Sivers Semiconductors at a Crossroads: Nasdaq Ambitions Tested by Corrected Losses and Short-Seller Claims

The stock of Sivers Semiconductors has been on a wild ride. From a low of 0.27 euro three months ago to a 52-week high of 10.23 euro on June 3, the shares have since surrendered roughly 23 percent of that gain. Tuesday saw another 12 percent slide, taking the price to 6.92 euro. The annualised 30-day volatility stands at nearly 250 percent, making Sivers one of the most febrile names in European tech. All of this turbulence converges on a single event: the annual general meeting on June 15, for which the voting and registration deadline expires this evening.

The board is asking shareholders to approve a sweeping capital-authorisation package. Management wants the power to issue new shares, warrants and convertible bonds that would dilute existing holdings by around 15 percent. A separate stock-option plan would add another 2 percent dilution. The proceeds are earmarked for a secondary listing on the Nasdaq in New York and for acquisitions in artificial intelligence. Two new board members, Joakim Nideborn and Helena Svancar, have been nominated to bring the international governance expertise needed for the US push.

Behind the scenes, the company is also scrambling to meet stricter US accounting standards. The PCAOB review required Sivers to restate its 2025 financials. The net loss was revised upward to 222.6 million Swedish kronor from the originally reported 186.5 million kronor, while the operating loss rose to 177.8 million kronor. Revenue in the first quarter of 2026 came in at 61.9 million kronor, down 22 percent year on year, weighed down by delayed US defence budgets and currency headwinds.

Yet the growth narrative remains ambitious. On June 2, Sivers announced a collaboration with GlobalFoundries to integrate its laser arrays into the foundry’s silicon-photonics platform. The target market is co-packaged optics and linear pluggable optics, both critical for AI data centres. Sivers estimates the addressable market will reach $25 billion by 2030. The sales pipeline has swelled 77 percent in the first quarter to $799 million, though actual orders have yet to catch up.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

That disconnect has attracted short sellers. A critical report from Ningi Research in early June accused Sivers of aggressive revenue recognition and accounting rule violations. US law firms have since begun investigating potential securities claims. Short interest has jumped from barely 2 percent to 17 percent of the free float. The resulting scarcity of lendable stock has driven the cost to borrow through the roof: Nordea Bank is charging annualised fees above 228 percent for Sivers shares.

Insiders have been cashing in as well. Harish Krishnaswamy, head of the wireless division, sold stock worth around 100 million Swedish kronor in late May. Long-time investor Cicero Fonder liquidated its entire holding. No insider purchases have been recorded for months.

The Swedish Economic Crime Authority has opened a preliminary investigation into possible information leaks ahead of the Nasdaq listing announcement.

Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.

Management is holding to its long-term forecast of annual revenue growth of up to 30 percent starting in 2027. Index inclusions at Nasdaq and MSCI could provide institutional demand. But with a corrected loss of 222.6 million kronor, a pipeline that is still unrealised, and the threat of class-action lawsuits, the margin for error is razor-thin. The outcome of the June 15 vote will show whether shareholders are willing to shoulder the dilution and follow the board into America. The next earnings report is due August 6, when the full implications of the AGM will also become clear.

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Sivers Semiconductors Stock: New Analysis - 9 June

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