lot of design wins together. We're gonna work closely with GlobalFoundries. It's gonna be very important to also improve the cost base as well as the margins for the company. We're increasing the total addressable market by about 10x. We're going to have the best technology in the market when it comes to beamformers and RFICs, covering both licensed and unlicensed bands, which is very uncommon. We have a strong IP portfolio that is growing. We also integrate and get sort of into the algorithm and repeater technologies, which we haven't done before.
We have a strong sort of EU and U.S. presence, adding 20 millimeter wave PhDs into the company more or less. Strong distribution and logistics. Richardson RFPD has really done a great job in short time. Now we kinda piggyback on that also for the Sivers product in the future. We're adding sort of the two strongest channels and also getting into sort of energy efficiency and all of those things that we can do even better for the company. With that said, we are keeping on the strategy that we have. We're building hard on partnerships. We're adding a lot of new partnerships now with the merger.
We also keep on building on verticals where we can use the products we have, and we're getting into satcom, we're getting into radars, we're getting into a lot of new things on top of, you know, the verticals that the photonics business now actually added. Like, the latest sort of with Ayar Labs, also new vertical inside computers rather than between computers. We still keep on evaluating, you know, growth verticals and M&As where we can cherry-pick the best companies that we've done with the CST, which is now Sivers Photonics, and now with MixComm. We're not sort of gonna be an M&A company. We're still gonna be a growth company and have organic growth.
That is very important to find the sort of best things in the world and try to bring them into Sivers. Adding up Q3, 20% growth. We are seeing Fujikura getting into sort of high volume here. State-of-the-art fiber chip is out in the market. We are now seeing that, and we're gonna present that of course soon to the market as well in the different venues. The partnership with Ayar Labs is a very important thing. The transformative acquisition of MixComm of course, I don't think the market have fully understand it, and I can fully understand that because it's a very complex acquisition in itself. I am very happy to see this coming to fruition, and it's very, very interesting what we can do together.
The direct share issue that we're close to SEK 400 million is of course extremely important for the future to keep on growing. We're gonna be approximately 140 employees, so we're much bigger. We were about 24 when I started, so we've grown heavily in that area. Ready to get into the growth phase now in 2022 with the caveat of course that there is sort of a component issue here currently. I'm looking forward, looking 12 months ahead and so forth. I am not worried at all that we would not be able to sort of get the growth we want. It is actually just more of a timing issue now, and we have been a bit unlucky with both the pandemic and the pandemic that also created the shortage in components.
Overall, I'm very optimistic about the future, and we're building something for the long term here, not just for the short term. Okay. With that, we end up today. So thank you so much for joining us. We'll get this up as on-demand soon as well. So thank you very much. Have a great day and talk to you soon.