Good morning. This is Anders Storm, the Group CEO of Sivers, and very welcome to the Q1 2024 W ebcast for Sivers Semiconductors. With me here today, I have Lottie Saks as well, our CFO. So I hope the sound works here today. Let's move on. So we're going to today's agenda, a short executive summary, a sales overview, what's happened, financial overview, market and business update, what's happening there, and a summary, and then as usual, a Q&A in the end. So if we look at the quarter, it was a stable quarter, with revenue in line with last year's revenue, and of course, it's been a very, very great year last year with 130% growth. So it was a bit, a little bit difficult to grow the company in this quarter.
However, even if we are in line with last year's revenue, we are still, it's still that we actually improved EBITDA quite a lot, almost 40%. And we also had a great quarter when it looks, we look at order intake. We have four huge orders in the vicinity of $100 million in sales, and then other orders, of course, on top of that, we, we haven't press released. And of course, both the adjusted and the EBITDA was in line in the same levels. And I'm gonna talk more about these four deals and what's happened during the quarter as well. We also seen, which is a good sign, a increased demand on new business opportunities in the 5G area, which have sort of been in across many geographical areas.
And also had a very good quarter when it comes to successfully securing funding with loans and other access for the coming 12 months, which is sort of a very important step, of course, when we are getting closer and closer to a cash flow operational cash flow positive and so forth. So again, the quarter, -4% year-over-year, about 35% improvement in EBITDA and adjusted EBITDA. And here you can see a very positive trajectory as looking over the last 2.5 year about that, and we're moving in the right direction with the... With, you can see that Q4 is often a very, very strong quarter.
And then we have also moving in the right direction on the adjusted EBITDA here in a positive trajectory in quarter over quarters, with last year's being an outlier with really strong sales, of course. And also to understand a little bit, we're getting a lot of questions around EBIT, and it's so negative compared to the EBITDA, and why is that, and so forth. And it's a lot of non-cash flow items if you look at the EBITDA, and these are sort of running depreciations that will be there for quite some while, actually. And that's why we think it's at this stage for the company, it's more important to look at the EBITDA rather than the EBIT, which is sort of affected more with the non-cash flow item.
It's R&D capitalization that is now depreciated over a 5-year period, and a lot of that are investments done in 5G. We also have some fixed assets where we bought equipment and others. They are also depreciated over a 5-year period. Of course, we have the MixComm acquisition, which was actually, you know, at that stage, 85% share transaction, but even so, we had to depreciate that value that actually came in then in that acquisition. That's depreciated over a 15-year period, which is SEK 13.4 million per quarter that we are depreciating. Then we have leasing contracts and others, which is also depreciated depending on things for over a 3-7-year period.
Hence, it's important to understand if you want to sort of estimate EBIT, you have to add these sort of depreciations of about SEK 26 million every quarter, and then EBITDA, of course, which is, in this case, improved quite a lot compared to last year. That's why we look more at EBITDA and EBIT right now, because it's not so much we can do about these depreciations. Okay, so looking at the sales, summarizing, I mean, our latest 18 months, I think we've had a fantastic sort of uptake in our sales and order intake. We are now at about $42 million that we are working on and getting out in revenue over the quarters. We still have a lot of this, and as I just mentioned, over the last quarter, we brought in another $10 million.
We see a great pipeline and growth also for the future in both business units in that sense. Even if we're having a little bit of a slower growth pace in the first half of this year, we see that pace picking up again in the second half, and as we've seen for the company, we've had a sort of a plus 44% growth over the last seven years. So that is a kind of a growth we see in general for the company as we see it, if we look at it on a sort of a higher, longer-term level. So if you look at the significant event, it's been a fantastic quarter.
First of all, we started with the US Fortune 100 early in the year with an order close to SEK 10 million. We also got another new order from the European Space Agency, about SEK 7 million. We had an order from Thorium Space. I'm gonna talk more about that. We also appointed a new chairman to the board of directors, and we also secured liquidity and supplements during the first quarter. I'm gonna go into how we secured those 82 million. Also did a very strategic deal within AI Photonics for the next generation AI solutions for SEK 13.5 million, which is just the start of that project. And then we extended a very important partnership, of course, for the next generation chipsets for Satcom with our European customer.
