Sivers Semiconductors Restates Losses by 70 Million SEK as Analyst Upgrade Points to Photonics Potential

Sivers Semiconductors restates 2024/2025 results, net loss doubles, as it eyes Nasdaq dual listing. Analysts give Strong Buy on CPO tech with 70% upside.

The road to a Nasdaq dual listing is rarely smooth, and for Swedish chip specialist Sivers Semiconductors, it has meant tearing up the published books. The company has retroactively restated its financial results for the 2024 and 2025 fiscal years to comply with US audit standards under the PCAOB — standards that are a prerequisite for a secondary listing in New York. The adjustments are substantial.

For 2024, the net loss more than doubled compared with earlier reported figures, jumping from 116.3 million SEK to 183.9 million SEK — a swing of nearly 70 million SEK. Revenue for that year was trimmed to 219.2 million SEK from the originally stated 243.7 million SEK. The 2025 picture also deteriorated: the operating loss widened to 177.8 million SEK from 141.3 million SEK, and the net loss increased to 222.6 million SEK, versus 186.5 million SEK previously. Revenue, however, edged up to 306.6 million SEK.

These accounting corrections come at a time when Sivers is also drawing attention for its technology positioning. On 14 May 2026, financial analysts issued a "Strong Buy" rating on the stock, citing a potential upside of 70%. The core thesis revolves around co-packaged optics (CPO), a method of placing optical connectivity directly next to chips to overcome the bandwidth limits of copper in large AI data centres. Sivers is developing its own indium phosphide laser platform for integrated photonics, a key enabler of CPO and optical I/O.

The business model differs from traditional chipmaking. Sivers operates a capital-light manufacturing approach that aims to scale revenue without the heavy burden of building its own fabs. Strategic partnerships with Ayar Labs and Jabil are designed to embed the laser technology into broader system solutions. Still, with a market capitalisation of roughly $1.3 billion, Sivers remains a small-cap stock that is highly sensitive to both contract wins and setbacks.

The broader market tailwind is unmistakable. Industry forecasts put the global semiconductor market at $1.5 trillion by 2030, with AI and high-performance computing together accounting for 55% of that total. The centre of gravity is shifting from smartphones to data centres, creating an opening for specialised suppliers like Sivers — but also raising the bar for performance, energy efficiency and reliable delivery. The key test is likely to come in 2027–2028, when the company hopes to convert development projects into commercial production orders.

In the nearer term, the company is managing the operational fallout from the audit process. Its annual general meeting will be held on 15 June 2026 in Stockholm, where a new employee stock option plan — dubbed "P11" — is on the agenda. The plan is intended to attract and retain talent in Sweden, the US, Scotland and India, though board members who are not employees are explicitly excluded. Meanwhile, the release of the first-quarter 2026 interim report has been delayed from 20 May to 29 May, also a direct consequence of the Nasdaq preparation work.

The stock has remained vulnerable amid the financial restatements and earlier capital measures, but the latest analyst assessment shifts the focus back to the underlying technology. Whether Sivers can ultimately secure a Nasdaq listing hinges on the completion of the audit process — and the cleaned-up numbers are a necessary condition, not a guarantee. For now, the market is betting that a small photonics player can carve out a scalable role in the multibillion-dollar AI infrastructure buildout.