Gapwaves: A bump in the road - Redeye

Gapwaves' report came in weaker than expected with sales decreasing 16%. Lower sales and higher OPEX are the main reasons for EBITDA deviation. We expect Gapwaves’ quarterly earnings to vary significantly between quarters before volume production commences. Thus our initial view is that this is a bump in the road rather than a change in the long-term thesis.

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