Gapwaves

Second quarter: 1 April – 30 June 2024

• Net sales amounted to MSEK 14.5 (8.9), an increase of 62.9% compared to the second quarter of 2023.
• EBITDA amounted to MSEK -12.5 (-12.9), whereas EBITDA adjusted for results from shares in associated companies amounted to MSEK -8.8 (-9.5).
• The operating result/EBIT amounted to MSEK -14.3 (-15.0), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -10.6 (-11.6).
• The result for the period amounted to MSEK -14.4 (-13.8).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period improved and amounted to MSEK -2.2 (-52.4).
• The Group’s cash and cash equivalents amounted to MSEK 66.9 (119.7).

January-June 2024

• Net sales amounted to MSEK 30.1 (13.8), an increase of 118.1%, compared to the first half of 2023.
• EBITDA was strengthened compared to the first half of 2023, and amounted to MSEK -25.5 (-29.0), whereas EBITDA adjusted for results from shares in associated companies improved and amounted to MSEK -17.6 (-25.6).
• The operating result/EBIT amounted to MSEK -29.2 (-33.4), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -21.3 (-30.0).
• The result for the period amounted to MSEK -28.0 (-31.7).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -22.8 (-65.7).

Significant events during the period

• The Annual General Meeting of Gapwaves was held on May 3rd, 2024.
• The Joint Development Agreement (JDA) with Bosch was expanded.
• Two orders were received from a European Tier 1 supplier, with an order value of 1.9 MSEK and 1.2 MSEK, respectively. A non-binding Letter of Intent (LOI) was signed with the customer.
• Gapwaves was awarded funding by Vinnova for two research projects, with a value of MSEK 5.2.
• An order was received from an Asian Tier 1 supplier, with a value of approximately MSEK 5.3.
• Gapwaves and Sensrad entered into a supply agreement with an expected minimum sales value of approximately MSEK 8.3 for Gapwaves over a three-year period.

CEO Jonas Ehinger comments: “During the quarter, the business continued to strongly develop, in line with how the year began, with strong order intake and increasing sales. We are scaling up and delivering according to our customer agreements. I would like to emphasize the importance of the fact that an increasing number of antennas that we have developed are being put into production and serial deliveries are starting.”

The full report is available as attached PDF and on the company’s website https://www.gapwaves.com/investors/financial-reports-and-documents/

Online presentations

Gapwaves CEO Jonas Ehinger will hold two presentations today, August 22nd, regarding the second quarter.

The first presentation will begin at 10:00 a.m. (CEST), followed by a Q&A session moderated by G&W Fondkommission. The presentation and Q&A session will be held in Swedish. To participate, please register via this link at the latest today at 9:30 am: https://events.teams.microsoft.com/event/bf9478a7-ae61-470d-9102-eb39f0919649@6137c0b0-f16e-4ae1-ba3a-7fcede0c24a7

The second presentation will start at 11:00 a.m. (CEST). It will be followed by a Q&A session moderated by Redeye’s analyst Rasmus Jacobsson. The presentation and Q&A session will be held in English. It can be accessed via this link: https://www.redeye.se/events/1018249/live-q-gapwaves. A recording of the presentation will be available afterwards.