Sivers Semiconductors: Index Inclusion to Test Short Sellers as Pipeline Swells to $799 Million

A record opportunity pipeline and an imminent index rebalancing are setting the stage for a volatile week in Sivers Semiconductors shares – just as short sellers have amassed their biggest bearish bet in years. The Swedish chipmaker enters Monday’s inclusion into two key equity benchmarks with roughly 17% of its free float sold short, up from just 1.6% in early March, according to S&P Global Market Intelligence. The resulting tug-of-war between passive inflows and active shorting could define the stock’s near-term direction.

The surge in bearish positioning comes despite – or perhaps because of – a first-quarter performance that left investors with mixed signals. Revenue fell 22% year-on-year to 61.9 million SEK, dragged down by delayed US defence budgets tied to the late-2025 government shutdown and unfavourable currency moves. Adjusted EBITDA swung deeper into the red at minus 13.8 million SEK, compared with minus 6.0 million a year earlier, while the net loss narrowed slightly to 42.7 million SEK from 49.9 million. Higher spending on sales expansion and preparations for a potential US dual listing added to the cost pressures.

Where the top line disappointed, the forward-looking pipeline offered a stark contrast. Sivers disclosed that its opportunity pipeline had surged 77% year-to-date to reach 799 million dollars, measured through May. Management reiterated its full-year growth targets, pinning hopes on a series of production launches in the second half of 2026 and into 2027. Three strategic milestones stand out: an automotive LiDAR production start scheduled for the fourth quarter of 2026 with a major carmaker; the general availability release of Daybreak beamforming ICs for 5G/6G FR3 applications; and a development contract secured with a leading US defence contractor, alongside confirmed second-year funding for the EW-Star project under the Chips Act.

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

To fund these ramp-ups, Sivers raised approximately 125 million SEK in a directed share issue of 8.62 million new shares priced at 14.50 SEK each, approved by an extraordinary general meeting on 11 May. Anchor investors included DNB Disruptive Opportunities, Alcur Fonder and Hudson Bay Capital Management. The total share count now stands at about 320 million. At Monday’s last traded price of 73.40 SEK, the stock trades well above the issue price – a sign of the premium the market is assigning to the pipeline narrative and the dual-listing prospect.

That prospect moved a step closer with the restatement of the 2024 and 2025 financial statements to PCAOB standards – a prerequisite for a Nasdaq listing. The adjustments revealed higher historical losses but cleared the path for the exchange switch. On the governance front, long-time deputy chairman Tomas Duffy has stepped down from the board, with Joakim Nideborn and Helena Svancar nominated as replacements – a change Sivers framed within the context of its US listing preparations.

The index additions on 1 June – Sivers enters the OMX Stockholm Benchmark Index and the MSCI Small-Cap Index – are expected to generate structural buying from passive funds, creating a potential buffer against the short-selling pressure. The stock has already retreated from a weekly high of 90.50 SEK and slipped below its 15-day moving average on Friday, but the year-to-date gain remains substantial. Between the record pipeline, the looming production inflection point and the showdown between bears and index-trackers, Sivers Semiconductors is entering a phase where execution will be the ultimate arbiter.

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Sivers Semiconductors Stock: New Analysis - 30 May

Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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