Sivers Semiconductors' Record $799M Pipeline Overshadowed by Revenue Drop and 51% Short Margin Hike

Nordea imposes hefty margins on leveraged short products for Sivers Semiconductors as share lending liquidity deteriorates; Q1 sales fall 22% but pipeline hits record $799M.

Nordea Bank will impose hefty margin requirements on leveraged short products tied to Sivers Semiconductors from May 28, citing worsening liquidity in the share lending market — a move that underscores the growing strain on investors betting against the Swedish chipmaker. The adjustments are steep: bear certificates with a factor of -1 will carry a base rate margin of 51.5%, while those with -2 factors face 102.5% and -3 factors 153.5%. Mini future shorts come under a 50% margin. The bank pointed to rising borrowing costs for Sivers shares as the trigger.

The liquidity crunch is partly self-inflicted. Sivers has been reworking its financial statements for 2024 and 2025 to align with the standards of the U.S. Public Company Accounting Oversight Board, a prerequisite for its planned secondary listing on the Nasdaq in New York. The restatement pushed the 2025 net loss to 222.6 million Swedish kronor, up from the previously reported 186.5 million kronor. Revenue for that year edged up to 306.6 million kronor.

The chaos comes ahead of the Q1 2026 earnings report, released May 29 after a nine-day delay due to the ongoing audit work. Net sales slumped 22% year-on-year to 61.9 million kronor, down from 78.9 million kronor in the prior-year quarter. The adjusted EBITDA loss widened to 13.8 million kronor from 6.0 million kronor, while the operating loss deepened to 41.5 million kronor. The net loss narrowed slightly to 42.7 million kronor from 49.9 million kronor, translating to a loss per share of 0.14 kronor.

Yet the opportunity pipeline hit an all-time high of $799 million, a 77% surge since the end of 2025. Management attributed the revenue shortfall to external headwinds: the U.S. government shutdown in late 2025 and the delayed passage of the defense budget pushed expected orders into the second half of 2026. An unfavorable currency environment also weighed. CEO Vickram Vathulya highlighted the defense sector budget paralysis as a key factor, but reiterated the company's expectation of full-year 2026 revenue growth.

Despite the near-term pain, Sivers is adding to its sales headcount to service the swelling pipeline and positioning for product ramps in AI data centers, LiDAR, satellite communications, fixed wireless access and defense. The company sees 2027 as a breakout year for higher product deliveries. "Enormous momentum in our focus markets for photonics and wireless, combined with a significant increase in our opportunity pipeline, creates potential for a higher revenue CAGR in the coming years," said Vathulya.

The stock closed at 70.20 kronor on the day of earnings, down 4.36%, with a daily range of 63.40 to 76.80 kronor. Short interest reached 17% of free-float shares as of May 26, according to S&P Global Market Intelligence, compared with just 1.6% in early March — a dramatic spike that Nordea's margin hike reflects.

Upcoming catalysts could shift the sentiment. Sivers will be added to the OMX Stockholm Benchmark Index and an MSCI index at the start of trading on June 1, forcing index-tracking funds to adjust their portfolios and potentially generating buying pressure. Meanwhile, the company extended its EW STAR project with BAE Systems and the MIT Lincoln Laboratory for another year, securing $6.6 million from the Northeast Microelectronics Coalition Hub for the development of broadband antenna arrays. The annual general meeting is set for June 15.