New Risk • May 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (€62.8m market cap, or US$73.0m). Tillkännagivande • Apr 03
Gapwaves AB (publ), Annual General Meeting, May 06, 2026 Gapwaves AB (publ), Annual General Meeting, May 06, 2026, at 13:30 W. Europe Standard Time. Location: maqs advokatbyra office, with the address masthamnsgatan 13, gothenburg Sweden Tillkännagivande • Mar 17
Gapwaves AB Announces Magnus Jonsson Declines Re-Election as Board Member and Chairman Gapwaves AB announced that Magnus Jonsson, who has served as a board member since 2021 and as Chairman since 2022, has informed the Nomination Committee on his own initiative that he will not stand for re-election. He will remain in his role as Chairman until the 2026 Annual General Meeting and will continue to support the Nomination Committee in its work going forward. The Nomination Committee had previously initiated a structured succession process, in consultation with Magnus and in anticipation of his potential decision not to seek re-election. The Nomination Committee's proposal for the board composition will be made public as soon as possible. Tillkännagivande • Nov 25
Gapwaves AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 7.786574 million. Gapwaves AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 7.786574 million.
Security Name: B Shares
Security Type: Common Stock
Securities Offered: 5,191,049
Price\Range: SEK 1.5
Transaction Features: Rights Offering Tillkännagivande • Nov 03
Gapwaves AB (publ) to Report Fiscal Year 2025 Final Results on Apr 15, 2026 Gapwaves AB (publ) announced that they will report fiscal year 2025 final results on Apr 15, 2026 Tillkännagivande • Oct 15
Gapwaves AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 7.786574 million. Gapwaves AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 7.786574 million.
Security Name: B Shares
Security Type: Common Stock
Securities Offered: 5,191,049
Price\Range: SEK 1.5
Transaction Features: Rights Offering Tillkännagivande • May 07
Gapwaves AB (Publ) Approves Board Elections Gapwaves AB (publ) announced that at its AGM held on 6 May 2025, the shareholders elected Viktor Fritzén and Martin Kornacker as new directors of the board of directors. Tillkännagivande • Apr 02
Gapwaves AB (publ), Annual General Meeting, May 06, 2025 Gapwaves AB (publ), Annual General Meeting, May 06, 2025, at 13:00 W. Europe Standard Time. Location: at world of volvo, lyckholms torg 1, gothenburg Sweden Reported Earnings • Nov 01
Third quarter 2024 earnings released: kr0.38 loss per share (vs kr0.57 loss in 3Q 2023) Third quarter 2024 results: kr0.38 loss per share (improved from kr0.57 loss in 3Q 2023). Revenue: kr19.3m (up 174% from 3Q 2023). Net loss: kr11.9m (loss narrowed 33% from 3Q 2023). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 34% per year. Reported Earnings • Aug 23
Second quarter 2024 earnings released: kr0.46 loss per share (vs kr0.44 loss in 2Q 2023) Second quarter 2024 results: kr0.46 loss per share (further deteriorated from kr0.44 loss in 2Q 2023). Revenue: kr15.6m (up 75% from 2Q 2023). Net loss: kr14.4m (loss widened 4.3% from 2Q 2023). Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Jun 08
Gapwaves AB (Publ) Receives Follow-Up Order and Signs A Letter of Intent with European Tier 1 Supplier The European Tier 1 automotive supplier, with whom a collaboration started in First Quarter 2023, placed a new order with Gapwaves. The order value is approximately MSEK 1.2 and concerns the next step of the ongoing development project communicated earlier in 2024. In addition, Gapwaves and the undisclosed Tier 1 supplier have entered into a non-binding Letter of Intent (LOI) confirming the goal to finalize the project towards Start Of Production (SOP) and high-volume production and supply of Gapwaves' antennas. The customer is a leading global Tier 1 European supplier in the Automotive industry. This order is the sixth order since First Quarter 2023 as part of the development of waveguide antennas, intended for Advanced Driver Assistance Systems (ADAS) based on Gapwaves' Multi-Layer Waveguide technology. The remaining development phase of the project is expected to be completed during Second Quarter and Third Quarter 2024. Following that, the companies plan to proceed into industrialization towards SOP and high-volume production. The purpose of the LOI is to confirm the intent of the Companies to finalize the project towards SOP and to enter into a long-term agreement with Gapwaves for high volume supply of the MLW antennas to the customer. Reported Earnings • May 04
