Audit Uplift Drives Sivers Semiconductors' Net Loss to SEK 222.6 Million as Nasdaq Listing Timetable Shifts

Sivers Semiconductors' net loss of SEK 222.6M exceeds expectations after mandatory PCAOB restatement, delaying Q1 report and AGM as it prepares for dual Nasdaq listing.

Swedish semiconductor specialist Sivers Semiconductors has posted a deeper-than-expected net loss of SEK 222.6 million for the 2025 financial year, following a mandatory restatement of its accounts to meet the auditing standards of the US Public Company Accounting Oversight Board (PCAOB). The adjusted figure is SEK 36.1 million higher than the preliminary loss of SEK 186.5 million the company reported in February, underscoring the impact of the so-called "audit uplift" required for a planned dual listing on the Nasdaq in New York.

The restatement forced Sivers to shift revenue between reporting periods, revalue inventory, and write off previously capitalised development costs. Operating losses ballooned to SEK 177.8 million from an earlier estimate of SEK 141.3 million. On the top line, revenue was revised marginally higher to SEK 306.6 million from SEK 304.1 million. The company's equity base also took a hit, slumping to SEK 949.8 million by year-end 2025 versus the originally reported SEK 1.076 billion, due to altered assumptions on share-based compensation and the write-down of development assets.

The accounting overhaul also required a restatement of the 2024 comparatives. Revenue for that year came in at SEK 219.2 million after the rework, while the net loss widened to approximately SEK 183.9 million.

With the audit work still in progress, Sivers has pushed back key dates on its financial calendar. The first-quarter 2026 report, originally scheduled for May 20, will now be released on May 29. The annual general meeting has been moved to June 15 from late May. Management said the delays are necessary to ensure all group accounts for 2024 and 2025 fully satisfy PCAOB requirements before the dual-listing process can proceed.

Despite the deeper red ink, the restatements do not alter Sivers' strategic trajectory. The company continues to focus on AI-driven photonics and satellite communications, with a development partnership worth USD 1.5 million with Tachyon Networks already in place. Ongoing work on optical 1.6-terabit modules is helping sustain the commercial pipeline. The upcoming first-quarter report will be the first to be released under the new US accounting framework, offering investors an early gauge of how the business performs under the stricter disclosure regime as it moves closer to a Nasdaq debut.