Gapwaves AB (FRA:GW3)

Q4 2025 Gapwaves AB Earnings Call Transcript

Feb 6, 2026 / 09:00 AM GMT

Release Date Price: €1.19 (-8.47%)

Transcript

Key Points

Positve

Gapwaves AB (FRA:GW3) reported strong growth with over 1 million antennas produced using their technology.
The company has an asset-light business model, relying on certified partners for production, which reduces the need for large capital investments.
Record sales were achieved in 2025, with almost SEK91 million for the year, indicating strong market demand.
Gapwaves is expanding into new market segments, such as the defense industry and collaborations with companies like Waymo.
The company successfully concluded a rights issue, generating almost SEK72 million, strengthening its cash position.

Negative

The EBITA was impacted by high costs associated with production start-up and acceleration, affecting profitability.
There are delays in Sensrad's development and market penetration, leading to an impairment adjustment.
The market climate is challenging, with uncertainty affecting new projects and product generations.
Financial costs increased significantly from SEK2.3 million in 2024 to SEK20.3 million in 2025 due to production start-up expenses.
The company does not provide forecasts for reaching breakeven and profitability, indicating ongoing financial challenges.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GAPWb.ST - Gapwaves AB
Q4 2025 Gapwaves AB Earnings Call
Feb 06, 2026 / 09:00AM GMT

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Conference Call Participants
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* Jonas Ehinger

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Presentation
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Unidentified Company Representative [1]
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Hello, and welcome to today's Finwire broadcast presentation with Gapwaves. (Operator Instructions) With that said, I'll hand the floor to you. Please go ahead.

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Jonas Ehinger, [2]
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Thank you. And also thank you to Finwire for hosting Gapwaves and my presentation of the Q4 report that was released earlier this morning. We're very happy to report a strong end to the year, strong growth and also a very big milestone for Gapwaves. We've now

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