Of course, we also announced my departure, which is sort of I'm gonna stay all the way to September before I start my new job as a CEO in another company. This has been sort of significant events during this quarter, and I'm now gonna talk a bit more about them in detail. First of all, the Fortune 100 customer. This was a very important step into the next phase. We are designing 50,000 lasers for further system design and advanced testing. This is follow-up order on the 30,000 devices we got last year, and we are now at about $18 million over the last five-year period for this customer.
This is, of course, one of the most exciting projects we're working on, and we're really looking forward to see when this comes to full fruition in a volume project. And of course, you know, we've been talking about this many times, the volume project is that we're getting this back from the customer, but we have done the RFP, and that is ranging from everything from 30 million per chip per year, up to 100 million per chip per year, depending on what kind of device we will be in, in this consumer electronic solution. So still we are waiting, but we're getting closer, of course, every day because the day goes on.
Then we have the European Space Agency, and this is the first project for us with the European Space Agency, and it's also a rubber stamp on the quality that Sivers has and the value we're building. This is sort of for the next generation frequencies, where you get even wider bandwidth for Satcom communications. And these frequencies are, of course, very well in line with Sivers in general, and how our products are working in the higher frequencies. And the higher the frequencies, the same thing in the 6G space, the more important Sivers and relevant Sivers has become over the years. And the partnership with Thorium Space, another 30 million SEK project focused on advanced validation of chipsets design for space side deployment as well. This is the first time we're in space side.
Anticipated revenue in this year is about SEK 20 million plus, and this is also funded by a European Space Agency and Polish government organization. So, great project for us, and this will of course secure growth and revenue over the year. Also, Bami Bastani, doctor, he's been working forty-two years in the semiconductor industry in the US, been working for GlobalFoundries and a board member of Global Semiconductor Alliance. And as a strategic advisor before for Sivers, he's now also nominated as—he was nominated as chairman and now also elected chairman in the AGM, and also working part-time also as an executive chairman for Sivers Semiconductors Inc., supporting us in the US. And the liquidity of the SEK 82 million, how did we secure that?
So we announced a loan facility of SEK 50 million, whereas SEK 35 million was a convertible bond. And another loan recently was also signed with the U.K. government, which is a 7-year loan for SEK 17.5 million more. And also, we had some previously blocked bank funds of SEK 14.9 million in a project with one customer that is now released. So the total in this quarter, which is very positive, SEK 82 million, and we comes out, I think, with about 70+ million in the end of the quarter, and we are re-reducing our burn rate as we go quarter by quarter. So this is a really important step for us to avoid any sort of further funding of the company.
Of course, this very strategic deal, this is a sort of Ayar Labs type of customer, but a wider portfolio. Initial contract value was $1.3 million, and this customer is moving into manufacturing with us then hopefully around 2026. We are talking millions of units per year in their forecast. Of course, with a $50-$150 per unit, that is, of course, a massive possible growth, including in this project. So very important step, second important company in the AI photonics business for us. We have a lot of traction also in this from the OFC conference, and we can see more of that in the future.
One of the biggest deals we did during the quarter was this SEK 50 million deal with our well-known strategic Satcom customer. This is actually for the next generation solution, and we already have a solution with these guys on the beamformers that we are developing, and we already shipped SEK 40 million, approximately, from those volume orders. So this is already in volume for the current solution, and now we won the deal for the next generation that will sort of be developed during 2024 and 2025, and hopefully moving into volume production in the end of 2025. So now we're coming to finance details, and Lotte, the floor is yours.
Yeah, as Anders said, we had a stable revenue in Q1, in line with prior year, so revenue of SEK 66.1 million. The really positive thing was that Photonics grew with 18%, which is a higher growth pace than we have seen before. And specifically, product sales increased with 98%. So in order to scale on the business, the increased level of product sales is really important for us. So as you can see at the bottom graph, product sales increased with SEK 9 million in absolute value, and the NRE product sales decreased with SEK 11 million. The decrease in product development is because we had a really high level of activities in Q1 2023, that was partly executed by external consultants.
