Sivers Semiconductors' Accounting Overhaul Deepens Losses as Nasdaq Listing Vote Looms

Swedish photonics firm Sivers Semiconductors widened net loss to 222.6m kronor after PCAOB adjustments, slashing equity by 12% as it prepares for a Nasdaq dual listing and a 15% dilutive share issuance.

The Swedish photonics specialist pressing for a Wall Street debut has taken a painful accounting haircut to meet US standards. Sivers Semiconductors published its audited annual report for 2025 on May 13 under the rigorous PCAOB framework required for its planned dual listing on the Nasdaq, and the numbers tell a story of significant bookkeeping corrections that have widened reported losses and compressed equity.

The net loss for 2025 jumped to 222.6 million Swedish kronor from the 186.5 million kron the company had flagged in its preliminary February statement. The restatement reflects reallocated revenue between periods, inventory revaluations, and write-downs of previously capitalised development costs. Revenue for the year actually ticked higher to 306.6 million kronor from the earlier estimate of 304.1 million. For 2024, the comparative figures were also redrawn: sales landed at 219.2 million kronor and the net loss reached 183.9 million kronor.

Equity took an even larger hit. The balance sheet now shows 949.8 million kronor in shareholders’ funds at the end of 2025, down sharply from the 1.076 billion kronor initially reported. The shrinkage stems from revised assumptions on share-based compensation and the amortisation of development assets.

The accounting discipline is the price of admission to the Nasdaq. Sivers plans to hold an extraordinary general meeting on 15 June to put a new share issuance to a vote — a move that could dilute existing holders by around 15 per cent as the company shores up capital for its US expansion. No dividend has been proposed. The board is also reshuffling: Bami Bastani is expected to stay on as chairman, with Joakim Nideborn nominated as deputy chairman.

The compliance work has pushed back the financial calendar. The first-quarter 2026 report, originally due on 20 May, will now land on 29 May — the first time Sivers will publish quarterly numbers under the new accounting standards. That release, delayed while the company ensures all prior periods meet PCAOB requirements, will offer an early gauge of how the business is tracking under the stricter regime.

None of the bookkeeping adjustments alters the strategic horizon. Sivers continues to bet big on indium-phosphide lasers for AI-driven optical data transmission and satellite communications. A development partnership with Tachyon Networks worth $1.5 million is in the pipeline, alongside ongoing projects for 1.6-terabit optical modules. Existing tie-ups with Jabil and Ayar Labs underpin the asset-light model the company has pitched to investors. The question now is whether the 29 May quarterly report can show that operational momentum is keeping pace with the ambitious listing timetable.