Sivers Semiconductors: Share Count Balloons to 355 Million as Stock Sits 73% Below June Peak
Published on 08/02/2026 at 04:20 | Redaktion boerse-global.de
The mechanics of corporate finance and the realities of the trading floor rarely move in lockstep, but for Sivers Semiconductors they have converged with unusual force. The Swedish chipmaker has just completed a pair of capital measures that swelled its share count to 355,081,317 — while the stock itself remains deep in the red, nursing losses that would test the patience of even the most hardened growth investor.
Two Capital Moves, One Bigger Register
The jump in outstanding shares stems from decisions taken within days of each other. On June 30, 2026, the board approved a directed share issue of 12,280,701 new shares. Three days later, the company converted its entire outstanding convertible bond into 22,847,044 new shares for investor Bootstrap Europe IV SCSp.
The directed placement alone pulled in roughly SEK 700 million, priced at SEK 57 per share — a discount of about 9.7 percent to the June 30 closing price on Nasdaq Stockholm. Demand was robust, with the offering multiple times oversubscribed as both new and existing shareholders piled in.
With the bond conversion now complete and the equity raise closed, Sivers has removed two overhangs on its capital structure. The company's growth story continues to rest on photonics for AI data centers, satellite communications, and wireless defense technology.
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A Steep Descent From the June High
The share price tells a more painful story. At Friday's close of EUR 2.75, down 1.93 percent on the day, the stock has shed 73.12 percent from its 2026 peak of EUR 10.23 reached on June 3. The 30-day slide alone amounts to 48.65 percent.
Context matters here: from the year's low of EUR 0.265 on March 3, the shares had more than nonupled before the reversal set in. That kind of whiplash is reflected in the technical indicators. The relative strength index sits at 37.3, drifting toward oversold territory without having confirmed it. The 50-day moving average of EUR 5.70 and the 100-day average of EUR 4.14 both tower over the current price, underscoring how far the stock has fallen from its recent norms.
Weak Quarter, Delayed Revenue
The sell-off tracks a disappointing operating performance. First-quarter 2026 net sales came in at SEK 61.9 million, down 22 percent year over year, while adjusted EBITDA swung to minus SEK 13.8 million — a deterioration of SEK 7.8 million against the prior-year period.
Management points to external headwinds rather than internal missteps. The US government shutdown in the fourth quarter of 2025 pushed back defense budgets and related orders, while an unfavorable currency environment added further pressure. CEO Vickram Vathulya frames the shortfall as a timing issue, arguing that revenues expected in the first and second quarters have merely shifted into the second half. The company maintains its full-year revenue growth plan.
One bright spot: the order pipeline has expanded 77 percent since the start of the year to $799 million. Vathulya cites "enormous momentum" in photonics and radio technology, with multiple production ramps slated for 2027.
The Nasdaq Factor
A chunk of the rising cost base traces back to preparations for a potential dual listing in the United States. Sivers has already aligned its 2024 and 2025 consolidated financial statements with PCAOB standards, the audit oversight regime required for a Nasdaq New York listing. The company is also building out sales resources in parallel to serve the growing pipeline — both initiatives weigh on margins in the near term.
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Management positions the recent capital injections as fuel for this strategy rather than a sign of distress. The May 2026 rights issue, they note, brought high-quality institutional investors onto the register and provided sufficient financial headroom for the plans ahead.
What Happens Next
Sivers releases its second-quarter interim report on August 27, 2026, before trading begins on Nasdaq Stockholm. A closed period has been in effect since July 28, barring executives from trading company securities until the numbers are out.
Until then, the stock is likely to remain hostage to semiconductor sector sentiment and technical positioning, with few company-specific catalysts on the immediate horizon. The August report will be the first real test of whether Vathulya's promised second-half acceleration actually materializes — and whether the freshly expanded share base can deliver the growth that the current valuation demands.
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