Sivers Semiconductors: GlobalFoundries Photonics Deal Provides a Counterpoint to Short Seller's Revenue Concerns
02.06.2026 - 09:32:08 | boerse-global.de
A single trading session on June 1 told the story of a company caught between promise and suspicion. Sivers Semiconductors saw its Stockholm-listed shares slide as much as 8 percent after Ningi Research disclosed a short position and aired allegations of aggressive revenue recognition. The stock clawed back some ground intraday before closing roughly 12 percent lower — a whipsaw that reflected deep disagreement over the Swedish chipmaker's true financial health.
The trading volume that day was extraordinary by local standards, with more than 560 million Swedish kronor changing hands. That figure dwarfed the runner-up Saab, which managed around 350 million kronor. The short seller’s report zeroed in on what it called questionable revenue accounting, claiming that at least 97 million kronor — representing about 31 percent of Sivers’ reported 2025 sales — was tied to products not yet manufactured or to government research subsidies. The accusations are unsubstantiated by any regulatory finding, but they hit at a delicate moment.
Just days earlier, on May 29, Sivers had released its first-quarter numbers. Net sales came in at 61.9 million kronor, a 22 percent decline from the 78.9 million kronor recorded a year earlier. Adjusted EBITDA turned negative to minus 13.8 million kronor, and operating cash flow was minus 49.2 million kronor. The company blamed the U.S. government shutdown in late 2025, delayed defense budgets, and unfavorable currency swings.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet even as the quarterly figures disappointed, Sivers announced a strategic collaboration with GlobalFoundries aimed at silicon photonics for AI data centers. The partnership integrates Sivers’ laser arrays into GlobalFoundries’ SCALE platform, which combines photonic components, wavelength multiplexing, and advanced packaging to boost bandwidth density and scalability. The companies are targeting reference designs for co-packaged optics, linear pluggable optics, and other interconnect architectures. Sivers highlighted the addressable pluggable optics market as worth $25 billion by 2030.
The deal strengthens Sivers’ foothold in the AI infrastructure narrative but stops short of a commercial breakthrough. No order volumes, minimum purchase commitments, or revenue forecasts were disclosed. In its own first-quarter communications, GlobalFoundries flagged progress in co-packaged optics and high-speed photonics, and in May reiterated long-term growth opportunities in AI. The Sivers tie-up fits that roadmap but remains at the reference-design stage — a distinction that matters for investors weighing pipeline hype against hard bookings.
Sivers’ opportunity pipeline has swelled to $799 million, up 77 percent since the end of 2025. The company completed a capital raise of roughly 125 million kronor in May 2026 and said several product ramps remain on track through 2027, including a planned LiDAR production start in the fourth quarter of 2026 and a collaboration with Jabil on a 1.6T transceiver module. New institutional investors came on board with the equity offering.
The juxtaposition is stark: a rich pipeline and a high-profile foundry partnership versus a cash burn that consumed nearly 50 million kronor in the first quarter alone and a short seller questioning the quality of past revenue. For Sivers, the GlobalFoundries pact adds technological credibility and a narrative hook to the AI photonics theme. But without design wins, production scale-up, and actual deliveries to silicon photonics customers, the stock remains vulnerable to the very skepticism that sent it tumbling on June 1. Every future announcement on photonics, wireless programs, or financial performance will be scrutinized under a harsher light.
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