Sivers Semiconductors Rocket 30% on Nasdaq Audit Progress, But Restated Losses and Short Sellers Loom Over June AGM

Sivers Semiconductors rallied 30% after PCAOB audit for Nasdaq listing; restated financials reveal deeper losses. AGM on June 15 to outline dual-listing timeline, amid insider trading probe.

A 30 percent single-day rally on Friday, 15 May, catapulted Sivers Semiconductors’ market capitalisation to roughly 16.5 billion Swedish kronor, with the stock closing at 55.70 SEK. The trigger was the completion of an accounting overhaul that brings the company’s 2024 and 2025 financial statements into line with US Public Company Accounting Oversight Board (PCAOB) standards — a critical step toward a potential secondary listing on the Nasdaq New York. Adding fuel to the fire, the stock was also included in certain MSCI indices on the same day, creating a wave of buying pressure.

The restated numbers, however, tell a more sobering story. Net revenue for 2025 edged up to 306.6 million kronor, but the net loss ballooned to 222.6 million kronor from the previously reported 186.5 million. The 2024 figures saw an even starker revision: revenue was slashed from 243.7 million to 219.2 million kronor, while the net loss deepened from 116.3 million to 183.9 million kronor. The adjustments stem from revenue reclassifications between periods, revised inventory valuations, and write-downs on previously capitalised development costs.

Despite the deteriorating bottom line, market observers view the PCAOB audit as a necessary credential for attracting institutional US investors. Sivers now meets the accounting bar required for a New York listing, and management is expected to present a concrete timeline for the Nasdaq dual-listing during the annual general meeting on 15 June. That AGM, originally scheduled for 27 May, was pushed back to allow the audit transition to run its course.

The meeting in Stockholm will also put a new employee share-option programme to a shareholder vote. The board proposes issuing up to 7 million options, representing roughly 2.0 percent of capital on a fully diluted basis. The options vest over three years, with one-third granted annually subject to continued employment. For European-based staff, the board may attach a performance condition tied to annual revenue growth in line with the semiconductor industry’s projected 16.6 percent; participants in the US and India face no such hurdle.

Meanwhile, the company is navigating a separate cloud of uncertainty. Sweden’s Economic Crime Authority is investigating whether an anonymous account on X leaked information about the Nasdaq plan roughly 48 hours before the official press release, potentially violating EU market-abuse rules. Prosecutor Jonas Myrdal is leading the probe. In a gesture of good faith, CEO Vickram Vathulya and CFO Heine Thorsgaard have committed to a 90-day lock-up on their personal shareholdings. Short sellers are circling: more than 6 percent of outstanding shares are currently short, with Voleon Capital Management and Two Sigma Investments among the known positions.

Investors will get a first look at the Q1 2026 numbers on 29 May — pushed from 20 May due to the audit shift — and the AGM on 15 June will be the forum for management to lay out the Nasdaq roadmap and defend the option programme. Technically, the stock now sits just shy of its 52-week high of 59.85 SEK, with near-term support around 45.00 SEK, the intraday low on 15 May.

Longer term, Sivers is betting on co-packaged optics (CPO) for AI data centres, a technology that integrates optical connections directly into chip packages. The company pegs the addressable market for photonics-based AI links at roughly $1.1 billion by 2028. Whether the dual-listing becomes reality — and whether the deepening losses caution or convince — will likely determine whether the recent rally has legs or merely front-ran fundamentals.