Sivers Semiconductors Pushes Through Deeper Losses and a Board Reshuffle as Nasdaq Dual-Listing Deadline Approaches

Sivers restates 2025 net loss to SEK 222.6M under U.S. GAAP; shareholders face pivotal vote on June 15, 2026, for board changes and capital authorizations amid Nasdaq dual listing effort.

Sivers Semiconductors is accelerating its push toward a potential dual listing on the Nasdaq, but the road to New York has already brought a string of uncomfortable disclosures. Shareholders will face a pivotal vote on June 15, 2026, when the company’s nomination committee puts forward a slate of board changes and asks for wide-ranging capital authorisations — all against a backdrop of restated accounts that show deeper losses than previously reported.

The urgency was underlined on May 13, when Sivers published its annual report for 2025. The document had been moved forward as part of a broader alignment with U.S. accounting standards, but the real shock landed two days later, on May 15, when the company’s postponed interim report for the first quarter of 2026 was itself delayed again, from May 20 to May 29. The reason: work to bring the consolidated accounts into compliance with the audit rules of the U.S. Public Company Accounting Oversight Board (PCAOB). For a European growth stock, reaching PCAOB standards is a significant step, raising the level of scrutiny that any Nasdaq aspirant must accept.

The restatement under U.S. GAAP was never going to be a cosmetic exercise. For the 2025 fiscal year, Sivers now reports net revenue of SEK 306.6 million, but the operating loss has been adjusted to SEK 177.8 million from the previously stated SEK 141.3 million. The net loss widened from SEK 186.5 million to SEK 222.6 million. Even the comparison year took a hit: revenue was revised down to SEK 219.2 million from SEK 243.7 million, while the net loss for 2024 more than doubled to SEK 183.9 million from the original SEK 116.3 million. Equity at year-end stood at SEK 949.8 million. The changes do not alter the underlying operating trend but they shift the baseline from which investors judge progress — a painful reality for a company trying to sell a growth story.

Alongside the accounting rejig, Sivers is also changing the way it presents costs. The consolidated income statement will move from a cost-of-sales breakdown to a functional presentation, making it clearer where research, production and distribution expenses fall across the wireless and photonics businesses. That switch is designed to help analysts parse the performance of two very different units: one targeting 5G, 6G and satellite markets, and the other focusing on co-packaged optics and solutions for AI data centres.

The company had already taken steps to shore up its finances. At an extraordinary general meeting on May 11, shareholders approved an institutional placement that raised roughly SEK 125 million. Sivers issued 8.62 million new shares at SEK 14.50 each, a price that represented a discount to where the stock was trading in Stockholm — about SEK 54 before the restated numbers landed. The dilution came in at around 2.5 percent, and investors included DNB Asset Management and Storebrand Fonder, two Swedish institutions with a long-term bent. The move bolsters the shareholder register with names that international investors recognise, a feature that matters when targeting a U.S. listing.

Now the spotlight turns to the annual general meeting on June 15. The nomination committee has proposed that vice-chairman Tomas Duffy, along with directors Erik Fällström and Keith Halsey, step down from the board. In their place, Joakim Nideborn is nominated as deputy chairman and Helena Svancar as a new member. Bami Bastani, the current chairman, is put forward for re-election. The timing is deliberate: a Nasdaq listing demands governance structures that American investors can quickly understand, and a reshaped board sends a signal of international orientation.

Shareholders will also be asked to endorse a continued dividend waiver, approve an incentive programme covering up to 7 million employee options, and grant the board authorisation to issue new shares equivalent to roughly 15 percent of the current capital. The authorisation is a tool, not an immediate plan, but it keeps the company’s financing options flexible at a time when capital needs are unclear. Sivers has shown it can raise money in a pinch — the SEK 125 million placement and the 2.5 percent dilution proved that — but a larger round could be required if the Nasdaq listing gathers momentum.

The stock has remained choppy in Stockholm, trading around SEK 54 after the restated numbers emerged. The market is pricing in multiple unknowns: how deep the capital requirement could be, how the photonics story plays against AI trade winds, and whether the board changes and accounting overhaul will convince U.S. investors that Sivers is ready for prime time. The next concrete check-in is May 29, when the delayed first-quarter report is finally due. Until then, the narrative is dominated by accounting pain, governance change and the countdown to a vote that could set the stage for New York.