BeammWave says initial tests of its new RF chip have delivered excellent results, that samples are with customers and partners, and that existing customers are moving forward. Net sales of SEK0.6m, the first this year, most likely come from the SEK1.87m defence development contract announced in July. In 3GPP, RAN4 asked BeammWave and Sony to draft the digital beamforming text for the 6G study report. EBIT of SEK-9.0m was better than our SEK-10.7m on more capitalised development (SEK5.0m vs our SEK3.0m), and cash of SEK129m covers about eight quarters at the Q3 burn. The open points are a first customer order and a date for the logic chip. Our interview indicated that everything is progressing according to plan, without firm deadlines. We cut our Q4 2026 NRE estimate from SEK5.0m to SEK1.3m, the remainder of the defence contract. The CEO is hopeful of closing deals in the near future, while customers need a working DBFA chip to launch products. FX lifts our net sales forecasts by 7% from 2027. We raise our Base Case to SEK20 (SEK15), our Bull Case to SEK30 (SEK23) and our Bear Case to SEK12 (SEK11). BeammWave screens as fairly priced with fair value of SEK17.8.
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