Q2 2026 Gapwaves AB Earnings Call Transcript
Key Points
- Gapwaves AB (FRA:GW3) has successfully transitioned to high-volume production in China for Valeo, marking a significant milestone for the company.
- The company has produced over 2 million antennas using its technology, demonstrating scalability and industrialization potential.
- Gapwaves AB (FRA:GW3) has a unique, patented technology with over 45 patent families, providing a competitive edge in the market.
- The company operates an asset-light business model, contracting with partners for production, which reduces capital expenditure.
- Gapwaves AB (FRA:GW3) is expanding into new market segments beyond automotive radar, such as in-cabin radar and defense applications, indicating growth potential.
- Revenue for the quarter was SEK13.1 million, SEK11 million lower than the previous year, primarily due to lower project revenues.
- The company experienced a negative cash flow of SEK22.6 million, including a partial loan repayment, indicating financial pressure.
- Sensrad, a subsidiary, faced challenges with delayed orders and increased competition, leading to an impairment adjustment.
- The transition from project revenues to product revenues is ongoing, with project revenues being more volatile and currently more profitable.
- The automotive market is experiencing challenges, with customers being indecisive about project timelines due to macroeconomic uncertainties.
Welcome to Redeye and this live Q where we have Gapwaves presenting today. We will have both CEO, Jonas Ehinger; and CFO, Nils Mosko, presenting the quarter, followed by a Q&A session. (Event Instructions)
But without further ado, I hand it over to you, Jonas.
Thank you, Rasmus. Good to be back here, and I'm happy to join Redeye for today's presentation of the second-quarter report that was published earlier today. So like Rasmus said, we'll go through a summary and make sure that we have enough time to discuss your questions. And also, I'm sure Rasmus had some questions related to the second-quarter report.
So first, for those of you that are new to Gapwaves, we're a tech company located in Gothenburg, founded in 2011. And our main application area right now is for radar antennas, especially within automotive. But we're really a waveguide technology company. And this technology can be used in various other areas, primarily for
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