Nasdaq Push Forces Sivers Semiconductors Into 223 Million Krona Loss Restatement and 700 Million Capital Infusion

Sivers Semiconductors is overhauling its financial reporting from the ground up as it prepares for a secondary listing on the Nasdaq in New York, a process that has already unearthed a much larger net loss for 2025 than the market had been led to expect. The Swedish photonics specialist completed a conversion of its accounts to US GAAP and subjected its past balance sheets to the tougher audit standards of the Public Company Accounting Oversight Board — an exercise management describes as a necessary maturation of the company’s internal reporting processes.

The restatement pushed the net loss for the 2025 financial year to approximately 223 million Swedish kronor, well above the figure originally communicated. The adjustments involved revaluing inventory, writing off capitalized development costs, and shifting revenue recognition between reporting periods. Sivers says the move is driven by the transparency demands of international institutional investors and US regulators, both of whom expect accounts prepared under the PCAOB framework.

To shore up its balance sheet alongside the accounting clean-up, the company closed a directed share issue on 30 June 2026, raising roughly 700 million kronor. The placement priced at 57 kronor per share and was multiple times oversubscribed by Swedish and international institutional investors. The proceeds are earmarked for expanding production capacity for indium phosphide lasers and optical amplifiers — components that are critical for AI data centres and LiDAR systems in autonomous vehicles.

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Further strengthening the capital structure came on 3 July 2026, when lender Bootstrap Europe IV converted a $12 million credit line into approximately 22.8 million new ordinary shares, a debt-for-equity swap that also diluted existing holders. The combined moves leave Sivers with a healthier equity base but also a significantly larger share count.

Investors have not responded warmly to the flurry of financial changes. The stock closed at €3.55 on Wednesday, down 14.51% over the past seven days and 58.26% over the past 30 days. That puts the share price 65.32% below the 52-week high of €10.23 reached on 3 June 2026 — just a few weeks before the restatement was announced. The current market capitalisation stands at roughly €1.25 billion.

Trading in the equity has become extremely volatile: the annualised 30-day volatility is 153.92%. The 14-day relative strength index sits at 35.5, close to the oversold threshold of 30 but not yet crossing it, suggesting that while selling pressure has been relentless, a technical bounce is not guaranteed.

The upheaval in reporting has also pushed back the publication of Sivers’ quarterly results. The Q2 2026 interim report is now scheduled for 27 August 2026, followed by the third-quarter report on 26 November 2026 and the fourth-quarter report on 25 February 2027. Investors will watch these dates closely for the first glimpse of how the company’s AI photonics and 5G businesses fare under the new accounting regime.

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