Sivers Semiconductors: Production Deals and Board Renewal Propel Rally as Insider Probe Clouds Outlook

Swedish chip maker vaults into commercial production with $8.2M order and GlobalFoundries partnership, stock rallies 75% in 30 days amid insider probe and 22% revenue drop.

The Swedish chip developer Sivers Semiconductors has vaulted from development into commercial production, securing a $8.2 million manufacturing order from satellite group ALL.SPACE and forging a strategic alliance with GlobalFoundries for photonic chips aimed at AI data centres. These milestones have powered a 75% rally over the past 30 days, yet the stock’s blistering ascent – still up 62% above its 50-day moving average – masks a tangle of regulatory investigations and a steep revenue slide.

Pipeline surges past $799 million while quarterly sales shrink

The ALL.SPACE contract, which covers components for antennas used in both civilian and military networks, marks a pivotal shift from prototype to volume manufacturing. Separately, the GlobalFoundries partnership positions Sivers as a supplier of specialised laser arrays for optical interconnects in AI infrastructure – a market the company expects to grow exponentially. The deal pipeline has swelled 77% to $799 million, a figure that underscores the long-term opportunity even as near-term financials tell a different story.

First-quarter net revenue for 2026 fell 22% year on year to SEK 61.9 million, with adjusted EBITDA swinging to a loss of SEK 13.8 million. Management blamed delays in US defence budgets, pushing expected first-half revenues into the second half of 2026. The accounting transition to US standards ahead of a planned Nasdaq listing also dredged up higher historical losses: the deficit for 2025 was restated to SEK 222.6 million.

Board overhaul kicks off with a governance signal

At the annual meeting on June 15, shareholders elected a largely revamped board. Bami Bastani stays on as chairman, while Joakim Nideborn joins as vice chairman alongside new director Helena Svancar. Incumbents Karin Raj and Todd Thomson were re-elected. The new team immediately pulled three employee incentive proposals from the agenda – items 14 through 16 – saying the directors needed time to craft their own scheme. A revised plan is expected at a future meeting, though no date has been set. Separately, a $327,000 convertible loan carrying a 10.85% annual coupon and maturing at the end of 2029 was ratified.

Insider inquiry and short-seller allegations loom

Two US law firms – Rosen Law Firm and Bronstein, Gewirtz & Grossman – are probing potential securities law violations, triggered by a June report from short seller Ningi Research. The report alleged that roughly 31% of Sivers’ reported 2025 revenues were actually research grants booked as commercial income. No lawsuits have been filed yet.

In Sweden, the Economic Crime Authority is investigating suspected insider trading. Details of Sivers’ planned Nasdaq secondary listing reportedly leaked before the official announcement in April, and the stock posted unusual gains in the preceding 48 hours. The company has not commented on the probe.

Nasdaq listing hinges on PCAOB approval

Sivers intends to dual-list on Nasdaq New York, but the timing remains uncertain until the company files a full-year 2025 audit compliant with the Public Company Accounting Oversight Board (PCAOB) standards. The annual report was postponed because of the accounting overhaul. Until audited figures are ready, no listing date can be set.

Volatility hits 236% as stock defies gravity

The shares closed Friday at €8.65, dipping 1.65% on the day but still more than 30 times their 52-week low of €0.27 reached in March. The annualised 30-day volatility stands at 236% – extreme even by semiconductor sector standards. Analysts now await the second-quarter results, expected around August 6, 2026, though that date remains a market estimate rather than an official confirmation. For now, the mix of production wins, board renewal, and overlapping legal headaches keeps Sivers in a category of its own.