Sivers Semiconductors Lands $6.6M Pentagon Award as Restated Accounts and Insider Probe Cloud Nasdaq Push

Swedish chipmaker Sivers secures $6.6M U.S. defense grant while facing accounting restatements, insider investigation, and board reshuffle ahead of Nasdaq listing.

Sivers Semiconductors has secured another year of U.S. defense funding just as it races to resolve accounting restatements, a board overhaul and an insider investigation before a pivotal shareholder meeting. The $6.6 million grant, announced May 19, marks the second year of the EW STAR project under the Microelectronics Commons program, confirming that the Swedish chipmaker’s beamforming technology remains a priority for the Pentagon.

The award flows through the Northeast Microelectronics Coalition Hub, a network of over 300 organizations spanning eight northeastern states. EW STAR targets broadband antenna arrays capable of simultaneous transmission and reception for electronic warfare, communications and radar systems — with civilian spillover into satellite links and AI data centers. Funding is performance-based, tied to meeting project milestones in the previous year, and stems from the CHIPS and Science Act, Washington’s multibillion-dollar push to revitalize domestic semiconductor production.

That defense contract provides a bright spot as Sivers navigates a far messier set of deadlines tied to its planned secondary listing on the Nasdaq New York. The company has restated its financial statements for 2024 and 2025 to align more closely with U.S. Public Company Accounting Oversight Board standards, and the adjustments are material. For 2025, net revenue edged up slightly from 304.1 million to 306.6 million Swedish kronor, but the operating loss widened from 141.3 million to 177.8 million kronor and the net loss ballooned from 186.5 million to 222.6 million kronor. The 2024 revision was starker: revenue fell from 243.7 million to 219.2 million kronor, while the net loss climbed from 116.3 million to 183.9 million kronor. Changes include revenue reclassifications, inventory revaluations, revised assumptions on share-based compensation and impairments on capitalized development costs.

Those accounting adjustments coincide with an investigation by Sweden’s Economic Crime Authority into possible insider trading. Roughly 48 hours before the April announcement of the Nasdaq dual-listing plan, an anonymous X account with a large following published details of the move, triggering unusual share price movements. Prosecutor Jonas Myrdal is examining whether the EU Market Abuse Regulation was breached. A confirmed violation could draw U.S. regulatory scrutiny at a delicate moment for the listing timetable.

The company’s nomination committee has proposed a board reshuffle designed to strengthen its U.S. profile. Incumbent directors Dr. Bami Bastani, Todd Thomson and Karin Raj are recommended for re-election. New nominees include Joakim Nideborn, a former CFO of listed tech firms with experience in capital markets and international expansion, who would also serve as deputy chairman with responsibility for the Nordic region, and Helena Svancar, who brings over 20 years in strategy, governance and scaling technology companies. Departures include co-founder and early investor Erik Fällström, alongside Keith Halsey and outgoing deputy chairman Tomas Duffy — removing much of the company’s Scandinavian founding influence from the boardroom.

Shareholder pressure is mounting from multiple directions. Achilles Capital, Sivers’ largest individual shareholder, is linked to DDM Finance, which has defaulted on bonds and entered restructuring. DDM is looking to sell portfolios of loans and stakes in technology and life sciences companies worth between €30 million and €50 million — though whether Sivers is part of that package remains unclear. On the short side, Voleon Capital holds a 1.86% position and Two Sigma 1.78%, signaling that a portion of the market is betting against the stock.

Sivers has pushed its first-quarter report to May 29, citing the ongoing audit upgrades tied to the Nasdaq effort, leaving just over two weeks before the annual general meeting on June 15. Management has pledged a 180-day lock-up on new share issuances and a 90-day selling restriction for the CEO and CFO. On the operational front, the company says it can reach cash-flow breakeven once it hits an annualized revenue run rate of $50 million to $55 million and maintains a gross margin above 50%.

Among the resolutions up for a vote at the AGM is a long-term incentive plan for management and selected employees. The plan would grant up to 7 million stock options, representing roughly 2% dilution on a fully diluted basis, backed by the issuance of 7 million C-shares. Despite the stock’s recent rally, the average analyst price target stands at just 6.55 Swedish kronor — well below the current trading level, highlighting a persistent gap between market momentum and fundamental valuation. The next two weeks will show whether Sivers can convince investors that its defense contracts, governance overhaul and restated books all point in the same direction.