Short-selling firm Ningi disclosed a short position in Sivers Semiconductors on Monday. Sivers' shares fell more than 6% following the announcement. Ningi alleges the company's recent 1,800% stock rally is built on speculation.
The report questions the viability of Sivers' technology. An Nvidia engineer cited in the report claims Sivers' products cannot compete with rivals Lumentum or Coherent. Ningi also alleges production issues at partner WIN Semi due to low laser reliability.
Ningi raised concerns regarding SEK 97 million of reported revenue for 2025. This figure represents 31% of the company's total reported revenue. The short-seller alleges Sivers recognizes revenue for products not yet produced and from government R&D subsidies.
The report also points to a history of unfulfilled initiatives. Sivers recently postponed a planned listing on a U.S. stock exchange.