We see continued strong sales growth in Q2 (+49% y/y) and shrinking losses, but the focus should be firmly on Gapwaves’s commercial progress with its tier 1 customers. We are encouraged by the recent news of the start of production with Valeo in the company’s pilot line facility and note that Valeo has continued to sign several new automotive OEMs for its ADAS, powered by Gapwaves antennas. We leave our fair equity value range at SEK 21-28 per share.

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