Gapwaves (GAPW) Q3 2026 earnings summary

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.