Gapwaves' Q3 net sales of SEK9.0m were 40% below our SEK15.1m and down 56% y/y, as none of the SEK14.8m of announced Valeo and Frencken orders, most of which is slated for H2, reached net sales. Adj. EBITDA of SEK-14.2m was SEK4.2m worse than our SEK-10.0m, and gross margin fell to 14%. Gapwaves wrote off Sensrad in full and is selling its 30% stake to Qamcom for SEK1, having put SEK75m of cash into it since 2023. Two hours after the report, it announced a SEK62.5m rights issue, its second in 12 months, about 90% guaranteed, with the board and management committing about SEK1.0m. Following an automotive revenue ramp below our expectations, the Sensrad write-off and the share issuance, we expect the share to fall more than 30%. The share is likely to remain under pressure until the rights issue has been completed and the shareholder base has turned over.
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