Sivers Semiconductors: Defense Award and Board Overhaul Propel Stock as Nasdaq Listing Looms

The Swedish photonics and wireless specialist Sivers Semiconductors has just delivered one of its most eventful weeks in recent memory. The stock careened from a 13.6% loss on Monday — hitting 48.10 SEK — to a Friday spike of 23.45% that left it at 72.90 SEK. More than 20.3 million shares changed hands during that session alone, and the weekly tally came in at a 30.9% advance. The rally, which now stands at roughly 1,669% from the March trough of 4.12 SEK, has been fueled by two powerful currents: a renewed Pentagon-linked contract and a boardroom reshuffle that is unmistakably pointed toward New York.

Friday’s breakout, which pushed the intraday high to 74.90 SEK, was triggered by an announcement on May 19. The Northeast Microelectronics Coalition Hub awarded Sivers a $6.6 million extension for the second year of its EW STAR project, a program focused on broadband antenna arrays for electronic warfare, communications, and radar. The dual-use technology is being developed in partnership with BAE Systems, the MIT Lincoln Laboratory, and Columbia University — giving Sivers a foothold in the U.S. defense supply chain that investors are increasingly rewarding.

Yet the share price surge tells only part of the story. Behind the scenes, Sivers is reshaping its governance and financial reporting to clear a path toward a possible secondary listing on the Nasdaq in New York. On May 20, the nomination committee proposed a new board lineup for the annual general meeting set for June 15, 2026. Dr. Bami Bastani, Todd Thomson, and Karin Raj are all slated to stay. The two newcomers are Joakim Nideborn and Helena Svancar. Nideborn, a former CFO of listed tech companies with capital-markets and international-expansion experience, is tapped to become deputy chairman and will handle the Nordic region. Svancar brings more than two decades of global management expertise.

The departing directors are just as telling. Erik Fällström, a co-founder and early backer, is leaving. So are Keith Halsey and the current deputy chairman Tomas Duffy. The shake-up reduces the company's Scandinavian founder footprint and strengthens the cross-border profile — a move that makes Sivers easier for U.S. institutional investors to digest.

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

The push toward Nasdaq also explains the recent accounting overhaul. Sivers has restated its consolidated financial statements for 2024 and 2025 to align more closely with standards set by the U.S. Public Company Accounting Oversight Board. The adjustments touched revenue recognition, inventory valuation, fair-value assumptions on share-based compensation, and the write-off of previously capitalized development costs. Net sales for 2025 were barely revised, moving from 304.1 million to 306.6 million Swedish kronor. But the operating loss widened sharply, from 141.3 million to 177.8 million kronor, while the net loss swelled to 222.6 million from 186.5 million kronor. The Q1 2026 interim report, originally due earlier, was pushed back to May 29 to accommodate the audit work.

The restated losses are a reminder that the stock’s meteoric rise rests on expectations rather than current profitability. The technical picture underlines the disconnect: the 50-day moving average sits at 26.75 SEK and the 200-day average at just 9.45 SEK, meaning the share price trades 172.5% above its 50-day line. The relative strength index clocks in at 74.5, firmly in overbought territory.

Still, the short-seller community appears to be taking a more cautious stance. Qube Research & Technologies fell below the 0.5% disclosure threshold on May 19 and no longer appears as a publicly reportable short seller. However, three other short positions remain visible, together accounting for 7.05% of the share capital — a factor that helps explain why any positive catalyst can trigger outsized moves.

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

The calendar is now compressed. On May 29, the company will release its first-quarter report under the revamped accounting framework. Twelve days later, shareholders vote on the proposed board. Each event is a checkpoint on the road to a Nasdaq secondary listing, the narrative that has driven this stock from a small Nordic obscurity to a 1,669% rocket ride in under three months. The next hard data will show whether the fundamentals can keep pace with the euphoria.

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Sivers Semiconductors Stock: New Analysis - 24 May

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