Sivers Semiconductors: Index Inflow Masks a 17% Short Bet as Insider and Accounting Probes Deepen
Published on 06/25/2026 at 14:44 | Redaktion boerse-global.de
Sivers Semiconductors finds itself in the crosshairs of opposing market forces that have turned its stock into a daily battleground. On 24 June, the shares shed over 13 percent in US trading and nearly 10 percent in Frankfurt, pushing the price to €6.88 — a full 32 percent below the 52-week high of €10.23 reached in early June. Behind the latest slide lies a short-seller attack that calls into question nearly a third of the company's reported annual revenue, while the chip developer also faces insider-trading probes on two continents and an auditor warning that its survival may depend on external financing.
Swedish authorities — the Economic Crime Authority and the Financial Supervisory Authority — are investigating a suspected information leak that surfaced in April. Precise details of Sivers’ planned Nasdaq listing were posted on an anonymous account roughly 48 hours before the official announcement, prompting a suspicious rally in the stock. Across the Atlantic, two US law firms, Rosen Law Firm and Bronstein, Gewirtz & Grossman, have opened preliminary class-action investigations into possible securities-law violations. Sivers has not commented publicly on any of the inquiries.
The short-seller report from Ningi Research, published on 1 June, alleges that Sivers booked research grants as commercial revenue and maintained hollow customer contracts. The company has also broken repeated promises of a production ramp-up since 2018, according to the activist firm. Those claims come on top of a stark auditor note in the latest annual report: the external accountants expressed "substantial doubt" about Sivers’ ability to continue as a going concern. To make matters worse, the net loss for 2025 was restated to roughly 222 million Swedish kronor. The stock’s short interest has exploded from below 2 percent in March to 17 percent — the clearest sign yet that the bears are digging in.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet against this backdrop, a mechanical wave of buying is providing an artificial floor. Sivers was recently added to the OMX Stockholm Benchmark and the MSCI Small-Cap indices, forcing exchange-traded funds to acquire the stock regardless of fundamentals. JPMorgan Chase disclosed a stake of about 5 percent in early June, its first investment in the Swedish company. The bank appears to be betting on the AI photonics narrative: Sivers has partnered with GlobalFoundries to develop silicon-photonics solutions for AI data centres, although broad demand for such optical architectures is not expected until at least 2027. The company’s order pipeline swelled 77 percent to $799 million in the first quarter, but net sales actually fell 22 percent year over year to 61.9 million kronor. Adjusted EBITDA came in at minus 13.8 million kronor, with management blaming the US government shutdown in the fourth quarter of 2025, delayed defence budgets, and unfavourable exchange rates.
The annual general meeting on 15 June brought a reshuffled board. Joakim Nideborn joined as vice chairman, Helena Svancar as a new member, while Bami Bastani remained chairman. Shareholder votes on an employee incentive programme were postponed while the new board reviews the proposal. The meeting also approved a secured convertible note worth approximately $327,000 carrying a 10.85 percent annual coupon and maturing on 31 December 2029. On the production front, ALL.SPACE placed an $8.2 million order for Sivers’ Ka-band beamforming chips for satellite communications, with delivery scheduled for 2027.
The planned Nasdaq listing remains on ice, and the board is still reworking the equity compensation plan. The next major checkpoint arrives on 6 August, when Sivers releases its second-quarter interim report. With the short-interest juggernaut pressing against index-driven demand, a revenue reality that lags far behind the pipeline fantasy, and regulators circling on both sides of the Atlantic, that report will need to show tangible progress if the stock is to escape its downward spiral.
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Sivers Semiconductors Stock: New Analysis - 25 June
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