Good morning, welcome to this webinar, the first webinar ever for Sivers Semiconductors. That's our new name, formerly known as Sivers IMA, this is the third quarter results. Today, we're going to focus somewhat on the large 5G order that we got in Q3, also the strength and cash position that the company has now as the best position ever in the company's history. If we look at the summary on the third quarter, Q3 revenue came in at SEK 22 million, which is 8% below year-on-year. That is mainly due, I would say, to COVID-19 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 5G part.
When it comes to the Photonics piece, we're also seeing some sort of slower effect 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 5G CPE order I will tell you more about.
We have also received more design wins during the quarter. This, we tell you about today. Net, we have actually two new ones in the quarter and 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. We did a SEK 200 million share issue. The cash position is now at SEK 278 million.
Looking in more detail into the quarter, it is a bit difficult to understand the numbers. We tried really hard last time to explain to you all also that there will be a large effect by that the share price gone up and the social security fees has been affected as well as embedded derivatives. Therefore, it's hard to read and 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. As I said before, minus 8% was the revenue came in on. If we look at the EBITDA, there was a hefty amount of provisions for social security fees, SEK 32 million. The EBITDA, if we adjust for that, comes in at SEK -6.5, which is about SEK 9 million actually better than last year.
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. 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 million. The same there, that this is only connected to provisions and effects on the convertible bond that Ampleon now actually have also converted. This thing will definitely disappear as well as this is more of a financial effect and no cash flow effect, nothing in that direction. If we look at the actual operating income, we are ending up at about minus SEK 12 compared to minus SEK 24 last year.
We improved by about SEK 12 million on operating income. From that perspective, also a 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 - 6% on revenues compared to last year. As well, that's connected to the COVID-19 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. Also for the operating income, we should look at that without the revaluation of the convertible debentures.
With that, we ended the quarter actually with SEK 278 million, 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. Again, here is an explanation of the derivatives and social security fees that I went through the last time. It's very important for people to understand that this 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. Just to be clear about that, and if the share goes up and down, this will still have an effect on the social fees.
Now with the conversion of the Ampleon convertible, that is not going to have an effect on the uncertain 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. That was covered partly by the order we got in Q2 by Adtran. For example, there was one network that went live yesterday in a small village in U.K. 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-19, but in general, also smaller effect by about 4% on the pound/SEK here. 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. The sales within wireless is currently mostly sort of in Europe, in that sense, and still smaller volumes in Asia. 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. If we look at the significant events, talked about this before.
We did some debt redemption related to operating credits in July, August. We reduced that debt about SEK 21 million. We also got a large 5G order in which was sort of an unusual project in that sense that we also had the customer's customer involved directly, and we could estimate the value of that project. Of course, the share issue made here now late September of SEK 200 million, and I've seen people asking why haven't we spent the money yet. We got the money in September, so that's why we have such high cash still, and investments are going to start now after the discussions with Fortune 100 customers, for example. I will come to that soon. To explain about the SEK 480 million deal, it's a CPE deal with a New York-listed company.
They are building CPEs for one of the tier 1 operators in the U.S. It is a full contract from the beginning, supply agreement with everything included, including both NRE payments, also forecasts for the future, of course, and end customer in that sense. We are now embarking on R&D development, we've come quite far in that project, the plan is to have a chip first half next year already, then build modules based on that, those modules should then start to roll out in 2023.
This is a new generation technology that will go into this solution, which is quite exciting. The direct share issue, why did we do that from the beginning? 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. A U.S. office is needed. Of course, very affected right now by the COVID-19, of course. You don't take face-to-face meetings and so forth. They're very careful in Silicon Valley about that. 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. That will hopefully speed up our possibility to get more design wins over time. Of course, investment in production capacity. We are now nearing ramps.
We are been selling smaller volumes in the thousands. We are now ramping that up as well for the wireless business. Also we're going to build production for the big SEK 480 million solution going forward. That's an investment. Also what is more important is, we are in negotiations right now with the Fortune 100 customers about building the first pilot production lines. 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. That has been the major part of this share issue. 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 may be in the 5G with 21 customers, and we need to handle them and make sure to help them to get to the market as well. This was a fundamental, very important share issue that was done on only 4.4%, I think, of dilution, which was very good. What has happened after Q3?
Ampleon has called for the conversion. They now have the shares which was issued already information about in 2017. 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 Sivers Semiconductors.
You might have seen the new webpage, the new branding, as you see right now, the new logo and everything. I think the team has done a fantastic job to present that. We are now, the branding and the webpage are reflecting the company we are internally, I would say. Also, Photonics received a smaller order from 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're confident that we will hopefully get now to the next phase. We also received a grant for a quantum atomic magnetometer clocks for our Photonics business. We also received a Chinese 5G order from Siemens Healthineers just last week, which is a very interesting project in a new area.
