Gapwaves AB (publ) publishes Interim Report for Q3 2024

Third quarter: 1 July – 30 September 2024

• Net sales amounted to MSEK 18.4 (7.0), an increase by 161% compared to the third quarter of 2023. Of this, approximately MSEK 9.5 was related to sale of production equipment.
• EBITDA improved and amounted to MSEK -10.2 (-16.1), whereas EBITDA adjusted for results from shares in associated companies amounted to MSEK -6.7 (-9.6).
• The operating result/EBIT amounted to MSEK -12.0 (-18.2), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -8.5 (-11.7).
• The result for the period amounted to MSEK -11.9 (-17.8).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period improved and amounted to MSEK -12.1 (-16.2).
• The Group’s cash and cash equivalents amounted to MSEK 54.7 (103.5).

January-September 2024

• Net sales amounted to MSEK 48.5 (20.8), an increase by 133%, compared to the same period in 2023.
• EBITDA amounted to MSEK -35.7 (-45.1), whereas EBITDA adjusted for results from shares in associated companies improved and amounted to MSEK -24.3 (-35.2).
• The operating result/EBIT amounted to MSEK -41.2 (-51.6), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -29.8 (-41.7).
• The result for the period amounted to MSEK -39.9 (-49.5).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -34.9 MSEK (-82.6).

No significant events during the period.

Significant events after the end of the period:

• Gapwaves and Valeo have entered into an agreement regarding the development and large-scale serial production of waveguide radar antennas for ADAS applications.

CEO Jonas Ehinger comments: “Gapwaves is in a phase where sales are increasing,
and where we are manufacturing more antennas and significantly scaling up production,
both externally and internally. At the same time, the market keeps growing, and we expect continued growth moving forward. I would like to emphasize the importance of the pilot line as part of our business model and strategy. During the quarter, the installation of this strategically important facility in Gothenburg progressed.”

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, October 31st, regarding the third quarter.

The first presentation will begin at 09:30 a.m., 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 9:00 am: https://events.teams.microsoft.com/event/2ab3ac26-c5d7-4ff5-a06b-c64ac00d1608@6137c0b0-f16e-4ae1-ba3a-7fcede0c24a7

The second presentation will start at 11:00 a.m. 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/1038825/live-q-gapwaves-2. A recording of the presentation will be available afterwards.

For more information, please visit www.gapwaves.com or contact: 
Jonas Ehinger, CEO Gapwaves AB 
Phone number: + 46 733 44 01 52 
E-post: jonas.ehinger@gapwaves.com

Robert Berhof, CFO 
Phone number: +46 706 00 59 07 
E-post: robert.berhof@gapwaves.com 

Gapwaves certified adviser is G&W Fondkommission AB www.gwkapital.se 

About Gapwaves AB
Gapwaves originates from research conducted at Chalmers University of Technology and was founded in 2011. Gapwaves vision is to be the most innovative provider of mm-wave antenna systems and the preferred partner to those pioneering next generation wireless technology. By leveraging the disruptive Gapwaves technology we help pioneers in automotive and telecom to create highly efficient mm-wave antenna systems that contribute to re-defining everyday life. Gapwaves markets are e.g. mmWave in the automotive and telecom industries. Gapwaves share (GAPW B) is traded at Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.