First quarter: January 1st – March 31st

• Net sales amounted to 18,8 MSEK (22,8), a decrease of 17,4% compared with the first quarter of 2025.
• EBITDA amounted to -12,3 MSEK (-5,8), while EBITDA adjusted for results from shares in associated companies amounted to -7,3 MSEK (-2,5).
• EBIT amounted to -14,1 MSEK (-7,5), whereas EBIT adjusted for results from shares in associated companies amounted to -9,2 MSEK (-4,2).
• The result for the period amounted to -13,3 MSEK (-9,0).
• Earnings per share before and after dilution was neg. (neg.).
• Total cash flow for the period amounted to -14,7 MSEK (-5,3).
• The Group’s cash and cash equivalents amounted to 73,0 MSEK (33,8).

Significant events during the period:

• Magnus Jonsson, Chairman of the Board of Gapwaves AB, has declined re-election ahead of the Annual General Meeting 2026.
• Gapwaves received an order from Desay SV for a new development project.

Significant events after the end of the period:

• Gapwaves entered into a development agreement with Gotmic.

In the midst of the transition to volume production

Revenue for the quarter amounted to 18,8 MSEK (22,8) and EBITDA adjusted for results from shares in associated companies amounted to -7,3 MSEK (-2,5). We are in the midst of the production ramp-up for volume manufacturing, which is initially affecting both revenue and EBITDA. The macroeconomic environment is impacting project-related revenues, which we expect to persist. We are executing our defined strategy and Gapwaves' establishment as a strategic supplier of waveguide antennas in the volume market is progressing.

Transition to volume production
Our transition towards becoming a value-creating supplier to Tier-1 producers commenced with production in Gothenburg in the middle of last year. This has validated our technology and model, which has been followed by a time-to-market significantly shorter than is typical in the industry. We are currently in the midst of launching volume production for Valeo at Frencken, our contract manufacturer in China. That ramp-up is currently under way, with production start expected during the second quarter.

Our revenues change over time within our business model. In the early stages - prototypes, development projects and qualification - margins are higher, as each assignment is customer-specific and consists primarily of project revenues. In the transition to volume production, the price per unit decreases while volumes grow. Revenues under a contract may initially be lower before increasing as volumes grow. This is the transition we are now executing. In parallel, production for Hella has continued to grow in volume. In total, over 1,5 million Gapwaves antennas have been manufactured since the company was founded - the majority under licence by Frencken for Hella.

Sustained drivers in a challenging market
The automotive industry continues to be characterised by macroeconomic and geopolitical uncertainty, which may extend decision-making processes at Tier-1 suppliers and car manufacturers. This affects project-related revenues in particular in the near term. At the same time, the structural drivers remain intact: growing consumer demand for safety and increasingly stringent regulatory requirements for vehicle safety. We assess the long-term demand and market potential as remaining strong.

New order from Desay SV strengthens our position in China
During the quarter, we received a new order from Desay SV for the development of a gapwaveguide antenna for next-generation front radar sensors for ADAS applications. The order is a continuation of the collaboration we initiated in 2025 and confirms that our technology meets the demanding requirements of the rapidly growing Chinese radar market. Strong local customer relationships of this kind are central to our establishment in China.

Our priorities going forward
During the year, we are focusing on three main areas: production start and production scale-up in China for Valeo, establishment in new market segments, and streamlining and adapting our cost structure to our focus on volume production. The agreement with Gotmic, entered into after the end of the quarter, is a tangible example of our technology creating value in other application areas.

To conclude, I would like to extend my sincere thanks to all employees for your dedication during an intense quarter, and to our customers, partners and shareholders for their continued confidence. I would also like to take this opportunity to thank our Chairman of the Board, Magnus Jonsson, who has declined re-election at the upcoming Annual General Meeting, for his valuable contributions to Gapwaves' development.

Gothenburg, 30 April 2026
Jonas Ehinger, CEO Gapwaves AB (publ)


The full report is available as attached PDF and on the company’s website https://www.gapwaves.com/investors/financial-reports-and-documents/

Online presentation
Gapwaves CEO Jonas Ehinger will present the report today, April 30th, 10:00 AM, followed by a Q&A session. The presentation will be held in English and can be accessed via the link below: https://finwire.tv/webcast/gapwaves-2/q1-2026/ A recording will be available afterwards on the company’s website.

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

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

About Gapwaves AB (publ)
Gapwaves AB (publ) develops wireless solutions based on unique and patented waveguide technology for millimetre-wave applications. Our products are primarily used in antennas for radar systems enabling autonomous driving and advanced safety solutions within the automotive industry. Through collaborations with leading players in the sector, we contribute to the development of safer and more efficient transport systems. The technology is cost-efficient, combines high performance with a compact design and is also suitable for industrial automation, telecommunications, smart cities, and civil-military applications – areas where precision and reliability are crucial. Gapwaves was founded in 2011 from research at Chalmers University of Technology and is listed on Nasdaq First North Growth Market Stockholm (GAPW B).

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 2026-04-30 07:00 CEST.

Attachments
Gapwaves AB (publ) Interim Report Q1 2026

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