Sivers Semiconductors: The 12% Selloff That Exposes the Valuation Trap
Published on 06/23/2026 at 14:35 | Redaktion boerse-global.de
The fairy-tale rally in Sivers Semiconductors came to a brutal halt on Tuesday, with shares plunging 12.34% to €7.71 — extending the week’s losses to roughly 9%. For a stock that had surged more than thirtyfold from its March lows, the reversal signals something deeper than a routine profit-taking session. The chasm between a €22.1 billion market cap and quarterly revenue of just 61.9 million Swedish kronor is now impossible to ignore.
That valuation gap has attracted a swarm of bears. Short interest has rocketed to 17% of outstanding shares from a mere 1.6% at the start of March, as Swedish prosecutors examine potential breaches of EU market-abuse rules. Adding to the pressure, the research firm Ningi Research has challenged the quality of Sivers’ reported revenue, arguing roughly a third of the projected top line is questionable. Sivers has already restated its accounts under stricter US standards, with the net loss for 2025 ballooning to 222.6 million kronor.
The boardroom has not been idle. At the June general meeting, the company elected Joakim Nideborn and Helena Svancar to the board, with Nideborn taking the deputy chair role alongside Chairman Bami Bastani. The new team inherits a delicate task: approve a revised employee incentive programme, which was deliberately pulled from the meeting agenda to give fresh eyes a chance to review it. The board must also shepherd the transition from development-stage optics maker to volume manufacturer — a pivot that will define the company’s next chapter.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Against this tough backdrop, Sivers does have genuine milestones to point to. A production contract with British satellite firm ALL.SPACE for Ka-band beamforming chips valued at $8.2 million marks the long-awaited shift from prototyping to serial production. The order book, meanwhile, has swelled 77% since the start of the year to $799 million. Yet first-quarter 2026 revenue fell 22% year on year, and the adjusted operating loss widened. Chief executive Vickram Vathulya blames delayed US defence budgets, but the disconnect between pipeline and booked revenue remains stark.
The most seductive narrative for bulls is the AI laser thesis. An analyst report published under the pseudonym “Serenity” positions Sivers as a future bottleneck supplier for optical components in AI data-centre infrastructure. The logic is compelling: if the industry shifts to new optical architectures, Sivers’ photonics chips could become indispensable. But broad adoption of such architectures is not expected until 2027, and the company has yet to announce any customer contracts or order volumes tied to this vision. The theory is unproven.
Technically, the stock remains stretched even after the correction. It still trades 37% above its 50-day moving average and well above the 100-day average of €3.10. The relative strength index sits at 59.9 — neither overbought nor oversold. With annualised volatility above 220%, Sivers remains a trader’s game, not an investor’s. Insider holdings are often cited as a stabiliser, but they offer little comfort when a single short-seller report can trigger a double-digit rout.
The next hard data point arrives on August 6, 2026, when Sivers reports second-quarter results. Management has stuck to a three-year profitability target, but the market increasingly wants proof that the $799 million pipeline can translate into recognised revenue before the capital cushion runs thin. Until then, the stock’s valuation will remain a bet on speed — and on whether the new board can deliver a transformation that the numbers have yet to support.
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Sivers Semiconductors Stock: New Analysis - 23 June
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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