First quarter 2024 earnings released: kr0.44 loss per share (vs kr0.57 loss in 1Q 2023) First quarter 2024 results: kr0.44 loss per share (improved from kr0.57 loss in 1Q 2023). Revenue: kr16.7m (up 243% from 1Q 2023). Net loss: kr13.6m (loss narrowed 24% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. New Risk • May 04
New major risk - Revenue and earnings growth Earnings have declined by 3.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Revenue is less than US$5m (kr38m revenue, or US$3.5m). Market cap is less than US$100m (€40.1m market cap, or US$43.2m). Reported Earnings • Apr 15
Full year 2023 earnings released: kr2.22 loss per share (vs kr0.58 loss in FY 2022) Full year 2023 results: kr2.22 loss per share (further deteriorated from kr0.58 loss in FY 2022). Revenue: kr27.5m (down 58% from FY 2022). Net loss: kr69.2m (loss widened 284% from FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Revenue is less than US$5m (kr34m revenue, or US$3.2m). Market cap is less than US$100m (€43.6m market cap, or US$47.3m). Reported Earnings • Feb 13
Full year 2023 earnings released: kr2.22 loss per share (vs kr0.58 loss in FY 2022) Full year 2023 results: kr2.22 loss per share (further deteriorated from kr0.58 loss in FY 2022). Revenue: kr33.7m (down 48% from FY 2022). Net loss: kr69.2m (loss widened 284% from FY 2022). Revenue is forecast to grow 66% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 11
Gapwaves AB (publ), Annual General Meeting, May 07, 2024 Gapwaves AB (publ), Annual General Meeting, May 07, 2024. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Chairman Magnus Jonsson was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr7.72m (down 75% from 3Q 2022). Net loss: kr17.8m (down 301% from profit in 3Q 2022). Revenue is forecast to grow 65% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 13
Gapwaves AB (Publ) Appoints Nomination Committee According to the instructions for the nomination committee in Gapwaves which was adopted at the annual general meeting on April 26, 2019, the nomination committee, in addition to the chairman of the board, should consist of representatives of the three largest registered shareholders in terms of votes as of August 31 of the year before the year in which the annual general meeting occurs. After the three largest shareholders have each appointed a representative, the chairman of the board has convened the nomination committee for its first meeting. The nomination committee consists of the following members: Cécile Schilliger, chairman of the board of Kildal Antenn AB who represents approximately 56.5% of the votes and chairman of the nomination committee; Lars-Inge Sjöqvist, appointed by an ownership group that represents approximately 8.6% of the votes; Jian Yang, professor in antenna technology at Chalmers University of Technology and co-founder of Gapwaves AB, who represents approximately 5.1% of the votes; Magnus Jonsson, chairman of the board of Gapwaves. The nomination committee together represents approximately 70.2% of the votes and approximately 24.2% of the shares in the company. Tillkännagivande • Sep 14
Gapwaves AB Unveils Breakthrough MLW Technology for Affordable High-Frequency Low-Loss Solutions Gapwaves AB unveiled breakthrough MLW technology for affordable high-frequency low-loss solutions. Since its introduction, Gapwaveguide technology has revutionized high-performance lowow-cost mmWave solutions. Offering the performance of waveguide solutions at a fraction of the cost, Gapwaves brings high-end performance to the industry. Today, the company unveils Multi-Layer Waveguide (MLW), a breakthrough evolution of its proprietary technology made possible by an elegant synergy of design and manufacturing. Beyond the advantages