Insider Probe Overshadows Sivers’ $125M Fundraise and Pipeline Surge

Swedish authorities have opened an insider-trading investigation into Sivers Semiconductors, alleging that confidential information about a potential US listing was leaked before the company’s official announcement. The probe, led by investigator Jonas Myrdal, focuses on a social-media post that appeared roughly 48 hours ahead of management’s confirmation, sending the stock sharply higher. Myrdal has flagged the incident to Nasdaq Stockholm for possible breaches of the EU Market Abuse Regulation and draws comparisons to classic pump-and-dump schemes.

The investigation has cast a shadow over what is otherwise a period of intense activity for the photonics and wireless specialist. In May, Sivers completed a directed share issue that raised approximately 125 million Swedish kronor in gross proceeds. The company issued 8.62 million new common shares, bringing the total count to 319,953,572. The fresh capital is earmarked for sales expansion and financial controls — preparations that underpin the group’s ambition to secure a secondary stock exchange listing in the United States.

Behind the fundraise lies a sharp contrast between near-term revenue and long-term opportunity. First-quarter net sales came in at 61.9 million kronor, a 22% drop from the same period last year. Adjusted EBITDA landed at minus 13.8 million kronor. Management blames two headwinds: delays in US defence budgets following a government shutdown in late 2025, and unfavourable currency movements. Yet the company is sticking to its full-year forecast, betting on a stronger second half.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

That confidence is rooted in a deal pipeline that has swelled dramatically. Since the end of 2025, the opportunity pipeline has jumped 77% to nearly $800 million. For a company operating in high-growth niches such as optical transceivers, fixed-wireless access and defence-grade RF, the pipeline is a critical leading indicator. Sivers recently secured a development contract from a major US defence contractor and locked in the second year of a CHIPS Act award for an electronic warfare programme. In the datacom segment, it is working with Jabil on a pluggable 1.6T transceiver module, capitalising on the explosion in AI-driven data centre demand. A separate partnership with Tachyon Networks covers production orders for 60-GHz products slated for 2026, with product launches for automotive LiDAR, laser modules for AI data centres and satellite communications planned for 2027.

Shareholders will have a chance to quiz the board at the annual general meeting on 15 June, where Joakim Nideborn and Helena Svancar stand for re-election. The stock closed at 68.95 kronor on 29 May, down 1.78% on the day, as the market weighed the insider probe against the pipeline surge and capital injection.

For the longer term, Sivers maintains its target of 25% to 30% annual revenue growth, with profitability seen no earlier than 2028. The immediate test is whether the enlarged pipeline can convert into firm orders and production runs in the second half of the year. If the delays in defence and datacom persist, the gap between potential and reported results will remain starkly visible.

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