Sivers Semiconductors Faces a Defining May as Nasdaq Probe, Capital Raise, and a $1.5M Deal Converge

Swedish chipmaker Sivers Semiconductors, up 255% in a month, faces a criminal probe, a critical share vote, and PCAOB earnings as it seeks to justify its sky-high valuation.

The next ten days will test whether Sivers Semiconductors can match its blistering stock rally with fundamental proof. The Swedish chipmaker, which has surged 255% in the past month, now faces a packed calendar of corporate events that will determine whether the market's enthusiasm is justified.

A criminal investigation by Sweden's Economic Crime Authority is probing whether confidential details about the company's planned Nasdaq listing leaked before the official April announcement. Any confirmed breach could delay the US dual listing and damage credibility with American regulators. The probe adds an extra layer of uncertainty to what was already shaping up as a critical period for the company.

Fresh Capital on the Table

Shareholders will vote on May 11 on a directed share issue designed to raise approximately 125 million Swedish kronor. The plan involves issuing 8.62 million new shares at 14.50 kronor each, representing a dilution of roughly 2.5% on a fully diluted basis. Three institutional investors — DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond — have already committed to participating.

The urgency is clear. Sivers ended fiscal 2025 with just 43.5 million kronor in cash reserves against a GAAP net loss of 186.5 million kronor. Without the injection, product development for AI data centers could stall.

A New Deal Kicks Off the Week

The company opened the period with a commercial win on May 6: a $1.5 million development contract with US-based Tachyon Networks. The agreement deepens an existing relationship — Tachyon had previously ordered 28 GHz antenna modules worth $3 million — and targets growing demand for high-capacity millimeter-wave links in dense urban networks and fixed wireless access applications.

"This program reflects a deepening relationship with a customer already successful in the FWA market," said Harish Krishnaswamy, managing director of Sivers' wireless business.

Accounting Overhaul and Earnings

The delayed annual report has a specific cause. Sivers is converting its financial statements for 2024 and 2025 to PCAOB standards — the US audit framework for publicly traded companies — as part of its push for a dual listing. Potential adjustments involve revenue recognition, inventory valuations, and share-based compensation. Management has described the corrections as immaterial.

The annual report is due on May 15, followed by first-quarter 2026 results on May 20. The regular annual general meeting has been pushed to mid-June as a result. Board members, the CEO, and the CFO have agreed to a 90-day lock-up on their own shares after the capital raise, a signal of internal confidence.

Valuation Under the Microscope

Sivers generated 304.1 million kronor in revenue in 2025, up 25% year-on-year. Yet the stock trades at 31 times annual sales — far above the European semiconductor sector average of 4 times and even the 17 times multiple carried by comparable peers.

Short sellers have taken notice. Short positions account for roughly 6.4% of outstanding shares, with Voleon Capital Management holding a reported net short position of 0.53%.

Academic voices have added to the skepticism. Photonics researcher Richard Schatz said he cannot understand the hype around Sivers, while Peter Andrekson, a professor at Chalmers University, noted that co-packaged optics technology has existed for five to six years and is dominated by much larger players — including Lumentum and Coherent, both of which received $2 billion investments from Nvidia in March.

Despite the Jabil collaboration, where Sivers contributes its distributed feedback lasers for a 1.6T transceiver, questions about competitive positioning remain real. The Tachyon contract provides a concrete revenue building block. Whether the annual report and quarterly results can substantiate a 31-times-sales valuation will define the stock debate in the weeks ahead.