The arithmetic of short-selling Sivers Semiconductors has shifted dramatically. Nordea Bank, one of the Nordic region’s largest issuers of leveraged products, will apply base rate margins as high as 153.5% on bear certificates linked to the stock from May 28, 2026. For a standard -1 factor Bear Zertifikat, the margin jumps to 51.5%; for Mini Future Shorts it settles at 50%. The reason, Nordea says, is deteriorating liquidity in the securities lending market and climbing borrowing costs for the shares. The move directly affects the bank’s BEAR SIVERS and MINI S SIVERS series, issued under prospectuses from December 2024 and December 2025.
The margin hike lands just as Sivers releases its first-quarter numbers and confirms that its opportunity pipeline has surged 77% since the end of 2025 to $799 million. Yet the revenue picture tells a less optimistic story. Net sales for the three months ended March 31 came in at 61.9 million Swedish kronor, a 22% year-on-year decline. The company blames external delays — a US government shutdown and disrupted defense budget appropriations that pushed expected revenues into the second half of the year. For a semiconductor specialist that depends on project-based orders, timing is everything, and the gap between a record pipeline and actual billings remains the central point of tension.
Profitability remains under pressure. Sivers reported an adjusted EBITDA loss of 13.8 million kronor, an EBIT loss of 41.5 million, and a net loss of 42.7 million for the quarter. Still, CEO Vickram Vathulya maintains the full-year growth plan is intact. That confidence rests on the pipeline’s composition: optical components for AI data centers, satellite communications, and defense applications. Operational milestones during the quarter included a strategic development contract with a leading US defense prime, the launch of new Ka-band SATCOM beamforming ICs and antenna panels, continued collaboration with Jabil on a 1.6T optical transceiver module, and general availability of Daybreak ICs for 5G/6G FR3.
The path to a Nasdaq dual listing adds another layer of complexity. In May, Sivers published its restated 2025 annual report, reworking financials to comply with PCAOB standards — a prerequisite for listing on a US exchange. The restatement deepened the red ink: the net loss for 2025 was revised to 222.6 million kronor from the previously reported 186.5 million, while revenue was nudged slightly higher to 306.6 million kronor. Alongside that, the company raised roughly 125 million kronor through a directed share issue in May and refinanced existing debt with Bootstrap Europe. The shift to US GAAP reporting is already underway, and a potential secondary listing on Nasdaq in New York is under formal review.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Short sellers, who have piled on despite the stock’s strong year-to-date run, now face a much more expensive proposition. The short interest in Sivers has climbed to around 17% of free float from just 1.6% in early March. Analysts tracked by TipRanks maintain a Buy rating with a price target of 8.00 kronor, but the price-to-sales multiple hovers near 60 — leaving the shares highly sensitive to any execution misstep. An added governance concern is the preliminary investigation by the Swedish economic authority into possible insider trading linked to the early disclosure of the Nasdaq plan.
On the project side, Sivers secured a one-year extension of its EW STAR program on May 19, a wideband antenna-array development effort that receives $6.6 million from the Northeast Microelectronics Coalition Hub. Partners BAE Systems and MIT Lincoln Laboratory are involved. The first-quarter report, originally due May 20, was delayed to May 29 because of the audit workload tied to the restatements. The annual general meeting is set for June 15.
Looking ahead, the company expects a production ramp from automotive LiDAR customers in the fourth quarter of 2026, with several large programs in AI data centers, satellite communications, and defense moving into volume production in 2027. The immediate challenge is more pressing: turning a $799 million opportunity pipeline into tangible revenue in the second half of the year. How that conversion proceeds will determine whether the widening gap between bullish long-term prospects and the rising cost of betting against them begins to close.
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