Sivers Semiconductors: Four Months of Retail Selling Meet a Swirl of Investigations and Losses
Veröffentlicht: 30.06.2026 um 16:37 Uhr, Redaktion boerse-global.de
Private investors have been quietly exiting Sivers Semiconductors for four consecutive months on the Swedish brokerage platform Avanza, a steady rotation that has drained capital from the chip developer even as interest in other tech and defence names surges. The departure of retail money comes as the stock tries to find its footing after a brutal weekly selloff that wiped nearly 29% off the share price. On Tuesday, the shares clawed back 2.91% to close at €6.38, but that gain masked a seven-day slide of roughly 22% and left the stock almost 38% below its 52-week high of €10.23, touched in early June. The technical picture offers little comfort: the 50-day moving average sits at €6.04, with the relative strength index at a neutral 45.6, while annualised 30-day volatility has soared above 223%.
The pressure on Sivers extends well beyond retail sentiment. Swedish financial regulators and the economic crime authority have launched investigations into possible insider trading, after precise details of a planned US Nasdaq listing appeared online before any official announcement. On the other side of the Atlantic, US law firms including the Rosen Law Firm are preparing class-action lawsuits over alleged misleading disclosures. The company’s accounts have also come under fire from short seller Ningi Research, which questions the veracity of SEK 97 million in projected revenues for 2025 — an amount equivalent to 31% of reported sales — and accuses Sivers of booking research grants as commercial income. Sivers has not responded to those allegations.
The accounting scrutiny has intensified with the company’s restatement of its financials under US GAAP ahead of the shelved Nasdaq listing. The net loss for 2025 ballooned from SEK 186.5 million to SEK 222.6 million, and auditors have now expressed doubts about the firm’s ability to continue as a going concern. At the annual general meeting in mid-June, management pulled the vote on the Nasdaq listing from the agenda and instead reshuffled the board, installing Joakim Nideborn as deputy chairman. The board approved a secured convertible note of around USD 327,000, carrying a 10.85% coupon and maturing in December 2029.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Operationally, the first quarter delivered a 22% drop in revenue to SEK 61.9 million, while the adjusted operating loss widened to minus SEK 13.8 million, partly owing to delayed US defence budgets. Yet the company’s order pipeline grew 77% to USD 799 million by spring, and a recently announced partnership with GlobalFoundries to develop photonic solutions for AI data centres has provided a flicker of hope. Whether that pipeline can convert into cash remains an open question.
The next major test comes on 6 August, when Sivers reports second-quarter results — the first outing for the new board. Management will be expected to address the ongoing investigations, the auditor’s going-concern warning, and the short seller’s claims. Until then, the shares remain highly speculative, caught between a retail exodus and a backlog that, on paper, points to significant future value. The question is whether institutional buyers will step in to fill the gap left by departing private investors.
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