Gapwaves' Q4/23 was slow, as we had anticipated. Net sales of SEK 6.7m (-39% y/y) was SEK 1.8m below our estimate of SEK 8.5m. The decline in net sales came as a result of some orders spilling over into 2024 and continued weakness for mobility. Cost control was solid, taking EBIT ex. ACI in line with our estimate of SEK -15.2m. CEO Jonas Ehinger states that it is progressing well in its current projects in already signed agreements, which we think is key for the case.
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