Sivers Semiconductors' Accounting Shake-Up and Institutional Fundraising Clear Path for New York Listing

Sivers Semiconductors restated 2025 accounts under US rules, widening net loss to 222.6M SEK, and raised 125M SEK from institutional investors ahead of a planned Nasdaq listing. Q1 report delayed to May 29.

Sivers Semiconductors is undergoing a fundamental financial realignment as it pushes towards a second stock market listing on the Nasdaq in New York. The Swedish chip and photonics company has restated its 2025 accounts under stricter US rules, deepening reported losses, while simultaneously raising fresh capital from institutional investors to shore up its balance sheet.

The restructuring of its financial reporting comes at a cost. Sivers now reports a net loss of 222.6 million Swedish kronor for 2025, substantially wider than the 141.3 million kronor operating deficit initially flagged. The adjusted operating loss stands at 177.8 million kronor, reflecting a comprehensive cleanup of inventory valuations, previously capitalised development costs, and changes in assumptions around share-based compensation. Revenue recognition has also been pushed back into later periods starting from 2026.

The revisions do not stop at 2025. Auditors have also restated the prior year's numbers: 2024 revenue is now 219.2 million kronor, while the net loss for that year has widened to roughly 184 million kronor. Equity has shrunk to 949.8 million kronor as a result of the adjustments.

The accounting overhaul is driven by the company's ambition to secure a secondary listing on the Nasdaq in New York. To meet the requirements of the US audit regulator, the PCAOB, Sivers has shifted its consolidated profit and loss statement from a cost-nature classification to a functional one. That change, designed to bring greater transparency to where costs land across research, production and sales, is intended to make the group's financials more digestible for international investors — particularly those in the US who scrutinise semiconductor and photonics firms closely.

The compliance work has also delayed the release of the first-quarter report. Originally scheduled for 20 May, the interim update has been pushed back to 29 May 2026.

Just days before the annual report landed on 13 May, shareholders gathered at an extraordinary general meeting on 11 May to approve a targeted share placement. The capital raise brought in gross proceeds of roughly 125 million Swedish kronor, diluting existing holdings by about 2.5 per cent. Sivers issued 8.62 million new ordinary shares at a price of 14.50 kronor each. Participants included DNB Asset Management and Storebrand Fonder, underscoring the company's push to broaden its institutional investor base, a critical step if it is to attract the kind of following a Nasdaq listing demands.

Operationally, Sivers remains focused on two divisions. The wireless arm addresses 5G, 6G and satellite communications markets. The photonics unit draws attention from the fast-growing field of co-packaged optics and solutions for AI data centres. The market will now wait for the delayed first-quarter report on 29 May for fresh clues on how the financial reporting transition is bedding down alongside the underlying business momentum.