Sivers Semiconductors: Short Sellers Dig In Despite a $799 Million Pipeline
Published on 06/24/2026 at 14:05 | Redaktion boerse-global.de
The Swedish photonics company Sivers Semiconductors is caught in a peculiar tug-of-war. Its sales pipeline has swelled to nearly $799 million, a 77% jump since the start of the year, yet bearish bets against its stock have surged to a staggering 17% of outstanding shares — up from just 1.6% in March. The conflict between mechanical buying from index funds and aggressive short selling has turned the stock into a high-stakes battleground.
The catalyst for the short-seller assault came in early June, when Ningi Research published a report questioning roughly 97 million Swedish kronor of reported revenue. The firm alleged that Sivers may have booked goods not yet produced, as well as government research grants, as commercial income. Two U.S. law firms are now investigating potential securities law violations. Sivers’ own subsequent restatements did little to quiet the skeptics: the company adjusted its previous accounts to U.S. GAAP standards — a move tied to a possible secondary Nasdaq listing — and the net loss for the last fiscal year ballooned to SEK 222.6 million.
Meanwhile, Swedish prosecutors have opened a probe into the timing of a leak. An anonymous X account published details of the Nasdaq plans exactly 48 hours before the official announcement, sending the stock conspicuously higher. The insider-trading inquiry adds a layer of regulatory uncertainty to an already volatile picture.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Operationally, the revenue story has been one of delay rather than disappointment. First-quarter sales fell to SEK 61.9 million, with CEO Vickram Vathulya pointing to holdups in the U.S. defense budget. Expected revenue from the first half of the year is now slated to land in the second half of 2026. But the pipeline remains robust: Sivers is targeting two core segments — silicon photonics for AI data centers and wireless chips for satellite communications. A concrete sign of progress came with a $8.2 million order from satellite-communications firm ALL.SPACE for Ka-band beamforming chips, with delivery stretching into 2027. The contract marks the company’s transition from development into series production.
Despite the short-selling frenzy, the stock has found mechanical support. The inclusion of Sivers in the OMX Stockholm Benchmark and MSCI Small Cap indices forced passive ETFs to buy. At the same time, Nordea Bank triggered a short squeeze by raising margin requirements for short positions above 228%, compelling many bears to cover. JPMorgan Chase also stepped in, acquiring a 5.25% stake in early June — the same day Sivers announced an AI partnership with GlobalFoundries.
The company’s governance is also in flux. Following the annual general meeting on June 15, the newly elected board — including new members Joakim Nideborn and Helena Svancar — pulled proposed employee incentive programs from the agenda. They want to review compensation structures thoroughly before presenting a revised plan at a future meeting. The leadership reset comes as the company navigates accounting controversies, a leak investigation, and the push toward a Nasdaq listing.
Trading at around 8.15 euros after a nearly 10% weekly decline — and slipping further to 7.84 euros on a recent Wednesday — the stock is still more than 45% above its 50-day moving average, a sign of how far it has run in a short period. With annualized volatility of 223%, Sivers remains a high-octane play. All eyes are now on the half-year report due August 6, when management must prove that the $799 million pipeline can finally convert into hard revenue.
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Sivers Semiconductors Stock: New Analysis - 24 June
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