Woofun AI reports that analyst Serenity estimates annual gross profit between $205 million and $307 million if the company secures 10% wafer production capacity from Win Semi. Assuming a 65% yield and ASP of $50 to $75, this generates revenue of $341 million to $512 million, resulting in a price-to-gross-profit ratio of 3.6 to 5.4 times based on a $1.1 billion market cap. Increasing capacity allocation to 15% could raise gross profit to $307 million to $461 million, lowering the valuation multiple to 2.4 to 3.6 times.

Serenity notes that Sivers is collaborating with GlobalFoundries, Jabil, Ayar Labs, POET, and O-Net for mass production, while Morgan Stanley identifies it as a key CPO laser player alongside Coherent and Lumentum. The analyst suggests that after going public on Nasdaq, Sivers may expand its addressable market through M&A activities similar to Lumentum’s acquisition of Cloud Light.