Sivers Semiconductors: Revenue Dips 22% Yet Pipeline Hits $799M as Overhauled Board Braces for Insider Probe

Sivers Semiconductors Q1 net sales fell 22% to SEK 61.9M amid defense delays, yet order pipeline soared 77% to $799M. AGM saw board reshuffle and Nasdaq listing vote withdrawn, while insider trading probe looms.

The story at Sivers Semiconductors is one of sharp contrasts. The company’s first-quarter net sales tumbled 22% to SEK 61.9 million, weighed down by delays in the US defense budget and unfavorable currency moves. Yet at the same time, its order pipeline swelled 77% from the start of the year to $799 million – a figure that suggests the developer of beamforming chips and photonic solutions is finally shifting from R&D into commercial production.

That disconnect was front and center at the annual general meeting in Stockholm on 15 June, where shareholders digested not only the numbers but a radical board overhaul and a last-minute decision to pull a planned Nasdaq listing vote from the agenda.

A New Board – and a Nasdaq Pause

The AGM saw the exit of three longstanding directors: vice-chairman Tomas Duffy, along with founders Erik Fallström and Keith Halsey. Stepping into the reconstituted board are Joakim Nideborn as deputy chair and Helena Svancar, joining re-elected members Bami Bastani (chair), Karin Raj and Todd Thomson. The change is far from cosmetic – it gives the company a fresh governance team at a pivotal moment.

Perhaps the bigger surprise came before the meeting. Management had originally tabled a resolution to authorise the issuance of up to 53.8 million new shares – roughly 15% dilution – to facilitate a listing on the Nasdaq. That vote was withdrawn at the last minute. In its place, shareholders approved a general capital authorisation covering the same number of shares, leaving the new board with flexibility to raise funds without committing to a specific exchange. The company has already made costly preparations for a US listing, including a switch to PCAOB accounting standards that pushed the 2025 net loss from SEK 186.5 million to SEK 222.6 million.

CEO Vickram Vathulya attributed the Q1 revenue shortfall to the US government shutdown in late 2024, which pushed revenues originally expected in the first half of 2026 into the second half. The adjusted EBITDA landed at negative SEK 13.8 million.

Pipeline Turns Promise into Production Orders

Where the financials disappointed, the pipeline offered concrete evidence of progress. The single largest validation came from ALL.SPACE, a UK-based satellite communications firm, which placed an order worth $8.2 million for Ka-band beamforming chips. Deliveries stretch through 2027, marking Sivers’ first meaningful step from development into volume production.

Another growth vector is AI data centres. Sivers has partnered with GlobalFoundries to integrate laser arrays into the chipmaker’s silicon photonics platform. Management estimates the addressable market at $25 billion by 2030, with initial revenue from that collaboration expected by late 2026.

Legal Clouds Gather

The boardroom reshuffle and Nasdaq drama were not the only issues stirring investor unease. Sweden’s Economic Crime Authority has opened an investigation into suspected insider trading. The probe centres on a leak of details about the Nasdaq plans in April – details that appeared online and were followed by an unusual surge in the stock in the 48 hours before the official announcement. Two US law firms, Rosen Law and Bronstein, Gewirtz & Grossman, are also examining whether securities laws were violated, though no formal lawsuits have been filed.

Shareholders did ratify a convertible note of roughly $327,000 from Bootstrap Europe 4.0 S.à r.l., carrying a 10.85% annual coupon and maturing at the end of 2029. Meanwhile, items 14 through 16 on the AGM agenda, which outlined parts of a planned employee incentive programme, were withdrawn so the new board can shape its own proposal for a future meeting.

Stock at a Crossroads

Despite the operational headwinds and regulatory scrutiny, the stock has been on a wild ride. It closed Friday at €8.65, up 3.28% on the week. From a 52-week low of €0.27 in March, the share price has more than thirtyfolded – yet it remains roughly 15% below the June high of €10.23. The 30-day annualised volatility stands at 236%, making such swings almost routine.

All eyes now turn to 6 August 2026, when Sivers releases its interim report. By then, investors will have a clearer picture of whether the delayed defence contracts materialise and whether the $799 million pipeline can start converting into hard revenue – or whether the Q1 numbers were the opening act of a longer slump.