Gapwaves

Fourth quarter: October 1^st - December 31^st  

• Net sales amounted to 23,3 MSEK (17,6), an increase of 32,6%.
• EBITDA amounted to -19,7 MSEK (-11,4), while EBITDA adjusted for results from shares in associated companies amounted to -12,2 MSEK (-7,8).
• EBIT amounted to -21,5 MSEK (-13,2), whereas EBIT adjusted for results from shares in associated companies amounted to -14,0 MSEK (-9,6).
• The result for the period amounted to MSEK -22,3 MSEK (-12,1).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to 59,4 MSEK (-14,4).
• The Group’s cash and cash equivalents amounted to 87,2 MSEK (40,8).

Full year January - December 2025

• Net sales amounted to 90,6 MSEK (66,1), an increase of 37,0%.
• EBITDA amounted to -50,3 MSEK (-47,1), while EBITDA adjusted for results from shares in associated companies amounted to -33,9 MSEK (-32,0).
• EBIT amounted to -57,1 MSEK (-54,4), whereas EBIT adjusted for results from shares in associated companies amounted to -40,6 MSEK (-39,4).
• The result for the period amounted to -58,2 MSEK (-52,1).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to 47,7 MSEK (-49,3).

Significant events during the period:

• Gapwaves carried out a rights issue of approximately MSEK 71,6 and entered into an agreement for a loan facility of MSEK 15.
• Board member Martin Kornacker resigned from the Board.
• Gapwaves held an extraordinary general meeting on 31 October 2025.
• Nils Mösko was appointed CFO.
• Gapwaves received Vinnova funding for research on next‑generation imaging radar as well as for a project within the civil‑military innovation program.
• A new development order was received from Infineon Technologies.

Jonas Ehinger, Gapwaves CEO, comments: “The year ended positively, with revenue up 32,6% in the fourth quarter to MSEK 23,3 and full‑year revenue increasing 37% to MSEK 90,6. We passed the milestone of one million antennas produced, through strong license production and the rapid expansion of our own manufacturing in Gothenburg. Demand remains solid, although extended decision cycles and geopolitical uncertainty create short‑term challenges. With preparations underway for high‑volume production in China and backed by our strengthened financial position, we are entering 2026 focused on industrialisation, efficiency and scaling for 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
Jonas Ehinger, Gapwaves CEO, will present the report today, February 6^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.finwire.tv/webcast/gapwaves-2/q4-2025/ A recording will be available afterwards on the company’s website.