Sivers Semiconductors Fires Up $799M Pipeline Amid Board Exodus and Dual Regulatory Inquiries

Board resignations and Nasdaq delay overshadow Sivers' strong pipeline growth and stock surge, as legal and accounting issues mount.

Sivers Semiconductors held an annual general meeting in Stockholm on June 15 that was anything but routine. Three board members — vice chairman Tomas Duffy and founders Erik Fallström and Keith Halsey — resigned just before the gathering, while a high-profile vote on a Nasdaq secondary listing was pulled from the agenda at the last minute. The original plan would have required issuing around 53.8 million new shares, diluting existing holders by roughly 15%. Instead, shareholders approved a general capital authorisation for the exact same number of shares, giving the newly constituted board flexibility to raise cash without immediate dilution. The Nasdaq dream is delayed, not dead.

The shake-up comes as the company faces mounting legal and regulatory headwinds. Sweden’s Economic Crime Authority is investigating possible insider trading after details of the Nasdaq plans leaked online in April, triggering an unusual stock surge in the 48 hours prior. Two US law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — are probing potential securities law violations, though no lawsuits have been filed yet. Adding to the pressure, short-seller Ningi Research has accused Sivers of improperly booking research grants as commercial revenue. The accounting adjustments required for a US listing have already left their mark: the net loss for 2025 was restated from 186.5 million Swedish kronor to 222.6 million SEK, while 2024 revenue was revised lower.

Despite the turmoil, the operational story is gaining traction. The company’s sales pipeline has surged 77% since the start of the year to $799 million, underpinned by a landmark order from British satellite communications provider ALL.SPACE for Ka-band beamforming chips worth $8.2 million, with delivery due by 2027. It’s a notable step from development into series production. Sivers also deepened its partnership with GlobalFoundries, integrating laser arrays into a silicon photonics platform aimed at AI chips — a market the company estimates will reach $25 billion by 2030, with first revenues from the tie-up expected late next year. However, first-quarter revenue fell 22% year on year to 61.9 million SEK, dragged down by the US government shutdown in the prior quarter and unfavourable exchange rates, while adjusted EBITDA landed at minus 13.8 million SEK.

Investors have largely brushed off the noise. The stock closed the week at €8.65, up 3.28% on the week and 75% over the past month. It now trades 62% above its 50-day moving average and has multiplied more than 20 times from its 52-week low of €0.27, though the annualised 30-day volatility sits at a breathtaking 236%. The company also secured a secured convertible loan of roughly $327,000 carrying double-digit interest and maturing at the end of 2029. All eyes will now turn to the interim report due in early August, when management must show whether the bulging pipeline can finally translate into sustainable revenue — or whether first-quarter weakness was just the beginning.