Sivers Semiconductors: Insiders Bet on Recovery as Restatement and Dilution Hammer Stock

The numbers coming out of Sivers Semiconductors are getting worse before they get better — at least on paper. A forced accounting overhaul, undertaken to clear the path for a US stock-market listing, has revealed deeper losses and lower prior-year revenue than the Swedish photonics and radio-frequency specialist originally reported. The market’s reaction has been brutal: the stock has shed roughly 70% of its value since touching a 52-week high of €10.23 in early June.

On Thursday, shares closed at €3.07, a single-day drop of 13.48%. That followed a week that wiped out more than a quarter of the company’s market capitalization. The sell-off has been driven by a combination of financial restatement, shareholder dilution from a large capital raise, and lingering uncertainty around the timing of a planned dual listing on the Nasdaq.

The restatement itself stems from Sivers’ preparation for US PCAOB auditing standards. The company revised its net loss for the 2025 fiscal year upward to 222.6 million Swedish kronor from the previously reported 186.5 million. Revenue for 2024 was also cut, to 219.2 million kronor from 243.7 million, with management attributing the changes to a reallocation of revenue between periods and revised inventory valuations. While the adjustments were a technical prerequisite for the US listing, they have undeniably shifted how investors view the company’s path to profitability.

Compounding the accounting headache, Sivers completed a directed share issue on June 30, raising approximately 700 million kronor through the issuance of roughly 12.28 million new shares. The placement price was 57 kronor per share — a 9.7% discount to the closing price that day — and was multiple times oversubscribed by Swedish and international institutions. The proceeds are earmarked for expanding manufacturing capacity for indium-phosphide lasers and optical amplifiers, components critical to next-generation AI data centers and automotive LiDAR systems. Yet the dilutive effect has weighed on the stock ever since. The current price of around €3.07 is well below the equivalent of the 57-kronor subscription level, highlighting how quickly sentiment has soured.

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

Against this bleak backdrop, the company’s top brass has been buying shares. On July 13, five board members — Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson, and Joakim Nideborn — acquired stock under a program approved at the annual general meeting. Chief executive Vickram Vathulya added to his own holdings with purchases worth roughly 950,000 kronor. All of these insider transactions come with a mandatory one-year holding period. Notably, the buying occurred just three days before a key lock-up expiry on July 16, meaning the insiders chose to commit fresh capital at a moment when they could have sold existing holdings. That signal of confidence stands in stark contrast to the market’s prevailing mood.

Technicians point to an RSI of 33.1, suggesting the stock is approaching oversold territory, while the 30-day annualized volatility of more than 153% underscores the ferocity of the recent moves. The share price now sits about 49% below its 50-day moving average of €6.13 — a gap that typically attracts mean-reversion traders but also reflects the intensity of the selling pressure.

Adding to the uncertainty, Sivers has rescheduled its financial reporting calendar to align with PCAOB requirements. The second-quarter 2026 interim report, originally due earlier, will now be published on August 27, followed by third-quarter results on November 26 and fourth-quarter figures on February 25, 2027. Until then, investors must weigh the insider purchases, the dilutive capital injection, and the restated numbers against the company’s exposure to fast-growing end markets such as AI data centers, satellite communications, and defense photonics. Three signals are flashing at once: insiders putting their own money on the line, institutions oversubscribing the recent placement, and a stock trading far below the price those institutions just paid. How that gap resolves will likely depend on whether Sivers can deliver credible financial reporting in the quarters ahead.