Sivers Semiconductors: A Record Backlog and a Regulatory Blizzard Collide as the Stock Sheds a Third of Its Value

The Swedish photonics-chip maker Sivers Semiconductors is living through a Janus-faced moment. On one side, management points to a $799 million commercial pipeline that has swelled 77% since the start of the year, plus a fresh partnership with GlobalFoundries to develop silicon-photonics solutions for AI infrastructure — a market the company believes could be worth $25 billion by 2030. On the other, the stock has been crushed: down 31% in just the past seven days, and still 42% below its all-time high of €10.23 set on June 3.

A modest bounce on Thursday — shares climbed 3.31% to €6.09 — offered little more than a psychological reprieve. The stock now sits barely above its 50-day moving average of €5.97, a level that traders are watching closely. The Relative Strength Index stands at a neutral 43.6, suggesting the selling pressure has eased for now, but the annualized volatility of 224% underscores the precariousness of the rally.

The root of the crisis lies in a maelstrom of regulatory and governance troubles. It began with an anonymous social-media account that, 48 hours before the official announcement, leaked precise details of Sivers’ planned Nasdaq listing. Sweden’s Economic Crime Authority and the Swedish Financial Supervisory Authority are now investigating the suspected leakage of inside information. Two U.S. law firms have joined the fray: Rosen Law Firm is exploring potential securities claims on behalf of shareholders, and Bronstein, Gewirtz & Grossman has launched its own preliminary inquiry. The company has declined to comment on any of the ongoing probes.

The Nasdaq listing itself was put on ice at the annual general meeting on June 15 in Stockholm. The board withdrew the planned vote on the U.S. listing and instead secured a general capital authorization for roughly 53.8 million new shares — a potential dilution of about 15%. No new timeline for the Nasdaq listing was provided. The board was also reshuffled: Joakim Nideborn and Helena Svancar joined, with Nideborn taking the vice-chairman role; Bami Bastani was confirmed as chairman; while Tomas Duffy, Erik Fallström, and Keith Halsey departed.

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

Meanwhile, Sivers quietly revised its financial history. The annual accounts for 2024 and 2025 were restated to U.S. PCAOB standards, shifting revenues between periods, revaluing inventories, and writing down development costs. The net loss for 2025 ballooned from 186.5 million Swedish kronor to 222.6 million kronor. Over the trailing twelve months, the company generated revenue of about 289 million kronor but posted a net loss of 215 million kronor, or 0.76 kronor per share.

The first quarter of 2026 offered no respite. Revenue fell 22% year-on-year to 61.9 million kronor. Adjusted EBITDA came in at negative 13.8 million kronor, and operating cash flow was negative 49.2 million kronor. Sivers blamed the U.S. government shutdown in the fourth quarter of 2025, delayed defense budgets, and unfavorable exchange rates.

All eyes now turn to August 6, when Sivers will report its second-quarter results. The €6.00 level has become a short-term pivot: if it fails as support, another leg down could follow. The company’s hefty pipeline and the GlobalFoundries tie-up offer a compelling long-term narrative, but for now, the weight of the probes, the restated accounts, and the stalled Nasdaq ambition are keeping the stock deep in the red.