Sivers Semiconductors AB (publ) is navigating a critical period with interconnected deadlines for a share issue, annual report delay, and potential U.S. listing. Shareholders must respond by May 5 to a notice for an extraordinary general meeting on May 11, where they will vote on a proposed directed share issue of 125 million Swedish crowns. The company has also postponed its 2025 annual report to May 15, citing the need for an audit upgrade to meet U.S. Public Company Accounting Oversight Board standards, a prerequisite for its contemplated dual listing on Nasdaq New York.
The Kista-based chipmaker's stock closed at 38.00 crowns on April 30, down 4.71% that session but still reflecting an extraordinary 814.78% gain year-to-date. The proposed share issue involves 8.62 million ordinary shares priced at 14.50 crowns each, with investors including DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond. If approved, the dilution is estimated at approximately 2.5% on a fully diluted basis.
CEO Vickram Vathulya stated that the company secured a strong group of institutional investors for the offering. The proceeds are intended to accelerate product development and scaling for key customers, while also strengthening sales and the balance sheet. The dual listing consideration, announced on April 16, aims to broaden Sivers' access to U.S. technology capital markets, though the headquarters will remain in Sweden.
The audit upgrade may lead to some accounting adjustments, such as revenue recognition timing changes, inventory valuation updates, or share-based compensation revisions. However, management does not anticipate any material impact on financial results or the balance sheet.
Financially, Sivers reported net sales of 304.1 million crowns for 2025, a 25% increase year-over-year. Adjusted EBITDA was negative 10.8 million crowns, and the net loss after tax totaled 186.5 million crowns. In February, Vathulya highlighted a 64% increase in the opportunity pipeline, reaching $453 million for the year.
The company is focusing on AI data-center optics as a key growth area. In April, Sivers and Jabil announced a collaboration to develop a 1.6T linear receive optical transceiver using Sivers' distributed feedback lasers. Alex McCann, managing director of Sivers Photonics, emphasized the importance of energy efficiency, while Jabil's Jason Wildt noted customer demand for higher bandwidth without increased power consumption.
Sivers operates in a competitive and rapidly growing market. In March, Nvidia announced plans to invest $2 billion each in Lumentum and Coherent to secure optical technology for faster AI data center chips. These investments underscore the significant capital flowing into optical interconnects and the intense competition Sivers faces.
Despite the stock's surge, skepticism remains. Photonics researcher Richard Schatz questioned the hype surrounding Sivers, and Chalmers professor Peter Andrekson noted that co-packaged optics has been around for years, with Sivers competing against much larger players. Dagens industri recommended selling after the stock's 600% rally over three months, citing profitability concerns, frequent share issues, and heavyweight rivals.
Looking ahead, Sivers faces a series of key dates: the participation notice deadline on May 5, the share issue vote on May 11, the delayed annual report on May 15, and the first-quarter results on May 20. Investors are betting on the company's story, but the execution of these milestones will determine whether the growth narrative translates into tangible results.
