Sivers Semiconductors: Short-Seller Claims and Insider Inquiry as the Stock Doubles on $799M Backlog

Swedish chipmaker Sivers sees shares jump 107% in 30 days despite insider trading probe, three board resignations, and short-seller allegations over revenue reporting.

The numbers tell a story of breathtaking momentum: Sivers Semiconductors shares have surged 107% in the past 30 days, hitting €9.24 on Thursday. The rally has driven the stock some 79% above its 50-day moving average. Yet behind the price action, the Swedish chip developer is battling a legal storm, a boardroom exodus, and a short-seller attack that has cast a long shadow over its financial reporting.

Three Directors Out, a Probe In

The company’s annual general meeting on June 15 was anything but routine. Just before the gathering, three prominent board members stepped down: vice-chair Tomas Duffy and founders Erik Fallström and Keith Halsey. Their departures were directly linked to an investigation by Swedish economic crime authorities into suspected insider trading. The probe centers on unusual share price moves in the 48 hours before the official announcement of a planned Nasdaq secondary listing in April — details that had reportedly leaked online prematurely.

Shareholders swiftly elected replacements. Joakim Nideborn takes over as vice-chair and will also handle investor relations, a critical role as the company still aims for a US listing. Helena Svancar, a seasoned M&A executive with two decades of experience, joins the board. Bami Bastani remains chair.

The Nasdaq listing itself hit a snag. The original proposal to issue up to 53.8 million new shares — representing roughly 15% dilution — was pulled from the agenda at the last minute. Instead, shareholders granted the board a general authorization to issue the same number of shares in the future via cash, in-kind contributions, or debt conversion. The US listing is postponed, not abandoned.

Short-Seller Claims and Revenue Discrepancies

Adding to the pressure, a report from short-seller Ningi Research in early June alleged that Sivers had booked research grants as commercial revenue, questioning roughly 31% of the company’s reported sales for 2025. Two US law firms are now examining potential securities law violations, though no lawsuits have been filed. Management has yet to issue a public response to the allegations.

The financials themselves show strain. First-quarter revenue fell 22% year-on-year to 61.9 million Swedish kronor, and the operating result slid to a loss of 13.8 million kronor. CEO Vickram Vathulya attributed the drop to the US government shutdown in Q4 2025 and delayed defense budgets, with expected revenues now pushed into the second half. Sivers also corrected its balance sheets for 2024 and 2025 after switching to PCAOB accounting standards, lifting the net loss for 2025 from 186.5 million kronor to 222.6 million kronor.

Pipeline Growth and a Manufacturing Milestone

Despite the governance turmoil, the order book tells a different story. The company’s pipeline has grown 77% since the start of the year to $799 million. A new production contract with British satellite communications firm ALL.SPACE for Ka-band beamforming chips worth $8.2 million marks Sivers’ first serious step into volume manufacturing, with deliveries scheduled through 2027.

A separate partnership with GlobalFoundries to co-develop chip solutions for the AI market adds further promise, though meaningful revenue from that tie-up is not expected until late 2026.

A Convertible Lifeline

To keep operations afloat, the AGM retroactively approved a secured convertible note of approximately $327,000, subscribed by Bootstrap Europe 4.0. The note carries a 10.85% annual interest rate and runs until December 31, 2029, unless converted earlier.

The stock’s annualized volatility has hit 237%, reflecting the extreme uncertainty. Investors are now counting down to August 6, when Sivers releases its second-quarter report. For the new board, the immediate task is to restore credibility — and prove that the pipeline fantasy can be turned into real cash.