Gapwaves (GAPW) Q3 2025 earnings summary

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.