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Gapwaves (GAPW) investor relations material

Gapwaves Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary24 Oct, 2025

Executive summary

  • Achieved strong growth momentum in Q3 2025, with net sales up 10.8% to MSEK 20.4, driven by increased production for Valeo and over 500,000 antennas manufactured.

  • Technology implemented in the new Mercedes-Benz CLA and preparations underway for serial production in China.

  • Commercial and technological progress for Sensrad, with strong market interest in autonomous military solutions.

  • Fully underwritten rights issue of approximately MSEK 78 and a loan facility of MSEK 15 initiated to support scaling and long-term growth.

Financial highlights

  • Q3 2025 net sales: MSEK 20.4 (up 10.8% year-over-year); January–September 2025 net sales: MSEK 67.2 (up 38.7%).

  • Q3 adjusted EBITDA: MSEK -15.3 (Q3 2024: -6.6); Q3 EBITDA: MSEK -17.7 (Q3 2024: -10.2).

  • Q3 cash flow improved to MSEK -5.1 from MSEK -9.2; full-year cash flow at MSEK -11.8, improved from MSEK -34.9.

  • Cash and cash equivalents at period end: MSEK 28.0 (Q3 2024: 54.7).

Outlook and guidance

  • Preparing for large-scale production start in China in 2026 and accelerating commercial growth.

  • Funding will be used to scale up production, broaden the customer base, and invest in next-generation technologies.

  • Management and Board assess liquidity and capital position as stable, supporting growth.

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Frequently asked questions

Gapwaves provides advanced waveguide and antenna products for the 5G era. Waveguides play a vital role in networking and communications systems and have applications such as high-speed inter-chip optical connections, high power military lasers, and radar. Gapwaves offers printed LMA and MMIC products for multiple applications within these related markets. The company was incorporated in 2011 and is based in Gothenburg, Sweden.

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