Gapwaves publishes Interim Report for January – March 2022

We summarize the first quarter of the year with the conclusion that the positive commercial improvement continues and that the business is developing towards making Gapwaves’ antennas standard for radar sensors in active vehicle safety for the automotive industry and autonomous vehicles such as robotaxi or trucks.

Intense quarter with the largest order in Gapwaves’ history
One of the most significant events during the period was when the global tech company, that Gapwaves has been working with since 2020, ordered additional high-resolution antennas intended for an imaging radar. The value of the order is about MSEK 10 and is the largest single order that Gapwaves has received to date.

Increased interest in advanced radar sensors
During the period, we have seen an increased interest in Gapwaves’ technology for imaging radar intended for the higher levels of automated driving, SAE level 3-5. We are, in collaboration with our customers, targeting to develop a market leading radar sensor for self-driving vehicles at SAE level 3-5. At the end of the period, a new order was received from an American autotech company intended for an imaging radar. We see this order as a confirmation of the high value Gapwaves’ antenna solution brings to the most advanced radar sensors, which are crucial to enable autonomous vehicles.

First quarter: 1 January – 31 March 2022  

• Net revenue amounted to MSEK 5.8 (MSEK 2.4)  
• EBITDA amounted to MSEK –8.2 (MSEK -12.4)  
• Net result amounted to MSEK –9.9 (MSEK -13.9) corresponding to SEK -0.32 (SEK -0.50) per share  
• Cash flow for the period was MSEK –17.8 (MSEK -13.8) and cash and cash equivalents at the end of the period amounted to MSEK 193.4

CEO Lars-Inge Sjöqvist comments on the report:
“There has been an intense quarter with deliveries in ongoing development projects in parallel with new customer dialogues. During April we visited several interesting companies in California that are interested in Gapwaves’ antenna solution for imaging radar. The conclusion from our meetings is clear, existing, and potential customers have one common statement which speaks for Gapwaves; The biggest limitation on today’s radar solution is the PCB-based antennas - We need a waveguide antenna.”

For more information, please visit www.gapwaves.com or contact: 
Lars-Inge Sjöqvist, CEO Gapwaves AB 
Phone number: + 46 736 84 03 56
E-post: [email protected] 

Robert Nordström, CFO 
Phone number: +46 706 00 59 07 
E-post: [email protected] 

Gapwaves certified adviser is G&W Fondkommission AB 
Phone number: +46 (0)8 503 000 50 
E-mail: [email protected]  
www.gwkapital.se

About Gapwaves AB  
Gapwaves (NASDAQ: GAPW B) originates from research conducted at Chalmers University of Technology and was founded in 2011. Gapwaves vision is to be the most innovative provider of mm-wave antenna systems and the preferred partner to those pioneering next generation wireless technology. By leveraging the disruptive Gapwaves technology we help pioneers in telecom and automotive to create highly efficient mm-wave antenna systems that contributes to re-defining everyday life. Gapwaves markets are e.g. mmWave in 5G telecom and automotive.    

Gapwaves share (GAPW B) is traded at Nasdaq First North Growth Market Stockholm and G&W Fondkommission is appointed Gapwaves AB’s Certified Advisor.