Sivers Board and Management Double Down on Stock Amid Revenue Slump, Sector Rout, and Lock-Up Expiry
Published on 07/18/2026 at 12:54 | Redaktion boerse-global.de
Sivers Semiconductors finds itself buffeted by a rare confluence of headwinds: a steep quarterly revenue decline, a broad bear market in chip stocks, and the end of an insider lock-up that threatens further dilution. Yet even as the shares have lost nearly two-thirds of their value in a month, the company’s board and chief executive have chosen that moment to put fresh cash on the table. The timing raises a clear question—whether insider confidence can outweigh the accumulating pressures.
The purchasing spree, completed on July 13, involved board members Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson, and Joakim Nideborn, alongside CEO Vickram Vathulya. All acquisitions received prior approval from the annual general meeting and come with a mandatory 12-month holding period. The purchases land just hours before a far larger restriction lapsed: a lock-up linked to the directed share issuance of April 16, 2026, which had barred the same insiders—plus CFO Heine Thorsgaard—from selling any stock. That six-month lock-up expired on July 16, opening the door for those participants to offload the roughly 12.3 million shares they subscribed for in the oversubscribed 700 million Swedish kronor capital raise, priced at 57 SEK each.
Insiders are effectively pitting new long-term commitments against the potential overhang from that same deal. The capital injection itself was designed to bridge a period of weak operational performance. For the first quarter of 2026, Sivers posted revenue of 61.9 million SEK, a 22% year-on-year drop, with the photonics division suffering a 32% plunge. Full-year 2025 figures—306.6 million SEK in revenue, a 177.8 million SEK operating loss, and a 222.6 million SEK net loss—underscore the struggle to reach profitability. The company’s adjusted EBITDA landed at minus 13.8 million SEK in Q1, while operating cash flow bled 49.2 million SEK.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Sivers’ management points to a swelling opportunity pipeline—valued at $799 million, up 77% from the end of 2025—as evidence that the revenue drought is temporary. The company operates a fab-light model with its own facility in Glasgow and external partners including WIN Semiconductors for high-volume laser production, plus collaborations with GlobalFoundries, Jabil, and O-Net/Enablence. But the market has focused on the near-term reality: despite the capital raise, the equity is worth just over 1 billion euros, a sharp comedown from the 1.29 billion SEK market capitalisation at the end of last year.
The sell-off in Sivers shares cannot be separated from the rout gripping the entire semiconductor space. The Philadelphia Semiconductor Index has entered a bear market, shedding more than 20% from its late June peak on weaker-than-expected growth signals from major chip companies. Goldman Sachs characterised the episode as one of the most aggressive unwinds of momentum strategies in recent memory, with hedge funds aggressively reducing semiconductor exposure. Sivers, as a small-cap name with extreme volatility—its 30-day annualised volatility stands at 141.8%—has been swept up in that tide.
The stock closed at 3.19 euros on Friday, gaining 2.84% on the day but still down 25.86% for the week and 64.77% over the past 30 days. That leaves it 68.84% below the 52-week high of 10.23 euros reached on June 3. The 14-day relative strength index of 34.2 suggests oversold conditions, providing a technical rationale for Friday’s modest bounce, though no trend shift is yet confirmed.
In the background, Sivers is also shifting its financial reporting calendar to adopt US-style PCAOB audit standards, a move tied to its planned secondary listing. The coming trading sessions will reveal whether the insider buying can steady the stock—or whether the expired lock-up and the broader sector gloom prove stronger forces.
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