Sivers Semiconductors’ Dual Transformation: New Board, Cleaner Books, and a 1,700% Run-Up Toward Nasdaq

Swedish chipmaker proposes board refresh, restates 2024-2025 accounts to US standards, secures $6.6M Pentagon funding, as stock surges 1,700% on Nasdaq speculation.

Sivers Semiconductors is rewriting its corporate playbook on multiple fronts simultaneously. The Swedish chipmaker has proposed a sweeping board overhaul, restated two years of financial results to align with US auditing standards, and secured fresh Pentagon funding — all while the stock has posted a staggering 1,700% annual gain on speculation of a Nasdaq listing in New York. Investors have so far greeted the upheaval with enthusiasm, sending the shares up another 23% in Stockholm to close at 72.90 Swedish kronor.

Board refresh ahead of June AGM

The nominations committee has put forward a five-member board for election at the annual general meeting scheduled for June 15, 2026. Incumbents Dr. Bami Bastani, Todd Thomson and Karin Raj are expected to stay. New candidates Joakim Nideborn and Helena Svancar have been proposed, while three directors — including co-founder and former investor Erik Fällström, Keith Halsey, and deputy chairman Tomas Duffy — are set to depart.

Nideborn, a seasoned CFO from publicly listed technology firms, would serve as vice chairman with a focus on Nordic stakeholders. Svancar brings more than two decades of international leadership experience in strategy, governance and scaling tech companies. The reshuffle signals a shift in governance priorities as the company positions itself for a potential dual listing in the US.

Restated accounts widen losses

The board changes come against a backdrop of significant accounting adjustments. Sivers has revised its consolidated financial statements for 2024 and 2025 to bring them closer to the standards required by the PCAOB, the US audit watchdog. The move is tied to the company’s formal evaluation of a secondary listing on the Nasdaq Stock Market in New York.

The restatements affected revenue recognition between reporting periods, inventory valuations, fair-value assumptions for share-based compensation, and the write-off of previously capitalised development costs. For 2025, net revenue was only marginally adjusted — from 304.1 million Swedish kronor to 306.6 million kronor. The operating loss, however, widened from minus 141.3 million kronor to minus 177.8 million kronor. The net loss swelled to 222.6 million kronor, versus the originally reported 186.5 million kronor.

Figures for 2024 were also revised downward. Revenue fell from 243.7 million kronor to 219.2 million kronor, while the net loss more than doubled — from minus 116.3 million kronor to minus 183.9 million kronor. The accounting work has also pushed back the release of the first-quarter 2026 report, now scheduled for May 29 instead of May 20.

Defence dollars and pipeline expansion

Operationally, Sivers continues to benefit from US government contracts. The company received a one-year extension of its EW-STAR electronic warfare project, funded at US$6.6 million through the NEMC Hub under the Microelectronics Commons programme. Collaboration partners include BAE Systems, MIT Lincoln Laboratory, and Columbia University. The strategic emphasis on defence photonics and AI data-centre applications remains central to Sivers’ growth narrative.

The opportunity pipeline grew 64% to US$453 million, while the product pipeline surged 90%. Both metrics underscore the company’s confidence in its technology road map. The photonics solutions are increasingly seen as a key enabler for next-generation AI infrastructure.

Short interest recedes but remains elevated

The stock’s rally has been accompanied by a partial retreat among short sellers. Qube Research & Technologies dipped below the 0.5% reporting threshold on May 19, taking its position out of public view. Still, three other short sellers collectively hold 7.05% of the share capital — a high level that could amplify any future volatility.

During the May 22 session, the share price ranged from 60.00 to 74.90 kronor, the latter representing a fresh high for the current upswing. The 12-month trading span now stretches from 2.85 to 74.90 kronor. On Germany’s Tradegate platform, the stock gained 17.39% to €6.345. The broader Stockholm market, as measured by the OMXS30 index, rose a modest 1.0% to 3,146 points.

Key dates ahead

All eyes are now on the first-quarter earnings release on May 29, the first set of results to be reported under the newly restated accounting framework. That will be followed by the June 15 annual meeting, where shareholders will vote on the proposed board transformation. The Nasdaq decision — still officially under evaluation — remains the central catalyst that could determine whether the current euphoria has further to run.