Sivers Semiconductors Faces a Perfect Storm: Auditor Doubts, Dual Probes, and a Nasdaq Listing on Ice

Swedish photonics chipmaker Sivers Semiconductors faces going concern warning, deeper losses, board exodus, and insider probes. Nasdaq US listing put on hold.

The Swedish photonics chipmaker Sivers Semiconductors finds itself navigating a crisis on multiple fronts. Auditors have openly questioned whether the company can continue as a going concern, while financial regulators in Sweden and law firms in the United States are circling. The stock, which was riding high at a yearly peak of €10.23 on June 3, has since lost more than 40% of its value, recently trading around €5.90 — a level that puts it precisely on its 50-day moving average.

Financial Restatements Reveal Deeper Losses

The trouble traces back to the company’s ambition to list on the Nasdaq in the US. To comply with strict PCAOB accounting standards, Sivers was forced to restate its financial statements for 2024 and 2025. The revisions shifted revenue between periods, revalued inventories, and wrote down development costs. The result was staggering: the net loss for 2025 swelled to 222.6 million Swedish kronor, far above the originally reported 186.5 million SEK. The loss for the prior year was also revised upward to almost 184 million SEK. Without fresh capital, the company’s auditors now warn that survival is in doubt.

The first quarter of 2026 offered little respite. Revenue dropped to 61.9 million SEK, a 22% decline year-on-year, while adjusted EBITDA came in at minus 13.8 million SEK. Operating cash flow was negative 49.2 million SEK. Sivers blamed the US government shutdown in late 2025, delayed defense budgets, and unfavorable exchange rates for the weak performance.

Board Exodus and Insider Investigation

At the annual general meeting in Stockholm on June 15, several key figures vacated their board seats. Deputy chairman Tomas Duffy and founding investors Erik Fallström and Keith Halsey departed. Joakim Nideborn and Helena Svancar joined the board, with Nideborn taking the vice-chair position, while Bami Bastani was confirmed as chairman. The new board quickly rescinded planned employee bonuses and said it would reassess the entire incentive program.

Meanwhile, Swedish authorities are investigating a possible leak of confidential information. An anonymous social-media account published precise details of the company’s Nasdaq plans roughly 48 hours before the official announcement. Both the Swedish Economic Crime Authority and the Swedish Financial Supervisory Authority have opened probes. Sivers has not commented on any of the investigations. On the US side, two law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — are examining potential securities claims, spurred by a critical report from short seller Ningi Research dated June 1, 2026.

Nasdaq Listing Put on Hold

The planned US listing was a central topic at the AGM, but the board unexpectedly withdrew the vote on the Nasdaq listing. Instead, shareholders approved a general capital authorization covering up to 53.8 million new shares — a potential dilution of around 15%. No new timeline for the Nasdaq debut has been provided, leaving the listing effectively on ice.

A Silver Lining in the Pipeline

Despite the torrent of bad news, Sivers’ commercial operations are showing signs of life. The company’s pipeline of potential orders has grown 77% since the start of 2026, reaching $799 million. In June, Sivers struck a partnership with GlobalFoundries to develop silicon photonics solutions for AI infrastructure. The addressable market for that collaboration is estimated at $25 billion by 2030.

Additionally, Sivers secured a production order from ALL.SPACE for the year 2027, valued at $8.2 million. Yet these operational wins have been overshadowed by the financial turmoil. The next critical test comes on August 6, when Sivers releases its second-quarter report. Investors will be looking for concrete answers on cash runway, the status of the Nasdaq listing, and whether the investigations are weighing on the numbers further.