Sivers Semiconductors Shares Rebound from Lows as Dual-Listing and Pipeline Push Reset the Narrative

Sivers shares rebound 4.27% to €3.96, still 61% below high, as insider lock-up ends and dual US listing looms. Order backlog jumps 77% to $799M.

The wild swings in Sivers Semiconductors' stock show no sign of easing. The shares closed at €3.96 on the latest trading day, a 4.27% gain from the prior session's €3.80, following a midweek dip to €3.56. That rebound still leaves the stock roughly 61% below its 52-week high of €10.23, hit on June 3, but the trajectory has turned sharply upward from the year's nadir of €0.27 in early March — a recovery of more than 1,394%. The annualised 30-day volatility sits at 154.49%, underscoring a market that remains deeply skittish even as the 14-day RSI at 38.4 suggests conditions are neutral to mildly oversold.

Thursday marks the expiration of an insider lock-up period that has added to the tension. The restricted share agreements date back to an April 16 capital measure, under which CEO Vickram Vathulya, CFO Heine Thorsgaard, and board members Bami Bastani, Karin Raj, and Todd Thomson pledged not to sell their stock until July 16. The lock-up was tied to a directed share issue of 12.28 million common shares at 57 Swedish kronor each — a 9.7% discount to the Nasdaq Stockholm close on June 30 — which raised the equivalent of roughly 700 million kronor. Dilution accelerated further when lender Bootstrap Europe IV SCSp converted a $12 million credit line into more than 22.8 million new shares. Together, the two moves have ballooned the share count, just as the stock was tumbling.

Management has tried to counter the selling pressure with purchases of their own. In recent weeks, Bastani, Raj, Svancar, Thomson, Joakim Nideborn, and Vathulya all bought stock through a program approved at the annual meeting. Critically, those new holdings come with a 12-month lock-up, signalling that the board sees value below current levels despite the looming expiry of the earlier restrictions.

The broader strategic catalyst for all this activity is a planned dual listing in the United States. Sivers has realigned its financial reporting calendar to meet PCAOB standards, a prerequisite for any Nasdaq or NYSE debut. The company now expects to release second-quarter results on August 27, followed by third-quarter numbers on November 26 and the fourth-quarter report on February 25, 2027. The shift has already caused operational delays: the first-half results were pushed back as the company prepares its processes for US auditing standards, while delays in US defence spending and currency headwinds also weighed on the period.

Behind the short-term noise, Sivers points to a stronger pipeline as evidence of long-term demand. Since the start of the year, the order backlog has grown 77% to $799 million, fuelled by radio-frequency amplifiers and indium-phosphide lasers increasingly used in AI data centres and automotive lidar systems. The company's stated path to profitability targets a break-even adjusted EBITDA once quarterly revenue reaches between $50 million and $55 million, a milestone the management team expects to hit around the turn of 2027–2028, backed by 25–30% annual revenue growth. With a market capitalisation of about €1.25 billion, the August 27 quarterly report will be the first concrete test of whether those ambitions can withstand the market's extreme volatility and the immediate overhang of a newly unlocked insider supply.