Sivers Semiconductors has postponed its second-quarter earnings release by more than three weeks as the Swedish photonics specialist overhauls its financial reporting to meet US audit standards — a prerequisite for its planned dual listing on the Nasdaq in New York. The interim report, originally due in early August, is now scheduled for 27 August 2026, with third-quarter and fourth-quarter results to follow on 26 November 2026 and 25 February 2027 respectively. The delay stems from an “audit uplift” required by the Public Company Accounting Oversight Board, which is demanding full restatements of the group’s 2024 and 2025 consolidated accounts.
That process has already reshuffled revenue across reporting periods and triggered reassessments of inventory and capitalised development costs — adjustments that signal just how far Sivers’ existing accounting falls short of American standards. While such financial housekeeping is routine for international companies eyeing a US exchange, it has rattled investors, particularly given the stock’s recent trajectory. Shares dropped 5.27% to €3.02 on Monday, though they bounced 2.84% to close the week at €3.19. The respite follows a brutal 30-day stretch that wiped out nearly 63% of the equity’s value, leaving it roughly 70% below the 52-week high of €10.23 set in June.
Much of that selling pressure can be traced to the expiry of a lock-up period on 16 July, which freed up shares held by board and supervisory board members from a previous capital measure. The combination of accounting uncertainty and a sudden increase in free float has pushed the annualised 30-day volatility to a staggering 141.80% — a figure more typical of cryptocurrency tokens than of a company angling for a Nasdaq listing. The relative strength index now stands at 34.2, suggesting the stock is approaching oversold territory, but the technical picture remains deeply challenged.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Sivers’ underlying business is built on photonics and wireless technologies aimed at high-growth end markets: artificial intelligence data centres, satellite communications, defence and automotive LiDAR. The company manufactures indium phosphide lasers and optical amplifiers, components that are becoming critical for next-generation optical interconnects in AI infrastructure. To scale production, Sivers recently completed a directed capital raising of approximately 700 million Swedish kronor. It currently operates a process-control facility in Glasgow and has partnered with WIN Semiconductors for volume manufacturing, which is expected to commence in 2027.
A dual listing in New York would give the group access to deeper institutional capital and raise its profile among American investors — a segment that rarely scans Swedish small-caps for semiconductor exposure. But the short-term cost is an unusual degree of transparency burden that has left the market on edge. The current market capitalisation stands at roughly €896 million, a fraction of the level implied by the June peak.
The restated accounts for 2024 and 2025, which will be published alongside the delayed quarterly report on 27 August, represent the next major inflection point. Only then will shareholders discover how the shift to US GAAP-equivalent standards alters the company’s reported financials and whether the current volatility is a temporary listing-induced headache or a sign of deeper accounting discrepancies. Until that date, the stock looks set to remain hostage to the audit process and the wide bid-ask spread that has come to define its trading.
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