So I think what is important to point out is that revenue will vary over quarters based on the phases in the different customer projects. The portfolio of customers and products are still not large enough to having them even out completely. So the success in the products shows in the numbers as well. So, I think, can we move on? Just looking at then the quarter in perspective. Again, we had a really step change in revenue levels in Q4 2022, and we are maintaining that higher level. So we have several consecutive quarters on that level. And Q1 2023, again, was 113% growth. So we are not meeting that in full, but almost in line with that.
On the right-hand side, again, to maintain the higher level of product sales, so in absolute value in Q3, we reached the all-time high level of SEK 18 million. We followed up in Q4 of SEK 13 million, and now we also have a higher level of SEK 17 million in absolute value. So it's a lot of data on this sheet, but in terms of the segment sale, again, 98% growth in product sales. If we zoom in on the two business units, in Photonics, we have had, for a longer period of time, a healthy level of product sales, and that also grew with 7% in the quarter. In Wireless, then, we grew with 219% comparing to Q1 in 2023.
So that is really positive that we are able to increase that in line with the success of our customers moving forward. And also looking at the share of the geographical split on an overall basis for the company, we have 36% of our sales in North America and 64% in Europe. But if you zoom in into the two business units, it looks a little bit different. So in Photonics, we have 78% of the revenue in North America and 22% in Europe. But if we look at Wireless, at this point in time, we have almost all sales focusing on Europe, so 97%. And then turning the growth and the revenue into EBIT and profitability.
Again, on, on the left-hand side, we compare the step change in Q1 from 2022 to 2023 in the first level, and then again, maintaining that level in 2024. So even though we're not growing revenue further, we are improving profitability. So looking at both EBITDA and adjusted EBITDA, you can see it's a clear improvement compared to corresponding quarter the year before. So we think we are in a good position in terms of further continuing to improve our profitability, and then following that, improved cash generation as well.
Okay, thank you for that, Lotte. Let's go into this bit of a market update. So if we look, for example, at how the volumes in the Satcom business will develop, and even at smaller volumes, you can see that the content here and the chipsets you see here is about $10,000 per terminal. And we already shipped, you know, SEK 40 million so far, and in an early phase of this development. And now we're sort of also bringing in the next generation here. So there is about 1,800 chipsets per terminal. So this is important to understand when these volumes will ramp over time now, and we already shipped, as you know, SEK 40 million....
Also, another important piece here is, of course, the niche in the track-to-train, which we are very proud to be part of, and we talked about this quite a lot before. And there has been some delays with the Caltrain electrification project, which was about to sort of roll out earlier. But the whole train system is now sort of projected to come into fruition in fall of 2024. And then, of course, I want to ride that train and test our capabilities there. But that is a very interesting project to be part of, and a great window for Sivers to show our technology when that comes to fruition.
Of course, it's already rolled out in Spain and the UK, and the first carbon neutral systems that are available for track-to-train applications. Also, as I mentioned in the OFC world, 5G is now showing some positive signs. We had a really good Mobile World Congress, and we're now seeing new NRE and volume projects in many of these markets, and they could materialize already in Q2 and Q3. We see products in India, in Japan, and Europe, and Americas, with the even larger Tier One customers. We hope to come back in the coming six months and give you some positive news on what's happening also in the 5G part, which has been sort of a bit slower due to the changes that we've seen there before.
Of course, the AI photonics for data centers is really something that we have seen a very positive move in now, and we're also seeing Ayar Labs moving into the next phase here and have in discussions on that as well. We have a very positive OFC conference in San Diego, where we all were. The reason for that, of course, is that, you know, the large language model for AI are growing and growing, and the capacity for components and hardware is not growing as quickly. So that shortfall is, you know, where AI photonics will be very important because you can scale with hardware and communication between hardware rather than scaling the actual GPUs in the future.
Of course, you can do that only with photonics rather than electronics, and where photonics actually could sort of provide a 10x lower latency, 8x more power efficient. So, you know, instead of 100% of the power, it's gonna be 10%, higher data rates, 5-10x, and a cost reduction on about 90%. So this is a win-win for everybody to do this, and it's on its way to get to fruition. And as you know, we signed a very important project with Ayar Labs in July last year, and we're working on that now to deliver it.
