Sivers Semiconductors Juggles New $1.5M Deal, Nasdaq Pivot, and a Packed May Calendar

Sivers Semiconductors has kicked off a crucial nine-day stretch with a fresh contract win, just as the company prepares to unveil long-delayed financial statements and push ahead with plans for a US stock market listing.

The Swedish chipmaker announced a $1.5 million development partnership with US-based Tachyon Networks to build a 60-gigahertz transceiver for fixed wireless networks. The deal deepens an existing relationship — Tachyon had previously ordered antenna modules worth $3 million from Sivers. Harish Krishnaswamy, who heads Sivers' wireless division, described the expanded collaboration as a low-risk, fast-track route for customers to strengthen network infrastructure. Tachyon CEO Hal Bledsoe echoed that sentiment, calling the project a clear pathway for network expansion.

The contract provides a tangible commercial milestone ahead of a reporting period that will test investor patience. Sivers has pushed back its 2025 annual report to May 15, with first-quarter 2026 results due five days later on May 20. An extraordinary general meeting on May 11 will ask shareholders to approve a directed rights issue worth 125 million Swedish kronor. The ordinary annual general meeting has been rescheduled to June 15.

The reporting delays stem from a sweeping accounting overhaul. Sivers is having its consolidated financial statements for both 2024 and 2025 audited under PCAOB standards — the US regulatory framework for publicly traded companies. The move signals that management is serious about pursuing a secondary listing on the Nasdaq in New York. The audit could trigger adjustments to revenue recognition across periods, inventory valuations, and stock option programs, though the company insists none of these corrections will be material to its overall financial health.

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

That accounting transition lands at a time when Sivers' market valuation is drawing intense scrutiny. The stock trades at 31 times revenue, far above the European semiconductor industry average of 4.1 times. Even a peer group comparison comes in at 17.5 times — still well below Sivers' multiple.

The 2025 numbers already on record show a company growing but not yet profitable. Net revenue climbed 25 percent to 304 million kronor. Adjusted EBITDA remained negative, and the net loss stood at 186.5 million kronor.

Short sellers have taken notice. Bearish bets now account for 6.43 percent of outstanding shares. Voleon Capital Management recently crossed the European reporting threshold with a net short position of 0.53 percent.

Skepticism extends beyond the trading floor. Photonics expert Richard Schatz has publicly questioned the hype surrounding Sivers. Peter Andrekson, a professor at Chalmers University, noted that co-packaged optics technology has been around for five to six years and that Sivers operates in a market dominated by much larger players. Nvidia's March announcement that it would invest $2 billion each in photonics heavyweights Lumentum and Coherent underscored the resource gap Sivers faces against its competitors.

On the positive side, Sivers has a concrete customer relationship with Jabil, which is developing a 1.6T receiver for optical transceivers based on Sivers' DFB lasers — semiconductor lasers that produce stable light for optical communications.

Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.

Following the capital increase, the company faces a 180-day lockup period on new share issuance. Board members, the CEO, and the CFO have committed to a 90-day ban on selling their own shares.

The Tachyon deal gives Sivers a fresh commercial narrative to bring to investors. Whether the PCAOB-certified annual report on May 15 validates the stock's lofty valuation or triggers a reassessment will become clear in less than two weeks.

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