Sivers Semiconductors: Restated Books and MSCI Trigger Converge as Market Shrugs Off Wider Losses

Swedish chipmaker restates 2024-25 results to PCAOB standards, secures rights issue, and eyes May 29 MSCI Small Cap Index entry. Shares rise despite wider losses.

Sivers Semiconductors is rewriting its recent financial history to align with US audit standards, and investors are rewarding the effort even as the red ink deepens. The Swedish chipmaker’s stock closed at 48.20 kronor on Wednesday, a near-12% surge, as the market looked past the restated losses and focused on a packed calendar that culminates on May 29.

That date has become a fulcrum for the company. Sivers delayed its first-quarter report from May 20 to May 29, citing the need to ensure the numbers fit the new accounting framework. The same day, after the Stockholm close, the stock is set to join the MSCI Sweden Small Cap Index. Passive index funds will then be compelled to buy shares, providing a mechanical tailwind.

Restatement Rewrites the Numbers

The restated accounts for 2024 and 2025 follow the PCAOB audit standards required for a potential secondary listing on the Nasdaq in New York. Revenue for 2025 was lifted slightly to 306.6 million kronor from the previously reported 304.1 million, but the operating loss ballooned to 177.8 million kronor from 141.3 million. The net loss widened to 222.6 million kronor, compared with the 186.5 million kronor in the year-end flash report.

Equity took a 127-million-kronor hit, finishing at 949.8 million kronor, or 3.05 kronor per share. The adjustments were largely non-cash in nature, involving inventory valuations, stock-based compensation assumptions, and write-offs on capitalized development costs. Revenue recognition was also reprofiled: some 2024 revenue shifted into 2025 and beyond, dragging that year’s restated top line to 219.2 million kronor from 243.7 million kronor.

The income statement presentation changed from a cost?of?nature to a cost?of?function format, a format common among US?listed technology names. Management argues the new structure better highlights where operating costs originate.

Capital Raise and Insider Signals

The finance needed to fuel the Nasdaq ambition is already secured. An extraordinary general meeting this week approved a 125?million?kronor rights issue, fully taken up by institutional investors. The fresh funds strengthen the balance sheet at a time when the restated equity has been trimmed.

To calm nerves around potential leaks, executives including CEO Vickram Vathulya have entered a 90?day lock?up on their own shares. The move comes as Sweden’s financial police investigate whether details of the planned US listing were tipped before the official announcement in April.

Short Sellers and Counter?Party Risk

Not everyone is buying the turnaround story. Hedge funds Voleon Capital and Two Sigma have built significant short positions, betting the rally will run out of steam. A more structural risk lurks in the shareholder register: the parent company of Sivers’ largest individual investor, Achilles Capital, is insolvent, raising the prospect of an uncontrolled share sale.

Still, the market has so far chosen to focus on the catalysts. With the restated books now public, a capital raise completed, and index inclusion imminent, May 29 will test whether the new accounting base can support the credibility Sivers needs for a Nasdaq debut.