Then the next phase is gonna be prototypes and volume prototypes for that, and hopefully we'll come back on that in the coming 3-6 months when this project is done, where we will see bigger projects from them. And also recently signing this new deal with a similar customer, and we're also seeing new possibilities with this customer short term within the coming year. And also, of course, the big opportunity with this customer and Ayar Labs when volumes comes to fruition in 2026. As you know, we went to the OFC here in the end of March. Ayar Labs demoed with us 16 terabit bidirectional data, which is sort of crazy numbers.
We also had a demo in our booth with their stuff for 4 terabit bidirectional. So this has really taken off, and we had more interesting meetings than I think we ever had, and the team said that this is the best OFC we've seen ever, already after the first day. So, very good insights, good meetings, and this is gonna come a lot from that during the future. And of course, the reason for this is that, you know, if we look at what, for example, NVIDIA do today, you know, they can, they can do 900-300...
3,200 gigabits per second in the latest thing they talked about, and now we're talking about, you know, 16,000 gigabits per second and reaching 100,000 GPUs rather than 256. So, and the energy efficiency is at 10% only used energy rather than at the current solution. So this is going to be a game changer for building these clusters. And if we look at the overall products here, of course, you have the current data centers where you do the pluggable optics. Then you have the DFB arrays, where we are on what I'm talking about today here, with 8, 16 channels, 16 terabit, and sort of connecting all the different GPUs within the solution.
But also in the next phase, a bit later, you're gonna see photonic compute, where you actually use to compute the, the AI solutions. And that's where we also have, with the new customer, a future, when they get to that market, because they are also a bit wider in their portfolio than Ayar Labs is. And here you can see the example on where Sivers are in this, AI solutions. If you can see the Ayar Labs, TeraPHY up there on the, on the right-hand side, and which integrates directly with the GPUs on the silicon to silicon connectivity. And then you have the Ayar Labs Supernova, on the frontier, where Sivers has our DFB lasers.
These lasers has a huge content when it comes to the ASP of this solution, between $50-$150, depending on volume. So as soon as this market takes off, the content is going to be huge for us in that sense. And just to elaborate on how big that market is, you know, in 2025, there will be something like 15 million GPUs sold, and there is, of course, 4 laser arrays per GPU, at least. And, you know, adding this up, it's a lot of TAM you can look at. And of course, if we look at the annual deployment of five data centers, I mean, that's 20,000-25,000 GPUs in just five data centers.
But current customers are talking, but depending on customer and, and their customer, everything between 1 million to 6 million of these lasers per year. So there are major volumes for this in the future, and we already sort of working with two very positive customers and making great progress on, with them. So summarizing, you know, if we look at the company over the last 8 years and, and the growth over these 7 years, this has been 44% growth. There are some people that are saying, where is the growth? There is growth, and Sivers have delivered 44% CAGR over this period, which is much better than most companies have, which is important to remember.
You also have to remember and look a little bit over time. Everything doesn't go, you know, quarter by quarter straight line. It's also ups and downs and depends on a little bit, and that's what I'm going to come to in the end. This is going to be driven by that we are now in the next phase, coming into the volume phases, and we have already talked about that. Our wireless business grow hardware volumes over 200% in Q1. So we are in the right direction, and we're going to move from 30% product revenue to 80% product revenue in 2026, and that will, of course, increase revenue and growth.
So if we look at that, and I'm coming to that now, I mean, summarizing the quarter, it was a stable quarter, but it, of course, quite difficult to grow heavily after a fantastic quarter as last year of 113%. However, even so, without growth, we actually improved the EBITDA with good cost control, better product mix, and so forth. And also great quarter when it comes to new deals, SEK 100 million, building the pipeline for continued growth, loan and cash secured for securing funding. But then looking at the growth trajectory, we have said this many times, it's going to be lumpy quarter over years and so forth. But there are a short period now of consolidation during a part of the first half, but we're preparing for continued growth in second half of 2024.
As I mentioned, historically, Sivers has grown with 40% CAGR, and we are assuming that we'll continue doing that kind of growth on average over the 3 coming years. But it will go up and down per quarter, but having a long-term view of the company and that growth, that is a fantastic growth for most companies. And we are accelerating this growth, of course, more and more as we come into these AI volumes and so forth during this period. And volume production is going to drive this organic growth by increasing the volume, as I mentioned, from 30% to 80% at the end of the period. And then there are further possible upside, that this growth could be even bigger if we include, you know, the Fortune 100 and the, and the other AI customers we're working with and so forth.
