Sivers Semiconductors: ALL.SPACE Deal and $799M Backlog Steal the Show Amid Insider Probe and Board Exodus

Swedish photonics firm Sivers secures Ka-band beamforming chip deal with ALL.SPACE, but faces board resignations, a withdrawn Nasdaq listing, insider trading probe, and widening losses.

The British satellite communications firm ALL.SPACE has placed an $8.2 million production order for Ka-band beamforming chips from Sivers Semiconductors, with deliveries scheduled through 2027. The contract marks a tangible step into volume production for the Swedish photonics specialist, even as its boardroom undergoes a radical shake-up and a US listing plan collapses.

At the annual general meeting in Stockholm on 15 June, three directors resigned shortly before proceedings began. Vice-chair Tomas Duffy and founders Erik Fallström and Keith Halsey stepped down, replaced by Joakim Nideborn as the new vice-chair and Helena Svancar as a new member. Chairman Bami Bastani remains in place. Nideborn will handle investor relations — a critical function given the company's continued ambition for a US exchange listing. Svancar brings two decades of M&A experience.

The meeting's key agenda item — a proposal to issue up to 53.8 million new shares for a secondary Nasdaq listing — was withdrawn at the last minute. That would have diluted existing holdings by roughly 15 percent. However, shareholders granted the board a general mandate to issue the same number of shares in the future for cash, assets, or debt conversion, keeping the Nasdaq option alive for another day.

The financial picture remains messy. First-quarter 2026 revenue dropped 22 percent to 61.9 million Swedish kronor, which CEO Vickram Vathulya blames on delayed US defence budgets and the fourth-quarter 2025 government shutdown. He expects the lost revenue to materialise in the second half. The company's net loss for 2025 was revised upward to 222.6 million kronor after switching to US PCAOB accounting standards — well above the originally reported 186.5 million kronor.

To shore up liquidity, shareholders retroactively approved a secured convertible note of around $327,000 issued to Bootstrap Europe 4.0. The note carries a fixed annual interest rate of 10.85 percent and matures on 31 December 2029 unless converted earlier.

On the governance front, the problems are piling up. Sweden's Economic Crime Authority is investigating suspected insider trading after details of the planned Nasdaq filing leaked online before the official April announcement. The stock saw unusual gains in the 48 hours prior. Two US law firms are reviewing potential securities law violations, though no lawsuits have been filed yet. In early June, short-seller Ningi Research published a report questioning roughly 31 percent of Sivers' reported 2025 revenue, alleging that research grants were booked as commercial income. The company has not publicly responded.

Despite these headwinds, the sales pipeline has swelled 77 percent since the start of the year to $799 million. The ALL.SPACE production deal is the most concrete validation yet. Investors have largely ignored the risks: the stock closed at €9.05 on the day of the AGM, up more than 103 percent over the prior 30 days and about 79 percent above its 50-day average. The 52-week high of €10.23 is within striking distance.

Sivers will publish its second-quarter interim report on 6 August. By then, the market will want hard evidence that the pipeline fantasy is translating into real revenue — and that the new board can steer the company through a storm of investigations and short-seller accusations.