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Gapwaves
Gapwaves (GAPW) investor relations material
Gapwaves Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved a milestone of over one million antennas produced, including more than 840,000 in 2025, reflecting strong technology and production scalability, mainly through the partner Frencken in China.
Record annual sales reached 90.6 MSEK, with Q4 sales of 23.3 MSEK, driven by strong automotive demand and high-volume ramp-up, especially for Valeo.
Transitioned to a strategic, high-volume supplier with production expansion planned in China for 2026 and a focus on scalable, asset-light business model.
Completed an oversubscribed rights issue, raising nearly 72 MSEK, significantly improving cash flow and supporting ongoing scale-up.
Focus shifted to ramping up production, establishing long-term revenue streams, and preparing for high-volume manufacturing.
Financial highlights
Q4 net sales were 23.3 MSEK, up 32% year-over-year; full year net sales were 90.6 MSEK, up 37% from the previous year.
Q4 adjusted EBITDA was -19.7 MSEK; full year adjusted EBITDA was -33.9 MSEK, with losses widening due to production ramp-up and cost mix.
Cash flow for Q4 improved to 59.4 MSEK, and full year cash flow was 47.7 MSEK, mainly due to the rights issue.
Financial costs rose sharply, mainly due to startup and scaling costs in Gothenburg and China.
Cash and cash equivalents at year-end were 87.2 MSEK.
Outlook and guidance
2026 is expected to be a transitional year, focusing on scaling up high-volume automotive production, efficiency improvements, and expansion into new segments such as defense and drone detection.
Production volumes are forecasted to reach at least 4.5–5 million antennas in 2026, with high-volume production lines in China commencing.
Margin profile in 2026 will depend on the mix of high-margin project revenue and lower-margin high-volume production.
Exploring new growth segments and initial deals to diversify revenue streams.
Additional revenue from production equipment anticipated with high-volume production in China for Valeo in 2026.
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Next Gapwaves earnings date
Q1 202630 Apr, 2026
Gapwaves
Next Gapwaves earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Gapwaves provides advanced waveguide and antenna products for the 5G era. Waveguides play a vital role in networking and communications systems and have applications such as high-speed inter-chip optical connections, high power military lasers, and radar. Gapwaves offers printed LMA and MMIC products for multiple applications within these related markets. The company was incorporated in 2011 and is based in Gothenburg, Sweden.
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