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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Gapwaves
Gapwaves (GAPW) investor relations material
Gapwaves Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales fell 55.6% YoY to SEK 9.0M as project and equipment revenue declined; product sales became the largest revenue stream as production scaled.
YTD net sales fell 39.1% to SEK 40.9M; the SEK 69.9M net loss included SEK 24.2M of Sensrad-related impairments.
Financial highlights
Q3 EBITDA was -SEK 19.5M vs -SEK 17.7M; adjusted for associated-company results, EBITDA was -SEK 14.2M vs -SEK 15.3M.
Q3 EBIT was -SEK 21.4M vs -SEK 19.3M; adjusted EBIT was -SEK 16.1M vs -SEK 16.9M.
Q3 net loss was SEK 38.8M vs SEK 19.1M; net financial items were -SEK 17.4M, mainly from an SEK 18.0M non-cash Sensrad loan impairment.
YTD EBITDA was -SEK 48.4M vs -SEK 30.6M; adjusted EBITDA was -SEK 34.8M vs -SEK 21.7M. YTD EBIT was -SEK 54.1M vs -SEK 35.6M.
Outlook and guidance
Valeo demand exceeded expectations; nearly twice the antenna volume originally planned is expected to be delivered in 2026.
Frencken ordered additional Valeo-program production equipment, scheduled for operation by end-2027 to support higher volumes from 2028; capacity plans remain within ~10M antennas annually.
Antenna production estimates are >4.5M for 2026e and 10M for 2027e, including licensed and partner production; estimates are projections.
Near-term priorities include Valeo ramp-up, supply-chain development and adding automotive Tier 1 customers; the Board is evaluating options to strengthen near-term financial flexibility.
Additional growth drivers include autonomous vehicles, defense, packaging and in-cabin radar; radar-seeker development for C-UAS has started.
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Latest events from Gapwaves
- Automotive antenna programs near production as industrialization spending accelerates.GAPW
Q3 2023 - Automotive momentum rose as scaling costs weighed on Q2 and Sensrad advanced toward launch.GAPWQ2 2023
- Lower Q1 sales and negative EBITDA accompanied a strategic move into imaging radar.GAPWQ1 2023
- Q2 2026 revenue dropped 46% as Valeo production launch sets stage for future growth.GAPWQ2 2026
- Q1 sales fell 17.4% as volume production ramped up, but long-term demand remains strong.GAPWQ1 2026
- Record sales, over one million antennas produced, and strong liquidity despite higher costs.GAPWQ4 2025
- Scaling production and innovation in automotive and military radar antennas, backed by strong demand.GAPWDNB Carnegie Småbolagsdag
- Record revenue growth and new supply deals drive expansion and improved earnings.GAPWQ4 2024
- Q4 revenue up 164% year-over-year, with strong growth outlook and new strategic agreements.GAPWQ4 2024
Next Gapwaves earnings date
Q4 202611 Feb, 2027
Gapwaves
Next Gapwaves earnings date
Q4 202611 Feb, 2027
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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.