So there is a huge potential for growth in the company, and we very, you know, we secured most of the customers already to make this growth happen. We don't need to add more customers. Even so, we do that on a continuous basis, and we are very bullish, I think, about how that looks like over the coming period. So by that, we are now in the Q&A session, and as you know, I have a very small window here, and I'm going to try to open that up and see how we can answer as many questions as possible today. Okay, I'm rolling up here and take the first ones. Any positive news from the new SATCOM customer from August, will they proceed? New SATCOM customer from August.
Not sure which customer you're referring to there, but we are with the customers we have announced, we have great progress. We just announced 30 and 50 million projects in this quarter. So we see great progress in general from our customers, and we already delivered also to one of them, SEK 40 million in sales. Any news you can share about regarding the hybrid solution for factories, both for the Fortune 100 and Ayar Labs? Yes. So we are looking at these qualifications, and we, we've now gone from 3 different companies we looked at down to 2, and we're starting working with them. As you know, we're looking to do these volumes in the future, and I think we are in a good place to secure this hybrid solution.
And as I mentioned, there are millions of chipsets that needs to be made. We can do some of the volumes in our own fab, but the hybrid solution is the path we are still working on. Can this sensor, the Fortune 100 number one, with your emitter and maybe detector be used for different readings, or is it just for one particular reason? So can they first choose one purpose for this sensor and later use the same sensor in different applications? I think it's possible. Right now, they're working on one solution, but this is a very wide band solution that we have created that can scan many different frequencies. So definitely possible to be used in many applications. Have you heard anything positively from your partners within the India 5G markets?
Yes, we are moving ahead there, and we're seeing new projects also with the bigger bigger vendors, and have good contacts into the OEM solutions that they use in India from Taiwan. And I think there will be more information on that in the coming six months. Hybrid, yeah, I already answered the hybrid one. Have you met some candidates for the CEO position, and are there some requirements that he, she needs to be based in the US? I'm not gonna be part, I think, of the recruitment. That is handled by the board, and the board is working on that. They have a sort of a headhunting firm out working on that, and I've seen the list of candidates and so forth.
I think it is US-centric, currently, because we want to sort of increase our presence in the US, but more than that, I can't say. Have there been some serious proposals for acquiring the whole or parts of Sivers? If you do—if yes, do you need to present this to the market? We only need to present, of course, something that is valid, and of course, the board needs to take into account anything that is sort of valid, a valid offer and share that with the market. But we have had nothing to share at the moment for any valid offers that we receive. Sivers is your child, and you are still investing in the company, even if you are going to resign. Is there something you want to add to your resignation? Add to your resignation.
Not sure what that means, but I mean, I've been working for the company for 10 years, and it's going to be soon eight years as the CEO. For me, it's been a fantastic journey, and I think it's time for someone else to take over, and I've also got an offer I can't refuse, putting a new company onto the stock market again, and that is a quite interesting journey for me. So, I think it's an opportunity for me that I couldn't say no to, basically, and therefore, I resigned. But I still believe in Sivers, and all the opportunity Sivers has is fantastic.
Being a shareholder of Sivers, I'm going to have both the opportunity to be part of that and in the new company I'm joining. Good to hear that someone says good sound today, so we've solved that. Is Bami Bastani actively working with, for Sivers now? And if so, what is his role and what does he do? Yeah, so he is, of course, doing the normal work as the chairman of Sivers Semiconductors AB. Then he's also working for Sivers Semiconductors Inc. as an executive chairman, which means that he is more also active in working with investors, working with the ecosystem, taking part in meetings and so forth, with the team in the US, specifically, and are engaged with many of the different parts there. SES acquired Intelsat recently.
