Sivers Semiconductors Faces a Reckoning on May 29: Restated Accounts, MSCI Forced Buying, and Short Sellers in a Tight Spot

Swedish chipmaker Sivers Semiconductors releases delayed results May 29 as it joins MSCI Sweden Small Cap, with short sellers and restated audit amplifying stakes.

A pair of major events converge on the same date for Sivers Semiconductors, setting up what could be a pivotal moment for the Swedish chip developer. On May 29, the company will finally release its delayed quarterly results, while simultaneously seeing its stock included in the MSCI Sweden Small Cap Index. The coincidence forces institutional fund managers to rebalance their portfolios by the close of trading that day, injecting compulsory buying demand into a stock that often trades thinly.

The index entry comes at a delicate time. Short sellers have taken sizeable positions: Voleon Capital holds 1.86% of the outstanding shares, and Two Sigma is short 1.78%. If the quarterly figures spur positive sentiment, those bears could be forced to cover their bets in a hurry, amplifying any upward move.

Deeper Losses After US Audit Overhaul

The restated books, published in mid-May, show the price of preparing for a Nasdaq dual listing. Sivers had to recalculate its accounts under the stricter PCAOB standards imposed by the US audit watchdog. The result was a significantly deeper net loss of 222.6 million Swedish kronor for the full year, compared with the originally reported figure that was roughly 36 million kronor lower. Revenue remained virtually flat at 306.6 million kronor.

The adjustments involved shifting revenue between reporting periods, revaluing inventory, and writing off development costs. Even the prior year’s numbers were revised: the net loss for 2024 widened to 183.9 million kronor. The restatement also ate into equity.

The upcoming quarterly report will provide the first look at Sivers’ performance under the new accounting framework. Investors will be watching closely to see whether underlying sales trends remain intact.

Operational Progress Alongside Structural Risks

On the operational front, Sivers has been building momentum. The company struck a development partnership with Tachyon Networks worth $1.5 million, focused on wireless broadband components. Separately, cooperation with contract manufacturer Jabil is advancing, with Sivers contributing laser technology for optical transceivers designed to ease bandwidth bottlenecks in AI data centres – a market drawing enormous capital inflows.

But structural risks cloud the picture. The Swedish Economic Crime Authority is investigating a potential information leak that may have occurred before the Nasdaq listing plans were officially announced in April. A confirmed violation could delay the US debut. Meanwhile, the largest shareholder, Achilles Capital, is under pressure because its parent company DDM Finance is restructuring its debt, raising the possibility of a forced sale of Sivers shares. To signal confidence, CEO Vickram Vathulya and CFO Heine Thorsgaard have locked up their personal stakes for 90 days.

Valuation Hinges on Results

The market remains deeply divided on Sivers’ fair value. The stock trades at roughly 46 times revenue, while the average European tech company commands only a five-times multiple. That vast premium demands genuine operational proof.

The company has already shored up its finances. At an extraordinary general meeting in mid-May, shareholders approved a directed share issue that placed just over 8.6 million new shares at 14.50 kronor each with institutional investors. A regular annual general meeting is set for June 15, where changes to the board and a proposed stock option programme will be voted on. No dividend is planned.

With the quarterly numbers due on May 29 and the AGM following on June 15, the coming weeks will test whether Sivers can turn its Nasdaq ambitions and partnership wins into sustained growth – or whether the bears will tighten their grip.