Redeye comments on Gapwaves' Q4 2025 report, which exceeded expectations on both net sales and adjusted EBITDA whilst cumulative production volumes surpassed 1m antennas. Despite the 11% sales beat, the share declined 10% following negative commentary on Sensrad's development and management's assertion that auomoive conditions would deteriorate further. Redeye considers these concerns subordinate to the primary investment thesis: the transition from development company to volume manufacturer. Following better-than-anticipated gross margins—which suggest earlier manufacturing ramp-up cost estimates were overly pessimistic—2026 estimates are raised modestly. However, working capital dynamics remain a key concern prompting a reduction in the bear case to SEK10 (12) whilst base and bull cases of SEK20 and SEK28 respectively are maintained.
LÄS MER
