Sivers Semiconductors: Short-Seller Charges, Insider Probe, and a $799 Million Pipeline
Published on 06/18/2026 at 07:15 | Redaktion boerse-global.de
Sivers Semiconductors has spent the past month in a state of financial schizophrenia. The stock more than doubled, the order book swelled by three-quarters to nearly $800 million, and a production deal with a British satellite communications firm opened the door to series manufacturing. Yet behind that headline rally, the company is battling a short-seller attack on its revenue recognition, a boardroom exodus, an insider-trading investigation, and a postponed Nasdaq listing. The contradictions are extreme — and so is the market's reaction.
The trouble began in early June when Ningi Research, a short-selling outfit, published a report alleging that the chip developer had booked revenue from contracts it described as worthless. The firm claimed that promised volume increases from 2018 had never materialised and that roughly 31% of the company's reported 2025 revenue was questionable — with research grants potentially counted as commercial income. The stock dropped more than 9% on the news, and US law firm Bronstein, Gewirtz & Grossman said it was probing potential securities law violations on behalf of shareholders. Sivers has not publicly responded to the allegations.
Simultaneously, a separate legal headache emerged. Sweden's Economic Crime Authority is investigating possible insider trading related to Sivers' plans for a secondary US listing. Suspicious price gains were recorded in the 48 hours before the official Nasdaq announcement in April, and two US law firms are reviewing the matter, though no lawsuits have been filed yet. The Nasdaq application itself has been put on hold. At the annual general meeting on 15 June, the company withdrew a proposal to issue up to 53.8 million new shares — roughly 15% dilution — to facilitate the listing. Instead, shareholders granted a general mandate for the same number of shares to be issued in the future against cash, contributions in kind, or set-off of claims. The US listing is postponed, not abandoned.
The AGM was also the scene of a leadership shake-up. Just before the meeting began, vice-chair Tomas Duffy and founding investors Erik Fallström and Keith Halsey resigned. Joakim Nideborn was elected as the new vice-chair and will take over investor relations — a critical role given the company's transatlantic ambitions. Helena Svancar, a two-decade M&A veteran, joined the board. Bami Bastani remains chair.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The company's financial position remains fragile. For the first quarter of 2026, revenue fell 22% year-on-year to 61.9 million Swedish kronor, and the net loss reached 42.7 million kronor. Sivers also revised its full-year 2025 net loss upward to 222.6 million kronor after switching to PCAOB accounting standards, compared with an initially reported 186.5 million kronor. CEO Vickram Vathulya blamed the revenue drop on the US government shutdown in the fourth quarter of 2025 and delayed defence budgets, with expected revenues now pushed into the second half of the year.
To shore up its finances, the AGM retroactively approved a secured convertible note of roughly $327,000 issued to Bootstrap Europe 4.0 at an interest rate of 10.85% per annum, maturing on 31 December 2029 unless converted earlier.
What keeps investors interested is the pipeline. The order book has surged 77% since the start of the year to 799 million US dollars — driven in part by an $8.2 million production contract with ALL.SPACE for Ka-band beamforming chips, with deliveries running through 2027. That deal marks the company's first real step into series production and gives some substance to the backlog narrative.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
At the last close of 9.05 euros, the stock was up 102% over the past month and traded roughly 79% above its 50-day moving average. The annualised volatility stood at 239%. The market is clearly betting on the pipeline vision, but the short-seller doubts, insider probe, and governance disruptions make for an unusually high-stakes summer. The next test comes on 6 August, when Sivers reports second-quarter results. That report will show whether the fantasy of the pipeline is beginning to translate into real revenue — or whether the allegations have merit.
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