Kista, Sweden, May 29, 2026, 10:08 CEST
- Sivers posted net sales of SEK 61.9 million for the first quarter, dropping 22% from the same period last year.
- Sweden’s chip supplier said some revenue pushed into the second half because of delays in U.S. defense budget approvals and currency moves.
- Short interest is up a lot after the AI rally. The company says its sales pipeline has climbed 77%.
Sivers Semiconductors on Friday posted a 22% drop in first-quarter sales, after a year when the AI-linked stock rallied about 1,700%. Net sales fell to SEK 61.9 million from SEK 78.9 million. Adjusted EBITDA slipped further into the red, coming in at minus SEK 13.8 million. Both retail and short sellers have been trading the stock heavily this year.
Sivers’ timing is in focus. The stock has gone from being a niche semiconductor name to a momentum play linked to AI data centers, satellite comms and defense. Traders are testing if future orders can keep up with the run in shares. At 10:08 CEST, the MarketScreener real-time Cboe Europe quote had Sivers at 80.82 kronor, a gain of 15.1% for the day and up 1,794.6% for the year.
Short sellers have stepped up. About 17% of Sivers shares available for trading were out on loan as of May 26, Bloomberg said, citing S&P Global Market Intelligence. That’s up from about 1.6% at the start of March. Shares out on loan are borrowed stock often used by traders betting the price will fall.
Sivers said the softer quarter followed delays in U.S. defense spending approvals tied to the late 2025 government shutdown, along with tough exchange rates. The company said revenue that was meant for the first half ended up moving to the back half of 2026. Sivers also noted higher costs from bringing on more sales staff and work on a possible U.S. dual listing.
Sivers CEO Vickram Vathulya said the company is “on track” for its full-year revenue growth target. The pipeline of potential business, not yet logged as revenue, grew 77% this year to $799 million as production forecasts went higher and demand increased for wireless beamformers and indium phosphide lasers used in optical systems. Sivers Semiconductors
Sivers is telling investors that 2027 is when things change. The company said it expects several product ramps in AI data centers, LiDAR, satellites, fixed wireless access and defense. Sivers also mentioned its work with Jabil on a 1.6T pluggable optical transceiver module aimed at data centers. These modules move data through fiber networks inside and between data centers.
DNB Carnegie called the report mixed as analysts questioned the near-term results. The firm said it saw an 8% drop in organic growth and pointed out that sales are still low for the company’s cost base. The brokerage pointed to pipeline growth as “a clear sign of strength.” MarketScreener
“There is a lot of speculation here,” Calle Soderberg, investment economist at Nordnet, told Bloomberg. He said many investors are probably “dancing close to the exit” in what he called a volatile stock. Moneycontrol
Sivers isn’t the only small chip stock catching AI money. Reuters said this week investors are pushing the AI trade out past Nvidia and Intel, picking up shares in smaller tech and semiconductor names tied to data centers, networking and chip infrastructure. Some analysts told Reuters parts of the sector are getting lifted by speculation more than fundamentals.
Sivers Semiconductors is picking up fresh index demand. Nasdaq said the stock is joining the OMX Stockholm Benchmark Index at the open on June 1. MSCI’s May small-cap index review also showed Sivers as a new name in the MSCI Sweden small-cap universe.
Sivers raised around SEK 125 million through a directed share issue after the quarter, ahead of fees. The company has also been working on meeting U.S. Public Company Accounting Oversight Board standards while weighing a dual listing on Nasdaq New York. Sivers previously restated its 2024 and 2025 numbers in connection with the audit work.
The risk is that pipeline work doesn’t convert to revenue quickly. Sivers had SEK 26.6 million in cash as of March 31 and posted negative operating cash flow of SEK 49.2 million last quarter. DNB Carnegie noted the cost burden is still heavy compared to sales. Defense delays, currency moves or slower customer ramps could challenge the stock’s new valuation.
