Gapwaves interim report October-December 2021: Increased sales and new customers

Gapwaves operations continue to develop positively and sales for the fourth quarter are about four times higher compared to the same period last year, which is a result of more customers and more development projects. Sales for the period October-December 2021 amounted to SEK 9.0 million (SEK 1.9 million).

The most important events during the quarter and the greatest interest in Gapwaves technology are still within radar for the automotive industry. With Gapwaves unique waveguide technology, our antenna solves problems that the industry has struggled with for a long time.

That Gapwaves now is an established leading supplier of radar antennas is confirmed by new orders from Hella, undisclosed Tier 1 and tech giant. Furthermore, focus during the quarter has been to deliver in additional ongoing customer projects as well as continued deliveries to Uhnder and Smartmicro.

New megatrend benefits our technology
USA is the fastest growing market right now in terms of robot taxis, automobile trucks and vehicles for both short and long haul transports. A new market is emerging alongside the traditional automotive industry. This market consists of new innovative companies, large tech companies and e-commerce companies that demand Imaging radar for their self-driving systems. A market where Gapwaves high - performance and robust waveguide antennas are a crucial component.

Fourth quarter: 1 October – 31 December 2021 

• Net revenue amounted to 9,0 MSEK (1,9 MSEK) 
• Operational result amounted to –8,9 MSEK (-11,3 MSEK) 
• Net result amounted to –9,1 MSEK (-13,5 MSEK) corresponding to -0,30 SEK (-0,49 SEK) per share 
• Cash flow for the period was –7,8 MSEK (-7,2 MSEK) and cash and cash equivalents at the end of the period amounted to 211,2 MSEK (77,9 MSEK) 

Full year 2021 

• Net revenue amounted to 34,9 MSEK (16,3 MSEK) 
• Operational result amounted to –36,2 MSEK (-42,0 MSEK) 

CEO Lars-Inge Sjöqvist comments on the report:
“During the period, we have seen an increased interest in our technology, new orders from existing customers and new interesting companies within AV-tech (Autonomous Vehicles). We are taking further steps to achieve our long-term goal; that Gapwaves antenna technology shall become standard for antennas for automotive radars. Once there, it will generate big revenue for a long time. As CEO of Gapwaves, I am very proud to be a part of this and look forward to all the exciting activities we have planned for 2022.”

For more information, please contact:  
Lars-Inge Sjöqvist, VD 
Phone number: +46 736 84 03 56 
E-mail: lars-inge.sjoqvist@gapwaves.com

Robert Nordström, CFO
Phone number: +46 706 00 59 07
E-mail: robert.nordstrom@gapwaves.com

Gapwaves Certified Adviser is G&W Fondkommission  
Phone number: +46 (0)8 503 000 50  
E-mail: ca@gwkapital.se   
www.gwkapital.se   

About Gapwaves AB 
Gapwaves 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 Stockholm with G&W Fondkommission as Certified Adviser.