Sivers Semiconductors Clears US Audit Hurdle with Restated Financials, Capital Raise and Index Entry on Horizon

Swedish chipmaker Sivers Semiconductors restates 2025 net loss to 222.6M kronor under US audit rules, raises 125M kronor, and joins MSCI Micro Cap Index.

The Swedish chipmaker is leaving little to chance as it chases a secondary listing on the Nasdaq. Sivers Semiconductors has revamped its financial reporting to meet US audit standards, a move that has widened previously reported losses and reshuffled revenue between years. Alongside the accounting overhaul, the company has secured fresh capital from two Nordic institutions and is set to join the MSCI Micro Cap Index later this month.

Under the stricter rules of the Public Company Accounting Oversight Board (PCAOB), Sivers now reports a net loss of 222.6 million Swedish kronor for the 2025 financial year — 36.1 million kronor deeper than the 186.5 million kronor it had initially flagged in its year-end statement. The operating loss more than doubled from its earlier estimate, landing at 177.8 million kronor against a previous 141.3 million kronor. Revenue for the period edged up to 306.6 million kronor from the earlier reading of 304.1 million kronor, but the real story lies in the timing of those sales.

The restatement also redrew the 2024 comparison figures. Net revenue for that year was cut to 219.2 million kronor from 243.7 million kronor, while the net loss ballooned from 116.3 million kronor to 183.9 million kronor. The company explained that certain revenues originally booked in 2024 have been reallocated to 2025 and future periods, part of a broader shift in revenue recognition policy that aligns with US accounting norms. Equity at the end of 2025 stood at 949.8 million kronor, or 3.05 kronor per share — about 127 million kronor lower than the earlier number.

Beyond the raw numbers, Sivers has restructured the entire profit-and-loss statement. Instead of grouping expenses by type — materials, personnel, depreciation — it now presents them by function: cost of sales, research and development, and administration. This format, standard among US-listed technology companies, offers investors a clearer view of where operating costs are concentrated. Several non-cash items were also adjusted, including inventory valuations, assumptions on share-based compensation, and capitalized development costs.

To reinforce its balance sheet ahead of the Nasdaq push, Sivers raised 125 million kronor through a directed share issue approved at an extraordinary general meeting on 11 May 2026. A total of 8.62 million new shares were placed at 14.50 kronor each with institutional investors, including DNB Disruptive Opportunities and Storebrand Sverigefond. The proceeds are earmarked for growth in AI data centres and satellite communications — two areas where the company sees its chip technology gaining traction.

The intense audit work has come at a cost to the reporting calendar. The first-quarter 2026 results, originally due on 20 May, have been pushed back to 29 May. That date now looks set to be a busy one for Sivers: the company is also expected to be admitted to the MSCI Micro Cap Index on the same day, giving the stock a fresh catalyst in the run-up to the US listing decision.