Sivers Semiconductors: Restatement and Dilution Weigh on Stock as Management Doubles Down
Published on 07/17/2026 at 02:52 | Redaktion boerse-global.de
Sivers Semiconductors is in the grip of a punishing sell-off that has erased nearly 70% of its value from a June peak, as the Swedish chipmaker juggles a restated financial record, a dilutive capital injection, and insider purchases that signal confidence but have done little to arrest the decline. The stock closed at €3.10 on Thursday, down 27.91% over the past seven trading sessions alone, and sits 69.70% below the 52-week high of €10.23 reached on June 3.
The rout was set in motion by an "audit uplift" required for Sivers' planned dual listing on the Nasdaq. To comply with the stricter PCAOB standards used by US regulators, the company revised its 2025 net loss upward to SEK 222.6 million from the originally reported SEK 186.5 million. Revenue for 2024 was also trimmed, falling from SEK 243.7 million to SEK 219.2 million. Management attributed the adjustments to a reallocation of revenue between reporting periods and revised inventory valuations.
Compounding the accounting upheaval, Sivers raised roughly SEK 700 million through a directed share issue on June 30, priced at SEK 57 per share via an accelerated bookbuild. The proceeds are earmarked for expanding manufacturing capacity for indium-phosphide lasers and optical amplifiers — components integral to next-generation AI data centers and automotive LiDAR systems. While the capital infusion bolsters the balance sheet, it diluted existing shareholders, adding further downward pressure on the stock in subsequent weeks.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet even as the market sold off, members of the board and the CEO stepped in to buy. Vickram Vathulya, chief executive, purchased 24,000 American depositary shares on July 9 at $4.11 apiece, for a total of roughly $98,640. Several board directors also acquired stock, including Karin Raj (13,264 shares at SEK 34.68), Helena Svancar (11,019 at SEK 41.74), Joakim Nideborn (11,425 at SEK 40.30), and Todd Thomson (SEK 500,000 in value). The purchases, which collectively amounted to about SEK 1.9 million, were executed under a compensation plan in which each board member receives SEK 1 million, half of which must be placed in shares subject to a one-year lock-up. The buying came after the Stockholm-listed stock had tumbled from SEK 110 to SEK 34. It briefly rallied 10% to SEK 46.16 on July 10 before resuming its slide.
Investors will have to wait for clarity on the company's operating performance. Sivers pushed back its second-quarter report from August 6 to August 27, citing the need for additional time to ensure reporting quality and transparency under the new US standards. The third-quarter release was moved from November 11 to November 26, and the fourth-quarter numbers will now land on February 25, 2027, rather than the earlier date.
The most recent figures available underscore the challenges: trailing twelve-month revenue stands at SEK 289.56 million, against a net loss of SEK 215.37 million, or negative SEK 0.76 per share. Cash reserves are thin at just SEK 26.6 million, a combination that makes the company's capital needs a likely focal point in the coming quarters.
The insider buying can be read as a vote of confidence — especially since it occurred near recent lows — but the aggregate volume of roughly SEK 3 million across all transactions is modest relative to the market cap. With a restated loss, a capital raise that diluted existing holders, and a delayed earnings calendar, the odds of a near-term turnaround rest heavily on the delayed quarterly numbers and the company's ability to demonstrate progress toward profitability.
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