Sivers Semiconductors' Deeper Losses Fail to Faze Traders as MSCI Inclusion and Nasdaq Ambitions Converge

Swedish chip maker Sivers reports deeper losses, restates financials for US standards, but stock jumps on MSCI inclusion and Nasdaq listing prospects.

Sivers Semiconductors delivered a paradox on Wednesday: the Swedish chip developer reported wider losses and pushed back its quarterly report, yet its stock vaulted 11.73%. The market’s enthusiasm stems from a convergence of events that could reshape the company’s trajectory — a rigorous accounting overhaul demanded by America’s PCAOB, an imminent index inclusion, and the tantalising prospect of a Nasdaq dual listing.

The restated financials for 2025 tell a sobering story. Revenue crept up to 306.6 million Swedish kronor, but the operating loss deepened to minus 177.8 million kronor from the previously reported minus 141.3 million kronor. Net loss expanded to 222.6 million kronor, up sharply from 186.5 million kronor — or minus 0.81 kronor per share. The restatement, required to meet US auditing standards, also rewrote 2024’s numbers: revenue fell to 219.2 million kronor from the original 243.7 million kronor, and the net loss widened to nearly 184 million kronor. The company cited adjustments to revenue recognition, inventory valuation, share-based compensation assumptions, and capitalised development costs.

These changes are no cosmetic tweak. They directly affect metrics that a Nasdaq listing committee would scrutinise, and they reflect the cost of Sivers’ ambition to cross-list in New York. That ambition has already reshaped the corporate calendar. The first-quarter report, originally due 20 May, has been pushed to 29 May — the same day the stock joins the MSCI Sweden Small Cap Index after the close. The annual general meeting has been shifted from 27 May to 15 June.

The MSCI milestone is a powerful catalyst. Passive funds tracking the index will be forced to buy shares, providing a natural demand floor. The stock closed at 48.20 kronor in Stockholm on Wednesday, giving Sivers a market capitalisation of roughly 13 billion kronor.

To shore up its balance sheet ahead of the US push, Sivers raised fresh capital. An extraordinary general meeting mid-May approved a directed issue of 8.62 million new shares at 14.50 kronor apiece, injecting gross proceeds of 125 million kronor from institutional investors.

Yet headwinds persist. Hedge funds Voleon Capital Management and Two Sigma Investments each hold short positions of around 2%, betting the rally will reverse. A more existential risk comes from the Swedish Economic Crime Authority, which is probing whether details of the planned Nasdaq listing leaked before the official announcement in April. A confirmed breach could delay the entire transatlantic move.

Adding to the overhang, the company’s largest shareholder, Achilles Capital, is owned by DDM Finance, which is restructuring its debt and may be forced to sell its stake. That could flood the market with supply.

Operationally, Sivers continues to tout its partnership with Jabil on 1.6-terabit optical transceivers for AI infrastructure — a long-term bet that will need to show tangible progress. The next inflection point arrives on 29 May, when the quarterly numbers and MSCI membership collide. If the results demonstrate credible momentum, the Nasdaq story will regain its shine. If they reveal further delays or accounting wobbles, the quality of the balance sheet will remain the central question mark.