Sivers Semiconductors: A 70% Rally Meets a 31% Revenue Challenge — Can the Numbers Hold?
Published on 06/03/2026 at 04:47 | Redaktion boerse-global.de
The schism in Sivers Semiconductors could hardly be wider. On one side, a blistering 70% single-day rally fueled by a partnership with GlobalFoundries in silicon photonics for AI data centers. On the other, a short-seller report that challenges the integrity of nearly a third of the company's reported 2025 revenue — and a target price from its own research house that sits 94% below the stock's peak.
Ningi Research, a specialist in bearish analysis, published a broadside on June 1 that accused the Swedish chipmaker of prematurely or improperly recognizing revenue under IFRS standards. The firm claims at least 97 million Swedish kronor of the 2025 top line — roughly 31% of annual sales — should be called into question. The allegations cover revenue booked for products not yet manufactured and government research subsidies that Ningi argues should not have been recognized. Sivers has not yet issued a detailed rebuttal, and the accusations remain assertions from a short seller, not findings by an auditor or regulator.
The attack landed just weeks after Sivers itself revised its 2025 numbers on May 13, aligning its consolidated accounts with U.S. PCAOB standards ahead of a potential dual listing on Nasdaq New York. Those adjustments included revenue reclassifications between periods, inventory write-downs, and impairments on capitalized development costs.
Legal interest has already materialized. U.S. law firm Rosen Law Firm said it would examine potential securities claims on behalf of Sivers shareholders, explicitly citing the Ningi report. The OTC-traded American depositary receipts fell 9.2% on June 1. Short interest, meanwhile, is substantial: Swedish regulator Finansinspektionen shows net short positions totaling 7.48% of shares, with Two Sigma Investments at 2.45% and Voleon Capital Management at 2.27% as of May 29, and Qube Research & Technologies at 0.79% on June 1.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The accounting questions come against a tough operating backdrop. First-quarter 2026 net revenue dropped 22% year-on-year to 61.9 million kronor. Adjusted EBITDA swung to a loss of 13.8 million kronor, while operating cash flow burned 49.2 million kronor. Management blamed delayed U.S. defense budgets and adverse currency movements.
Yet the same quarter saw the company's opportunity pipeline surge 77% to 799 million U.S. dollars, lifted by higher production forecasts from existing customers and rising interest in wireless beamformers and indium phosphide lasers. That pipeline — and the GlobalFoundries tie-up — has become the stock's primary narrative.
The partnership targets optical connectivity for AI infrastructure and data centers, integrating Sivers' laser arrays into reference designs on GlobalFoundries' silicon photonics platform. The addressable market for pluggable optics is estimated at $25 billion by 2030. But the announcement contained no contract value, no binding volume commitments, no exclusivity terms, and no revenue timeline. Redeye, which provides commissioned research on Sivers, reiterated its fair value of 6.20 kronor per share after the rally, calling the price reaction "extremely strong." Analyst Jacob Benon told Dagens Industri that the GlobalFoundries news did not alter the bank's valuation view.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The stock's leap beyond 100 kronor on Nasdaq Stockholm — a gain of more than 2,400% since the start of the year — has effectively decoupled from any near-term earnings reality. Redeye's unchanged target implies a market price that already discounts a scale of commercial execution the company has yet to prove. For now, the credibility of Sivers' disclosed numbers, not the promise of AI-optics demand, remains the more urgent variable for investors.
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