Sivers Semiconductors: Inside the Thirtyfold Surge — A Photonics Deal, a Short Attack, and a Plan to List on Nasdaq
04.06.2026 - 08:12:01 | boerse-global.de
Just three months ago, Sivers Semiconductors shares traded hands for 27 euro cents. Now, after a parabolic ride that has seen the stock multiply more than thirtyfold, investors are grappling with a company that looks wildly different on paper than it does in the profit-and-loss statement. The trigger for the latest leg was a partnership with US chipmaker GlobalFoundries announced on June 2, sending the stock through 100 Swedish kronor for the first time in a single session that delivered a roughly 60 percent gain.
The collaboration is straightforward in concept: Sivers will integrate its laser arrays into GlobalFoundries’ silicon photonics reference designs, including the SCALE platform for co-packaged optics. The market for optical connectors in AI data centres is projected to hit $25 billion by 2030. What the official announcement did not include, however, was any concrete financial forecast. Analysts at Redeye, who rate the stock with a price target of SEK 64 — equivalent to about €6.20 — described the news as positive but hardly a game-changer. Affärsvärlden went further, noting that GlobalFoundries had already presented the partnership a month earlier, casting the current hype as overheated.
The rally has been so violent that it has attracted the attention of short sellers and regulators alike. Approximately 17 percent of Sivers’ free float is currently lent out to bears, making the stock acutely sensitive to any fresh catalyst. The most immediate threat comes from a probe by the US law firm Rosen Law Firm, which is investigating potential securities claims following a report by short seller Ningi Research that questioned the company’s revenue recognition practices and production forecasts. Sivers has also delayed its annual report for 2025 as it shifts to PCAOB accounting standards — a prerequisite for its planned dual listing on the Nasdaq in New York.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
None of this noise was visible in the numbers for the first quarter of 2026. Net revenue fell 22 percent year on year to SEK 61.9 million, adjusted EBITDA came in at minus SEK 13.8 million, and the net loss narrowed only slightly to SEK 42.7 million from SEK 48.4 million. Operating cash flow was negative SEK 49.2 million. Management pointed to delayed US defence budgets and unfavourable currency moves as the culprits, while highlighting that the project pipeline had swelled 77 percent since the start of the year to nearly $800 million.
That pipeline offers a narrative of future growth, but the present moment is dominated by a shareholder vote scheduled for June 15. The AGM will decide whether to authorise the issuance of up to 53.8 million new shares — a potential 15 percent dilution — to fund organic expansion, acquisitions, and the Nasdaq listing. For a stock that still sits 18 percent below its all-time high of €10.23 and trades at roughly 3.7 times its 50-day moving average, the vote will test whether existing shareholders are willing to accept dilution in exchange for a US exchange debut. With the 30-day annualised volatility running at nearly 243 percent, the next few days promise to be anything but predictable.
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