Sivers Semiconductors: Pentagon Cash Flows In as Restated Losses and Insider Probe Cloud the Picture
25.05.2026 - 14:50:59 | boerse-global.de
Swedish chipmaker Sivers Semiconductors finds itself straddling two sharply contrasting realities. A $6.6 million award from the US Department of Defense under the CHIPS Act has powered a rapid stock advance, yet the company is simultaneously contending with restated financial results and an active insider-trading investigation by Swedish authorities. The tension between these forces leaves investors weighing defense-sector credibility against corporate governance concerns.
The grant, announced on May 19, 2026, funds the second year of the EW STAR project, an electronic warfare initiative run through the Northeast Microelectronics Coalition Hub (NEMC). This network of more than 300 organisations across eight US states is developing broadband antenna arrays capable of simultaneous transmission and reception in electronic warfare, communications, and radar systems — technology with spillover applications in satellite communications and AI data centres. Sivers' award was performance-based, tied to meeting specific technical milestones in the first year, rather than a blanket subsidy.
The market reaction was swift. On May 25, Sivers shares surged 20.3 percent to 87.70 Swedish kronor, lifting the company's market capitalisation to approximately SEK 21.5 billion. Over two trading days, the cumulative gain approached 50 percent. Yet this rally unfolds against a backdrop of regulatory and accounting headwinds.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Sweden's Economic Crime Authority is probing possible insider trading ahead of the official announcement of Sivers' planned Nasdaq listing — a coincidence of timing that has drawn scrutiny. More tangibly for current shareholders, the company has retrospectively restated its financial statements for fiscal years 2024 and 2025 to comply with US audit standards under the PCAOB. The revisions were substantial. For 2025, net loss widened from an initially reported SEK 186.5 million to a restated SEK 222.6 million on revenue of SEK 306.6 million. The 2024 adjustment was even steeper: net loss climbed from SEK 116.3 million to SEK 183.9 million. Sivers attributed the revisions to the requirements of an international exchange listing.
Analyst opinion remains deeply divided. While some observers interpret the recent price momentum as evidence of structural maturation in Sivers' semiconductor business, the lowest price target on the street stands at just SEK 6.55 — a fraction of the current trading level. That gap underscores the wide dispersion of views. Short interest adds another layer: Voleon Capital holds a 1.86 percent short position, and Two Sigma is short 1.78 percent of outstanding shares.
Two near-term events will test the narrative. On May 29, Sivers is due to report first-quarter 2026 results — the first earnings release since the restatements and the grant. Then on June 15, the annual general meeting will vote on a board reorganisation. For a stock oscillating between defence-driven optimism and the weight of adjusted accounts, those dates could determine whether the recent rally has genuine staying power.
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