Sivers Semiconductors’ Nasdaq Pursuit Unearths Wider Losses Even as Orders Grow and Shares Rocket

Sivers wins $1.5M contract for 60-GHz transceiver but faces wider losses from PCAOB restatement for Nasdaq dual listing; shares surged 31% then cooled.

Sivers Semiconductors has secured a fresh $1.5 million development contract from Tachyon Networks for a 60-GHz mmWave transceiver aimed at the fixed wireless access market, deepening a partnership that already included a $3 million production order for 28-GHz antenna modules due for delivery in the first quarter of 2026. Yet the operational bright spot is being overshadowed by the costly accounting makeover required for a planned dual listing on the Nasdaq New York, a process that has forced the company to restate its financials and revealed a much wider bottom-line hole.

The audit uplift to Public Company Accounting Oversight Board (PCAOB) standards has pushed Sivers’ net loss for 2025 to 222.6 million Swedish kronor, up sharply from the previously reported 186.5 million kronor. Revenue for the year was revised marginally higher to 306.6 million kronor, but the operating loss ballooned to 177.8 million kronor. Prior-year figures were also adjusted downward. The restatement triggered a dramatic stock market reaction: the shares surged 31 percent on the Friday after the new accounts were published, closing at 56.65 kronor after hitting an intraday 52-week high of 59.85 kronor. That marked a gain of roughly 505 percent above the 200-day moving average — an extreme momentum move for a small-cap stock.

The price action has since cooled. In Stockholm the shares later closed at 55.70 kronor, a 1.68 percent decline on that session, but still up 172.6 percent over the preceding month. The valuation remains stretched: the price-to-sales ratio stands at 38.46 based on a trailing revenue figure of 360.8 million kronor.

Sivers is positioning the PCAOB upgrade as a prerequisite for a Nasdaq New York secondary listing, a step it believes will broaden its investor base and improve liquidity. But the transition has disrupted the corporate calendar. The annual general meeting has been pushed from May 27 to June 15, with shareholders set to vote on the Nasdaq strategy, a new options program covering up to seven million shares — representing roughly two percent dilution — and potential board changes. Vesting of the options is tied to an annual growth target of 16.6 percent. The first-quarter report for 2026, originally due May 20, has been delayed to May 29, aligning with the new US accounting framework.

That same day, after the market closes, Sivers will be added to the MSCI Sweden Small Cap Index, a milestone that could attract passive fund flows. Yet the company also faces a darker headline: the Swedish Economic Crime Authority is investigating whether details of the Nasdaq listing plan leaked before the official announcement in April. Short sellers have taken note — Voleon Capital Management and Two Sigma each hold positions of roughly two percent of the shares.

Beyond the financial and regulatory noise, Sivers continues to pitch itself as a supplier for the next wave of AI data centers, highlighting its indium phosphide laser platform for optical interconnects in hyperscaler clusters, alongside satellite communications technology. The new Tachyon contract and the existing 28-GHz order provide tangible revenue visibility, but the restated accounts underscore how much the company is spending — and losing — on the path to New York. With the quarterly report and AGM looming within weeks, the market will soon test whether the operational story can sustain the share price at these levels.