Gapwaves publishes Interim Report for April – June 2022

Strong growth
We close the second quarter of 2022 with the fact that Gapwaves have achieved the best quarter to date in terms of revenue, 16.4 MSEK, as a result of dedicated work and many customers projects.

One of the most significant events during the period was when a new American autotech company became our customer as the first order was received in mid-June. The order includes designing and manufacturing of antennas for an imaging radar, intended for fully autonomous driving. This new customer is a provider of self-driving vehicles for commercial use, and we have high expectations of this collaboration in the future.

Gapwaves acquires Metasum
In June Gapwaves decided to acquire the remaining 75% of the shares in Metasum AB. The acquisition gives Gapwaves access to additional patents, IP, and cost-efficient waveguide technology. Through the ownership Gapwaves can offer more solutions based on various waveguide technologies to meet the growing market for advanced radar sensors.

Bosch and Gapwaves enters into a joint development agreement
After the quarter ended, Gapwaves and Bosch entered into an agreement regarding radar antennas for automotive vehicle applications. The agreement is a clear milestone for Gapwaves, not only related to monetary effects, but also the opportunity to build up and strengthen Gapwaves capacity as a supplier.

Second quarter: 1 April – 30 June 2022  

• Net revenue amounted to MSEK 16.4 (MSEK 14.9) 
  EBITDA amounted to MSEK –3.8 (MSEK -2.7) 

• Net result amounted to MSEK –4,5 (MSEK -4.1) corresponding to SEK -0.15        
  (SEK -0.15) per share  
• Cash flow for the period was MSEK –11.1 (MSEK 167.3) and cash and cash
  equivalents at the end of the period amounted to MSEK 182.3

CEO Jonas Ehinger comments on the report:
“The Q2 report displays a strong quarter for the company and is an accomplishment by the entire Gapwaves team. It also shows that Gapwaves is in good position to continue its growth and positive development. The agreement with Bosch is one more milestone for Gapwaves, especially in terms of strengthening our capacity as a supplier to the automotive industry. The agreement is also a strong confirmation that Gapwaves antenna technology is a key component to enable radar sensors for the higher levels of automated driving.”

For more information, please visit www.gapwaves.com or contact: 
Jonas Ehinger, CEO Gapwaves AB 
Phone number: +46 973 47 92
E-post: jonas.ehinger@gapwaves.com

Robert Berhof, CFO 
Phone number: +46 706 00 59 07 
E-post: robert.berhof@gapwaves.com 

Gapwaves certified adviser is G&W Fondkommission AB 
Phone number: +46 (0)8 503 000 50 
E-mail: ca@gwpaital.se  
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.