Sivers Semiconductors: Insiders Step In After Lock-Up Expiry and Sector Rout Erase Two-Thirds of Value

Sivers Semiconductors shares collapse 66% in 30 days as capital raise, lock-up expiry, and AI chip sell-off converge; insiders buy the dip.

The Swedish photonics and wireless specialist Sivers Semiconductors has been one of the most volatile names on European exchanges this year, alternating between stunning gains and a brutal correction. Over the past 30 days, the stock has shed 66.06% of its value, with a brief stabilizing bounce that still left it down 64.77% at one point last week. The latest close of 3.07 euros stands nearly 70% below the 52-week high of 10.23 euros hit on June 3.

The severity of the sell-off has roots in a confluence of events: a massive capital raise, the expiry of insider lock-up agreements, and a broad semiconductor sector rout that swept through global markets in July. The Philadelphia Semiconductor Index entered bear territory within a week, dropping more than 18% after a 100% rally from March to June. The trigger was the unveiling of Chinese AI model Kimi K3 by startup Moonshot, which cast doubt on the lofty valuations of chip and software stocks worldwide — including Sivers.

Against that backdrop, Sivers completed a directed share placement of 12.28 million new shares, raising approximately 700 million Swedish kronor at an issue price of 57 kronor each. The book was multiple times oversubscribed, drawing both new and existing institutional investors. But the placement also came with lock-up commitments: several board members and the CEO had agreed not to sell shares until July 16, 2026, following an earlier placement in April. Once that standstill period expired, selling pressure intensified, compounding the sector-driven decline.

Yet in a notable counter-move, five directors and CEO Vickram Vathulya have now purchased additional shares. The purchases, approved by the annual general meeting, carry a mandatory twelve-month holding period, signaling that management views the current price as an attractive entry point. The buyers include Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson, Joakim Nideborn, and Vathulya himself. Sivers said the lock-up aligns board interests with those of shareholders.

The timing underscores the gap between market panic and insider confidence. The stock’s relative strength index has dropped to 33.1, deep in oversold territory, which often precedes technical bounces. But the fundamentals tell a more sobering story. For the full year 2025, Sivers posted revenue of 306.6 million kronor — split between wireless (213.1 million) and photonics (93.4 million) — against an operating loss of 177.8 million kronor and a net loss of 222.6 million. The first quarter of 2026 saw revenue slide 22% to 61.9 million, with the photonics division down 32%. Adjusted EBITDA came in at minus 13.8 million kronor, and operating cash flow was negative 49.2 million.

The company’s opportunity pipeline, however, tells a more forward-looking story: it swelled to $799 million, up 77% from the end of 2025, fueled by Sivers’ indium phosphide lasers for AI data centers. Production is split between an in-house Glasgow fab and a “fab-light” model with partners such as WIN Semiconductors, GlobalFoundries, and Jabil.

Adding to the operational complexity, Sivers announced on July 9 that it is overhauling its financial reporting calendar and strengthening internal controls. The changes are designed to meet PCAOB audit standards ahead of a planned dual listing in the United States. That move, combined with the fresh capital and insider buying, suggests management is betting the current turbulence is a temporary setback rather than a structural break. But with further lock-up expiries looming in the weeks ahead, the path to recovery may remain choppy.