TLDR
- Sivers Semiconductors experienced a dramatic 50% rally spanning two consecutive trading days following confirmation of a $6.6 million Pentagon contract for year two of the EW STAR initiative under CHIPS Act funding.
- Shares reached 87.70 Swedish kronor during Monday’s session, marking a 20.30% intraday climb after jumping 23.45% the previous day.
- Financial restatements for both 2024 and 2025 show a significantly wider 2025 net deficit of 222.6 million kronor, compared to the initially disclosed 186.5 million loss.
- A criminal investigation by Sweden’s Economic Crime Authority is underway regarding potential insider trading connected to premature disclosure of the company’s Nasdaq listing strategy.
- Current trading levels place Sivers at a price-to-sales ratio of 59.69, substantially exceeding the consensus analyst target of 6.55 Swedish kronor per share.
Sivers Semiconductors has delivered one of the most dramatic equity performances across European markets this year. The Sweden-based photonics and radio frequency chip developer posted approximately 50% gains over just two trading days — fueled by a $6.6 million defense department contract and surging investor enthusiasm around AI infrastructure.
Shares closed Monday’s session at 87.70 Swedish kronor, representing a single-day advance of 20.30%. This came immediately after a 23.45% surge from 72.90 kronor in the preceding session. The consecutive rallies elevated the company’s total market capitalization to approximately 21.54 billion Swedish kronor.
The driving force behind the momentum was confirmation of year-two funding under the EW STAR initiative, operating within the U.S. Microelectronics Commons framework and supported by CHIPS and Science Act appropriations. Administered through the Northeast Microelectronics Coalition Hub — spanning eight northeastern states — this Pentagon-backed financing is milestone-dependent. Sivers secured the funds only after successfully completing first-year technical objectives, lending the achievement tangible credibility.
EW STAR concentrates on developing broadband antenna array systems with simultaneous transmit-receive capabilities for electronic warfare, radar platforms, and communication networks. Beyond defense applications, Sivers is positioning its beamforming and photonics technologies toward satellite connectivity and AI data center infrastructure — two sectors currently commanding intense investor interest.
Momentum Continues Without Fresh Catalysts
Monday’s 20% advance occurred without any new company disclosures. Previous days had featured governance announcements — specifically a proposed board restructuring introducing two directors with capital markets expertise and technology scaling experience, while removing several founding members and early investors. The incoming nominees, Joakim Nideborn and Helena Svancar, align with the company’s strategic pivot toward American markets and AI-focused infrastructure.
The board reorganization also reflects mounting pressures from various stakeholders. Achilles Capital, the company’s largest individual shareholder, maintains connections to DDM Finance, which recently entered debt restructuring proceedings and aims to divest €30–50 million in holdings. Whether Sivers shares factor into that liquidation remains undisclosed. Among short sellers, Voleon Capital maintains a 1.86% stake with Two Sigma holding 1.78%.
Financial Adjustments and Legal Challenges
The accounting landscape presents significant complications. Sivers revised its statements for 2024 and 2025 to achieve compliance with U.S. PCAOB requirements in preparation for a planned Nasdaq dual-listing. The 2025 adjustments show revenue of 306.6 million kronor, while operating losses expanded to 177.8 million kronor and net losses reached 222.6 million kronor — substantially worse than the originally disclosed 186.5 million deficit. The 2024 revision proved even more substantial, reducing revenue from 243.7 million to 219.2 million kronor while deepening net losses from 116.3 million to 183.9 million kronor.
Adding to the turbulence, Sweden’s Economic Crime Authority has launched an investigation into suspected insider trading. An anonymous social media profile with substantial reach published specifics about the Nasdaq listing strategy roughly 48 hours ahead of official disclosure, sparking abnormal trading activity. Prosecutor Jonas Myrdal is evaluating whether violations of EU Market Abuse Regulation occurred.
Despite these challenges, shares command a price-to-sales multiple of 59.69 and price-to-book ratio of 20.00. The average analyst valuation target stands at merely 6.55 Swedish kronor — dramatically below current trading levels.
Sivers has postponed its first-quarter earnings release to May 29 and scheduled its annual shareholder meeting for June 15, when investors will decide on a management compensation framework involving up to 7 million stock options, equating to roughly 2% shareholder dilution.
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