Sivers Semiconductors: Insider Sales Compound a Brutal Week as Q2 Disappointment Bites

Sivers Semiconductors shares fall 27% weekly after weak Q2 and insider sales; pipeline of $1.2B questioned as losses widen.

The optics could hardly be worse for Sivers Semiconductors. Just as investors were digesting a second-quarter report that fell short of expectations, disclosures emerged showing that chairman Bami Bastani had sold 275,000 shares, with board member Todd Thomson also trimming his position after a lock-up period expired. The timing — both transactions landing in the immediate aftermath of Wednesday's interim report — has done little to dispel the impression that those closest to the company are voting with their feet.

For a stock already nursing heavy losses, the insider activity adds a governance dimension to what is already a deeply uncomfortable moment. The sales came as the share price was sliding toward its lowest levels in months, reinforcing a narrative of waning confidence from within the boardroom at precisely the wrong juncture.

The Numbers That Spooked the Market

The underlying figures from the Q2 report made for grim reading. Net sales came in at SEK 53.8 million, down 12 percent year-on-year, or 10 percent on a currency-adjusted basis. The EBITDA loss ballooned from SEK -22.5 million in the year-ago quarter to SEK -98.3 million, a deterioration that caught even bearish observers off guard.

A significant chunk of that widening loss — SEK 42.9 million — was a non-cash charge related to social security contributions triggered by the sharp rally in the share price during the reporting period. It is a quirk of Swedish accounting that a soaring stock can actually hurt the income statement, and Sivers found itself on the wrong side of that dynamic. The company has also had to contend with a capital raise stemming from warrant exercises, adding to the overhang.

Sweden's Dagens Industri advised investors to steer clear, pointing to the declining revenue, the expanded loss, negative free cash flow of more than SEK 75 million, and skepticism over the company's much-touted order pipeline of $1.2 billion. Research house Redeye struck a more measured tone, publishing an update titled "A Deliberate Trade-off Ahead of the 2027 Ramp," framing the results as a necessary step before the planned production scale-up in 2027.

A Market That Has Stopped Giving Benefit of the Doubt

The market's verdict on Friday was unambiguous: the stock closed at €2.45, down 14 percent on the day, with the weekly loss stretching to 27 percent. That puts Sivers among the worst performers in the Stockholm market, even as the broader OMXS30 index managed modest gains. The sell-off was compounded by weakness across other Stockholm technology names, suggesting a sector-wide skittishness rather than a company-specific anomaly.

The 30-day picture offers some perspective — the shares are still up 2.3 percent over that horizon — but it is cold comfort. From the 52-week high of €10.23 reached in early June, the stock now sits 76 percent below that peak. The 14-day RSI of 37.2 points to oversold conditions, yet that has failed to attract buyers so far. With annualized 30-day volatility running at 169 percent, this is a stock that is trading on nerves rather than fundamentals.

The recent slide is part of a broader pattern of declines stretching back several weeks. A development program with SemiNex announced around two weeks ago failed to arrest the fall, and the shares have shed roughly a third of their value since that announcement. Even the product business — which grew 18 percent year-on-year — could not offset the drag from the overall revenue decline in the eyes of investors.

The Pipeline Paradox

At the heart of the valuation debate lies a stark contradiction. Management points to an order pipeline of approximately $1.2 billion, a figure that represents a significant expansion from year-end 2025 levels. Yet actual billed revenue remains thin, and the market is clearly struggling to reconcile the scale of the announced opportunity with the modest numbers actually landing on the income statement.

That disconnect is unlikely to be resolved quickly. The company has flagged a potential secondary listing on the Nasdaq in New York, targeted for completion in the first half of 2027, which would broaden its investor base. But between now and then, the focus will remain firmly on operational execution.

The next scheduled checkpoint comes on November 26, when Sivers reports third-quarter numbers. Until then, the central question — whether the billion-dollar pipeline can eventually translate into billings that justify the current narrative — will continue to hang over the stock, with insider selling doing nothing to lighten the mood.