Second quarter: April 1st – June 30th

• Net sales amounted to MSEK 24.1 (14.5), an increase of 66 % compared to the second quarter of 2024.
• EBITDA improved and amounted to MSEK -7.2 (-12.5), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -3.8 (-8.8).
• The operating result/EBIT amounted to MSEK -8.8 (-14.3), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -5.5 (-10.6).
• The result for the period amounted to MSEK -7.9 (-14.4).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -0.3 MSEK (-2.2).
• The Group’s cash and cash equivalents amounted to MSEK 34.2 MSEK (66.9).

January - June 2025

• Net sales amounted to MSEK 46.9 MSEK (30.1), an increase of 56 % compared to the same period in 2024.
• EBITDA improved compared to the first half of 2024 and amounted to MSEK -13.0 (-25.5), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -6.4 (-17.6).
• The operating result/EBIT amounted to MSEK -16.3 (-29.2), whereas operating result adjusted for results from shares in associated companies amounted to MSEK -9.7 (-21.3).
• The result for the period amounted to MSEK -16.9 MSEK (-28.0).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -5.6 (-22.8).

Significant events during the period:

• Gapwaves entered into a development agreement with Desay SV, a leading Chinese Automotive Tier-1 supplier.
• Robert Berhof leaves his role as CFO. Nils Mösko was appointed as interim CFO.

Significant events after the end of the period:

• Gapwaves initiates production start for Valeo at the Gothenburg facility. The first series delivery to Valeo was made on July 1.
• Gapwaves received follow-up orders from Hella.

Gapwaves CEO Jonas Ehinger comments: “The growth remained strong, and revenue in the second quarter increased by 66% to MSEK 24.1 compared to Q2 last year, despite a turbulent environment and a challenging market. The underlying market trends remain unchanged, with growth driven by increased demand for security from consumers, stricter regulatory requirements, and technical regulations. An important milestone was reached with the start of production for Valeo’s antennas. We continue to expand geographically and have made significant progress in Asia through our collaboration with Desay SV, a leading Tier-1 supplier in China. The scaling and transition to a full-fledged product supplier in various areas, based on our unique gap waveguide technology, are progressing. In summary, the quarter was positive, and we continue to focus on executing and delivering according to our outlined strategy to drive long-term growth.”

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 hold a presentation in English today, July 25th, 10:00 AM, regarding the second quarter, followed by a Q&A session. To participate, please use this link: https://www.finwire.tv/webcast/gapwaves-2/q2-2025/. A recording of the presentation 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) 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.

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 2025-07-25 07:00 CEST.

Attachments
Gapwaves AB (publ) Interim Report Q2 2025

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