Sivers Semiconductors: Jabil Partnership Lifts CPO Ambitions as Restated Accounts Harden the Numbers

Sivers Semiconductors partners with Jabil on 1.6T transceiver, stock doubles but restated financials reveal wider net losses ahead of Nasdaq dual listing.

The optics market is moving at breakneck speed, and Sivers Semiconductors is positioning itself at its centre. A tie-up with contract manufacturer Jabil to develop a 1.6-terabit transceiver module has thrown a spotlight on the Swedish company’s indium phosphide laser technology, feeding a rally that has seen the stock more than double over the past year. Yet the path to a planned Nasdaq dual listing is increasingly measured in red ink.

On 15 May the shares hit a 52-week high of SEK 59.85 before closing at SEK 55.70, giving the company a market capitalisation of roughly SEK 16.5 billion. The volatility underscores a broader tension: Sivers is rewriting its financial statements to comply with US PCAOB auditing standards, and the process has unearthed steeper losses than previously reported. Revenue for 2025 came in at SEK 306.6 million, marginally above the originally reported SEK 304.1 million, but the net loss deepened to SEK 222.6 million from SEK 186.5 million. The restatement also pushed the operating loss to SEK 177.8 million.

The prior year has not escaped unscathed. Sivers revised 2024 revenue down to SEK 219.2 million from SEK 243.7 million, while the net loss widened to SEK 183.9 million. The corrections span revenue recognition timing, inventory valuations, assumptions for share-based compensation, and impairment charges on capitalised development costs. For a company chasing growth in photonics and semiconductor solutions for AI data centres and 5G, such adjustments test investor patience even as order books swell.

The market is clearly paying for potential rather than current profitability. The price-to-sales ratio stands at 46.4, roughly three times the peer average of 15.1 and a far cry from the European semiconductor sector’s 5.1. The gap reflects the promise of co-packaged optics (CPO), a technology that replaces copper cabling inside AI data centres. The CPO market is forecast to expand at a compound annual rate of 142% through to 2030, and the Jabil collaboration places Sivers directly in that fast lane.

Alongside the product push, management is laying the groundwork for a larger investor base. A new options programme, designated P11, proposes up to 7 million new stock options, representing about 2.0% of the fully diluted capital. Employees in the US, Scotland, Sweden and India are eligible; non-executive board members are excluded. For European participants, vesting is tied to annual growth approaching the industry forecast of 16.6%, while US and Indian participants face no performance hurdles. The annual general meeting, now scheduled for 15 June in Stockholm, will also vote on fresh authorisations for share issuance and a proposal to skip dividends.

Earlier this month the shares staged a 31.3% weekly surge, only to give back some ground on the day the restated figures landed. Trading on Friday saw the stock down 4.7% at around SEK 54.00 in late morning before recovering slightly. The swings show how closely the narrative is tethered to the upcoming first-quarter report, which has been delayed to 29 May from its original 20 May date.

That report will be the first under the PCAOB-aligned accounting framework and will signal whether the company is on track to reach its stated cash-flow break-even target at an annual revenue run-rate of USD 50 million to USD 55 million. With the Nasdaq listing still in play, Sivers has little margin for error. The AGM follows on 15 June, where the options plan and share authorisations will face shareholder scrutiny. For now, the CPO story remains compelling, but the balance sheet is demanding equal attention.