Sivers Semiconductors Whipsaws: From 12% Short-Seller Plunge to 60% Rally in Two Days

Sivers Semiconductor stock surges 60% on short-seller attack; Swedish authorities probe insider trading. Q1 revenue fell 22%, but pipeline grows 77% to $799M.

The stock of Sivers Semiconductors delivered extreme whiplash over two consecutive sessions, first tumbling 12 percent on a short-seller attack, then surging more than 60 percent to breach 100 Swedish kronor for the first time — all while Swedish authorities continue to probe potential insider trading linked to the company’s planned Nasdaq dual listing.

On Tuesday, shares hit an intraday high of 100.90 SEK, paring gains to close at 98.30 SEK for a 61.54 percent advance. The day’s range stretched from 67.05 SEK to 100.90 SEK, with 19.24 million shares changing hands. Just a day earlier, a report from Ningi Research had knocked the stock down roughly 12 percent, sparking a trading frenzy that saw more than 560 million SEK in turnover — eclipsing the second most traded stock on the exchange, Saab, which recorded around 350 million SEK.

Dual regulatory shadows

Sweden’s Economic Crime Authority is still weighing whether insider information leaked ahead of the official Nasdaq dual-listing announcement. An anonymous social-media account with a large following disclosed details of the listing roughly 48 hours before the company’s formal communication, triggering an immediate share price reaction. Prosecutor Jonas Myrdal described the timing and trading pattern as “striking” and drew comparisons to earlier pump-and-dump cases. He has called on Nasdaq to investigate under the EU Market Abuse Regulation, though no charges have been filed.

Compounding the regulatory uncertainty, Ningi Research disclosed a short position and alleged that Sivers has engaged in aggressive revenue recognition, potentially violating IFRS standards. The short seller claims that at least 97 million SEK — about 31 percent of Sivers’ reported 2025 revenue — is questionable, including sums tied to products not yet manufactured and government research subsidies. It is important to note these remain allegations, not regulatory findings.

Q1 results reflect cash-burn reality

The company’s first-quarter report, released on May 29, painted a sobering picture. Net revenue fell 22 percent to 61.9 million SEK from 78.9 million a year earlier. Adjusted EBITDA turned negative to minus 13.8 million SEK, while the operating loss widened to minus 41.5 million SEK. Operating cash flow stood at minus 49.2 million SEK.

CEO Vickram Vathulya attributed the shortfall to the US government shutdown in the fourth quarter of 2025, delayed defense budget approvals, and unfavorable exchange rates. He added that expected sales had been pushed into the second half of the year.

Pipeline expands as production milestones loom

Despite the revenue decline, Sivers reported that its opportunity pipeline had grown 77 percent since the start of the year, reaching $799 million. The company is targeting multiple product ramps — in LiDAR, AI, satellite communications, and wireless — to drive a breakthrough by 2027, at which point gross margin is expected to exceed 50 percent.

In the defense sector, Sivers secured a second-year extension of its EW-STAR project under the Microelectronics Commons program, with funding of $6.6 million. The project develops broadband antenna arrays for electronic warfare, communications, and radar, with partners including BAE Systems, MIT Lincoln Laboratory, and Columbia University.

On the commercial side, production for a major automotive LiDAR customer is slated to start in the fourth quarter of 2026. The company’s Daybreak beamforming ICs for 5G/6G FR3 applications are now available. Sivers also highlighted a collaboration with Jabil on a 1.6T transceiver module.

Shareholder meeting pits board overhaul against dilution

All eyes will be on the annual general meeting on June 15 in Stockholm. The agenda includes a sweeping board shake-up: Vice Chairman Tomas Duffy, founding investor Erik Fallström, and Keith Halsey are stepping down, marking the exit of the Scandinavian founding generation. Proposed replacements are Joakim Nideborn, a former CFO of listed technology companies, and Helena Svancar, who brings more than 20 years of international leadership experience.

Shareholders will also vote on an authorization to issue up to 53.8 million new common shares, representing potential dilution of roughly 15 percent on a fully diluted basis. This follows a capital raise of approximately 125 million SEK completed after the first quarter.

Analyst valuations remain far below market price

DNB Carnegie raised its fair value estimate to between 12 and 26 SEK per share, up from a previous range of 3.50 to 8.50 SEK, citing an improved EBITDA forecast for 2028. Still, even the top end of that range sits well below the current trading level. Redeye maintains its base value at 6.20 SEK per share.

Management is guiding for revenue acceleration in the second half of 2026 and long-term annual growth of 25 to 30 percent. The company has stated it expects to turn profitable no earlier than 2028.

The convergence of a short-seller assault, an insider-trading investigation, looming dilution, and a rapidly expanding pipeline makes Sivers one of the most contested stories in Nordic small-cap tech. The AGM will serve as an early test of investor sentiment under this new cloud of scrutiny.