Sivers Semiconductors: Pipeline Jumps 77% as Revenue Slips – New Board Faces Nasdaq Ambitions and Insider Probe

Swedish chipmaker Sivers sees order pipeline surge to $799M but revenue falls 22%; board resignations, insider probe, and a short-seller report add to volatility.

The gap between promise and performance at Sivers Semiconductors is widening. The Swedish chipmaker’s order pipeline swelled 77% in the first quarter to $799 million, yet reported revenue shrank 22% to 61.9 million Swedish kronor. Adjusted EBITDA came in at minus 13.8 million kronor. That dissonance explains why the stock has been volatile: it fell 8.6% to €8.04 on Tuesday, roughly 21% below its June high of €10.23, though still well above the 52-week low of €0.27.

Board Shake-Up and a Stalled Nasdaq Plan

The annual general meeting on 15 June was anything but routine. Vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned just before the meeting. The newly constituted board now comprises Bami Bastani as chairman, Joakim Nideborn as vice-chairman, along with Karin Raj, Todd Thomson and Helena Svancar. Nideborn and Svancar were elected at the AGM, and the board chose to withdraw a proposed employee incentive program from the agenda, opting to revisit it at a later meeting with fresh input from the new members.

The most anticipated item – a vote on a secondary Nasdaq listing – was also pulled at the last minute. Originally the plan would have required issuing roughly 53.8 million new shares, a dilution of about 15%. Instead, shareholders approved a general capital authorization for the same number of shares. That gives the new board flexibility but no deadline. Sivers has already converted its financial reporting to US PCAOB standards, a prerequisite for the listing, so the ambition remains alive – just without a timeline.

Insider Probe and Short-Seller Scrutiny

Swedish authorities are investigating whether confidential board information was leaked ahead of the Nasdaq announcement. An anonymous account posted precise details of the planned US listing roughly 48 hours before the official disclosure, and the Swedish financial police are examining whether insider information was illegally disseminated.

Across the Atlantic, the law firm Bronstein, Gewirtz & Grossman is looking into a short-seller report from Ningi Research. The June report alleged that nearly a third of Sivers’ 2025 revenue could be research grants booked as commercial income. The company has not publicly responded to the specific allegations.

Production Orders and AI Infrastructure Bet

Amid the turmoil, Sivers secured a $8.2 million supply contract for Ka-band beamforming chips used in satellite antennas, a deal that runs through 2027 and marks the shift into series production. The customer, ALL.SPACE, represents a tangible step toward revenue generation.

The company also announced a collaboration with GlobalFoundries in early June to develop silicon photonics solutions for the AI infrastructure market. Sivers’ laser arrays will be integrated into reference designs on GlobalFoundries’ platform, targeting applications such as co-packaged optics and linear pluggable optics in data centers. The addressable market for pluggable optics is projected to reach $25 billion by 2030.

Valuation vs. Reality

The market capitalization recently stood at around 22.1 billion Swedish kronor, against that quarterly revenue of 61.9 million kronor. That valuation gap invites comparisons with peers like POET Technologies and raises the question of whether Sivers can generate enough sales before its cash runway needs replenishing.

Technically, the stock remains speculative: the 30-day annualized volatility is above 224%, and the RSI sits at 59.9 – not overheated, but not showing a clear bottom either. The share price is still far above its 100-day moving average of €3.10, and insider holdings are cited by bulls as a sign of management confidence. The company expects series production and meaningful revenue to begin no earlier than late 2026 or 2027, leaving the stock a bet on execution speed.

The next major checkpoint comes on 6 August 2026 with the second-quarter report. That will show whether delayed defense contracts land in the second half and whether the fattening pipeline converts into actual orders. With volatility this high, the market is pricing in both boom and bust – and the new board has a narrow window to tip the scales.