Good morning and welcome to this webinar, the first webinar ever for Silvers Semiconductors, that's our new name formerly known as Silvers IMA. And this is the 3rd quarter results. Today, we're going to focus somewhat on the large 5 gs order that we got in Q3 and also the strength in cash position that the company has now as the best position ever in the company's history. So if we look at the summary on the 3rd quarter, Q3 revenue came in at €22,000,000 which is 8% below year on year. And that is mainly due, I would say, to COVID-nineteen and some delays in customers that are doing rollouts or trials and the trials are not progressing as quickly as we want them to in the wireless 5 gs part.
When it comes to the photonics piece, we're also seeing some sort of slower effects there, about 10% slower sales compared to last year. Some of that effect is also due to the pound SEK, which has gone down about 4% since last year. Otherwise, the main thing on the quarter was a very large 5 gs CPE order I will tell you more about. We have also received more design wins during the quarter as we tell you about today. Net, we have actually 2 new ones in the quarter and a second one a third one also coming in from Siemens Healthineers after the quarter end.
We also got a Fortune 100 order from the first Fortune 100 after the quarter ended and we did a €200,000,000 share issue. So the cash position is now at €278,000,000 Looking in more detail into the quarter, it is a bit difficult to understand the numbers. And we tried really hard last time to explain to you also that there will be a large effect by that the share price gone up and the security the Social Security fees has been affected as well as embedded derivatives. So therefore, it's hard to really then it looks much worse on the bottom line than it actually is. On the contrary, it's quite a positive bottom line compared to last year.
So as I said before, minus 8 percent was the revenue came in on. If we look at the EBITDA, there was a hefty amount of provisions for social security fees, €32,000,000 And EBITDA, if we adjust for that, comes in at minus €6,500,000,000 which is about €9,000,000 actually better than last year. So that is a great work from the team increased, I would say, gross margins, savings, of course, due to that we don't travel and all of those things. So that is a positive thing to see. And the green numbers is what you should look at, I would say, rather than the other numbers.
Even more difficult is to understand the operating income, which is a very huge negative number, SEK 151,000,000. The same there that this is only connected to provisions and effects on the convertible bond that Amplion now actually have also converted. So this thing will definitely disappear as well as this is more of a financial effect and no cash flow effect, nothing in that direction. So if we look at the actual operating income, we are ending up at about minus 12 compared to minus €24,000,000 last year. So we improved by about €12,000,000 on operating income.
So from that perspective, also better bottom line in the actual numbers. If we look at the full year so far in January, September, we can see the same here as before. We are minus 6% on revenues compared to last year. And as well, that's connected to the COVID and that we are not yet into the volume production that we are expecting will come near term. The same here, if we look at EBITDA, we should also look at the numbers without including the Social Security provisions.
And also for the operating income, we should look at that without the revaluation of the convertible debtors. So with that, we ended the quarter actually with SEK 278,000,000 which is a very strong position and gives us a good position now to go into all the interesting things that will happen next year for the company. And again, here is an explanation of the derivates and social security fees that I went through the last time. It's very important for people to understand that this is just sort of has no current effects and no future effect on cash flow. We can secure any social fees via also share options that has been approved by the AGM earlier and so forth.
So just to be clear about that and if the share goes up and down, this will still have an effect on the social fees. And but now with the conversion of the Ampheon convertible, that is not going to have an effect on the near future anymore and that will be transferring to the balance sheet instead. If we look at the segment reporting, even with this effect on the wireless side, the wireless side was actually growing almost 10% in the quarter, even if the numbers are not the largest numbers at this point. We are in a rollout of several smaller networks with the customer and that was covered partly by the order we got in Q2 by ADTRAN. And for example, there was one network that went live yesterday in a small village in U.
K. So there is a couple of networks up and running. There is a lot of networks that wants to do trials that has been moved a bit forward. On the photonics side, we had a bit slower quarter, some effect as well on COVID. But in general also smaller effect by about 4% on the pound set here.
So we are coming in sort of expected, I would say, in these areas. We can also see still North America is a strong part of this. This is still the Fortune 100 customers who are driving a lot of the sales within Photonics. And the sales within wireless is currently mostly sort of in Europe in that sense and still smaller volumes in Asia. But as you've seen now with the new order in or a new design win rather in China with Siemens Healthineers, we're also expecting that we'll grow our market share in Asia, of course.
So if we look at the significant events, I've talked about this before. I mean, we did some debt redemption related to operating credits in July, August. So we reduced that debt about SEK 21,000,000. We also got the large 5 gs order in, which was sort of an unusual project in that sense that we also have the customer's customer involved directly and we could estimate the value of that project. And of course, the share issue made here now late September of €200,000,000 and I've seen people asking why haven't we spent the money yet.
I mean, we got the investments are going to start now after the discussions. Investments are going to start now after the discussions with our tier with Fortune 100 customers, for example. So I will come to that soon. So to explain about the €480,000,000 deal, It's a CPE deal with New York listed company. They are building CPEs for 1 of the Tier 1 operators in the U.
