Sivers Semiconductors Pushes Toward Nasdaq Debut as Q1 Revenue Dip Funds a $799M Pipeline

The postponed annual general meeting is more than a calendar shuffle for Sivers Semiconductors — it is a deliberate step toward Wall Street. The Swedish chipmaker has pushed its AGM to 15 June 2026, waiting for the completion of an audit uplift to PCAOB standards, the US accounting framework required for a dual listing on the Nasdaq in New York. That audit work, which is already forcing a restatement of the 2024 and 2025 financial statements, has revealed deeper past losses but opens the formal door to the American exchange.

First-quarter numbers released ahead of that meeting underscore the trade-offs. Net revenue fell 22 percent to 61.9 million Swedish kronor from 78.9 million kronor a year earlier. Adjusted EBITDA worsened to minus 13.8 million kronor, compared with minus 6.0 million kronor in Q1 2025, while the operating loss widened to 41.5 million kronor. The company points to external headwinds: the US government shutdown at the end of 2025 delayed defence budget approvals, pushing expected first-half revenue into the second half, while unfavourable currency moves and rising costs tied to the Nasdaq preparation weighed on the bottom line.

CEO Vickram Vathulya also attributed the cost increase to building out sales resources for a far larger opportunity set. The total pipeline of potential orders has jumped 77 percent since the end of 2025 to $799 million, according to the company, driven by demand in photonics and radio technology, especially satellite communications and AI infrastructure. That book-to-future ratio is a stark contrast to the quarterly revenue, and management insists the delays are temporary as several production launches line up for the second half of 2026 and into 2027.

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Among the most concrete milestones is the scheduled production start for an automotive LiDAR customer in the fourth quarter of 2026. In the 5G/6G segment, Sivers has released its Daybreak beamforming ICs for FR3 applications to general availability. On the defence side, it secured a development contract with a leading US defence contractor and confirmed second-year funding for the EW-Star project under the US Chips Act. Those three pillars — automotive, wireless and defence — are the foundation of a production ramp that the company argues will turn the pipeline into revenue.

Sivers raised roughly 125 million kronor through a directed share issue in April and May to finance that ramp. The offering of 8.62 million new shares at 14.50 kronor each was anchored by DNB Disruptive Opportunities, Alcur Fonder and Hudson Bay Capital Management. The shares have since traded well above the issue price, recently at 72.90–73.40 kronor, leaving the company with a total share count of about 320 million. The fresh capital is earmarked for the photonics and wireless production launches.

The stock’s dramatic run this year — gaining close to 1,600 percent at one point — has drawn regulatory scrutiny. Sweden’s Economic Crime Authority is investigating possible insider trading linked to the early disclosure of the Nasdaq dual-listing plans via an anonymous social-media account. That cloud has yet to lift, though the company has not been accused of wrongdoing.

For now, the market is pricing the stock on the promise of the pipeline and the US listing rather than the current income statement. The audit uplift, once certified, will clear the last regulatory hurdle for a Nasdaq debut. Whether the valuation premium holds will depend on the LiDAR production line in the fourth quarter turning orders into invoices.

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