Do you think that will affect situation for All.Space? Can Intelsat be seen as a competitor to All.Space in this scenario? No. So Intelsat is a satcom provider as well as SES, and they don't have ground terminals themselves. They sort of work together with the ground terminal companies. So I think that this is sort of a non-issue in that sense. Sivers is working with these companies also directly, so I think we don't see, and we met both of them, of course, in Barcelona this year. So I don't see any issues with this. It's just more of a consolidation move, and SES and Intelsat has sort of mid-earth versus geostationary satellites more. So they are widening their reach more, I would say, from SES side.
Any information about the All.Space order seems to be still more than 40 million SEK left to deliver on, which you comment about growth in H2. Does it mean that the orders... So starting sort of the first order, I mean, we've had something like 67 million SEK in total, so there is about 20 million SEK something left to deliver on the All.Space order that we have. With your comments about growth in second half, does this mean that the order has been pushed out further? There is a little bit push in that sense, but it's, it's no, you know, major. We said that we'd deliver a lot of this order in until, you know, April something in this year. So no big push, but it's sort of a little bit of it. Any questions on All.Space?
What is the reason behind the delayed delivery? I mean, we haven't talked about the delayed delivery here, so I can't really say where-- who is telling you it's a delayed delivery. Amazing progress with Ayar Labs regarding the 16 terabit. Do you and/or potential customers consider the speed as good enough to start scaling up with this and foster connection before pushing solution to the market? No, I think this is sort of the, the Holy Grail and the target for, like, 16 terabit bidirectional, and, and this is solving, you know, all the bottlenecks that has been looked at, and this is the target, solution for volumes, I would say.
This is what we're working at, and you probably will see more on this, with us and them to sort of how do we get to volume production in the next phase with qualification and so forth. How is the outsourcing product going with the photonics? I already answered that. Any news regarding Aeva for the LiDAR? We have solid solution from our side here already, or does it require more development reaches before our parts are ready to implement? We have never mentioned that name in that sense, and I can't really talk about that, I would say. If we look at the LiDAR customers, we are making progress. We're working with four different ones, and they're all US-based. But it, of course, takes some time to get to LiDAR solutions.
According to information given on the capital markets day, Sivers aim for high growth in 2024, it will stay. Is it still valid, or do you see a risk that it may affect this statement? I would say that, depending on you, what you mean or what we mean with high growth, I mean, if we compare to other companies, of course, last year we had 80% growth, and that is extreme growth, I would say. High growth depends what you say about that, what, what number you put on it. But for the year and the budget that we are following currently, we see that we have a high growth this year as well. But it is more connected to the second half of the year in this case, but we are still seeing growth, in that sense, yes.
How many Satcom customers do you have now? Is it three, Thorium, well-known European customer, and third one? Thanks for taking my question. There are more. I think it's a total five-ish in different projects. Some of them are, you know, with designing antennas, some are more chip development, some are the, you know, the work we're doing with the European Space Agency, and there are also others where we doing pre-studies and stuff. So it's around five, six, I would say, currently, and the pipeline is growing. All.Space order again. Where will the revenue come from in second half 2024? Yeah, it's a mix of all the different parts here, of course.
The three top things I would say is SATCOM, AI Photonics with the sort of prototyping ramping from that, as well as, you know, 5G business that we're seeing moving in the right direction. You will be missed. What do you think will be the most exciting part of 2024 for Sivers? Oh, very good question. I think it's connected to things I can't really talk about yet, unfortunately. So, there are a lot of exciting things where I think will happen during the year. But, you know, already, if we talk about things we talked about so far, I think seeing the AI photonics part with Ayar Labs and the new customer moving in the right direction, that is a big thing.
And of course, our SATCOM stuff. Do you have an estimated time frame for the fab solution, hybrid solution? No, we don't have an estimated time frame, but that is sort of going to support the volumes from, you know, the end of 2025 and 2026, something like that. So it is some time before we get to that. Expect it to be down to scale up, for example, for the Fortune 100. Yes, it's going to be part of that scale-up. And of course, if the Fortune 100 comes to volumes, which we are quite sort of secure about, but we don't know when. 5G Tier 1, there is work done on that, and there are new progress with that customer as well, but they have not come to a solution. We recently received the-...
a third prototype into our labs, and we are working on that, but it's a very long project, unfortunately, but it's moving in the right direction. Can you please confirm further on current cash position and cash flow projections? So we don't do with a cash flow projection, but I think that, you know, what we, we secured SEK 82 million, and, and I elaborated quite a lot on that in the presentation. The SEK 82 million, I think it's now 70+ million in, in, yeah, almost 70 million, SEK 68 million in the end of the end of the quarter. And, and, of course, with, with growth and, and, with cost control that we have, we see that this is sort of, the money we need to, to, to have for the year.