S. It is a full contract from the beginning supply agreement with everything included, including both Anna repayments, but also forecast for the future, of course. And the customer has our end customer in that sense. We are now embarking on R and D development and we've come quite far in that project and the plan is to have a chip first half next year already and then build modules based on that and those modules should then start to roll out in 2023. So this is a new generation technology that will go into this solution, which is quite exciting.
So the direct share issue, why did we do that from the beginning? So we are accelerating the organic and international expansion. One of the pieces is that we want to get closer to our customers in the U. S. Now.
We have a lot of sales in the U. S. And we expect more sales to come in. So U. S.
Office is needed. Of course, very affected right now by the COVID. Of course, you don't take face to face meetings and so forth. They're very careful in Silicon Valley about that. So when we can put feet on the ground, we'll be very affected by that.
We want to get more design wins in. We want to lean more forward and focus on partners and customers and win business and not always be careful and always be paid for every little thing we do. And that will hopefully then speed up our possibility to get more design wins over time. And of course investment in production capacity, we are now nearing ramps. We are been selling smaller volumes in the 1,000, but we are now ramping that up as well for the wireless business.
And also we're going to build production for the big for an €80,000,000 solution going forward and that's an investment. But also what is more important is even the we are in negotiations right now with the Fortune 1 and the customers about building the 1st pilot production lines. And that is, of course, then we need to have a strong balance sheet to be able to do that negotiation in a good way and get to a good place in that. We don't want to be in their hands. So that has been the major part of this share issue.
And of course, customer support and sales in general, we are now having a lot of customers in both areas and a bit more of them maybe in the 5 gs with 21 customers and we need to handle them and make sure to help them to get to the market as well. So this was a fundamental very important share issue that was done on only 4.4%, I think, of dilution, which was very good. So what has happened after Q3, Amplion has called for the conversion. They now have the shares, which was issued already information about in 2017. And that has also strengthened the balance sheet now that that loan is off the books.
We also spent a lot of time on changing the name of the company, which is very important now when we go into this phase and becoming Siever Semiconductors. And you might have seen the new web page, the new branding, as you see right now, the new logo and everything. I think the the first Fortune 100 customer, but it's very important, all orders we get from them and constantly working together, having a great relationship with the Fortune 100s and it's going very well forward. We are confident that we will hopefully get out to the next phase. We also received a grant for a quantum atomic magnetometer clocks for our photonics business.
And then we also received a Chinese 5 gs order from Siemens Healthineers just last week, which is a very interesting project in a new area. So let's talk about the Q3 order from the Fortune 100 customer. So this order was sort of an add on order to what we've been doing and things needs to happen. And that was a really good order in itself even if it was a bit smaller. But we expect more orders to come that are bigger, of course, than this as well.
And what has started now between our photonics team and this Fortune 100 is the negotiations then for what's called pilot production lines where you start sort of the pilot production for the next step and to get into volume. And then those pilot lines then are in the next step multiplied. So you get multiple lines where you can produce higher volume. So that step is the first step we are looking to take and we are currently in negotiations how that's going to happen. So that's important.
And here you can see a little bit how the sort of 2 Fortune 100 customers are and have progressed over time. I mean, there are 3 steps sort of in winning a deal in the photonics business like this. The first one is the research phase. It can take quite a long time and that's the sort of most risky phase. Can the research lead to product development or not?
And when you pass that, you get into the next step, which could take 1 to 2 years as well, depending on it when you do redesigning and you're making sure that the prototypes becomes working and fits into real product and the customer starts development of the software and everything around this laser that we are building. And then in the last step is that get into finalized production when you start with the pilot lines, you start with pre series production and then you get to volume ramp and volume sales. And right now, we are just before, I would say, the pilot line stuff and we want to sort of see that we can finalize those negotiations and get into the next step. Already now we've had a total of pre investments into that first project with the first Fortune 100 over the last sort of 2 years has been SEK73,800,000 which is a lot for product development, which you can interpretate that if you put that much money into something, you are quite willing to see some kind of product in the end and volumes and so forth. The other project is, however, in a more early phase.
It's just contract came in, in April and we are progressing. It seems like we can do what they want, but that's still in the research phase. And there was €7,500,000 received on that project. So all in all, I have a very good feeling on where this is going right now. And we have derisked a lot of the risks that's been in the especially the first project and we're moving in the right directions.
If we look at the Siemens Healthineers, what kind of company and thing is this? I mean, this is the first design win and order of test equipment and RF modules. Siemens Healthineers contract came in via our reseller in China. This is, of course, a very large company. They have 120 years of experience in this.
They have almost 18,000 patents globally, 50,000 employees. They work in 17 countries, 70. And they're a big supplier of a lot of different type of equipment, therapeutic imaging, laboratory diagnostics, molecular medicine and so forth. So they have then decided to use our 60 gigahertz technology to supporting these different medical applications. And they haven't really told us yet exactly how they're going to use it and so forth.
