TLDR
- Sivers Semiconductors experienced a remarkable nearly 50% stock appreciation spanning two consecutive trading sessions after winning a $6.6M Pentagon contract for its second-year participation in the EW STAR initiative under CHIPS Act funding.
- Shares reached 87.70 Swedish kronor during Monday trading, marking a 20.30% intraday increase, building on the previous session’s 23.45% advance.
- Financial restatements for fiscal years 2024 and 2025 disclosed an expanded 2025 net deficit of 222.6 million kronor, significantly higher than the initially disclosed 186.5 million.
- Swedish Economic Crime Authority has launched an investigation into potential insider trading related to premature leaks regarding the company’s Nasdaq dual-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.
Sivers Semiconductors has delivered one of the most remarkable equity performances across European markets this year. The Swedish-based photonics and radio frequency semiconductor manufacturer registered approximately 50% gains over just two trading days — driven by a $6.6 million U.S. defense contract award and mounting investor enthusiasm for AI infrastructure opportunities.
When markets closed on Monday, shares stood at 87.70 Swedish kronor, representing a 20.30% single-session increase. This built upon the previous trading day’s 23.45% surge from 72.90 kronor. These dramatic movements elevated the company’s total market capitalization to approximately 21.54 billion Swedish kronor.
The primary driver behind this rally was the second-year funding approval under the EW STAR initiative, administered through the U.S. Microelectronics Commons program with backing from the CHIPS and Science Act. The Pentagon-supported grant is distributed via the Northeast Microelectronics Coalition Hub, spanning eight northeastern states. Importantly, this funding operates on a performance-contingent basis — Sivers secured the award only after successfully achieving technical benchmarks during the initial year, lending legitimacy to their technological capabilities.
The EW STAR program concentrates on developing broadband antenna array systems with simultaneous transmission and reception capabilities for electronic warfare, radar operations, and communication systems. Sivers is simultaneously positioning its beamforming and photonic technologies for satellite connectivity and AI datacenter implementations — two sectors currently experiencing intense investor interest.
Substantial Price Movement Without Fresh Catalysts
Monday’s 20% price spike occurred without any new corporate disclosure. Previous days had featured governance announcements — a proposed board restructuring introducing two new 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 infrastructure opportunities.
These board modifications also mirror mounting pressure from various stakeholders. Achilles Capital, representing Sivers’ largest individual shareholder position, maintains connections to DDM Finance, currently undergoing debt restructuring while attempting to liquidate €30–50 million in holdings. Whether Sivers equity forms part of this divestiture remains uncertain. Among short sellers, Voleon Capital maintains a 1.86% stake while Two Sigma holds 1.78%.
Financial Restatements and Criminal Proceedings
The company’s financial situation presents complexity. Sivers restated results for both 2024 and 2025 to achieve compliance with U.S. PCAOB accounting standards in preparation for a planned Nasdaq dual-listing. The 2025 figures showed revenue of 306.6 million kronor, while the operating deficit expanded to 177.8 million kronor and net losses reached 222.6 million kronor — significantly exceeding the previously announced 186.5 million. The 2024 restatement proved more substantial, reducing revenue from 243.7 million to 219.2 million kronor and expanding net losses from 116.3 million to 183.9 million kronor.
Additionally, Sweden’s Economic Crime Authority has initiated an investigation into suspected insider trading activities. An unidentified social media profile with substantial followership disclosed details about the Nasdaq listing strategy approximately 48 hours before official confirmation, sparking abnormal trading activity. Prosecutor Jonas Myrdal is evaluating potential violations of EU Market Abuse Regulation.
Notwithstanding these challenges, the stock maintains a price-to-sales multiple of 59.69 and price-to-book ratio of 20.00. The mean analyst price target remains at merely 6.55 Swedish kronor — substantially below current trading levels.
Sivers has postponed its Q1 earnings release until May 29 and scheduled its annual shareholder meeting for June 15, where investors will decide on a management compensation structure encompassing up to 7 million stock options, translating to approximately 2% equity dilution.
