First quarter: 1 January – 31 March 2024

• Net sales increased to MSEK 15.6 (4.9).

• EBITDA improved and amounted to MSEK -13.0 (-16.1), whereas EBITDA adjusted for associated company amounted to MSEK -8.8 (-16.1).

• The operating result/EBIT amounted to MSEK -14.9 (-18.3), whereas the operating result adjusted for the share of profit from associated companies amounted to MSEK -10.7 (-18.3). 

• The result for the period amounted to MSEK -13.6 (-17.9).

• Earnings per share before and after dilution amounted to neg. (neg.).

• Cash flow for the period amounted to MSEK -20.6 (-13.3).

• The Group’s cash and cash equivalents amounted to MSEK 69.6 (172.2).

Significant events during the period

• A new strengthened agreement with Frencken Group positions Gapwaves as a full-service provider of waveguide antennas.

• An order for production equipment was received from Frencken Group. The value of the order amounted to approximately MSEK 23.

• An order was received from a European Tier 1 supplier, with whom cooperation was initiated during the first quarter of 2023, with an order value of MSEK 1.8.

• A follow-up order was received from the same Tier 1 supplier with an order value of MSEK 1.2.

CEO Jonas Ehinger comments: “The progress during this first quarter in 2024 is very positive. We have delivered strong sales, made significant progress in the development within customer projects and moved closer to our strategic goal of becoming a full-service supplier. It is also an important milestone for Gapwaves with Start Of Production (SOP) being commenced at Frencken for the first large volume automotive antenna that we developed for Hella.”
 
The full report is available as attached PDF and on the company’s website www.gapwaves.com.

Webcast
Gapwaves CEO Jonas Ehinger will hold a webcast followed by a Q&A session today, May 3rd, at 09:00 a.m. (CEST) regarding the first quarter. The webcast can be accessed via this link: https://www.finwire.tv/webcast/gapwaves-2/q1-2024/ and a recording will be available afterwards. The presentation and Q&A will be held in English.

For more information, please visit www.gapwaves.com or contact:
Jonas Ehinger, CEO Gapwaves AB (publ) 
Phone number: +46 733 44 01 52 
E-mail: jonas.ehinger@gapwaves.com

Robert Berhof, CFO Gapwaves AB (publ) 
Phone number: +46 706 00 59 07  
E-mail: robert.berhof@gapwaves.com  

Gapwaves Certified Adviser is G&W Fondkommission AB  
www.gwkapital.se

About Gapwaves AB (publ)
Gapwaves AB (publ) originates from research conducted at Chalmers University of Technology and was founded in 2011. Gapwaves’ vision is to be the most innovative provider of mm-wave antenna systems and the preferred partner to those pioneering next generation wireless technology for a safer and more sustainable society. By leveraging the disruptive Gapwaves technology, we help pioneers in automotive and telecom to create highly efficient mm-wave antenna systems that contributes to re-defining everyday life.
Gapwaves’ share (GAPW B) is traded on the Nasdaq First North Growth Market Stockholm with G&W Fondkommission as certified adviser.

This information is information that Gapwaves is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-03 07:00 CEST.

Attachments
Gapwaves AB (publ) Interim Report Q1 2024