Sweden's Gapwaves Q3 net sales fall on project revenue decline

Gapwaves AB

22/10/2026 17:18

Overview
Sweden antenna technology firm's Q3 net sales fell 56% yr/yr as project revenue declined
Company wrote down Sensrad investment and transferred 30% stake for SEK 1 after weak performance
Product sales and antenna production volumes grew, driven by Valeo and new supply agreement in China

Outlook
Gapwaves expects product sales growth and higher production volumes in coming quarters
Company preparing for higher volumes from 2028 with new equipment for Valeo program
Board is evaluating options to strengthen financial position and flexibility in near term

Result Drivers
PROJECT REVENUE DECLINE - Co said net sales fell as sales of production equipment and project revenue were significantly lower than last year
PRODUCT SALES GROWTH - Co said product sales are now its largest revenue stream, with steadily increasing production volumes laying foundation for continued growth
VALEO DEMAND - Co said demand from Valeo continues to develop more strongly than expected, with larger orders and higher volumes

Company press release: ID:nMFN12wCHQ

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
SEK 9 mln
 
Q3 Net Loss
 
SEK 38.8 mln
 
Q3 EBIT
 
-SEK 21.4 mln
 
Q3 EBITDA
 
-SEK 19.5 mln
 

Analyst Coverage
Wall Street's median 12-month price target for Gapwaves AB is SEK20.00, about 43.5% above its October 21 closing price of SEK13.94

Reuters Recommended Reads
Oct 21 - Sweden's Husqvarna slightly misses Q3 sales estimates amid weak demand
Oct 21 - Sweden's SKF misses Q3 sales, operating profit estimates
Oct 22 - Sweden's Mycronic Q3 sales beat estimates, lifts 2026 outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)