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Gapwaves Q1 looks solid. Net sales grew 220% y/y to SEK 15.6m, clearly above our expected SEK 8.0m. This led to a lower-than-expected loss, as EBIT excl. associate company income came in at SEK -10.7m versus SEBe at SEK -16.7m. We note that CEO Jonas Ehinger confirms that Hella has now started production on its Hella Gen 6 antenna and that Gapwaves has had several new requests during Q1, with good progress in existing projects.
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