Sivers Semiconductors: $800M Pipeline Surge Meets 17% Short Interest as Dual Listing Nears

The numbers almost don’t compute. Sivers Semiconductors has delivered a jaw-dropping 1,700% share price gain over the past year, yet around 17% of its freely traded stock is out on loan — a clear signal that a sizeable chunk of the market is betting against the rally. The stock ended May at SEK 68.95 in Stockholm, slipping 1.78% on the last trading day of the month, and from June 1 it joins the OMX Stockholm Benchmark Index, a milestone that could force short sellers to rethink their positions.

Q1 Disappointment Blamed on Washington and Currency

The first quarter of 2026 painted a far less rosy picture for the Swedish semiconductor specialist. Revenue fell to SEK 61.9 million, a 22% drop year-on-year, while adjusted EBITDA landed at minus SEK 13.8 million and the net loss after tax reached SEK 42.7 million.

Management attributes the shortfall to two largely external headwinds: delays in the US defence budget caused by the government shutdown late in 2024, and unfavourable foreign exchange movements. These factors have knocked revenue off course in the near term, but the company insists the delayed revenue is simply postponed, not lost, and expects to realise it in the second half of the year.

Pipeline Explosion: 77% Growth to Nearly $800 Million

What has electrified the narrative is not Q1’s numbers but what lies ahead. Sivers’ project pipeline — a crucial forward indicator for a company targeting serial production — has ballooned by 77% since the start of 2026, reaching almost $800 million by the end of May. The growth spans both of its core segments, photonics and wireless, and covers opportunities in defence, data centres, automotive, and fixed wireless access.

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

The sheer size of the pipeline has turned attention away from the weak quarter and towards the question of conversion. If even a fraction of these projects turn into firm orders and production revenue, the current valuation could start to look justified. If they stall, the gap between promise and performance will remain stark.

Defence Contracts and Chip Act Backing

On the defence front, Sivers landed a development order from a major US defence contractor and secured the second year of a contract under the US CHIPS and Science Act for an electronic warfare programme. That recurring win strengthens the company’s foothold in the high-frequency, security-sensitive segment of the market.

In the datacom arena, Sivers is working with Jabil on a pluggable 1.6T transceiver module — a product that directly addresses the exploding demand for high-speed optical interconnects inside AI-focused data centres. Meanwhile, a new development partnership with Tachyon Networks has already generated production orders for 60 GHz products scheduled for 2026.

Product Launches Set for 2027

Looking further ahead, Sivers has lined up multiple product launches for 2027: automotive LiDAR, lasers for AI data centre links, and satellite communications equipment. These are the kind of high-volume applications that could eventually turn the pipeline into recurring revenue.

The company’s long-term growth target remains 25–30% annually, with profitability expected no earlier than 2028. For 2026, management still forecasts overall revenue growth, with the second half delivering the bulk of the momentum.

Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.

Fresh Capital and a U.S. Dual Listing in Sight

To fund this expansion, Sivers completed a directed share issue in May, raising gross proceeds of roughly SEK 125 million by placing 8.62 million new shares. The total number of shares outstanding now stands at 319,953,572. The proceeds are earmarked for sales, organisation, and financial controls — all part of a broader push towards a potential dual listing in the United States.

As a preparatory step, Sivers has already restated its 2025 annual revenue under U.S. GAAP, with the figure now standing at SEK 306.6 million. A U.S. listing would provide access to a deeper capital pool and could put additional pressure on the short sellers by broadening the investor base.

The Prüfstein Ahead

Operationally, the critical test lies in the next two quarters. The $800 million pipeline needs to convert into contracts, production ramps, and predictable revenue. Delays in defence budgets or datacom deployment could keep the disconnect between potential and earnings in sharp focus. But if the conversion starts in earnest, the short sellers who currently hold 17% of the free float may find themselves on the wrong side of an accelerating story.

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Sivers Semiconductors Stock: New Analysis - 31 May

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

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