Sivers Semiconductors Restates Financials as Nasdaq Ambitions and Index Entry Converge

Sivers shareholders vote on board replacements, 15% dilution for Nasdaq dual listing, as short interest hits 17% and restated losses widen.

Sivers Semiconductors heads into its annual general meeting on June 15 with a boardroom overhaul in the works and a hotly contested short position hanging over the stock. Shareholders will vote on replacing three board members — vice chairman Tomas Duffy, founding investor Erik Fallström, and Keith Halsey — with former tech CFO Joakim Nideborn and veteran executive Helena Svancar. The meeting also features a proposal to authorise up to 53.8 million new shares, a roughly 15% dilution aimed at funding organic growth, potential acquisitions and a marquee strategic objective: a secondary listing on the Nasdaq in New York.

The dual-listing push took a significant step forward earlier this year when Sivers restated its 2024 and 2025 financial statements to comply with US PCAOB standards. The revisions revealed deeper losses than previously reported. For 2025, the net loss widened to 222.6 million Swedish kronor from 186.5 million kronor, while 2024 revenue was cut to 219.2 million kronor from 243.7 million kronor and the net loss ballooned to 183.9 million kronor from 116.3 million kronor. Management said the preparatory work for a Nasdaq debut is “largely complete,” but the timing and structure remain market-dependent.

The stock’s entry into the OMX Stockholm Benchmark Index on June 1, along with inclusion in the MSCI Sweden Small-Cap Index, has created an immediate tug-of-war. Index funds must now accumulate shares, generating mechanical buying pressure. Yet according to S&P Global Market Intelligence, short interest had climbed to 17% of free float by late May — up from just 1.6% at the start of March. The combination of passive inflows and elevated short positions raises the prospect of a squeeze, though much depends on how aggressively covering takes hold.

The first-quarter results, reported only days before the index changes, provided little fundamental catalyst. Revenue fell 22% year on year to 61.9 million kronor, adjusted EBITDA swung to a loss of 13.8 million kronor and the operating loss deepened to 41.5 million kronor. The net loss per share came in at minus 0.14 kronor, improved from minus 0.19 kronor a year earlier, but operating cash flow deteriorated sharply to minus 49.2 million kronor from minus 15.8 million kronor.

The shortfall was largely blamed on a US government shutdown in the fourth quarter of 2025 that froze defence budget approvals. Chief executive Vickram Vathulya said related revenue is now expected to materialise in the second half of 2026. Currency headwinds also weighed on the top line.

Yet behind those weak quarterly numbers, the company’s opportunity pipeline surged 77% in the first five months of the year to a record $799 million. Growth was visible across both the photonics and wireless segments, spanning defence, data centres, automotive and fixed wireless access. The management reiterated its 2026 revenue growth forecast, promising acceleration as the year progresses, and stuck to a long-term target of 25% to 30% annual expansion. Profitability, however, is not anticipated before 2028.

Several concrete milestones were reached during the quarter. A major US defence contractor placed a development order, and the CHIPS Act programme EW-STAR released $6.6 million for its second funding year. In the datacom space, Sivers is working with Jabil on a pluggable 1.6-terabit transceiver module for AI data centres. Its Daybreak beamforming ICs for FR3-5G and 6G applications are now generally available, and a development and production partnership with Tachyon Networks for 60 gigahertz products is set for 2026 manufacturing. The automotive LiDAR programme with a large carmaker remains on track for series production in the fourth quarter of 2026.

DNB Carnegie, which covers the stock, described the quarterly report as mixed. Analysts highlighted the strong pipeline growth but cautioned that current revenue remains too low relative to the cost base. With the index entry now in force, the AGM vote just two weeks away and a short position that has ballooned seventeenfold since March, Sivers Semiconductors is entering a phase where passive flows, activist calendars and underlying business momentum are all jostling for dominance.