Sivers Semiconductors' Nasdaq Ambitions Trigger Capital Raise and Restated Financials, Widening Losses in the Process

Sivers Semiconductors has taken two major steps in its push toward a secondary listing on the Nasdaq in New York, raising 125 million Swedish kronor from institutional investors while simultaneously revealing a significantly deeper net loss for 2025 after restating its accounts to stricter US audit standards. The moves underscore the financial and operational costs of upgrading the Swedish chip and photonics specialist's reporting infrastructure to meet the requirements of the US Public Company Accounting Oversight Board.

At an extraordinary general meeting on 11 May 2026, shareholders approved a directed share issue of 8.62 million new shares at 14.50 SEK each, generating gross proceeds of roughly 125 million SEK. The transaction was placed with a blue-chip roster of Nordic and international funds, including DNB Disruptive Opportunities, DNB Nordic Small Cap, Storebrand Sverigefond, Alcur Fonder, Atlant Fonder, Cicero Fonder, as well as Hudson Bay Capital Management and Waterside AM. The capital injection, which bypassed existing shareholders' pre-emptive rights, lifts the total number of shares to nearly 320 million.

The money is earmarked to underpin the Nasdaq listing process, which has already forced Sivers to restate its annual results for 2024 and 2025 in line with PCAOB regulations. The restated figures, published in the 2025 annual report on Wednesday, paint a harsher earnings picture than previously reported. Revenue for 2025 was nudged up to 306.6 million SEK from 304.1 million SEK, but operating losses ballooned to an EBIT of minus 177.8 million SEK versus the earlier minus 141.3 million SEK. The bottom-line net loss deepened to 222.6 million SEK from 186.5 million SEK, dragging earnings per share down to minus 0.81 SEK from minus 0.69 SEK.

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Equity took a hit too, falling to 949.8 million SEK from 1,076.8 million SEK, equivalent to 3.05 SEK per share rather than the previously stated 3.46 SEK. For the 2024 comparison year, revenue was revised lower to 219.2 million SEK from 243.7 million SEK, while the net loss more than doubled to 183.9 million SEK from 116.3 million SEK.

Sivers attributed the adjustments to a mix of accounting realignments: revenue recognition was shifted between periods, inventory valuations were reassessed, fair-value assumptions for share-based compensation were changed, and previously capitalized development costs were written down. These non-cash charges depress reported earnings but do not immediately affect cash flow.

The annual report launch was delayed, and the company has now pushed its ordinary general meeting to 15 June 2026. The first-quarter 2026 results are scheduled for 20 May. Investors will scrutinise those releases for signs of how deeply the PCAOB overhaul is cutting into margins in Sivers' AI photonics and SATCOM businesses.

Despite the enlarged losses, the institutional backing for the capital raise signals confidence in the strategic rationale. The directed issue's structure — no rights offering — implies that the new investors are willing to accept dilution in exchange for exposure to a potential Nasdaq listing. However, the regulatory environment remains clouded. Market observers note that a separate official investigation is ongoing, the outcome of which could affect the timing of the US debut. The extent of that risk may become clearer when the full annual report lands on 15 May.

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