Sivers Semiconductors Delays Q1 Report to May 29 as Restated Accounts and MSCI Inclusion Converge

Sivers Semiconductors has packed a remarkable number of catalysts into a single date. The Swedish chipmaker will release its first-quarter report on May 29 — pushed back from May 20 — the same day its stock joins the MSCI Sweden Small Cap Index, effective after the market close. The confluence of earnings and index demand comes as the group presses ahead with plans for a secondary listing on the Nasdaq in New York, a move that has forced a sweeping overhaul of its financial statements.

The 2025 annual report, published on May 13, came with significant revisions to the figures first disclosed in February. Sivers is converting its consolidated accounts for 2024 and 2025 to comply with the Public Company Accounting Oversight Board (PCAOB) standards required for a US listing. The restatement touches revenue recognition across reporting periods, inventory valuations, assumptions around the fair value of stock-based compensation, and impairment charges on previously capitalised development costs. What looks like a technical exercise has real consequences: the audit uplift pushes Sivers closer to a US exchange, but it has also delayed the interim reporting calendar and knocked the annual general meeting from late May to June 15.

Behind the accounting adjustments, the business continues to grow. In the fourth quarter, revenue rose 5% to 80.7 million Swedish kronor, bringing the full-year 2025 total to 304.1 million kronor — an increase of 25%. Over the trailing twelve months, sales reached approximately 360 million kronor, up roughly 33%. Yet the expansion remains loss-making: Sivers booked a net loss of 186.5 million kronor over the same period. A new development contract with Tachyon Networks, valued at around $1.5 million for high-frequency transceivers used in 5G networks, aims to accelerate the group’s push into photonics and wireless.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

To fund that push, Sivers raised fresh capital. An extraordinary general meeting on May 11 approved a directed share issue of 8.62 million new ordinary shares at 14.50 kronor each, generating gross proceeds of 125 million kronor. The placement was taken up by institutional and qualified investors including DNB, Storebrand, Alcur Fonder, Atlant Fonder, Cicero Fonder, Hudson Bay Capital Management and Waterside AM.

Equity investors have responded enthusiastically, even as the restatement process unfolds. Shares in Stockholm touched 56.65 kronor on May 13 before closing at 48.20 kronor, good for an 11.73% gain on the day and a market capitalisation of roughly 13 billion kronor. The MSCI inclusion, announced after the May review, is expected to trigger automatic buying by exchange-traded funds and other passive strategies when it takes effect after the closing bell on May 29 — the very moment the delayed Q1 numbers land.

Not everyone is betting on a smooth ride. Hedge funds Voleon Capital Management and Two Sigma Investments each hold short positions of just under 2% of Sivers’ shares, according to disclosures. Adding to the uncertainty, the Swedish Economic Crime Authority is investigating whether details of the planned Nasdaq listing leaked before the official announcement in April. Sivers has not commented on the probe, which remains in its early stages.

For now, all eyes are on May 29. The combination of fresh financial data, index-driven demand and the steady march toward a US exchange makes that date a litmus test for whether Sivers’ operating strength can justify the stock market momentum — and whether the accounting overhaul is merely a bureaucratic rite of passage or something more consequential.

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