Sivers Semiconductors: Investigations, Short-Seller Claims and Auditor Concerns Mount as Pipeline Grows

Swedish and US probes investigate insider leak; short seller challenges revenue; auditors raise going concern; weak Q1 but AI pipeline surges 77%.

Two parallel investigations on opposite sides of the Atlantic are weighing heavily on Sivers Semiconductors. The Swedish Economic Crime Authority and the country's financial regulator are probing a suspected leak of confidential information related to the company's planned Nasdaq listing. An anonymous account published precise details of the US secondary listing roughly 48 hours before the official announcement, raising insider-trading red flags. Meanwhile, two US law firms—Rosen Law Firm and Bronstein, Gewirtz & Grossman—have launched preliminary inquiries into potential shareholder claims. Sivers has not commented publicly on any of the probes.

The stock has been battered. It tumbled more than 18% last week, closing at €7.20 on Wednesday. Over the past seven days, the decline has reached nearly 15%, with the shares recently trading at €7.70—a quarter below the all-time high of €10.23 touched in early June. Extreme volatility reflects deep investor nervousness.

Compounding the legal uncertainty, short seller Ningi Research has attacked the company's accounts. The bearish firm alleges that at least 97 million Swedish kronor of Sivers' projected 2025 revenue is questionable, tied to products that do not yet exist and misappropriated research grants. The company has not issued a rebuttal.

Auditors have also sounded the alarm. A revaluation under US PCAOB accounting standards—required for the Nasdaq ambition—widened the net loss for 2025 from an originally reported 186.5 million kronor to 222.6 million kronor. The increase stems from revenue deferrals, inventory adjustments and write-downs of capitalised development costs. The auditors have expressed doubt about Sivers' ability to continue as a going concern.

Operationally, the first quarter of 2026 delivered a weak performance. Revenue fell 22% year-on-year to 61.9 million kronor. Adjusted EBITDA came in at minus 13.8 million kronor, and operating cash flow was deeply negative at minus 49.2 million kronor. Management blames a US government shutdown last year for delaying defence budget approvals.

Despite the gloom, the project pipeline has swelled. Since the start of the year, it has jumped 77% to $799 million, driven by soaring demand for silicon photonics in AI data centres. In June, Sivers announced two notable commercial wins: a joint development with GlobalFoundries on new AI solutions, and an order from multi-orbit satellite communications provider ALL.SPACE for Ka-band beamforming chips worth $8.2 million, securing production into 2027. Management pegs the addressable market for the GlobalFoundries collaboration at $25 billion by 2030, though meaningful revenue is not expected until late 2026.

The company's shareholder meeting brought boardroom changes. Vice-chairman Tomas Duffy and founding investors Erik Fallström and Keith Halsey left the supervisory board. Joakim Nideborn was elected deputy chairman and Helena Svancar joined as a new member. Bami Bastani remains chairman. A planned resolution on the Nasdaq secondary listing was suddenly pulled from the agenda. Instead, the board received a general capital authorisation for roughly 53.8 million new shares—a potential dilution of about 15%. No timetable for the US listing has been provided.

All eyes are now on August 6, when Sivers is due to publish its half-year report. That will be the first test for the new leadership under Bastani. Investors will be looking for evidence that the bulging pipeline can be converted into real orders and that the deferred defence revenue can be recovered. Until then, the stock remains hostage to investigations, short-seller allegations and auditor warnings.