Sivers Semiconductors Leverages Jabil Milestone to Bolster Nasdaq Ambitions Amid Financial Scrutiny

Swedish chipmaker partners with Jabil for optical transceivers, but faces cash crunch, short seller pressure, and a delayed Nasdaq listing.

Sivers Semiconductors has crossed a key threshold from laboratory research into commercial production, with contract manufacturer Jabil beginning to deploy its laser technology in a new optical transceiver from April. The deal marks a tangible step forward for the Swedish chip-and-photonics firm, which is simultaneously battling a tight cash position, rising short seller pressure, and a delayed annual report tied to its planned secondary listing on the Nasdaq New York.

The Jabil partnership serves as a crucial proof point for Sivers’ photonics division, which develops specialised semiconductor lasers that enable ultra-fast data transmission. As artificial intelligence workloads strain traditional copper cabling in data centres, the market for optical AI infrastructure is forecast to surge from US$15 billion this year to US$154 billion by 2028, with integrated optics capturing a large slice of that growth.

Yet the company’s commercial momentum is running alongside considerable financial turbulence. Sivers secured fresh capital this week after an extraordinary general meeting approved a directed share issue of up to 8.62 million new ordinary shares at SEK 14.50 each, raising around SEK 125 million. Subscribers include DNB Disruptive Opportunities, DNB Nordic Small Cap and Storebrand Sverigefond. The dilution stands at roughly 2.5 per cent on a fully diluted basis, and Sivers has agreed not to issue further equity for 180 calendar days after closing, barring certain exceptions.

The timing underlines the urgency of the move. Cash and equivalents had dwindled to SEK 43.5 million by year-end, making the capital injection more of a necessary balance-sheet repair than a comfort buffer. Revenue rose 25 per cent in 2025, but the company still posted a net loss of SEK 186.5 million.

Pressure is also mounting from the shareholder register. Major investor Achilles Capital and its parent DDM Finance are pushing for a restructuring after bonds worth around EUR 225 million came due. The plan envisages portfolio sales of approximately EUR 30 million and divestments of stakes in technology and life sciences worth EUR 30 million to EUR 50 million to fund refinancing in the second half. Sivers’ own stake could end up on the block, though management has not commented on that possibility.

Short sellers have meanwhile been building positions. Reported net short positions total 6.43 per cent of outstanding shares, with Voleon Capital Management recently crossing the European disclosure threshold at 0.53 per cent. The bearish case centres on valuation: Sivers trades at a price-to-sales ratio of 31.1 despite still being loss-making, a multiple that implies ambitious future growth and profitability.

Academic scepticism adds to the headwinds. Peter Andrekson, a professor at Chalmers University, has questioned whether Sivers enjoys a clear technological lead, noting that the underlying technology has existed for years and larger competitors dominate the field.

Legal clouds also linger. Sweden’s Economic Crime Authority is investigating possible insider trading around the planned Nasdaq second listing, specifically whether confidential information leaked before the official announcement.

The next litmus test lands on 15 May, when Sivers will publish its annual report after delaying it from 27 April. The postponement stems from the conversion of its 2024 and 2025 consolidated accounts to PCAOB standards, a prerequisite for a US listing. Management expects adjustments to revenue recognition, inventories and share-based compensation but does not foresee material impacts. The first-quarter interim report follows on 20 May, and the annual general meeting has been rescheduled to 15 June.

With an opportunity pipeline of US$453 million and growth running at 64 per cent, Sivers now needs to demonstrate that project wins are converting into predictable revenue. The coming set of financial statements will reveal whether the high valuation is backed by operational progress — or whether the rally in its shares is getting ahead of reality.