Sivers Semiconductors Faces a Defining Fortnight as Short Sellers Circle and Cash Reserves Dwindle

Sivers Semiconductors' 47% rally draws short sellers like Voleon and Two Sigma as valuation hits 31x revenue, while a cash crunch forces a capital raise.

A 47% single-day surge that pushed Sivers Semiconductors' stock to eye-watering levels has drawn the attention of prominent hedge funds betting on a reversal. The Swedish photonics and wireless specialist now finds itself navigating a packed calendar of corporate events, regulatory scrutiny, and a capital raise that could determine whether the rally has further to run or is nearing its end.

Short Sellers Move In as Valuation Stretches

Voleon Capital Management and Two Sigma Investments have taken aim at the stock, with Voleon recently crossing the European disclosure threshold with a net short position of 0.53%. Total disclosed short positions now stand at over 6% of outstanding shares, reflecting deep skepticism about the company's ability to justify its market capitalization of nearly 16.6 billion Swedish kronor.

The valuation gap is stark. Sivers trades at roughly 31 times trailing revenue — a multiple that would be ambitious for a profitable company, let alone one that posted a net loss of 186.5 million kronor in 2025. Revenue climbed 25% to 304 million kronor last year, but the bottom line remains firmly in the red, with adjusted EBITDA of minus 10.8 million kronor.

Richard Schatz, a photonics researcher, has questioned the hype surrounding the stock, noting that the underlying technology has been around for years and that Sivers operates in a capital-intensive market dominated by much larger players.

New Wireless Deal Adds a Catalyst

On May 6, Sivers announced a development partnership with Tachyon Networks worth $1.5 million to build a 60-GHz mmWave transceiver for the fixed-wireless-access market. The project builds on an earlier production order for 28-GHz antenna modules valued at approximately $3 million.

Harish Krishnaswamy, managing director of the wireless business, described the move into the 60-GHz band as a "faster, lower-risk path to scalable mmWave deployment." Tachyon CEO Hal Bledsoe added that the collaboration now provides a clear route for deployments in both frequency bands.

On the photonics side, Sivers is working with Jabil on a 1.6T linear-receive optical transceiver module based on its DFB lasers, targeting hyperscale AI data centers. The market opportunity is real: LightCounting forecasts that 800G transceivers and faster variants will account for roughly 80% of the pluggables market by 2030, representing 225 million units globally.

But the competitive threat is formidable. Nvidia recently invested $2 billion each in photonics specialists Lumentum and Coherent, underscoring the financial firepower Sivers must contend with. Peter Andrekson, a professor at Chalmers University, has cast doubt on the company's technological edge, arguing that the core technology has existed for years and that Sivers is operating in a field dominated by far larger players.

Cash Crunch Forces Capital Raise

The company's cash position has deteriorated sharply, with liquid assets falling to around 43 million kronor. That makes the planned capital raise all but essential. Shareholders will vote on May 11 on a directed share issue of roughly 8.6 million new shares at 14.50 kronor each, targeting gross proceeds of 125 million kronor.

Three institutional investors — DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond — have already committed to the placement. If approved, management and the board will be subject to a 90-day lock-up on their own shares.

Insider Probe Casts a Shadow

The Swedish Economic Crime Authority is investigating possible insider trading related to Sivers' planned secondary listing on the Nasdaq New York. There are suspicions that information about the listing may have leaked ahead of time.

The Nasdaq ambitions are also causing delays to the company's financial reporting. Sivers must adapt its accounts to the stricter PCAOB standards required for a US listing, pushing the annual general meeting back to June 15, 2026. The annual report is now expected on May 15, followed by first-quarter results on May 20.

A Pivotal Nine Days Ahead

The coming days will test whether Sivers can turn narrative into numbers. May 11 brings the extraordinary general meeting and the crucial vote on the capital raise. May 15 sees the delayed annual report, and May 20 delivers the first-quarter figures.

With short sellers circling, cash running low, and a regulatory probe underway, the next nine days will reveal whether Sivers can deliver the operational progress needed to support its stretched valuation — or whether the skeptics have been right all along.