that waveguides offer, MLW brings unparalleled manufacturing agility, low cost, extremely thin profiles, native thermal handling, and massive maximum dimensions. The result is a paradigm shift where MLW not only improves but also opens unprecedented opportunities in a range of applications and markets, starting from automotive radars. Accelerated time-to-market: designed with manufacturability in mind, MLW solutions slash production time for both low- to high-volume scenarios. First-class performance: offering waveguide performance and uniqueindustry capabilities. Cost efficiency: a solution that significantly reduces development and production costs without compromising quality. Efficient heat transfer: Made of metal rather than plastic, MLW offers exceptional thermal capabilities as modern sensors are challenged by the thermal aspects of the powerful chips used. Groundbreakingly compact: meeting and exceeding the industry's needs for reduced size and weight of components. MLW changes the notion that waveguide parts are bulky by significantly reducing it compared to competitive solutions. Customization and flexibility: MLW offers superior flexibility and customization into the manufacturing process, as no cumbersome tooling is needed. Removing size limitations: innovative approach allows to manufacture massive dimensions, overcoming the limitations of injection molded parts for high resolution radars. Reported Earnings • Aug 23
Second quarter 2023 earnings released: kr0.44 loss per share (vs kr0.16 loss in 2Q 2022) Second quarter 2023 results: kr0.44 loss per share (further deteriorated from kr0.16 loss in 2Q 2022). Revenue: kr8.91m (down 46% from 2Q 2022). Net loss: kr13.8m (loss widened 186% from 2Q 2022). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr6.39m (up 5.3% from 1Q 2022). Net loss: kr17.9m (loss widened 81% from 1Q 2022). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Communications industry in Europe. Reported Earnings • Apr 13
Full year 2022 earnings released: kr0.58 loss per share (vs kr1.18 loss in FY 2021) Full year 2022 results: kr0.58 loss per share (improved from kr1.18 loss in FY 2021). Revenue: kr64.9m (up 74% from FY 2021). Net loss: kr18.0m (loss narrowed 50% from FY 2021). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Communications industry in Europe. Tillkännagivande • Nov 19
Gapwaves AB (Publ) Appoints the Nomination Committee According to the instructions for the nomination committee in Gapwaves which was adopted at the annual general meeting on April 26, 2019, the nomination committee, in addition to the chairman of the board, must consist of representatives of the three largest registered shareholders in terms of votes as of August 31 of the year before the year in which the annual general meeting occurs. After the three largest shareholders have each appointed a representative, the chairman of the board has convened the nomination committee for its first meeting. The nomination committee consists of thefollowing members: Cécile Schilliger, chairman of the board of Kildal Antenn AB who represents approximately 56.5% of the votes and chairman of the nomination committee; Lars-Inge Sjöqvist, appointed by an ownership group that represents approximately 8.6% of the votes; Jian Yang, professor in antenna technology at Chalmers University of Technology and co- founder of Gapwaves AB, who represents approximately 5.1% of the votes; Magnus Jonsson, chairman of the board of Gapwaves. Reported Earnings • Aug 26
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr17.1m (up 15% from 2Q 2021). Net loss: kr4.54m (loss widened 12% from 2Q 2021). Tillkännagivande • Jul 02
Gapwaves AB (publ) (OM:GAPW B) completed the acquisition of the remaining 75% stakes in Metasum Ab from Abbas Vosoogh. Gapwaves AB (publ) (OM:GAPW B) agreed to acquire the remaining 75% stakes in Metasum Ab from Abbas Vosoogh on June 29, 2022. Approximately 90% of the purchase price will be paid with newly issued Gapwaves shares, representing a capital dilution of 1,4%. As part of the agreement the seller Abbas Vosoogh will be employed by Gapwaves. The transaction is expected to be completed July 1, 2022.
