Gapwaves showed 63% y/y net sales growth to SEK 14.5m in Q2, slightly above our estimate of SEK 14m. Opex was also slightly lower than expected, leading to EBIT of SEK -14.3m (SEBe SEK -15.7m). FCF was solid at SEK 4.5m, leading to SEK 67m of cash at the end of Q2 (SEBe SEK 62m). Gapwaves confirmed another start of production in Q2 with Smartmicro, following Hella in Q1, which we find positive, and it expects the first antennas from its new pilot line in fall 2024.
LÄS MER