Shares of Sivers Semiconductors plunged another 11.6% to $5.92 on July 1, extending a rout that has now erased more than 42% of the Swedish chipmaker's value since its early-June peak. Behind the collapse lies a combination of regulatory probes, accounting restatements, a short-seller assault, and a boardroom shake-up. The question facing investors: is the damage reputational — or fundamental?
A Short Seller Challenged Nearly a Third of Revenue, and the Company Hasn't Responded
On June 1, short-selling firm Ningi Research published a report alleging dubious revenue accounting and hollow customer contracts.
The report challenged about 31% of Sivers' reported 2025 revenue, alleging research grants had been booked as commercial income.
The company has not publicly rebutted those claims. That silence is costly: the proportion of shares held by short sellers has exploded from 1.6% in March to 17% — nearly one in five shares now bet against the stock.
The Books Got Worse Under Closer Scrutiny
A restatement of financials under U.S. PCAOB accounting standards — required for a planned Nasdaq listing — revised the 2025 net loss upward from 186.5 million to 222.6 million Swedish kronor, driven by revenue shifts, inventory write-downs, and impairments on development costs.
Auditors have expressed doubt about Sivers' ability to continue as a going concern — essentially questioning whether the company has enough cash to keep operating. Meanwhile, two U.S. law firms have launched preliminary inquiries into potential shareholder claims , adding litigation risk on top of accounting risk.
A Big Pipeline Doesn't Pay the Bills Yet
Management points to an opportunity pipeline that has grown 77% year-to-date to $799 million . But actual Q1 revenue told a different story: sales dropped 22% year-on-year to 61.9 million kronor, adjusted EBITDA was negative 13.8 million kronor, and operating cash flow bled 49.2 million kronor.
A LiDAR production contract could generate $53–$138 million over its lifetime — transformative for a business currently doing roughly $33 million in annual revenue — but meaningful shipments don't start until late 2026 at the earliest.
Investors Are Flying Blind Until August
The planned shareholder vote on a Nasdaq dual listing was withdrawn at the June 15 annual meeting. Three directors resigned. The next data point arrives August 6, when the reconstituted board publishes Q2 results — the first real chance to counter Ningi's allegations with hard numbers. Until then, credibility is the scarcest asset on Sivers' balance sheet.