So, there is no sort of more securities that we need to do any big things anyway, and we have secured that. So go back and look at the web where I told you that. What's happening with the Fortune 500 customer number 1 and 2? They are quite sort of slowing on what they're doing. I would say, we're not gonna see anything happening there. They have been in the testing phases, but we haven't seen anything back, and there's also been changes within those organizations where we've been doing those things. But there are, of course, many different Fortune 100 we work with as well, so it's just not that we just have 2, 3 here in the sense.
When will the postponed SEK 50 million All.Space order from Q4 be recognized in the revenue? So there is not a postponed order in that sense. We have delivered already SEK 40 million, and there are some deliveries that we are still working on, on that part. Where will the revenue... Oh, that's the same question. Can you, I need to address, tell us the Fortune 100 venture com- which been headphones, watches, ring, or VR headset? No, I, I can't really go into exactly, but we've said it's consumer electronics, where, where it's gonna be used. With the upcoming change of going to a new company, are you gonna be more active in the Swedish nightlife and so forth? Best of luck. I don't, I don't think that's a valid question. How are you going to avoid a, a share issue in 2024?
You have said that the money is gonna be enough. Yes, we are not planning a share issue, so, and as you see, we have almost SEK 70 million in the bank, and we are moving, you know, for to, and as you see, EBITDA was SEK -7 million only this quarter, and of course, operational cash flow, and we have everything under our own control right now, so there is no share issue that we are planning or have in the plans. Do you expect more orders from Ayar Labs or similar customer this year? Yes, we are. We are in the talks for the next phases as we started in July, it's a year ago, and as we said, after a year, we are into the next phase.
So we are in talks on that as we speak. Is it possible for you to work with companies like Meta, Google, Amazon? Yes, we have the solutions for that kind of companies. Same question about Fortune 100 again. Do you expect another big order from All.Space soon, and when? I mean, we are looking to see if we can get more orders from them, and of course, it's all about their success as well. We don't have any new orders currently announced, but we have, you know, still some deliveries to do on the current order. Is EBITDA a good proxy for the cash flow for Sivers? Yes, it should be a good proxy, and that's why we're talking about that.
But if you look at overall, of course, we have also some investment, so CapEx going in. So CapEx, together with, you know, R&D capitalization, and EBITDA is sort of the best proxy to look at our, you know, burn rate. And as we said, we are reducing the burn rate quite heavily this year, and we are going to sort of secure that we can stay, and we have a going concern with the money we have currently. Thanks for the answer. Are you looking for the Fortune 100 this year and long term is to do pilot line? So the pilot line we sort of have in our in-house, so we can deliver and build the pilots.
As you see, we're delivering 30,000 and 50,000 chipsets without any sort of heavy issues with that. However, we need to sort of scale that now into the hybrid solution, and that's where we look on how to do that. How's it going with Fujikura? They are making progress. You might have seen them. They were in Mobile Congress. They're doing the 60 gig solutions for many different Japanese companies. But we haven't seen any major orders, and they are still sort of in small volumes. We expect to see more as we go ahead, of course. Do you expect Sivers to reach black figures this year? I mean, we had, we haven't done any forecast yet for this year externally, but, you know, we, we...
Expect to have better sales this year than we had last year, i.e., growing, which means that, you know, we had a full positive EBITDA second half of 2023. So in that sense, the total, the total number should be better than last year. So depending on what you mean with black figures, on which sort of line you see them, but, we're already going in the right direction. And looking at EBIT, as I mentioned, we have about SEK 25 million of depreciations every quarter, which is non-cash flow items. So, if you look at that line, no, we're not gonna be able to reach that. Any news from KCMO? There's been very little news from KCMO currently, and they have been working on their solution.
