How Sivers’ 2,000% Rally Survives a Widening Loss, a Board Shake-Up, and an Insider Probe
27.05.2026 - 10:33:02 | boerse-global.de
Sivers Semiconductors is a study in contradiction. The stock has surged more than 2,000% over the past year, touching a new 52-week high of 89.45 SEK on May 25 before closing at 85.55 SEK — a 17.35% single-day gain. That same day, the company’s net loss for 2025 was restated to 222.6 million SEK, more than double the figure originally reported for 2024. And Swedish prosecutors are examining whether inside information about the planned Nasdaq New York listing leaked before the official announcement in April.
Yet short sellers are retreating. Aggregate short positions in the Stockholm-listed chipmaker fell from 8.64% of share capital to 6.81% by May 26, according to the latest data. That drop — 1.83 percentage points in a week — pushed Sivers from near the top of the most-shorted list down to 17th place. Voleon Capital Management now holds 2.44%, Two Sigma Investments 2.01%, and Anson Advisors 0.50%. The retreat suggests some bearish bets were squeezed as passive inflows from the upcoming MSCI Sweden Small-Cap inclusion (May 29 after market close) added buying pressure.
The restatement that preceded the rally is anything but trivial. In preparing for a US listing under PCAOB accounting standards, Sivers revised its 2024 and 2025 financial statements. Revenue for 2025 was adjusted upward slightly to 306.6 million SEK, but the operating loss ballooned to -177.8 million SEK from -141.3 million. The net loss for 2025 widened to 222.6 million SEK from 186.5 million. The 2024 changes were even starker: revenue fell to 219.2 million SEK from 243.7 million, and the net loss nearly doubled to 183.9 million SEK. The revisions cover revenue periodization, inventory valuation, fair-value assumptions on share-based compensation, and write-downs on capitalized development costs.
Parallel to the accounting overhaul, the board is being reshaped. The nomination committee has proposed a five-member board led by Dr. Bami Bastani, with Todd Thomson and Karin Raj remaining. Two new faces join: Joakim Nideborn, a former CFO at listed tech companies, as vice chairman, and Helena Svancar. Co-founder Erik Fällström and two other directors are leaving, marking a clear shift away from the company’s Scandinavian roots toward a governance structure designed to meet US institutional standards. Shareholders will vote on the new lineup at the annual general meeting on June 15.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The ownership picture adds another layer of uncertainty. Largest shareholder Achilles Capital is linked to DDM Finance, a company that has defaulted on bonds and is undergoing restructuring. DDM is seeking buyers for portfolios of loans and equity stakes in tech and life-sciences companies valued at between €30 million and €50 million. Whether Sivers is part of that package remains unclear.
The insider investigation, led by Swedish prosecutor Jonas Myrdal, focuses on whether details of the Nasdaq secondary listing were leaked about 48 hours before the official announcement via an anonymous X account with a large following. No violations have been confirmed. But a conviction would draw attention from US regulators, a complication Sivers can ill afford as it irons out its listing timetable.
All this leaves the stock trading at a price-to-sales multiple of roughly 46.4 — about nine times the average for European tech companies. One analyst has set a target price of 6.55 SEK. The gap between market euphoria and conservative valuation has rarely been wider.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
May 29 is the next hinge point. After market close, Sivers reports first-quarter 2026 results under the new accounting framework. Concurrently, the stock enters the MSCI Sweden Small-Cap index, which should generate fresh passive demand. The AGM on June 15 follows, approving the board overhaul. Three dates, three tests for a narrative that defies the numbers.
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