Sivers Semiconductors Revises Financials and Raises SEK 125 Million in Run-Up to Potential Nasdaq Listing

Sivers Semiconductors revises two years of accounts, posts wider losses, and raises SEK125M from institutions as it prepares for a potential Nasdaq dual listing, driven by AI optical transceiver growth.

Sivers Semiconductors has used its annual report to reset the financial scoreboard, but the revision has come at a cost. The Swedish photonics and chip specialist restated two years of accounts to bring them closer to US audit standards, revealing deeper losses even as it secured fresh institutional backing. The moves are part of a broader push toward a possible dual listing on the Nasdaq in New York.

The adjustments reshaped both the top and bottom lines. For 2025, revenue now stands at approximately SEK 307 million, but the operating loss widened sharply to around SEK 178 million. The net loss landed at roughly SEK 223 million — significantly worse than previously reported. The prior year took a hit too: 2024 revenue was trimmed to SEK 219.2 million from SEK 243.7 million, while the net loss ballooned to SEK 183.9 million from SEK 116.3 million. Sivers shifted revenue between periods, changed inventory valuations, and revised assumptions on share-based compensation and capitalised development costs.

To help fund the Nasdaq preparations, Sivers raised fresh capital just before the annual report landed. At an extraordinary general meeting on 11 May, shareholders approved a targeted share placement that brought in gross proceeds of SEK 125 million. Sivers issued 8.62 million new shares at SEK 14.50 each, diluting existing holders by about 2.5%. The investor list included DNB Asset Management and Storebrand Fonder, giving the company a stronger institutional base — a key requirement for building international credibility ahead of a potential US listing.

Despite the accounting noise, the underlying business continued to gain traction. Fourth-quarter revenue rose five percent from the prior period, while full-year 2025 sales climbed 25 percent. The growth engine is the optical data transmission business for AI infrastructure. Sivers highlighted its partnership with Jabil on 1.6-terabit optical transceivers, a technology designed to overcome the bandwidth bottlenecks that copper connections impose on AI clusters. Its indium phosphide laser platform, coupled with work on co-packaged optics and optical I/O, keeps the link to Ayar Labs and Jabil at the centre of the investment narrative.

Yet the path to New York carries several risks. Short positions held by Voleon Capital Management and Two Sigma Investments each amount to roughly two percent of the share register. Meanwhile, Sweden’s Economic Crime Authority is investigating whether details of the Nasdaq planning leaked before the official announcement in April. Adding to the pressure, Sivers’ largest single investor, Achilles Capital, is under strain: its parent DDM Finance has defaulted on bonds and entered restructuring proceedings. The possibility that a large block of Sivers shares could hit the market remains an unresolved question.

The accounting overhaul also involves a structural change to how Sivers reports its costs. The group will move from a presentation by nature of expense to a functional classification, giving investors a clearer view of where spending lands across research, production and sales. That shift complements the work to align with PCAOB standards. A new employee option programme, to be voted on at the annual meeting on 15 June, would grant up to seven million options. Full exercise would dilute the share count by around two percent, with performance tied to an annual growth rate of 16.6 percent.

The next major checkpoint falls on 29 May, when Sivers will release its first-quarter report — delayed from 20 May due to the audit uplift. That same day, the stock is scheduled to enter the MSCI Sweden Small Cap Index, a milestone that could draw new passive flows. The combination of the restated accounts, the index inclusion and the Q1 numbers will give the market its first comprehensive look at the company’s financial shape under the new regime.

For Sivers, the coming weeks will test whether the cleaner financial picture and the influx of institutional capital can outweigh the balance-sheet bruises. A solid Q1 showing would lend credibility to the Nasdaq plan; another round of adjustments or delays would keep the accounting overhaul front and centre.