Sivers Semiconductors: Warrant Exercise Adds to the Uncertainty Ahead of Thursday's Numbers
Published on 08/26/2026 at 03:31 | Redaktion boerse-global.de
The optics specialist is heading into its second-quarter report with a crowded inbox: a major shareholder has just converted its warrants, questions linger over its disclosure obligations, and the company itself has already flagged a hefty non-cash charge tied to its own share-price surge.
Bootstrap Europe IV SCSp, one of Sivers Semiconductors' largest investors, has exercised all of its warrants, taking up 1,659,015 new common shares at SEK 4.53 apiece and funneling SEK 7.5 million into the Swedish company's coffers. The move lands at an awkward moment. Reports have surfaced suggesting the same shareholder may have sold down a substantial portion of its stake without filing the mandatory notifications once its holding crossed the 5 percent threshold. Nothing has been confirmed, and the disclosure picture remains murky — but the optics of an investor simultaneously subscribing for new shares while apparently trimming its position are hardly reassuring.
The warrant conversion comes as the market counts down to Thursday's Q2 release, which has been pushed back to 6 p.m. CET to accommodate a growing international, particularly US, investor base. A webcast presentation will follow at 7 p.m. The stock itself has been on a tear this week, jumping 9.3 percent on Tuesday to EUR 3.18, following Monday's close of EUR 2.91. That move has no single, datable corporate catalyst behind it — it looks more like positioning ahead of the numbers.
A Tax Bill Born From a 490% Rally
Investors already know the headline figures will be ugly. Sivers has pre-announced a non-cash special charge of SEK 42.9 million for the second quarter, triggered by a payroll tax revaluation linked to the stock's extraordinary run from SEK 10.71 to SEK 63.15 during the period. The company has stressed the charge does not touch operating cash flow, but it has also conceded that future share-price movements could keep distorting reported social security expenses — a mechanism that will make Thursday's income statement something of a puzzle to unpack.
Revenue timing is another moving part. Sivers has acknowledged that sales originally expected in the first half have slipped into the second, owing to customer program timing and delays in US budget approvals. Both issues have been out in the open for weeks, so the bar for Thursday's report is already set low. The question is how management frames the underlying operational trajectory.
AI Optics: The Long Game
Beneath the accounting noise, the strategic narrative remains intact. In mid-August, Sivers unveiled a development program with SemiNex Corporation worth around USD 3.4 million, targeting next-generation indium-phosphide light sources for AI data-center interconnects. The scope covers high-power external laser sources for co-packaged optics, high-channel-count DFB arrays for wavelength-multiplexed links, and SOA amplifier stages. Customer samples and initial production ramps are slated for the second half of 2027 — a long-dated project that brings no near-term revenue but sharpens the company's positioning in the photonics market for AI infrastructure.
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That partnership builds on a June collaboration with GlobalFoundries, integrating Sivers' laser arrays into reference designs based on GlobalFoundries' silicon-photonics platform. Both deals target the same prize: optical interconnect solutions for data centers, where AI demand is driving a structural growth wave.
Short Sellers Retreat, Volatility Persists
The short-selling drama that dominated headlines roughly three weeks ago has largely faded. Citadel Securities and D.E. Shaw have both trimmed their positions below the 0.5 percent reporting threshold, meaning they no longer count as public short sellers in the stock. Whether that relieves pressure on the share price in a lasting way remains to be seen — the stock still sits about 69 percent below its 52-week high of EUR 10.23, despite Tuesday's bounce.
Volatility remains extreme, with annualized 30-day swings of 166 percent putting Sivers among the most febrile names on the market. The relative strength index sits at 45.1, signaling neither overbought nor oversold conditions, while the share price trails its 50-day moving average of EUR 4.30 by roughly 26 percent — evidence of a longer downtrend that has only recently been interrupted. Since the short-seller headlines broke, the stock is down about 7.7 percent on balance.
Thursday's report, the first to be released after market close, will give investors their clearest read yet on whether the operational story can carry the weight of the accounting complications. With expectations already heavily revised downward, the scope for a surprise — in either direction — is unusually wide.
