Sivers Semiconductors: Auditor Doubts, Insider Investigation, and a $799 Million Order Pipeline
27.06.2026 - 13:06:27 | boerse-global.de
Two separate investigations on opposite sides of the Atlantic have wiped nearly a third from Sivers Semiconductors' market capitalisation in a single week, driving the stock to 5.90 euros — 42% below the all-time peak reached on 3 June. The Swedish photonics and chipmaker now finds itself caught between a growing order book and a deepening trust deficit that has attracted short sellers like never before.
Just over a month ago, the shares were riding an index-induced wave. Passive funds were forced to buy after Sivers joined the OMX Stockholm Benchmark Index and the MSCI Sweden Small-Cap Index in June, pushing the price as high as 10.23 euros. That mechanical tailwind has evaporated. In its place, short interest has rocketed from 1.6% of free float in March to 17% today — a vote of no confidence sparked by a damning report from short-seller Ningi Research.
Ningi Research alleged that roughly 97 million Swedish kronor of Sivers' reported revenue for 2025 was tied to products that have not yet been manufactured and that the company may have booked government research grants as commercial income. Sivers has not publicly rebutted any of the claims. Two US law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — have opened preliminary investigations into potential securities law violations. Across the Atlantic, the Swedish Economic Crime Authority and the financial regulator are probing a suspected information leak surrounding the planned Nasdaq secondary listing. An anonymous account published precise details of the US listing roughly 48 hours before the official announcement, raising clear red flags for insider trading.
The accounting issues run deeper. A restatement required to comply with US PCAOB standards — a prerequisite for the Nasdaq ambition — widened the net loss for 2025 from 186.5 million kronor to 222.6 million kronor. The adjustment involved revenue reclassifications, inventory corrections, and write-downs on capitalised development costs. Sivers' external auditors have now expressed "substantial doubt" about the company's ability to continue as a going concern.
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The boardroom has not been spared. At the annual general meeting on 15 June, three directors — vice chairman Tomas Duffy and founders Erik Fallström and Keith Halsey — resigned shortly before the gathering. Shareholders elected Joakim Nideborn as vice chairman and Helena Svancar as a new member, while confirming Bami Bastani as chairman. The much-anticipated vote on the Nasdaq listing was postponed; the new board will decide on timing and structure. A proposed employee stock option plan was also withdrawn for revision.
Operationally, the story is more promising — on paper at least. The order pipeline has grown 77% since the start of the year to nearly $799 million. In June, Sivers landed a production order worth $8.2 million from satellite communications firm ALL.SPACE for Ka-band beamforming chips due for delivery in 2027. The company has also struck a development partnership with GlobalFoundries to build silicon photonics solutions for the AI infrastructure market, integrating Sivers' laser arrays into GlobalFoundries' reference designs.
Yet the hard numbers tell a different tale. First-quarter 2026 revenue fell 22% year-on-year to 61.9 million kronor. Adjusted EBITDA came in at minus 13.8 million kronor, while operating cash flow was negative 49.2 million kronor. Management blames the US government shutdown in late 2024 and delays in defence budgets. Revenues that had been expected in the first half have been pushed into the second half of the year.
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On the funding front, the AGM also approved a secured convertible loan of roughly $327,000 from Bootstrap Europe 4.0 S.Ă r.l., carrying an annual interest rate of 10.85% and maturing at the end of 2029.
Technically, the stock at 5.90 euros sits almost exactly on its 50-day moving average of 5.89 euros — a level that offers little comfort given the severity of the recent sell-off. All eyes are now on 6 August 2026, when Sivers will report second-quarter results. By then, the newly composed board must demonstrate that the ballooning pipeline can translate into real cash flow — and respond publicly to the auditor's going-concern warning that hangs over every financial statement.
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