Gapwaves AB: Gapwaves AB (publ) publishes Interim Report for Q3 2025

Third quarter: July 1^st - September 30^th

• Net sales amounted to MSEK 20.4 (18.4), an increase of 10.8 %.
• EBITDA amounted to MSEK -17.7 (-10.2), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -15.3 (-6.7).
• EBIT amounted to MSEK -19.3 (-12.0), whereas EBIT adjusted for results from shares in associated companies amounted to MSEK -16.9 (-8.5).
• The result for the period amounted to MSEK -19.1 (-11.9).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -6.2 (-12.1).
• The Group's cash and cash equivalents amounted to MSEK 28.0 (54.7).

January - September 2025

• Net sales amounted to MSEK 67.2 MSEK (48.5), an increase of 38.7 %.
• EBITDA amounted to MSEK -30.6 (-35.7), while EBITDA adjusted for results from shares in associated companies amounted to MSEK -21.7 (-24.3).
• EBIT amounted to MSEK -35.6 (-41.2), whereas EBIT adjusted for results from shares in associated companies amounted to MSEK -26.6 (-29.8).
• The result for the period amounted to MSEK -36.0 (-39.9).
• Earnings per share before and after dilution was neg. (neg.).
• Cash flow for the period amounted to MSEK -11.8 (-34.9)

Significant events during the period:

• Gapwaves commenced production for Valeo at its facility in Gothenburg.
• Gapwaves initiated a collaboration with Infineon Technologies, a globally leading German semiconductor company.

Significant events after the end of the period:

• Gapwaves board of directors has resolved on a fully underwritten rights issue of approx. MSEK 78, conditional on the approval of general meeting and enters into a loan facility agreement of MSEK 15.
• Director Martin Kornacker announced that he intends to withdraw from the board of directors
• Gapwaves will hold an Extraordinary General Meeting on October 31st.
• Nils Mösko has been appointed CFO.

Gapwaves CEO Jonas Ehinger comments: "The quarter was positive, with revenue up 11% to MSEK 20.4. We've moved from concept to commercial reality - with over 500,000 antennas produced, growing deliveries, and our technology now on the road in the new Mercedes-Benz CLA. The result reflects we are in the initial phase of production for Valeo and are accelerating the volume ramp-up, driven by strong demand. Supported by the planned funding, we're scaling for high volumes and 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 present the report today, October 24^th, 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://www.redeye.se/events/1126950/live-q-gapwaves-3 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:?[e-mail]

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 2025-10-24 07:00 CEST.