We believe Q3 will show commercial progress and forecast 23% y/y sales growth. The SEK 78m equity issue allows Gapwaves to pursue growth initiatives in automotive, industrial applications and telecoms, without further reducing cash burn. Commercial progress continues to be strong: a total of >500k antennas have now been produced using Gapwaves technology, up from >160k in January. We tweak our fair value to SEK 20-27 (22-28).
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