Sivers Semiconductors: New Space Order and Nasdaq Ambitions Collide with Accounting Probe and Sector Rout

Swedish chipmaker Sivers lands major satellite order but faces 13% stock drop, short-seller probe, and accounting restatement amid broader sector weakness.

The Swedish chip specialist Sivers Semiconductors has found itself caught between a promising commercial win and a barrage of operational and market headwinds. Just days after landing an $8.2 million order from British space company ALL.SPACE for Ka-band beamforming chips, the stock has shed more than 13% in a week – a decline driven by industry-wide selling pressure and fresh questions over the company’s financial reporting.

The order, announced on 9 June, provides concrete evidence that Sivers’ technology is gaining commercial traction, particularly in satellite communications. Yet the timing could hardly be more challenging. On 10 June, the broader semiconductor sector took a hit after US inflation for May came in at 4.2%, the highest reading in three years. Mid-cap and specialised chipmakers bore the brunt of the sell-off. Adding to the jitters, Super Micro Computer unveiled a $7 billion capital raise, stoking fears of margin compression and dilution across the AI hardware supply chain.

Sivers’ shares closed at €6.92 on Wednesday, roughly 32% below the 52-week high of €10.23 set on 3 June. The annualised 30?day volatility of over 250% ranks the stock among the most turbulent in the sector – a reflection of the deep uncertainty surrounding the company’s near-term trajectory.

Legal scrutiny after short-seller report

That uncertainty deepened this week when New York law firm Bronstein, Gewirtz & Grossman announced it was investigating possible securities law violations at Sivers. The probe draws on a report by short-seller Ningi Research, which alleged aggressive revenue recognition and questioned the substance of customer contracts. The firm is now seeking investors who may have been harmed.

The investigation builds on earlier red flags. In May, Sivers corrected previously reported financials, shifting revenues into later periods and adjusting inventory valuations. Management attributed the restatement to aligning with US accounting standards – a move that coincides with the company’s plans for a secondary listing on the Nasdaq.

Q1 loss and a pipeline that keeps growing

Sivers’ first-quarter 2026 results, published in late May, made for sober reading. Net sales came in at 61.9 million Swedish kronor, while the net loss widened to 42.7 million kronor. Management pointed to delayed US defence budgets resulting from the government shutdown in the fourth quarter of 2025, along with adverse currency movements.

Despite the loss, the company maintained its full-year growth targets. The order pipeline has swelled by 77% since the start of the year to nearly $800 million, suggesting that demand for its chips in AI data centres, LiDAR, satellite communications and defence remains robust. Sivers expects mass production launches in these areas from 2027, with profitability targeted for 2028.

AGM and the road ahead

All eyes are now on the annual general meeting scheduled for 15 June in Stockholm. Management must explain the accounting adjustments to shareholders and provide concrete details about the Nasdaq listing. Without clarity from the executive team, the stock’s extreme volatility is likely to persist.

The next major milestone will come on 6 August, when Sivers delivers its second-quarter results. By then, investors will have a clearer picture of whether the pipeline can translate into meaningful revenue – and whether the short-seller allegations are a storm that will blow over or a threat that lingers.