The share fell as much as 20% on the report, closing down 15%, after net sales missed Redeye's estimate by 30% and adjusted EBITDA by 66%. Redeye believes the retail-dominated register sold noise, not the ramp: the quarter catches Gapwaves mid-transition from R&D to production company, where project revenues still dictate the P&L while the automotive volumes that carry the value scale on plan. Gapwaves reconfirmed Desay's 2026 start of production, making a volume agreement imminent — the next catalyst for upward estimate revisions. Redeye keeps its Base Case at SEK20; the new fair value, blending the Base Case with an NTM peer multiple, puts the share at SEK17 — 'Fairly valued' with the share at SEK14.
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