Sivers Semiconductors Faces a Triple Test in May as Short Sellers Circle and Cash Reserves Dwindle

Swedish chipmaker Sivers Semiconductors faces a critical 10-day window with key results, an insider probe, and short sellers circling as it pursues AI data center and mmWave markets.

The next ten days will determine whether Sivers Semiconductors can justify its sky-high valuation — or whether the cracks in its story widen into a full-blown crisis. With an extraordinary general meeting, a long-delayed annual report, and first-quarter results all landing within a tight window, the Swedish chipmaker has no room for error.

A $1.5 Million Deal Opens a New Frequency Front

On the wireless side, Sivers announced a development partnership with Tachyon Networks on May 6 worth $1.5 million. The pair will build a 60-GHz millimeter-wave transceiver for the fixed-wireless-access market, building on an earlier production order for 28-GHz antenna modules valued at roughly $3 million.

Harish Krishnaswamy, who runs Sivers' 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 offers "a clear route for deployments in both frequency bands."

The deal broadens Sivers' wireless portfolio at a time when the company's photonics business is drawing the most attention — and the fiercest competition.

Jabil Partnership Targets the AI Data Center Boom

Sivers has also teamed up with contract manufacturer Jabil to develop a 1.6T linear-receive optical transceiver module based on its DFB lasers, aimed at hyperscale AI data centers. Market researcher LightCounting projects that transceivers running at 800G and above will capture roughly 80 percent of the pluggable optics market by 2030, with 225 million units shipped globally.

The opportunity is enormous — but so are the rivals. Nvidia invested $2 billion each in photonics specialists Lumentum and Coherent in March alone, underscoring the deep pockets of the competition. Peter Andrekson, a professor at Chalmers University, has questioned whether Sivers holds a meaningful technological edge, noting that the underlying technology has existed for years and that the company operates in a field dominated by much larger players.

Insider Probe and Audit Delay Add to the Pressure

Sweden's Economic Crime Authority is investigating whether confidential information about Sivers' planned Nasdaq listing leaked before its official announcement in April. A prosecutor is reviewing the case.

The company's annual report has been delayed because Sivers is converting its financial statements for 2024 and 2025 to PCAOB standards — a prerequisite for a potential dual listing in New York. Management has described any adjustments to revenue recognition and stock-based compensation as immaterial, but the shift has pushed the annual general meeting back to June 15.

Short Sellers Tighten Their Grip

Reported short positions now total 6.43 percent of outstanding shares. Voleon Capital Management recently increased its net short position to 0.53 percent, just above the European disclosure threshold of 0.5 percent.

The short sellers have plenty of ammunition. Sivers' cash reserves shrank to 43.5 million Swedish kronor by year-end, making the planned capital raise all but essential. The board has proposed a directed new issue of roughly 8.6 million shares at 14.50 kronor each, raising about 125 million kronor. Investors lined up include DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond. The extraordinary general meeting on May 11 must still approve the measure.

A Valuation That Leaves No Margin for Error

Sivers' revenue grew 25 percent to 304 million kronor in 2025, but the rest of the picture is grim. Adjusted EBITDA came in at negative 10.8 million kronor, and the net loss reached 186.5 million kronor.

The price-to-sales ratio stands at 31.1 — more than seven times the European sector average of 4.1 and well above the peer average of 17.5. For a company still posting losses, that multiple reflects enormous expectations. Photonics researcher Richard Schatz has expressed skepticism about the valuation, arguing that the capital required in co-packaged optics far exceeds what Sivers can muster.

Three Dates That Could Change Everything

The calendar is unforgiving. On May 11, shareholders vote on the capital increase. On May 15, the PCAOB-audited annual report is due. On May 20, first-quarter 2026 results land. Three events in ten days, and any one of them could tip the story — for better or worse.

Achilles Capital, Sivers' largest shareholder, adds another layer of uncertainty. Together with its parent DDM Finance, it has entered restructuring proceedings triggered by bonds worth roughly 225 million euros that matured in April. The plan involves selling loan portfolios and divesting stakes in technology and life sciences — and the Sivers holding could be on the block. Management has not commented.

With short sellers circling, a capital raise hanging in the balance, and an insider probe underway, Sivers is playing a high-stakes game. The next week and a half will show whether it can deliver on its promises — or whether the market's patience finally runs out.