Sivers Semiconductors Restates Earnings as Audit Uplift for Nasdaq Listing Compounds Share Slump

Sivers Semiconductors revises 2024-2025 financials under tougher PCAOB rules for Nasdaq dual listing, deepening net loss and triggering a 64.77% monthly stock decline. Insider buying signals confidence.

The Swedish photonics and RF chip maker Sivers Semiconductors has been forced to revise its financial results for both 2024 and 2025, a restatement driven by the tougher auditing standards required for its planned dual listing on the Nasdaq in New York. The overhaul, which management describes as an "audit uplift" to comply with PCAOB rules, has uncovered a deeper net loss than previously reported and triggered a cascading sell-off that erased nearly two-thirds of the company's market value in 30 days.

The restated numbers paint a bleaker picture. The net loss for the 2025 financial year was revised upward from 186.5 million Swedish kronor to 222.6 million kronor, while revenue for 2024 was trimmed to 219.2 million kronor from the original 243.7 million kronor. Sivers attributed the adjustments to a reallocation of revenue between reporting periods and an updated inventory valuation. This accounting clean-up, though backward-looking, has weighed heavily on sentiment, sending the stock from a 52-week high of €10.23 on June 3 to Friday's close of €3.19 — a drop of 68.84% from the peak. The stock actually gained 2.84% on Friday, but over the past month it has lost 64.77% of its value, with annualized volatility hitting a staggering 141.80%.

Compounding the accounting headwinds, the company completed a directed share issue in June to bolster its balance sheet. After receiving authorization from the annual general meeting on June 15, the board placed 12,280,701 new shares at a subscription price of 57 kronor each, raising approximately 700 million kronor. Demand was robust, with Swedish and international institutional investors oversubscribing the placement multiple times. The proceeds are earmarked for expanding production capacity for indium phosphide lasers and optical amplifiers — components critical for AI data centres and automotive LiDAR systems. However, the capital injection came with a sting: the release of lock-up commitments from an earlier financing round, which expired on July 16, added extra selling pressure as insiders became free to trade.

Against that backdrop, the board and senior management have moved to signal confidence. On July 13, Sivers disclosed that directors Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson and Joakim Nideborn, along with the CEO, completed purchases of company stock. The bought shares are subject to a 12-month holding period, underscoring a commitment to the business despite the turbulence. The buying activity comes as technical indicators hint at a potential bottom: the 14-day relative strength index sits at 34.2, approaching the oversold threshold of 30, a level that historically has preceded stabilisation for some traders.

Investors seeking fundamental clarity will have to wait a little longer. Already delayed by the PCAOB compliance process, the second-quarter 2026 earnings report is now scheduled for release on August 27. The company has pushed back its financial calendar several times this year, with the 2025 annual report and the AGM — eventually held on June 15 — both disrupted by the ongoing audit work. Yahoo Finance has pencilled in an early August date, but Sivers has not confirmed a specific week, leaving the market to focus on near-term price support. The €3.19 level is now the key line in the sand; if it breaks, the already elevated volatility could spike further.