Sivers Semiconductors: An $8.2 Million Space Order Can't Mask a 33% Rout, Board Exodus, and Regulatory Storm

Nasdaq Stockholm lists Sivers options and futures as stock plunges 33% in 7 days, short interest hits 17%, regulators probe, auditors flag going concern, but $8.2M satellite deal offers hope.

Investors in Sivers Semiconductors now have a new set of tools to navigate the chaos. Nasdaq Stockholm began listing standardized derivatives on the Swedish tech group's shares this week, with regular trading in options and futures scheduled to start on July 6. The move comes as the stock's annualized 30-day volatility has surged to an eye-watering 224% — a figure that underscores just how turbulent the ride has become.

The numbers tell the story. Over the past seven trading days, the share price has collapsed by more than 33%, closing on Friday at €5.90. That leaves the equity trading more than 40% below its June high of €10.23 and miles away from the 52-week peak of €10.23 set at the start of the month. A sector-wide sell-off in silicon photonics suppliers has amplified the pain, with investors questioning near-term revenue prospects from AI hardware plays.

But this is not just a sector story. Short sellers have piled in aggressively, with the short interest ratio jumping from just 1.6% in March to 17% today. Bearish research firm Ningi Research has cast doubt on the integrity of Sivers' financial reports, claiming that nearly one-third of the company's reported 2025 revenues are questionable. Regulators in both Sweden and the United States have opened investigations into possible trade secret violations and the need for accounting corrections.

The internal turmoil is equally stark. At the annual general meeting in mid-June, vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned from the board. The remaining management promptly shelved the planned US initial public offering. To shore up the balance sheet, the company announced a capital increase that will dilute existing shareholders by roughly 15%.

Sivers has already been forced to revise its 2025 accounts. Under US GAAP, the net loss was restated to SEK 222.6 million, up from the originally reported SEK 186.5 million. Auditors have now publicly expressed doubts about the company's ability to continue as a going concern. That warning follows a weak first quarter in which revenue tumbled 22% year-on-year.

Amid the wreckage, there is one operational bright spot. In June, Sivers secured an $8.2 million production order for custom integrated circuits from satellite communications provider ALL.SPACE. The contract provides the wireless division with predictable revenue through 2027 and marks a shift from development to series production. Still, analysts caution that meaningful revenue from this deal — as well as from ongoing partnerships with GlobalFoundries — is unlikely to materialize before late 2026.

The next major test comes on August 6, when Sivers reports its quarterly results. Management will then have to provide concrete answers on the accounting corrections, the status of the regulatory probes, and how the company plans to navigate a crisis that has left its stock in freefall and its leadership in tatters. Until then, the derivatives market will offer institutional investors a way to place bets — but the underlying story remains deeply uncertain.