Insider Trading Probe Clouds Sivers’ Dual-Listing Plans as Q1 Revenues Tumble and Pipeline Swells

Swedish authorities have opened an investigation into Sivers Semiconductors over a suspected information leak that sent the stock rocketing roughly 48 hours before the company formally announced its intention to pursue a secondary listing on the Nasdaq New York. State prosecutor Jonas Myrdal described the timing and trading pattern as “striking” and said the premature disclosure bore hallmarks of previous pump-and-dump cases. The source of the leak remains unidentified, and Myrdal has urged Nasdaq to review the episode under the EU Market Abuse Regulation.

The probe lands at a moment of stark operational contrasts. Sivers reported net sales of 61.9 million Swedish kronor for the first quarter of 2026, a 22% year-on-year decline that management blamed on delayed US defence budgets after a government shutdown in late 2025 and adverse currency movements. Adjusted EBITDA came in at minus 13.8 million kronor, while the group’s reported EBITDA was minus 25 million kronor, underscoring the pressure from higher development costs.

Yet the forward-looking pipeline tells an entirely different story. Sivers’ qualified opportunity pipeline has surged 77% since the start of the year to approximately $799 million, up from $453 million at the end of 2025. Chief executive Vickram Vathulya pointed to robust demand from AI infrastructure and satellite communications as the primary drivers. Management is standing by its revenue growth plan for 2026, with the second half expected to deliver the bulk of the momentum, and continues to forecast a long-term compound annual growth rate of 25–30% from 2027 onward.

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

The disconnect between current financials and future expectations has created a wide chasm in analyst valuations. DNB Carnegie, which updated its model on Monday, now sees fair value in a range of 12 to 26 kronor per share — up sharply from the previous band of 3.50 to 8.50 kronor. The broker lifted its 2028 EBITDA estimate by 30%, citing the long-term potential of the portfolio, while trimming its 2026 and 2027 projections to account for higher R&D spending. Redeye, by contrast, stuck to its base-case valuation of 6.20 kronor the same day. Both figures are profoundly below the current share price of around 68 kronor, which has rallied more than 1,500% since the start of the year, fuelled largely by retail investor enthusiasm and speculation about the company’s role in the AI data-centre boom.

Operationally, Sivers is advancing on several fronts. It has partnered with Jabil to develop a 1.6-terabit pluggable transceiver module targeting high-speed data transmission in AI data centres. A separate development agreement with Tachyon Networks, valued at $1.5 million, is aimed at expanding the fixed-wireless-access product line. In its core photonics and wireless businesses, the group secured a development contract from a US defence contractor, received a second tranche of funding for the EW-Star project under the CHIPS Act, and launched new SATCOM chips and antenna panels. Its Daybreak 5G/6G ICs for FR3 applications are now generally available.

The dual-listing effort, meanwhile, required Sivers to restate its 2024 and 2025 financial statements to align with the US Public Company Accounting Oversight Board (PCAOB) standards — a process that delayed the publication of the full-year 2025 report and pushed the annual general meeting to 15 June 2026. At that meeting, shareholders will vote on the election of Helena Svancar and Joakim Nideborn to the board.

For now, the Swedish regulatory probe remains the dominant influence on the stock’s trajectory. If a violation of the Market Abuse Regulation is confirmed, the penalties could be severe. The outcome of Nasdaq’s own review will determine whether the leak was an isolated incident or part of a wider pattern of market manipulation.

Ad

Sivers Semiconductors Stock: New Analysis - 1 June

Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Sivers Semiconductors analysis...

en | SE0003917798 | INSIDER | boerse | 69465103 |