Sivers Semiconductors AB has postponed the release of its 2025 annual report to May 15 from the original April 27 date, attributing the delay to extended audit procedures linked to its potential dual listing on the Nasdaq New York exchange. The company, based in Kista, Sweden, informed Nasdaq Stockholm of the revised timeline, which also shifts its annual general meeting to June 15 from May 27. However, the first-quarter 2026 interim report remains scheduled for May 20.
The chip and photonics firm is working to align its financial statements with U.S. Public Company Accounting Oversight Board (PCAOB) standards, a requirement for companies seeking to list on U.S. public markets. This effort encompasses consolidated results for both 2024 and 2025 and is part of the company's ongoing review of a dual listing on Nasdaq New York.
On April 16, Sivers announced it was evaluating a Nasdaq New York listing while maintaining its Swedish base, aiming to attract more U.S. tech-focused investors and broaden its shareholder base. The company noted that the audit upgrade could lead to some adjustments—such as revenue shifts between quarters, inventory value changes, or modifications to share-option expense figures—but emphasized these would not be material to overall financials.
Shares of Sivers have experienced a remarkable rally, closing Friday at SEK 31.96 on Nasdaq Stockholm, up 12.69% for the session and approximately 669% year-to-date. This surge has lifted the company's market capitalization to around SEK 9.44 billion, according to market data.
Just last week, Sivers announced a directed share issue of 8.62 million ordinary shares at SEK 14.50 each, aiming to raise roughly SEK 125 million before expenses, pending approval at an extraordinary general meeting. Participants include DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond. CEO Vickram Vathulya stated in an April 16 release that the capital would enable Sivers to accelerate product development and customer ramp-ups, with proceeds directed toward photonics products for AI data centers and lidar, as well as wireless offerings for satellite, 5G, and defense applications, plus internal systems to support expanded operations.
Investor enthusiasm has centered on Sivers' photonics technology, which uses light to transmit data at higher speeds and lower energy than traditional electrical connections. On April 15, the company announced that Jabil will develop a 1.6T linear receive optical transceiver module utilizing Sivers' distributed feedback lasers, critical for moving light signals within data-center networks. "Energy efficiency is now a hard requirement," said Alex McCann, managing director of Sivers' photonics business, in the announcement. Customers are demanding "more bandwidth without increasing power consumption," added Jason Wildt, Jabil's vice president and general manager of photonics.
However, competition is intense. Coherent has introduced 1.6T and 3.2T optical technologies targeting AI-powered data centers, while Lumentum offers 800 Gbps and 1.6 Tbps transceiver modules for similar AI and cloud markets. Broadcom has unveiled optical DSP chips for low-power 1.6T pluggable modules. Industry experts have expressed caution about Sivers' recent stock surge. Peter Andrekson, a professor at Chalmers University, noted "highly competitive" conditions and pointed out that major players are developing comparable technologies.
Currently, Sivers faces procedural milestones rather than product challenges: completing the audit upgrade, publishing the 2025 annual report, and holding shareholder meetings—all of which underpin both the upcoming capital raise and annual accounts. With the stock's dramatic rise, even minor delays could carry greater significance than usual.