Let's talk about the Q3 order from the Fortune 100 customer. 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. We expect more orders to come that are bigger, of course, than this as well. 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. Then those pilot lines then are in the next step multiplied. You get multiple lines where you can produce higher volume. That step is the first step we are looking to take and we are currently in negotiations how that's going to happen.
That's important. Here you can see a little bit how the two Fortune 100 customers are and have progressed over time. There are three 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? When you pass that, you get into the next step, which could take one to two years as well, depending on it when you do redesigning and you're making sure that the prototypes becomes working and fits into a real product and the customer starts development of the software and everything around this laser that we are building.
In the last step is that we 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. 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 two years has been SEK 73.8 million, which is a lot for a product development. Which you can interpret 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. That's still in the research phase and there was SEK seven and a half million received on that project. All in all, I have a very good feeling about where this is going right now. We have de-risked a lot of the risks that have been in, especially the first project. We're moving in the right directions.
If we look at the Siemens Healthineers, what kind of company and thing is this? This is the first design win and order of test equipment and RF modules. Siemens Healthineers' contract came in via a 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.
They're a big supplier of a lot of different types of equipment, therapeutic imaging, laboratory diagnostics, molecular medicine, and so forth. They have then decided to use our 60 GHz technology to support these different medical applications. 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 taking this to the next step during 2021.
If we then look at the different design wins, this is a way of describing where we are currently with the different customers. If we look at the coloring here, you have the orange ones that are sort of getting into the 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.
Now, unfortunately, we also had a smaller one in the light red here that actually we don't think is going to get to a product. We are removing that from this. In general, we can see here that we have a couple of larger customers now into serial production, like Adtran, Blu Wireless. Cambium is about to launch their product.
Also the East European ODM is also about to launch, and I think they might have had a launch actually this week, but there's nothing official yet on when that product will actually hit the market. Then we have Fujikura, who also launched their product. As I said before, we have an effect on COVID-19 here, and there are three different things when it comes to how the customers buy and do things now during COVID-19.
When it comes to R&D, they're willing to do R&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. If you haven't started or are 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. The third phase, of course, if you have already rolled out and you've done the trials, then there is a big need for 5G equipment. Some of those things have happened for Adtran, for example. They have a few customers, and they are rolling out there, and unfortunately, those customers so far are not any huge ones.
There's tier 3 size, and they're smaller towns in the U.K. and in Sweden and so forth. It is not yet in a phase where we'll see 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, Airvine, which is a small company, but they have a very cool technology that they're using.
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 interested in what they're doing and so forth, and we're looking forward to their launch now in 2021. I think 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. The new other two design wins that we got this quarter are actually connected to fixed wireless access, and they're 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 the end of the year. The other one, we expect to share something after the new year and forward if we can.
Quite interesting project, and they're going very quickly from design win into the next stage here, which is encouraging to see as well. 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.
You can read about them here, and I've talked about them before. They're like SEK 200 million-plus companies listed or turnover listed on Nasdaq, both of them. We have Blu Wireless that works with us as well. They have Technology for track-to-train and transportation and so forth, which they are now rolling out.
They have got some delays, I think since there is not much people on the trains, they have not rolled out too much so far, we're hoping that will speed up soon. Then we have the Ampleon, of course, which we have a great partnership with. We are still working on the technology that we are building together. Already the first chip we did together with them is already in the Cambium solution.
The second 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 next year. Of course, the branding. 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. Okay. That was some of the branding that we're doing. Please look at our webpage and other places for more information about that. If we look at the work in progress around the road to Nasdaq Main Market, 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're planning to finalize that before the end of the year. Of course, we are investing heavily into doing this audit and look into the processes we have and make sure we follow everything. Of course, as everybody know, there is some cost involved in this, of course. Normally SEK 7 million-8 million in total to get listed on the Main Market.
That is something to understand also in the future that we are investing in. We also started the legal and tax due diligence. We also, of course, always focus on business first. The target is still that we want to be ready for a listing first half next year. As always, the final approval is made by Nasdaq committee. We cannot just say that we can be listed. They have to make that decision.
We never know where it will end up, but that is our target still. To summarize, Sivers Semiconductors first nine months. Overall, we have had a minus 6% year-on-year revenue. I would say the reason for not being positive so far is that the COVID-19 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. In general, we are building on more and more design wins. We have also the two 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.
Also ending the quarter with a fantastic cash position makes the situation feeling very good for the company. That's why I'm saying that we're now entering the most exciting period, I would say, in this company's history. That was all.