Sivers Semiconductors Races to Fund Production as Stock Tumbles Ahead of Dilutive Offering

Swedish photonics firm accelerates capital raise for indium-phosphide laser expansion targeting AI data centers and LiDAR, despite Q1 sales drop and dilutive offering.

Sivers Semiconductors is moving fast to secure fresh capital, even as its share price suffers a steep weekly slide. The Swedish photonics and chip specialist has launched a roughly 600 million Swedish kronor equity placement through an accelerated bookbuilding process managed by Pareto Securities, with trading already under way on the Nasdaq Stockholm. The decision, taken by the board on 30 June 2026, comes during a turbulent stretch: the stock has lost nearly a fifth of its value in the past seven days alone.

The proceeds are earmarked for a clear operational push. Sivers plans to expand manufacturing capacity for indium-phosphide lasers and optical amplifiers — components critical to AI data centres and automotive LiDAR systems — while also bolstering its customer-support resources and research capabilities. The timing aligns with a planned production ramp-up for a strategic LiDAR client in the fourth quarter of 2026, a programme carrying an estimated revenue potential of $53 million to $138 million over its lifespan.

That ramp-up is part of a broader story of pipeline growth that stands in stark contrast to recent financial results. In the first quarter of 2026, Sivers reported net sales of just 61.9 million SEK, down 22% year on year. Management blamed a delayed US defence budget following the government shutdown in late 2025 and unfavourable currency movements. Yet the opportunity pipeline has swelled by 77% in the first five months of the year, reaching nearly $799 million by the end of May — a record that underscores the gap between near-term revenue and long-term potential.

Alongside the capital raise, Sivers has been building commercial momentum. Earlier in June, it announced a partnership with GlobalFoundries to integrate its laser arrays into the foundry’s silicon-photonics reference designs, targeting the pluggable optics market that is expected to hit $25 billion by 2030. On 9 June, the company secured an $8.2 million production order from ALL.SPACE for Ka-band beamforming chips destined for tactical satellite communications, with delivery scheduled for 2027. A potential dual listing in the US is also under review.

The current equity issuance comes without preferential subscription rights for existing shareholders, based on authorisation from the annual general meeting held on 15 June 2026. This is Sivers’ second capital increase in as many months: the company completed a placement in April 2026, subject to a 180-day lock-up agreement. Pareto Securities has waived that lock-up to allow the new offering, which will be followed by a fresh 120-day lock-up period after closing. Meanwhile, board members and executives — including CEO Vickram Vathulya and CFO Heine Thorsgaard — remain subject to personal lock-up commitments that run until 16 July 2026, and have not entered new ones under this issuance.

The market’s reaction reflects the tension between Sivers’ ambitious operational targets and the dilutive impact of back-to-back placements. Shares last traded at around 5.80–5.84 euros, roughly 43% below the 52-week high of 10.23 euros reached on 3 June 2026. The next quarterly report is due in August, and investors will be watching closely whether the infusion of liquidity can be translated into hard revenue from the production ramp-up in the fourth quarter. Sivers is expected to publish the final subscription price and number of new shares after the bookbuilding concludes.