Sivers Semiconductors Surges 30% After PCAOB Audit Unlocks Nasdaq Path, But Net Loss Deepens to 222.6M SEK

Sivers Semiconductors jumps 30% as PCAOB-compliant accounts clear path for Nasdaq listing; MSCI inclusion adds momentum despite wider losses and a 584% premium above 200-day MA.

A near?30% single?session rally is rare even by the volatile standards of semiconductor stocks, yet Sivers Semiconductors delivered it on Friday, 15 May. The shares closed at SEK 55.70, lifting the market capitalisation to roughly SEK 16.5 billion. Behind the move was a long?awaited milestone: the completion of a restated set of accounts prepared under US PCAOB standards, a necessary step if the company is to pursue a secondary listing on the Nasdaq New York.

The restatement, published on 13 May, involved re?allocating revenue between periods, re?valuing inventories and writing down previously capitalised development costs. For the 2025 financial year net sales were nudged slightly higher to SEK 306.6 million from SEK 304.1 million, but the operating loss widened to SEK 177.8 million (from SEK 141.3 million) and the net loss increased to SEK 222.6 million (from SEK 186.5 million). Equity was cut to SEK 949.8 million from SEK 1.08 billion. The 2024 comparatives were also revised: sales fell 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.

On the surface those are sobering numbers, but market observers interpreted the PCAOB certification as a sign of the financial transparency that US?listed companies must demonstrate. Sivers had already flagged its intention to seek a second listing in the United States, and the “audit uplift” removes a key regulatory hurdle. Adding to the buying pressure, the stock was included in certain MSCI indices on the same day, providing an extra tailwind for the share price.

Behind the headline losses, the company’s growth narrative remains intact. Sivers reported that its total opportunity pipeline surged 64% to USD 453 million, with the product?specific component growing even faster. To support the ramp?up of its photonics and wireless product lines, the company has replaced existing debt with a USD 17 million credit line and a USD 12 million convertible note facility. Management guides for cash?flow breakeven once annual revenue reaches the mid?double?digit million?dollar range.

Strategically, Sivers is betting on co?packaged optics (CPO) for AI data centres, a technology that integrates optical connections directly into chip packages. The company estimates the addressable market for photonics?based AI interconnects at roughly USD 1.1 billion by 2028.

From a technical perspective the stock now looks stretched. Friday’s close left the price about 584% above its 200?day moving average, signalling powerful momentum but also raising the risk of profit?taking if the next catalysts disappoint. Immediate resistance sits at the 52?week high of SEK 59.85, while the area between SEK 45.00 and SEK 51.70—the intraday low from Friday—forms the first support zone.

The upcoming calendar is packed with milestone events. The first?quarter report, originally due in May, has been postponed to 29 May to allow extra audit work related to the Nasdaq evaluation. The annual general meeting has been moved to 15 June, about three weeks later than first planned. Whether the Nasdaq listing materialises—and on what timeline—will be the dominant driver of the stock in the months ahead, a question that is likely to move the shares at least as much as the restated financials did last week.