Sivers Semiconductors: Board Shake-Up and Auditor Red Flags Overshadow a $799 Million Order Pipeline
27.06.2026 - 17:55:55 | boerse-global.de
The schizophrenic nature of Sivers Semiconductors has rarely been starker. The Swedish chipmaker’s stock closed at €5.90 on Friday, down 9.23% in a single session and 31.79% over the previous seven trading days — yet the company’s opportunity pipeline has ballooned 77% to $799 million. That disconnect is now the central question for investors as the company navigates a short-seller attack, a boardroom reset, and an auditor’s going-concern warning.
Auditor flags “substantial doubt” after PCAOB restatement
The most serious red flag comes from Sivers’ external auditors. They formally expressed “substantial doubt” about the company’s ability to continue as a going concern after a sweeping restatement of its 2025 accounts under US PCAOB standards — a requirement for the planned Nasdaq listing. The restatement widened the net loss from 186.5 million Swedish kronor to 222.6 million kronor, driven by revenue recognition changes, inventory adjustments, and write-downs of capitalized development costs.
That accounting review drew immediate attention from short seller Ningi Research. On June 1, the firm published a report alleging that at least 31% of Sivers’ reported 2025 revenue — roughly 97 million kronor — was questionable. The accusations center on revenue booked for products not yet manufactured and government research subsidies recorded as commercial sales. Sivers has yet to publicly rebut the specific claims.
Investigations on both sides of the Atlantic
Sweden’s Economic Crime Authority has opened a probe into a suspected information leak. An anonymous account published precise details of the planned Nasdaq secondary listing roughly 48 hours before the official announcement — fueling insider trading suspicions. Sweden’s financial regulator is also examining the matter.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Meanwhile, two US law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — have launched preliminary investigations into possible securities law violations. A shareholder lawsuit could follow if evidence of misrepresentation surfaces.
Board reset: three directors out, Nasdaq vote shelved
Sivers’ annual general meeting on June 15 delivered a sweeping board overhaul. Three long-standing members — vice chairman Tomas Duffy and founders Erik Fallström and Keith Halsey — resigned shortly before the meeting. Bami Bastani was confirmed as chairman, while Joakim Nideborn was elected as the new vice chairman. Helena Svancar also joined the board.
The most anticipated agenda item never materialized. A shareholder vote on the Nasdaq listing was abruptly pulled from the agenda; the new board will review the plans first. The company maintains that preparations continue — it has already converted its 2024 and 2025 financials to PCAOB standards — but no timeline has been given. Instead, the meeting authorized the issuance of up to 53.8 million new shares, representing a potential dilution of roughly 15%. Separately, a secured convertible loan of approximately $327,000 was approved, carrying a 10.85% annual interest rate and maturing at the end of 2029.
Production order and photonics deal underscore real potential
Beneath the governance turbulence, Sivers is racking up genuine commercial wins. In June it secured an $8.2 million production order from satellite communications firm ALL.SPACE for Ka-band beamforming chips capable of simultaneously processing signals from multiple orbits. The contract runs through 2027 and marks a transition from development into series production.
On the photonics front, Sivers has partnered with GlobalFoundries to develop silicon-photonics solutions for AI data centers. The company’s laser arrays will be integrated into reference designs on GlobalFoundries’ platform, targeting applications such as co-packaged optics and linear pluggable optics.
The operational progress is reflected in the pipeline numbers: at the end of the first quarter of 2026, Sivers’ opportunity pipeline stood at $799 million, up 77% from the start of the year. But actual net sales fell 22% to 61.9 million kronor, and adjusted EBITDA came in at negative 13.8 million kronor. Operating cash flow was minus 49.2 million kronor. Revenues originally expected in the first half have been pushed to the second half.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Index funds versus short sellers — a tug of war
Sivers was added to both the OMX Stockholm Benchmark Index and the MSCI Small-Cap Index in June, forcing passive funds to buy the stock regardless of price. Yet short sellers have pounced: the proportion of outstanding shares held short has surged from 1.6% in March to 17% — a bet on further weakness.
Technically, the stock now sits almost exactly on its 50-day moving average of €5.89, a level that could offer support or break. The 30-day annualized volatility of 224% makes Sivers one of Europe’s most volatile semiconductor names.
The next major checkpoint comes on August 6, when Sivers reports second-quarter results. The newly constituted board will need to demonstrate whether the swelling pipeline can convert into real cash flow — and address the auditor’s survival warning head-on.
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