But we're very happy to be part of this and looking forward to take this to the next step during 2021. If we then look at the different design wins, this is the way of describing where we are currently with the different customers. And if we look at the coloring here, you have the orange ones that are sort of getting into commercialization phase. You have the light orange ones that are in prototypes and have some ready hardware. And you have the white one in design wins.
And now, unfortunately, we also had a smaller one that in the light red here that actually we don't think it's going to get to a product. So we are removing that from this. But in general, we can see here that we have a couple of Nordic customers now into serial production like Adframble Wireless. Cambium is about to launch their product. And also the East European ODM is also about to launch and I think they might have had the launch actually this week, but there is nothing official yet on when that product will actually hit the market.
And then we have Fujikura who also launched their product. But as I said before, we have an effect on COVID here and we are there are 3 different things when it comes to how the customers buys and do things now during COVID. When it comes to R and D, they are willing to do R and D. They can do that. They can work from home and they can do all the things.
When it comes to trials, if you're in a trial or something, they tend to do it. But if you haven't started or about to start, that is not always the highest priority for the customers. Therefore, we get into a phase where it could be that they are delaying. And the 3rd phase, of course, if you have already rolled out and you've done the trials, then there is a big need for 5 gs equipment. So some of those things have happened for ADTRAN, for example.
They have a few customers and they are ruling out there. And unfortunately, those customers so far is not any huge ones. There's like Tier 3 size and they're smaller towns in the U. K. And in Sweden and so forth.
So it is not yet in a phase where we will see sort of the larger volumes, but we expect to see new customers coming in and larger customers having their trials and finalizing them so we can see during 2021 more orders coming in. We also have a couple of other interesting here that, for example, AirWine, which is a small company, but have a very cool technology that they're using. And they just released their products and talking a lot about them and it's a very interesting way of using our technology. They have had a lot of people being interesting what they're doing and so forth And we're looking forward for their launch now in 2021. I think that they're saying that in July, they will start with volumes.
They already have hardware now in February that's going to go out in trials. Then the new other 2 design wins that we got this quarter is actually connected to fixed wireless access and they partly connected to each other. I can't go into details, but I hope that we can share some more details with at least one of them maybe, if we're lucky, before end of the year. The other one we expect to share something of the New Year and forward if we can. But quite interesting project and they're going very quickly from design win into the next stage here, which is encouraging to see as well.
Yes, if we look at those customers I was talking about that we have got a bit further with like Cambium and Adtran, quite large Tier 2 customers. And you can read about them here. And I've talked about them before. They're like $200,000,000 plus companies listed for say, a turnover listed on NASDAQ, both of them. We have Blue Wireless that works with us as well.
They have this technology for track to train and transportation and so forth, which they are now rolling out. They have got some delays, I think, with since there is not much people on the trains, they have not rolled out too much so far, but we're hoping that will speed up soon. And then we have the Amplion, of course, which we have a great partnership with. And we are still working on the technology that we are building together already in the first chip we did together with them is already in the Cambium solution. There's the 2nd chip we have started is still in the prototype level and we expect to try to get that into volume levels or are ready for volume in next year.
And then, of course, the branding. And sometimes it's difficult with sound and stuff. But let's see if you can see this new video about how we're rebranding the company. So that was some of the branding that we're doing. Please look at our web page and other places for more information about that.
If we look at the work in progress around the Road to NASDAQ main market, We are we have done a lot of work already. As mentioned before, we have transferred our accounting standards to IFRS And we've done that now for a year, which is very good and that is in place. We also started pre audit with auditors. And we are sort of planning to finalize that before the end of the year. And of course, we are investing heavily into doing these audits and look into the processes we have and make sure we follow everything.
And of course, as everybody know, there is some cost involved in this, of course, normally SEK 7,000,000, SEK 8,000,000 in total to get listed on the main market. So that is something to understand also in in the future that we are investing in. We also started the legal and tax due diligence. And we also, of course, always focus on business first. And the target is still that we want to be ready for a listing first half next year.
But as always, the final approval is made by NASDAQ Committee. So we cannot just say that we can be listed, they have to make that decision. So we never know where it will end up, but that is our target still. So to summarize Silver's Semiconductor's 1st 9 months, Overall, we have had a -6% year on year revenue. I would say the reason for not being a positive so far is that the COVID-nineteen have put hampering the development.
At the same time, I would say, having almost the same as last year is actually quite well in these challenging times for many companies that has much bigger challenges. We're totaling now 21 design wins. And in general, we are building on more and more design wins. We have also the 2 Fortune 100s progressing really well, and we're very happy with the progress. It takes time.
We all have to have patience with that, but it will take time. But we also are progressing well. And also ending the quarter with a fantastic cash position makes the situation feeling very good for the company. And that's why I'm saying that we're now entering the most exciting period, I would say, in this company's history. So, that was all