Sivers Semiconductors Turns $12M Debt into Equity as AI Chip Pipeline Hits $799M Record
04.07.2026 - 03:22:23 | boerse-global.de
The Swedish chip developer has executed a sharp U-turn, erasing a chunk of its liabilities while simultaneously unveiling a record project backlog. Investors rewarded the double-barreled news with a near-16% rally on Friday, sending the stock to €5.16. The move underscores a strategic overhaul aimed at positioning Sivers for a Nasdaq debut in early 2027.
Bootstrap Europe, a key lender, agreed to convert a $12 million convertible note into roughly 23 million new common shares. The transaction dilutes existing holders by about 6.4%, but CFO Heine Thorsgaard argues it strengthens the balance sheet considerably. “We are reducing debt and freeing up capital to invest directly in growth opportunities,” Thorsgaard said. The freed resources are earmarked for the company’s energy-efficient radio chips, which serve AI data centers and the defense sector.
That headline-grabbing debt removal comes alongside a surge in the company’s total addressable market. Sivers reported its project pipeline has swelled 77% since the end of 2025, reaching a record $799 million. The growth is driven by indium-phosphide lasers and optical amplifiers essential for next-generation AI data centers and automotive LiDAR systems. To capture that demand, management raised 700 million Swedish kronor through an equity placement on July 1, with proceeds flowing into production capacity expansion for the photonics division.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The Nasdaq dual listing remains the centerpiece of Sivers’ international ambitions. The company has already converted its financial reporting to US GAAP, a process that widened the net loss for 2025 to roughly 222 million kronor — an accounting cost management accepted to unlock access to American institutional investors. The New York listing is scheduled for the turn of 2026–2027.
Operational progress supports the narrative. ALL.SPACE recently placed an order for integrated circuits worth $8.2 million, and the share of pure product sales in total revenue has climbed to around 39%, closing in on the long-term target of 80%. However, the start of the year was softer: delayed defense budgets pushed first-quarter revenue down 22% to 61.9 million kronor. CEO Vickram Vathulya remains confident that the second half will deliver stronger results, with the August quarterly report set to show how quickly the massive pipeline turns into hard sales.
Despite Friday’s jump, the stock remains volatile. It has lost about 38% over the past month, and the annualized volatility rate stands at a staggering 211%. The share price is a far cry from the yearly high of €10.23, but the combination of debt reduction, a swelling order book, and a clear path to Wall Street has given investors a reason to step back in.
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