Sivers Semiconductors: A $8.2M Deal, a Nasdaq Dream, and a Short-Seller Assault Converge at the AGM
14.06.2026 - 09:05:19 | boerse-global.de
The Swedish chipmaker Sivers Semiconductors is heading into its annual general meeting on Monday with a stock that has tripled from its 52-week low of €0.27 to €8.38, yet the path is littered with landmines. A criminal insider-trading probe, an aggressive short seller targeting its revenue recognition, and a leadership exodus through insider selling are all jostling for attention alongside a promising strategic shift toward a Nasdaq dual listing. The AGM vote on a capital increase to fund that ambition could push the shares either way.
Against this backdrop of extremes, the company secured a major production order on June 9 from British satellite-communications firm ALL.SPACE. The $8.2 million contract covers Ka-band beamforming chips capable of simultaneously handling signals from low, medium and geostationary orbits, with deliveries scheduled through 2027. That deal marks the transition from development to series production — a milestone the market greeted warmly, contributing to a 67% rally over the past 30 days and a 25% gain just last week.
The ALL.SPACE win is not isolated. Sivers’s opportunity pipeline has swelled 77% since the start of the year to roughly $799 million, driven by ramp-up plans across photonics, wireless, SATCOM and AI semiconductors. Management expects the bulk of that pipeline to convert into real revenue from 2027 onward. A separate strategic partnership with GlobalFoundries aims to develop next-generation silicon photonics for AI infrastructure, with meaningful revenue anticipated around late 2026 and an addressable market the company pegs at $25 billion by 2030.
Yet the current numbers tell a humbler story. For the first quarter of 2026, net revenue slumped 22% to SEK 61.9 million from SEK 78.9 million a year earlier. Sivers blames the US government shutdown in the fourth quarter of 2025 for delaying defense budget approvals, along with unfavorable exchange rates. Operating cash flow turned deeply negative. The company insists the second half of the year will see a recovery.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
At Monday’s AGM in Stockholm, shareholders will vote on a capital increase of up to 53.8 million new shares — equivalent to roughly 15% dilution — to bankroll the Nasdaq dual listing and fund investments in AI, photonics and acquisitions. A separate stock-option program covering up to 7 million options (about 2% dilution on a fully diluted basis) also needs approval. No dividend has been proposed for fiscal 2025. Two new board members, Joakim Nideborn and Helena Svancar, are slated for election; Nideborn will oversee the Nordic region while Svancar brings two decades of experience in international corporate strategy and scaling tech companies.
The push for a US listing has thrown Sivers into the crosshairs of Swedish prosecutors. An anonymous X account leaked details about the Nasdaq plans before the official announcement, prompting an insider-trading investigation. At the same time, short seller Ningi Research has attacked the company’s revenue recognition, claiming at least SEK 97 million of the reported 2025 revenue — roughly 31% of the annual total — is questionable. Sivers has not formally responded to the allegations, and US law firms are already evaluating potential class-action suits.
Insider activity adds to the unease. Harish Krishnaswamy, head of the Sivers Wireless subsidiary, offloaded around 1.39 million shares in late May, pocketing nearly SEK 99.5 million. Over the past three months, every insider trade has been a sale. Short interest stands at 6.55% of the free float, a relatively high level that amplifies the risk of either a squeeze or a sharp down move depending on the AGM outcome.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The stock closed Friday at €8.38, far above its 50-day moving average of €4.57 and sporting an annualized 30-day volatility of 242%. The next quarterly report is due on August 6, 2026. In the meantime, the AGM vote will determine whether the Nasdaq timeline gains clarity — and whether the 799-million-dollar pipeline can start producing tangible contract wins to silence the skeptics.
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