Sivers Semiconductors Raises 125M SEK from Nordic and International Investors, Stock Slides Despite Expanding AI and Wireless Pipeline

Sivers Semiconductors is navigating a schizoid moment: its order pipeline is swelling past $450 million and partnerships with Jabil and Tachyon Networks are deepening, yet the stock suffered a double-digit drop on Tuesday, hitting 43.14 Swedish kronor after shareholders approved a deeply discounted capital raise. The gap between operational momentum and market sentiment has rarely been wider.

The extraordinary general meeting on May 11 gave the green light to a directed share issue of 8.62 million new shares at 14.50 SEK each, netting the company roughly 125 million SEK in gross proceeds. That price represents a steep discount to the early?May level of nearly 50 SEK and a massive dilution that has spooked retail investors. Institutional buyers, however, stepped up in force. DNB, Storebrand Sverigefond, Hudson Bay Capital Management, Alcur Fonder, Atlant Fonder, Cicero Fonder and Waterside AM all subscribed, signaling that the company’s mixed?signal semiconductor strategy – combining photonics and millimeter?wave technology – still attracts serious money.

The capital injection is earmarked for Sivers’ long?ambitious move to list a second time on the Nasdaq in New York. That plan, however, has run into accounting?related delays. The company is converting its financial statements to the U.S. PCAOB standards required for a U.S. listing, a process that pushed the 2025 annual report to May 15. Uncertainty over the exact timing has unnerved some market participants, even though management insists the underlying business is accelerating.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

Operationally, Sivers is making strides on two fronts. On Tuesday it announced an expanded development partnership with Tachyon Networks worth 1.5 million US dollars for 60 GHz mmWave transceivers aimed at fixed wireless access. Separately, the collaboration with Jabil focuses on energy?efficient 1.6T optical transceiver modules for the AI data center market – a segment where bandwidth demand is exploding. The combined pipeline for new orders now exceeds $450 million.

But the financials still tell a story of a company in transition. In the final quarter of 2025, Sivers posted record revenue of 80.7 million SEK, a 5% year?on?year increase. The top line is improving, but earnings remain firmly in the red: the trailing twelve?month EPS stands at about minus 0.66 SEK. Cash flow clarity will be a key focus when the delayed annual report lands on Friday, followed by the first?quarter update on May 20.

The institutional backing provides a buffer against immediate funding pressure, but it does not erase the execution risk tied to both the Nasdaq listing and the need to scale revenue quickly. The ordinary general meeting has been rescheduled to June 15, giving management a few more weeks to present a cleaner picture. For now, the market is voting with its feet – though the roster of high?profile investors suggests that some of the smartest money in the Nordics is betting that the discount will eventually be forgotten.

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