Sivers Semiconductors Restates Two Years of Results as US Audit Uplift Reshapes Earnings Picture

Sivers Semiconductors is paying a heavy accounting price for its ambitions on Wall Street. The Swedish chip and photonics specialist has overhauled its financial statements to comply with US audit standards, a move that has slashed previously reported earnings, shrunk its equity cushion, and pushed back key shareholder meetings. The restatement, included in the 2025 annual report published on 13 May 2026, reveals a far bleaker picture for both 2024 and 2025.

The biggest hit comes in 2025. Under the new PCAOB-aligned framework, the full-year net loss widened to SEK 222.6m from an earlier SEK 186.5m. Earnings per share dropped to SEK -0.81, compared with the previous SEK -0.69. Operating profit (EBIT) also deteriorated, falling to SEK -177.8m against the originally reported SEK -141.3m. Revenue, however, inched up to SEK 306.6m from SEK 304.1m.

The 2024 comparison period was revised even more sharply. Revenue was cut to SEK 219.2m from SEK 243.7m, and the reported loss ballooned from SEK 116.3m to SEK 183.9m. The company’s equity base now stands at SEK 949.8m, down from SEK 1,076.8m, translating to SEK 3.05 per share versus SEK 3.46 previously.

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

These aren’t simply rounding errors. Sivers has shifted revenue between accounting periods, revalued inventory, reassessed fair-value assumptions on share-based compensation, and booked impairment charges on previously capitalised development costs. Chief Financial Officer Heine Thorsgaard has also switched the income statement presentation from a cost-of-sales format to a functional structure, aiming to align with international semiconductor and AI photonics peers.

The root cause is the company’s strategic push for a secondary listing on the Nasdaq in New York. To meet the U.S. Public Company Accounting Oversight Board’s requirements, Sivers has undergone what it calls an “audit uplift” – a process that brings Swedish group accounts closer to what American investors expect. The price is a visibly weaker earnings record. Unsurprisingly, the extra audit work has delayed the reporting calendar. The first-quarter 2026 report, originally due on 20 May, has been pushed back to 29 May.

Meanwhile, Sivers is also moving ahead with its capital and growth agenda. An extraordinary general meeting on 11 May approved a directed share issue of up to 8.62 million new shares to institutional investors. The company’s annual general meeting has been rescheduled to 15 June 2026. On the operational front, Sivers continues to highlight its partnership with Jabil on optical 1.6-terabit transceivers for AI infrastructure, a market that continues to attract strong capital interest.

For now, the accounting overhaul dominates the narrative. The 29 May first-quarter report will be the first test of how the corrected base carries into the current year. Whether the restated numbers prove robust enough for US investors will determine the pace of Sivers’ Nasdaq journey.

Ad

Sivers Semiconductors Stock: New Analysis - 14 May

Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Sivers Semiconductors analysis...

en | SE0003917798 | SIVERS | boerse | 69328868 |