Gapwaves (GAPW) Q1 2023 earnings summary

Executive summary

• Q1 activity across long-cycle automotive projects progressed largely to plan, despite lower sales and higher-than-normal costs.

• Investment in Sensrad adds a route into complete imaging radar products and non-automotive markets, alongside the antenna business.

Financial highlights

• Net sales were SEK 4.9 million vs SEK 5.8 million in Q1 2022, a decline of almost 16%.

• EBITDA was SEK 16.1 million negative, lower than the prior-year quarter.

• Cash at quarter-end was SEK 172 million, supporting a strong liquidity position.

Outlook and guidance

• Sensrad commercial products, incorporating the antenna technology, are expected to be available during 2023.

• Automotive projects span several years, with revenue varying by phase and timing across the customer value chain.