Sivers Semiconductors (SIVE.ST): Dubious Revenue Accounting, Hollow Customer Contracts, and Broken Promises of an Imminent Volume Ramp-up Since 2018 We are short Sivers Semiconductors (SIVE.ST), because, in our opinion, a retail-driven pump built on speculative hyperscaler relationships, a fabricated bottleneck narrative, a rumored volume ramp-up, a delayed US listing, and a vague "opportunity pipeline" has driven a 1,800%+ YTD rally. A veteran NVIDIA systems engineer told us that “one of the reasons why they [Sivers] haven’t gotten into the NVIDIA ecosystem” is because Sivers don’t match Lumentum or Coherent products. Further, Sivers’ partner WIN Semi disclosed to investors that its InP laser diode production is not running because the customer’s lasers’ “reliability is very low.”
We think the accounting restatements show that Sivers’ management is willing to make claims that collapse under scrutiny. Even after the restatement, at least SEK 97M (31%) of Sivers’ 2025 revenue is dubious; propped up only by a completely rewritten accounting policy and IFRS violations. The company is recognizing revenue on products it hasn't even produced yet, or from government R&D subsidies.
In the end, Sivers has a long history of cranking out announcements that go nowhere. The same script played out with its touted US listing. After restating three years of financials allegedly for that purpose, Sivers management has since delayed a US listing due to “market timing.”
#short #thesis/fraud #analyst/ningni-research
date: 2026-05-02