Sivers Semiconductors: The Photonics Promise Under Siege as Short Sellers and Regulators Close In
04.06.2026 - 03:02:02 | boerse-global.de
Sivers Semiconductors finds itself caught between a promising technology partnership and a barrage of damaging allegations. The stock has swung violently in recent days — up 60 percent on June 2 after a deal with GlobalFoundries, then slipping back as investors digested a short-seller report, a Swedish insider-trading investigation, and a US law firm probing possible securities violations. By midweek the shares traded at 8.44 euros, down 3.6 percent on the day, though still showing a monthly gain of 67.86 percent.
The turmoil began on June 1 when research firm Ningi published a report accusing Sivers of aggressively booking revenue. According to Ningi, at least 97 million Swedish kronor — roughly 31 percent of the company’s total 2025 revenue — are questionable. Some of those sums, the report alleged, are tied to products that were never manufactured, while others involve research grants that were reclassified as commercial sales. The accusations remain unverified by regulators, but they hit at a vulnerable moment for the company.
The fallout was immediate. Rosen Law Firm, a US securities class-action specialist, launched an investigation into whether Sivers issued misleading business information. Sivers’ OTC listing in the United States fell 9.2 percent. Meanwhile, the Swedish Economic Crime Authority began examining trading activity that occurred 48 hours before the company announced its planned US listing. Prosecutor Jonas Myrdal described the pre-announcement price rise as “striking” and noted parallels with past pump-and-dump schemes. The probe targets potential violations of the EU Market Abuse Regulation.
Adding to the governance concerns, board member Erik Fällström’s firm, Achilles Capital, sold 29 million shares worth at least 461 million kronor, even as Fällström publicly described the stock as “significantly undervalued.” That paradox has drawn further scrutiny from investors already rattled by the short-seller claims.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Despite the dark cloud, the GlobalFoundries partnership ignited a powerful short squeeze. Short interest stood at about 17 percent of free float at the end of May, according to S&P Global, and the sudden surge forced bears to cover. The stock’s 30-day annualized volatility has hit 245 percent, reflecting the extreme uncertainty. At 8.35 euros, the share price remains 18 percent below its 52-week high of 10.23 euros.
The deal itself is centered on Sivers’ laser arrays, which will be integrated into GlobalFoundries’ silicon photonics platform. The technology targets optical connections for data centers — co-packaged optics, linear pluggable optics, and new interconnect solutions that are crucial for AI infrastructure. Sivers points to a market for pluggable optics that could reach $25 billion by 2030. Yet the announcement contained no order value, no revenue timeline, and no minimum purchase commitments. The market has rewarded the narrative, but the business case remains unproven.
The underlying financials underscore the gap between hype and execution. First-quarter revenue fell 22 percent year-on-year to 61.9 million kronor. The adjusted EBITDA was negative 13.8 million kronor, and operating cash flow came in at minus 49.2 million kronor. The photonics segment — the very division that the GlobalFoundries deal is meant to revive — saw revenue drop 32 percent to 17.8 million kronor, with segment EBITDA worsening from a loss of 0.6 million a year ago to minus 7.7 million. Cash on hand at the end of March stood at only 26.6 million kronor, reinforcing the need for external funding.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Sivers has taken steps to shore up its balance sheet. After the quarter closed, it completed a directed share issue of 8.62 million shares, raising about 125 million kronor before fees. It also secured a secured credit facility worth $17 million, composed of a $5 million term loan and a $12 million convertible loan, which was used to refinance existing debt.
The next major test comes on June 15 at the annual general meeting. The agenda includes a potential secondary listing in New York, a capital resolution authorizing 53.8 million new shares — a dilution of roughly 15 percent — and a board overhaul. The Scandinavian founders are set to exit, making way for directors with deeper international experience. The direction may be right, but the management team still has to win back trust that has been badly shaken by the short-seller attack, the insider probe, and the revenue questions that refuse to go away.
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Sivers Semiconductors Stock: New Analysis - 4 June
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