Sivers Semiconductors Surges on €62M Cash Injection, but Short-Seller Allegations and Board Turmoil Linger
Published on 07/03/2026 at 16:56 | Redaktion boerse-global.de
Sivers Semiconductors snapped a prolonged selloff with a sharp rally on Friday, jumping 14.66% to close at €5.10. The bounce came after the Swedish photonics specialist successfully placed 12.3 million new shares at 57 Swedish kronor each, raising approximately €62 million. The placement was heavily oversubscribed, with institutional investors flooding the order books.
The stock had been in freefall since hitting a year-high of €10.23 on June 3, shedding more than half its value over the following weeks. The capital increase triggered the slide, as traders digested the dilution from the new shares — the total share count now stands at roughly 320 million. Over the past 30 days, the equity remains down almost 39%, and the 14-day relative strength index had fallen to 40.3, deep in oversold territory. Annualized 30-day volatility reached 210%, underlining the extreme swings that have characterised the name.
The fresh capital is earmarked for a rapid expansion of production capacity for indium phosphide lasers, components used to accelerate optical data transmission in AI data centres and automotive LIDAR. CEO Vickram Vathulya said the strong investor demand validates the company's strategy, adding that the funds will also support customer service hires and product development. The order backlog has grown 77% since the start of the year to $799 million, offering a bright spot amid the turbulence.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet beneath the surface, the company faces serious headwinds. On June 1, short-seller Ningi Research published a report alleging that at least 97 million Swedish kronor of Sivers' 2025 revenues — roughly 31% of the reported total — were booked from products not yet produced and that state research subsidies were misclassified as commercial sales. The company has not issued a detailed public rebuttal.
Adding to the pressure, the annual shareholder meeting on June 15 turned chaotic. Vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned just before the gathering. Shareholders elected Joakim Nideborn as deputy chairman and Helena Svancar to the board, while Bami Bastani remains chairman. The board had originally planned to vote on authorising the issuance of up to 53.8 million new shares to facilitate a secondary listing on the Nasdaq, but the item was withdrawn. The new members said they needed more time to review employee compensation plans before proceeding. Although CEO Vathulya still aims for a U.S. listing between late 2026 and early 2027, the timeline now appears fluid.
Financially, the picture is mixed. First-quarter 2026 revenue slumped 22% year-on-year to 61.9 million kronor, and adjusted operating income came in at a loss of 13.8 million kronor. The company blamed a U.S. government shutdown in late 2025 and delayed defence budgets. Meanwhile, a switch to PCAOB accounting standards forced a restatement: the net loss for 2025 was revised upward from 186.5 million to 222.6 million kronor.
All eyes now turn to August 6, when Sivers reports its second-quarter numbers. The market will be watching to see whether the rising order backlog and fresh cash can finally translate into revenue growth — and whether the company can move past the short-seller allegations and boardroom shake-up that have cast a long shadow over its AI-focused photonics story.
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