Sivers Semiconductors AB has revised its 2024 and 2025 financial statements, reporting deeper losses as the Swedish chipmaker moves toward a possible dual listing on Nasdaq New York. The company also pushed back its first-quarter earnings report to May 29, citing ongoing audit work.
The restated figures show a significant widening of losses. For 2025, operating loss increased to SEK 177.8 million from the previously reported SEK 141.3 million, while net loss rose to SEK 222.6 million from SEK 186.5 million. Net sales were slightly adjusted upward to SEK 306.6 million from SEK 304.1 million. Equity dropped to SEK 949.8 million from SEK 1.08 billion.
For 2024, net sales were trimmed to SEK 219.2 million from SEK 243.7 million, and net loss widened to SEK 183.9 million from SEK 116.3 million. The company attributed the adjustments to revenue recognition timing, inventory revaluations, share-based compensation changes, and a write-down on capitalized development costs.
The revisions are part of Sivers' efforts to align with U.S. listing requirements, as it eyes a dual listing on Nasdaq New York to attract more American investors. The company remains headquartered in Sweden. The U.S. Public Company Accounting Oversight Board (PCAOB) standards add extra hurdles to the listing process.
Shareholders will vote on key items at the annual general meeting on June 15, including board changes, a proposal to skip dividends, a new long-term stock-option plan, and authorization to issue new shares, warrants, or convertibles that could dilute the stock by roughly 15%.
The company recently raised approximately SEK 125 million through a directed share issue of 8.62 million ordinary shares at SEK 14.50 each, backed by Swedish and international institutional investors. CEO Vickram Vathulya said the funds will accelerate product development for key customers, focusing on photonics for AI data centers and lidar, as well as wireless offerings for satellite, 5G, and defense markets.
On the commercial front, Sivers announced a $1.5 million development partnership with Tachyon Networks for a 60 GHz millimeter-wave transceiver targeting fixed wireless access. Harish Krishnaswamy, head of Sivers' wireless unit, described the approach as a "faster lower risk path" to scalable millimeter-wave technology.
Sivers shares fell 4.7% on Friday to around SEK 54.00, following a 31.3% surge earlier in the week. The stock has gained over 1,100% since the start of the year, according to MarketScreener data. The company makes chips, modules, and subsystems for wireless and optical semiconductor sectors, targeting AI data centers, telecom, satellite communication, and defense markets.
