Gapwaves

Third quarter: July 1^st – September 30^th

• Net sales amounted to MSEK 20.4 (18.4), an increase of 10.8 %.
• EBITDA amounted to MSEK -17.7 (-10.2), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -15.3 (-6.7).
• EBIT amounted to MSEK -19.3 (-12.0), whereas EBIT adjusted for results from shares in associated companies amounted to MSEK -16.9 (-8.5).
• The result for the period amounted to MSEK -19.1 (-11.9).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -6.2 (-12.1).
• The Group’s cash and cash equivalents amounted to MSEK 28.0 (54.7).

January - September 2025

• Net sales amounted to MSEK 67.2 MSEK (48.5), an increase of 38.7 %.
• EBITDA amounted to MSEK -30.6 (-35.7), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -21.7 (-24.3).
• EBIT amounted to MSEK -35.6 (-41.2), whereas EBIT adjusted for results from shares in associated companies amounted to MSEK -26.6 (-29.8).
• The result for the period amounted to MSEK -36.0 (-39.9).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -11.8 (-34.9)

Significant events during the period:

• Gapwaves commenced production for Valeo at its facility in Gothenburg.
• Gapwaves initiated a collaboration with Infineon Technologies, a globally leading German semiconductor company.

Significant events after the end of the period:

• Gapwaves board of directors has resolved on a fully underwritten rights issue of approx. MSEK 78, conditional on the approval of general meeting and enters into a loan facility agreement of MSEK 15.
• Director Martin Kornacker announced that he intends to withdraw from the board of directors
• Gapwaves will hold an Extraordinary General Meeting on October 31st.
• Nils Mösko has been appointed CFO.

Gapwaves CEO Jonas Ehinger comments: “The quarter was positive, with revenue up 11% to MSEK 20.4. We’ve moved from concept to commercial reality - with over 500,000 antennas produced, growing deliveries, and our technology now on the road in the new Mercedes-Benz CLA. The result reflects we are in the initial phase of production for Valeo and are accelerating the volume ramp-up, driven by strong demand. Supported by the planned funding, we’re scaling for high volumes and long-term growth.”

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

Online presentation
Gapwaves CEO Jonas Ehinger will present the report today, October 24^th, 10:00 AM, followed by a Q&A session. The presentation will be held in English and can be accessed via the link below: https://www.redeye.se/events/1126950/live-q-gapwaves-3 A recording will be available afterwards on the company’s website.