Sivers Semiconductors Races to Satisfy US Auditors as Losses Widen and Board Shake-Up Looms

Sivers Semiconductors has pushed back its first-quarter report by nine days as the Swedish chipmaker scrambles to bring its accounts in line with US auditing standards — a prerequisite for its planned dual listing on the Nasdaq in New York. The report is now due on May 29, a delay the company attributes to a so-called “audit uplift”, the process of aligning consolidated financial statements with the strict requirements of the Public Company Accounting Oversight Board (PCAOB).

The restatement has carved deep into recent results. For 2024, revenue was revised down from 243.7 million Swedish kronor to 219.2 million kronor, while the net loss widened to nearly 184 million kronor. The adjustments stem from changes in revenue recognition timing, a revaluation of inventory, and revised assumptions on share-based compensation. Sivers has also switched its income statement from the total-cost method to the cost-of-sales method, bringing reporting closer to international and US conventions.

The 2025 figures — originally published as a preliminary annual report — have been hit even harder. Revenue remained largely unchanged at SEK 306.6 million, but the net loss ballooned to 222.6 million kronor from the originally stated 186.5 million kronor. Operating losses (EBIT) reached 177.8 million kronor, up from 141.3 million. Equity has shrunk to 949.8 million kronor, down from roughly 1.08 billion kronor before the correction.

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

Amid the accounting clean-up, the company has secured fresh institutional backing. An extraordinary general meeting on May 11 approved a directed share issue of roughly 8.6 million new shares at SEK 14.50 each, raising about 125 million kronor. Investors including DNB Disruptive Opportunities, Storebrand, and Hudson Bay Capital Management participated. The capital injection is aimed at supporting the Nasdaq listing push.

The boardroom is also in for a shake-up at the annual general meeting on June 15. Vice chairman Tomas Duffy and board members Erik Fällström and Keith Halsey are proposed to step down. Joakim Nideborn is nominated as new vice chairman, and Helena Svancar as a new member. Bami Bastani is slated for re-election as chairman. Shareholders will also vote on a stock option program covering up to 7 million options and a capital hike that could dilute existing holdings by roughly 15 percent. No dividend will be paid.

The market reacted swiftly to the combination of deeper losses and dilution risk. The stock fell 4.7 percent on Friday to around SEK 54. With the restated annual report now published and the Q1 numbers due in less than two weeks, all eyes are on May 29 — the first test under the new accounting framework and a critical milestone on the path to Wall Street.

Ad

Sivers Semiconductors Stock: New Analysis - 16 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 | 69345969 |