Sivers Semiconductors Restates Losses and Raises 125M SEK as Nasdaq Dual Listing Gathers Steam

Swedish chip developer Sivers Semiconductors jumps 31% as investors cheer capital raise and AI push, ignoring a deepened net loss of SEK 222.6M from PCAOB restatement for planned US listing.

The Swedish chip developer’s stock surged more than 31% to SEK 56.65 on Wednesday, even as a freshly restated annual report laid bare a wider net loss of SEK 222.6 million. Investors chose to focus on the company’s completed capital injection and its growing exposure to artificial intelligence, rather than the accounting pain required to prepare for a New York listing.

Restated Books Widen Red Ink

The restatement, necessitated by an upgrade to US Public Company Accounting Oversight Board (PCAOB) standards, pushed the operating loss to SEK 177.8 million from an earlier reported SEK 141 million. The net loss deepened to SEK 222.6 million, and equity took a corresponding hit. The overhaul of financial statements is a mandatory step for the planned secondary listing on the Nasdaq, which management first flagged in April.

Sivers’ delayed annual report, originally due at the end of April, was finally published on May 15. The audit upgrade forced a more comprehensive review than usual. The company also postponed its first-quarter report, now due on May 29, as all interim data must align with the new US standards.

Capital Raise Wraps Up Ahead of Schedule

Just before the annual report landed, the company completed a directed share issue. An extraordinary general meeting on May 11 approved the issuance of 8.62 million new common shares at SEK 14.50 each, raising approximately SEK 125 million. Institutional investors including DNB Disruptive Opportunities and Storebrand Sverigefond subscribed to the placement.

The proceeds are earmarked to strengthen the balance sheet while Sivers scales its photonics divisions, particularly in co-packaged optics for AI data centres. The company’s proprietary indium-phosphide laser platform, developed through a capital-light manufacturing model with partners such as Ayar Labs and Jabil, targets the heat and latency bottlenecks that copper connections hit in high-performance computing environments.

Analysts Sound the Alarm on Valuation

The market’s enthusiasm has pushed the price-to-sales ratio to an eye-watering 46.4, compared to roughly five for the average European tech stock. Sell-side analysts, who see a mean target price of just SEK 6.55, warn that the current multiple is unsustainable. The stock’s 31% jump on Wednesday reflected both the AI narrative and the company’s progress toward a US listing, but the underlying losses remain a concern.

Technology Partnerships Underpin Growth

Beyond the capital-raising and accounting work, Sivers is advancing two collaborations. A SEK 15 million (approx. USD 1.5 million) development deal with Tachyon Networks focuses on fixed wireless broadband. A more significant project with Jabil involves a custom optical transceiver purpose-built for the AI data-centre boom. These tie-ups support the operational turnaround story that management will need to prove when the Q1 report finally appears on May 29, followed by a general meeting on June 15 to approve the audited results and finalise the US expansion roadmap.