Sivers Semiconductors Races Toward Nasdaq While Deepening Losses and Short Sellers Circle

Swedish chipmaker's 31% rally after audit upgrade hides restated financials, regulatory probe, and short positions ahead of Nasdaq listing and Q1 results.

A 31 percent surge in Sivers Semiconductors' stock last week may look like a vote of confidence, but beneath the surface the Swedish chipmaker is grappling with a restated balance sheet, regulatory scrutiny, and a growing short seller presence. The catalyst for the rally was not a blockbuster quarter but the completion of a critical audit upgrade—a prerequisite for the company's long-awaited secondary listing on New York's Nasdaq.

The annual report for 2025, published on May 13, revealed the scale of the accounting overhaul. Sivers converted its consolidated financial statements to the standards of the US Public Company Accounting Oversight Board (PCAOB), a move that forced significant downward revisions. Revenue for 2025 came in at SEK 306.6 million, a slight increase from the prior year, but the earnings picture darkened. EBIT swung to minus SEK 177.8 million, compared with a previously reported minus SEK 141.3 million. The net loss widened to SEK 222.6 million from SEK 186.5 million, while equity slipped to SEK 949.8 million.

The restatement also hit the comparative figures for 2024. Net revenue for that year was revised down to SEK 219.2 million from SEK 243.7 million, and the net loss ballooned from SEK 116.3 million to SEK 183.9 million. Sivers attributed the adjustments to reclassified revenue between periods, inventory write-downs, changes in share-based compensation assumptions, and impairments on previously capitalised development costs.

All eyes now turn to May 29, when the company will release its first-quarter 2026 report—the first set of numbers under the new US accounting framework. That same day, Sivers' stock is set to join the MSCI Sweden Small Cap Index, a move that could trigger passive buying. The convergence of the quarterly update and index entry puts unusual pressure on management to deliver clean, credible figures.

Investor sentiment is far from uniform. Two hedge funds have disclosed short positions: Voleon Capital Management at 1.86 percent and Two Sigma Investments at 1.78 percent. Meanwhile, Sweden's Economic Crime Authority is looking into whether details of the Nasdaq planning leaked before the official announcement in April. A prosecutor told Affärsvärlden that Nasdaq should examine potential premature disclosures. Adding to the overhang is the restructuring at DDM Finance, the parent of Sivers' largest single investor Achilles Capital. A block of shares emerging from that situation remains a risk for the market.

The technology story, however, continues to attract believers. Sivers is developing indium-phosphide-based laser platforms for co-packaged optics and optical I/O, targeting AI clusters that need to replace copper connections to cut energy, latency and heat. A recent directed share issue raised roughly SEK 125 million before costs, earmarked for photonics products in AI data centres and lidar. The wireless division secured a development partnership with Tachyon Networks worth $1.5 million.

The market has already priced in a great deal of optimism. By the close on May 15, Sivers shares traded at SEK 55.70, off the recent high but still up more than 1,100 percent year to date. The stock ended the following week at SEK 56.65 after hitting a 52-week high of SEK 59.85—more than 500 percent above its 200-day average. At a price-to-sales ratio of 46.4, the valuation towers over peers. The May 29 report will test whether the operating reality can match the hope baked into the share price.