Sivers Semiconductors: Governance Probe and Nasdaq Delay Cloud a $799 Million Order Backlog
28.06.2026 - 08:06:25 | boerse-global.de
Sivers Semiconductors is struggling to keep the market’s attention on its $799 million order pipeline. Over recent weeks, the stock has lost roughly a third of its value, with the slide accelerating sharply in the last seven trading sessions to close at €5.90 – a full 42% below the 52-week high of €10.23 reached in early June. The trouble is coming from multiple directions: a governance upheaval, regulatory investigations, a stalled Nasdaq listing, and a first-quarter earnings miss.
Boardroom Exodus and a Leak Investigation
At the annual general meeting on 15 June, the board was substantially reshuffled. Chairman Bami Bastani retained his role, while Joakim Nideborn joined as deputy chairman and Helena Svancar as a new member. The shake-up came after three long-serving directors – Tomas Duffy, Erik Fallström and Keith Halsey – departed shortly before the gathering.
The meeting also saw the withdrawal of a planned vote on a secondary Nasdaq listing. Instead, shareholders approved a general capital authorisation covering up to 53.8 million new shares, a potential dilution of around 15%. No timetable has been given for a US exchange debut, even though Sivers had already converted its financial reporting to PCAOB standards in preparation.
Compounding the governance uncertainty, Swedish authorities are investigating a suspected information leak. Around 48 hours before the Nasdaq listing was officially announced, an anonymous account published precise details of the plan. Both the Swedish Economic Crime Authority and the financial regulator have launched probes. Two US law firms – Rosen Law Firm and Bronstein, Gewirtz & Grossman – are examining possible shareholder claims. Sivers has not commented publicly on any of the investigations.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Weak Q1, but a Growing Backlog
First-quarter 2026 results disappointed on nearly every metric. Net revenue fell 22% year-on-year to 61.9 million Swedish kronor, while adjusted EBITDA came in at minus 13.8 million kronor – a deterioration of 7.8 million kronor from the same period last year. Management blamed the US government shutdown in late 2025, delayed defence budgets and unfavourable exchange rates. CEO Vickram Vathulya said some expected revenues from Q1 and Q2 have been pushed into the second half, though the full-year target remains intact.
The bright spot is the order pipeline, which has swelled 77% since the start of the year to $799 million. Concrete evidence of commercial traction includes a production order worth $8.2 million from ALL.SPACE for Ka?band beamforming chips, with deliveries scheduled through 2027. The chips are destined for next?generation satellite terminals used in defence and commercial applications.
LiDAR Production and Silicon Photonics – Long?Lead Catalysts
The most significant catalyst for Sivers is not a new deal but a production ramp that is already underway. A LiDAR customer has integrated the company’s lasers and optical amplifiers into its platforms, with series production for automotive and industrial applications set to begin in the fourth quarter of 2026. The contract is valued at between $53 million and $138 million over the product lifecycle, or roughly $9.5 million a year at the midpoint. By comparison, Sivers’ current annual revenue stands at about $33 million, mostly from development projects – meaning this single contract could fundamentally reshape its revenue profile.
The addressable market is expanding fast. According to the Yule Group, the global automotive LiDAR market is forecast to grow from $861 million in 2024 to $3.8 billion by 2030.
Alongside LiDAR, Sivers has struck a partnership with GlobalFoundries to develop silicon photonics solutions for the AI infrastructure market. The company’s laser arrays will be integrated into reference designs on the GF platform, targeting applications such as co?packaged optics and linear pluggable optics for data centre interconnects. Broad market adoption here is not expected until 2027, so the near?term impact on financials is minimal. Still, it bolsters the longer?term investment thesis.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Technicals and the Next Hard Data Point
The stock closed at €5.90, just above its 50?day moving average of €5.89. The relative strength index sits at 42.2, a neutral reading. But with annualised volatility above 224%, even minor news can trigger outsized moves.
The next real test comes on 6 August 2026, when the company publishes its second?quarter interims. It will be the first report under the new board – and the first opportunity to show whether the swelling pipeline can translate into tangible revenue. Management’s confirmation of the Q4 2026 LiDAR production start would provide a foundation for a potential rerating. Any delays, however, would add to the pressure on a stock already navigating difficult waters.
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