Gapwaves AB (publ) (OM:GAPW B) completed the acquisition of the remaining 75% stakes in Metasum Ab from Abbas Vosoogh on July 1, 2022. Tillkännagivande • Jun 30
Gapwaves AB (publ) (OM:GAPW B) agreed to acquire the remaining 75% stakes in Metasum Ab from Abbas Vosoogh. Gapwaves AB (publ) (OM:GAPW B) agreed to acquire the remaining 75% stakes in Metasum Ab from Abbas Vosoogh on June 29, 2022. Approximately 90% of the purchase price will be paid with newly issued Gapwaves shares, representing a capital dilution of c. 1,4%. As part of the agreement the seller Abbas Vosoogh will be employed by Gapwaves. The transaction is expected to be completed July 1st, 2022. Reported Earnings • May 12
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr6.98m (up 190% from 1Q 2021). Net loss: kr9.88m (loss narrowed 29% from 1Q 2021). Tillkännagivande • May 12
Gapwaves AB (publ) to Report Q2, 2022 Results on Aug 25, 2022 Gapwaves AB (publ) announced that they will report Q2, 2022 results on Aug 25, 2022 Tillkännagivande • Feb 22
Gapwaves AB Announces CEO Changes The Board of Directors of Gapwaves AB has appointed Jonas Ehinger as new CEO of the company. He is currently CEO of Osstell AB and Chairman of the Board of Gapwaves AB and will succeed the current CEO Lars-Inge Sjöqvist at the latest by August 22 in 2022. Jonas Ehinger has held the position as CEO of Osstell AB since 2010. Lars-Inge will continue as CEO until Jonas takes office by the latest on August 22nd, 2022 and will work to support the transition. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr1.18 loss per share (up from kr1.62 loss in FY 2020). Revenue: kr39.9m (up 109% from FY 2020). Net loss: kr36.3m (loss narrowed 18% from FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: kr9.33m (up 222% from 3Q 2020). Net loss: kr9.24m (loss narrowed 26% from 3Q 2020). Reported Earnings • Aug 27
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr15.6m (up 199% from 2Q 2020). Net loss: kr4.07m (loss narrowed 61% from 2Q 2020). Tillkännagivande • Mar 11
Gapwaves Receives Follow-Up Order from Tier 1 Customer Gapwaves has received a follow-up order for design and development of antenna prototypes for 77 GHz Automotive radar worth approximately SEK 2.2 million to be delivered during the second quarter of 2021. The order is a follow-up to the prototype project that started in December 2020 with one of the leading European radar manufacturers for the automotive industry. The agreement is a continuation of previous development projects where antennas for future generations of 77 GHz Automotive radar based on Gapwave's waveguide technology are developed according to the customer's specifications. The delivery linked to this order will consist of 100 injection molded antennas and be part of the customer's evaluation and analysis of antennas manufactured in an environment similar to high volume production. The customer has been clear that if Gapwave's antennas meet expectations and requirements, they will be integrated into the customer's next generation automotive radar with waveguide-based antenna technology that goes into series production. Tillkännagivande • Mar 09
Gapwaves Receives a New Order of New Development Project from Uhnder Gapwaves has received an order for a new project from American Uhnder. The delivery includes design /development and production of 300 metallized, injection molded antennas for a 77 GHz high resolution radar intended for robotic transports. The total order value is approximately SEK 1.6 million and delivery is expected to take place during the third quarter of 2021. In March 2020 Gapwaves started a collaboration with Uhnder, an Austin, Texas based company, that has developed a unique digital?Radar-on-Chip (RoC),?using a combination of advanced CMOS and Digital Code Modulation (DCM) technology. During 2020 and 2021, Uhnder has ordered several follow-up orders on the original project and the radar prototypes that have been jointly developed with components from Gapwaves and Uhnder have shown very good performance. As a continuation of the collaboration, Uhnder is now ordering a new prototype project based on a new updated antenna specification. Initially, 300 antennas in injection molded plastic will be delivered. Reported Earnings • Feb 20
Full year 2020 earnings released: kr1.61 loss per share (vs kr1.44 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: kr22.0m (up 13% from FY 2019). Net loss: kr44.3m (loss widened 24% from FY 2019). Reported Earnings • Nov 08
Third quarter 2020 earnings released: kr0.46 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: kr3.04m (down 47% from 3Q 2019). Net loss: kr12.6m (loss widened 130% from 3Q 2019). Tillkännagivande • Oct 04
Gapwaves Signs a 5G mm-Wave Development Contract Gapwaves announced a prototype development agreement for a 5G mm-wave phased array waveguide antenna product with a US-based provider of advanced antenna technologies. Gapwaves waveguides is a novel technology for market leading performance in millimeter wave applications. The innovation lies in the patented Gapwaves waveguide technology with it's unique capabilities in combining low losses with the cost-efficiency for high volumes production. This results in unique advantages compared to traditional transmission lines and waveguide designs. The technology is based on an Artificial Magnetic Conductor that enables contactless propagation of electromagnetic waves, significantly reducing transmission losses. The customer is a US-based provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including access, enterprise, and automotive. The customer is now expanding its portfolio through development of products supporting 5G sub-6 and millimeter wave massive MIMO beamforming architectures. As a part of the prototype development contract, Gapwaves will develop 28 GHz 5G repeater prototypes for deployment in the customer's products. The order value for this development contract is ca SEK 1 million. With the deployment of 5G mm-wave telecommunication networks the need for repeater solutions is expected to grow significantly in order to enhance the coverage for street level hot spots, arenas and buildings. 
