Sivers Semiconductors: A 77% Pipeline Surge Meets a Revised $222.6 Million Loss Ahead of Nasdaq Vote

The Swedish chip developer Sivers Semiconductors is barreling toward a Nasdaq dual listing with a potential order book that has swollen to nearly $800 million, yet its latest financial restatement reveals a deeper net loss that could cast a shadow over next week’s annual general meeting. The company’s project pipeline jumped 77% in the first quarter of 2026 to reach $799 million, driven by military contracts and a new photonics partnership aimed at the artificial-intelligence data center market.

At the heart of the backlog growth is the defense business. Sivers supplies specialist microchips to terminal maker All.Space, whose tactical systems are deployed by the U.S. Army, the U.S. Navy and the Canadian Navy. The strategic importance deepened after York Space Systems acquired All.Space, pulling Sivers directly into the supply chain of a major American defense contractor. CEO Vickram Vathulya described the shift to high-volume manufacturing as a critical milestone, with existing production orders from the defense sector already securing capacity utilization through the end of 2027.

First-quarter revenue came in at 61.9 million Swedish kronor, while the adjusted operating result remained in the red at minus 13.8 million kronor. Sivers also revised its full-year 2025 net loss upward to 222.6 million kronor from the previously reported 186.5 million kronor — a correction forced by the stricter auditing standards of the U.S. Public Company Accounting Oversight Board, which the company must comply with as it pursues a secondary listing on the Nasdaq New York. Shifted revenues between periods, new inventory valuations and the write-off of capitalized development costs all weighed on the figures.

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

Alongside the compliance push, Sivers announced a collaboration with GlobalFoundries on June 2 targeting the co-packaged optics and linear pluggable optics markets, both key enablers for AI data centers. Sivers will integrate its laser arrays into GlobalFoundries’ silicon photonics platform, a move the company estimates could open up a total addressable market of $25 billion by 2030. The combination of defense and photonics demand has supercharged the sales pipeline, but actual first-quarter sales lagged expectations, hurt by delayed U.S. defense budgets and adverse currency effects.

The AGM is scheduled for June 15, with the deadline for proxy voting and registration expiring today. Shareholders will vote on the dual-listing plan and on the election of two new board members, Joakim Nideborn and Helena Svancar, whose international governance experience is seen as a prerequisite for the U.S. listing.

The stock’s behavior reflects the contradictions in the story. With an annualized 30-day volatility of nearly 250%, Sivers is one of the most volatile names in European technology. The shares hit a 52-week high of €10.23 on June 3 and have since retreated about 23% to trade near €7.87. The 50-day moving average sits at €4.04, meaning the current price is almost double that level. The relative strength index of 60 does not signal overheating, but the combination of restated losses, unrealized pipeline revenue and an ambitious Nasdaq timeline leaves little room for disappointment.

For investors, the clash between an exploding order book and a corrected balance sheet creates a high-stakes moment. The defense contracts offer a reliable production base for years to come, while the photonics alliance opens a door to the AI-driven optical component boom. But translating the $799 million pipeline into cash flow and profits will require flawless execution — and a shareholder vote that endorses the management’s transatlantic ambitions.

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