Sivers Semiconductors: Short Sellers Pull Back as Nasdaq Ambition, Board Overhaul, and Earnings Catalyst Converge
27.05.2026 - 17:41:35 | boerse-global.de
The story unfolding at Sivers Semiconductors is one of competing narratives. A breathtaking 2,000% rally over the past twelve months has made the Swedish chipmaker a market darling, yet the path to a Nasdaq listing in New York has forced the company to confront balance-sheet realities, push back key corporate events, and refresh its boardroom. Meanwhile, short sellers — who once piled heavily into bearish bets — are starting to retreat, a shift that adds a fresh layer of intrigue ahead of the Q1 report due on Friday, May 29.
Aggregate short positions in Sivers fell to 6.81% of share capital by May 26, 2026, down sharply from 8.64% a week earlier. The 1.83-percentage-point decline knocked the stock down to 17th place on the Stockholm exchange’s ranking of the 20 largest short positions. Among the remaining bears are Voleon Capital Management (2.44%), Two Sigma Investments (2.01%), and Anson Advisors (0.50%). The retreat comes despite — or perhaps because of — extreme volatility. On May 25 alone, the stock surged 17% following news of its inclusion in a Nasdaq index, and by the next day it stood at 86.85 Swedish kronor, up another 1.52%. That run capped a twelve-month explosion of more than 2,000%, fueled by AI infrastructure demand, photonics, and optical connectivity for high-performance data transmission.
Yet not all market participants are convinced. The short-interest ratio, while lower, still exceeds 6%, turning Sivers into a battleground between momentum buyers and skeptics. And the company’s own recent actions suggest the rally rests on a foundation that requires careful shoring up.
Audit Uplift Delays Key Dates
Sivers originally planned to hold its annual general meeting on May 27, but that has been postponed to June 15. The Q1 2026 report, expected on May 29, was also rescheduled from an earlier date. Both moves stem directly from the so-called “audit uplift” — a comprehensive restatement of the 2024 and 2025 consolidated accounts to meet the standards of the U.S. Public Company Accounting Oversight Board (PCAOB), a prerequisite for listing on any American exchange.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The restatement revealed notable adjustments. For the full year 2025, net revenues were revised to approximately 307 million SEK, while the operating result came in at minus 178 million SEK. The changes affected revenue reclassifications, inventory valuations, and specific impairment charges. The company attributed the revisions to the transparency demands of international institutional investors, especially those eyeing growth markets such as AI data centers and defense.
Board Gets an International Makeover
As part of the Nasdaq preparation, the nomination committee has proposed a reshaped board. Incoming directors Joakim Nideborn and Helena Svancar bring experience in international finance and strategic corporate development. They join chair Dr. Bami Bastani, Todd Thomson, and Karin Raj, who remain in place. Stepping down are vice-chair Tomas Duffy along with early backers Erik Fallstrom and Keith Halsey — a clear break from the founding-era faces toward a governance profile suited for global capital markets.
The market reaction to all this uncertainty has been choppy. After the recent rally, the stock traded at around 86.85 SEK on May 26, but had slipped to 81.10 SEK shortly before that, reflecting a roughly 7% decline over five trading days. Year-to-date, however, the shares are still up more than 50%. The short-interest retreat suggests some bears are covering their positions ahead of the Q1 numbers, but the stock remains under pressure.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
What the Q1 Report Must Deliver
The May 29 report is now the key catalyst. Investors will scrutinize revenue trends, order signals, and cash flow to determine whether the company’s asset-light manufacturing model can deliver the margins the market is pricing in. The Nasdaq index inclusion gave the stock a jolt, but the fundamental question remains: can the operating reality support the valuation?
The AGM is set for June 15, and the half-year report follows on August 6. For now, Sivers is balancing ambition with execution — a tightrope act that will be tested in just two days.
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