Kista, Sweden, May 15, 2026, 11:02 CEST
- Sivers has revised its 2024 and 2025 financials ahead of a potential dual listing on Nasdaq New York.
- The company pushed back its first-quarter report to May 29, pointing to ongoing audit work as the reason for the delay.
- Shareholders are set to vote June 15 at the AGM on board changes, the absence of a dividend, a stock-option plan, and new share issue authorities.
Sivers Semiconductors AB has adjusted its 2025 financials, posting a larger full-year loss and pushing back its Q1 numbers. The Swedish chipmaker is scrubbing its books to meet U.S. listing requirements as it eyes a potential Nasdaq New York dual listing. Investors will have to wait until May 29 for the first-quarter report; the previous date was May 20.
The timing is significant: Sivers wants to pull in more U.S. investors even as its stock ranks among Stockholm’s most volatile tech plays. Just last month, the company announced it was weighing a dual listing in New York but would stay based in Sweden—a move aimed at tapping deeper pools of U.S. capital focused on technology.
Investors will get their say at the annual meeting in Stockholm on June 15, where several key points are up for a vote. On the table: a proposal to skip the dividend, possible changes to the board, and a fresh long-term stock-option plan. Also up for approval is management’s request to authorize the issue of new shares, warrants or convertibles, potentially diluting the stock by roughly 15% post-issue.
The revisions made a noticeable dent. Sivers now sees 2025 net sales at SEK 306.6 million—just above the earlier SEK 304.1 million. Operating loss, though, increased sharply: SEK 177.8 million, up from SEK 141.3 million. Net loss also ticked higher, revised to SEK 222.6 million from SEK 186.5 million. Equity didn’t escape, dropping to SEK 949.8 million from SEK 1.08 billion.
The company issued a restatement for 2024, trimming net sales to SEK 219.2 million from the earlier SEK 243.7 million. Net loss didn’t escape revision either, widening to SEK 183.9 million from the previously reported SEK 116.3 million. According to Sivers, the updated figures reflect a handful of adjustments—slipped revenue between periods, inventory revaluations, tweaks to share-based compensation, and a write-down on capitalized development costs.
The U.S. Public Company Accounting Oversight Board—tasked with policing audits for American-listed firms—sets the PCAOB standards. For Sivers, those rules put extra hurdles in the way of any U.S. IPO plans.
Sivers shares were changing hands near SEK 54.00 late Friday morning, off 4.7% on the session. That follows a 31.3% surge earlier this week. MarketScreener data put the stock more than 1,100% higher since Jan. 1.
Sivers makes chips, modules, and subsystems for wireless and optical semiconductor sectors. The company’s materials call out AI data centers, telecom, satellite communication, and defense as primary target markets.
A U.S. listing would put the company right in front of investors tracking bigger photonics and RF players. Coherent positions itself as a photonics leader for datacenter and communications markets. Over at Lumentum, the pitch is that its photonic tech powers AI and data-center networks. MACOM, meanwhile, markets RF, microwave, millimeter-wave, and optical semiconductor products.
Sivers secured new funding for the effort, after shareholders signed off on a directed issue of 8.62 million ordinary shares at SEK 14.50 apiece during an extraordinary meeting on May 11. The move raised roughly SEK 125 million before expenses, with backing from Swedish and international institutional and qualified investors.
Back in April, Chief Executive Vickram Vathulya said the funding would allow Sivers to “accelerate product development and ramps for our key customers.” The company plans to put the proceeds toward photonics products aimed at AI datacenters and lidar, with additional support for wireless offerings in satellite, 5G, and defense markets. Sivers Semiconductors
The commercial side hasn’t let up. On May 6, Sivers rolled out news of a $1.5 million development tie-up with Tachyon Networks, targeting a 60 GHz millimeter-wave transceiver for fixed wireless access—think high-speed broadband over short hops. “A faster lower risk path” to scalable millimeter-wave, is how Harish Krishnaswamy, who heads up Sivers’ wireless unit, described the approach. Sivers Semiconductors
There’s a risk here: delays with U.S. listing, late numbers, and bigger losses could test investors’ patience more than the current share price shows. Last week, Svenska Dagbladet cited Redeye analyst Jacob Benon, who called Sivers’ trading multiples something he’d “never seen before.” But Sivers still needs to wrap up its audit uplift, get governance votes through, and actually show that orders will translate into profitable scale. svd.se