And there is very little news on there, actually. Fixed wireless access progress. Yes, I mean, we have a few customers that buying stuff there, but their volumes are quite small. And as we said before, 5G is sort of coming back now, and I think we'll see more of that, especially, you know, in the coming six months when it comes to projects, especially in India, for fixed wireless access. The Fortune 100 product, we have not set any date when that will come out. There's a question here if it's out in 2024. We haven't got any confirmation, and as soon as we get the confirmation, we will, of course, share that. Will there be a capital markets day also this year, even after you have left? I hope so.
We normally do that in the, in the autumn, and there's a new CEO, so, you know, we have to ask that person if that could pull that together. But I really hope so, in that sense. With 100 million SEK of new orders in the quarter, what is the current size of the total order book? So we have chosen to not sort of talk about the full order book. We talk a little bit about the orders that we are press releasing, and that are normally orders that are, if they're sort of standard orders, above SEK 5 million. Everything below that, we don't do press release on. So the order book is bigger than the press releases.
Of course, if we look at the press releases that we have for over the last 18 months, with $42 million, I would say that we've sort of worked through that at about 60%, maybe, plus these $100 million on top of that. So there is, you know, a lot of things in the order book we can still work on. Do you speak to new customers, Fortune 100s? Yes, constantly, and we're meeting them, you know, at Mobile Congress and OFC, and there's a lot of them, and we have the right solutions in many areas to address. How's it doing with the Tier One? Yeah, I mentioned that before. The Tier One is the technology we got back recently.
And when the repeater customer—I don't think the repeater customer will come to fruition with those things that we did, but we see new repeater customers that could be part of the solution here in the future. Airvine, is Airvine growing? Yes, they are growing, we're getting constant orders, but they are still not, you know, a huge company. They are a start-up, but I think it's a very important customer for us in the future, when they sort of will grow more. They're just now on a big fair, Wi-Fi NOW, as you might have seen on the internet. Any news on Intel WiSig? That, or their work are ongoing in India, and as I mentioned, I think we'll hear more about India here in the coming six months. And news on Blackwell.
I mean, the Blackwell is the NVIDIA solution that they released recently, and that solution is sort of Sivers not included in. And, in the future, when Ayar Labs is going to get into the sort of NVIDIA solutions, that will, of course, be announced. But, in the Blackwell solution, we're not part of it today. They're still on Electrical I/O in that sense. Will we get some new customer names this year? As I'm quite sure, and you already sort of seen some customers that we haven't mentioned by name, but you already seen that in the first quarter as well. Can you talk a little about DARPA and your collaboration with the PseudolithIC Timeline and so forth? Yeah, I mean, that is an ongoing project.
I think there is a lot of other projects along those lines in the US, where we have some very exciting projects with some companies, and I think that also will be part of something we'll announce the coming six to eight months, something like that. So, that project's ongoing, and it's a sort of a monolithic packaging project that we're working on. When do you think NVIDIA will announce Optical I/O? I'm not sure, actually, when they will do that. And of course, it's all up to our customers, and they are not really sharing 100% where they are in those discussions. But my estimate is that in, by at least, you know, the end of 2026, there will be volumes for Optical I/O with some of the major players in this space. Okay.
You see that the share price is down 13% on our annual report. Are you happy? You know, I, I don't really talk about the share price. We work on, on, you know, this long term, and as I mentioned, some quarters are up, some are down. You know, we had a fantastic quarter in Q4, and the share price did move down then as well. So I would say it's, it's - you can't, as a CEO, look at the share price the whole time. You need to look at the long plan at what you're working at. And, and as I said, I mentioned over the coming three years, we are expecting to still stay at the CAGR of 40%. If you can find other companies that can do that, you can invest in them.
We are seeing that we are moving in the right direction. So, that is, of course, up to the market to decide short- and long-term what you want to do. Has MACOM or Lumentum been able to do 16 lasers than, say, as Ayar Labs? Yes, I think MACOM is also part of this, and as you saw in the press release and in the videos from that event, they mentioned MACOM and Sivers. So I think, we're coming up, and we actually have no more questions, and I would like to thank you all for listening in. We had quite a lot of attendance today, over 150 people, I think, was working.
Thank you so much, everybody, and be sure to hear more about Sivers in the coming months. Thank you. Bye-bye!