Gapwaves AB Class B (GAPW.B) AI Stock Analysis

Gapwaves AB Class B

(Nasdaq OMX AB:GAPW.B)

Select Model

Rating:39.5Underperform

Price Target:SEK 7.50▼(-8.98% Downside)

Action:reiterated

Date:10/29/26

The overall score is very low, driven primarily by a precarious financial state marked by severe unprofitability and an accelerating cash burn that threatens the company's viability. This is reinforced by weak technicals, with the stock in a clear downtrend and showing no signs of reversal. The negative P/E ratio further confirms the lack of fundamental support, making this a high-risk investment.

Positive Factors

Modest leverageModest leverage lowers refinancing and solvency pressure, giving Gapwaves more flexibility while it develops its technology and pursues customer programs. Although the balance sheet is weakening, limited debt reduces the risk that interest obligations will compound operating losses during the next several quarters.

Negative Factors

Persistent unprofitabilityLosses at gross, operating, and net levels indicate that the current business model is not yet covering its underlying cost base. Persistent negative margins can restrict reinvestment, increase dependence on external funding, and make successful execution of future customer programs essential to reaching breakeven.

Gapwaves AB Class B (GAPW.B) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 299.42M
Dividend Yield: ―
Average Volume (3M): 57.30K
Price to Earnings (P/E): -3.1
Beta (1Y): -0.11
Revenue Growth: -24.22%
EPS Growth: -77.03%
Country: Sweden
Employees: 38
Sector: Technology
Sector Strength: 61
Industry: Communication Equipment

Gapwaves AB Class B Business Overview & Revenue Model

Company Description

Headquartered in Gothenburg, Sweden, Gapwaves AB (publ) is a firm established in 2011 that specializes in furnishing a wide array of waveguide and antenna solutions. Its product line encompasses radar antennas, advanced 5G phased arrays, various flat...

How the Company Makes Money

Gapwaves makes money primarily by selling antenna-related hardware and associated development services to industrial customers. Key revenue streams typically include: (1) Product sales: revenue from delivering antenna components, modules, or subsyste...

Gapwaves AB Class B Financial Statement Overview

Summary

Financial health is critically weak. The TTM period shows a 15% revenue decline, a deeply negative -57.6% gross margin, and a net loss of SEK -92.2M. This is compounded by an accelerating cash burn, with free cash flow at SEK -55.1M and a rapidly shrinking equity base. The company is in a high-risk, unsustainable financial position.

Income Statement

18Very Negative

Balance Sheet

45Neutral

Cash Flow

12Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	64.27M	90.55M	79.20M	27.51M	64.02M	34.86M
Gross Profit	-37.00M	-46.22M	55.82M	-22.41M	43.18M	21.83M
EBITDA	-39.94M	-31.34M	-57.44M	-60.73M	-9.98M	-30.34M
Net Income	-92.17M	-58.24M	-52.07M	-69.23M	-15.34M	-36.31M
Balance Sheet
Total Assets	88.31M	165.79M	130.99M	171.58M	251.51M	253.59M
Cash, Cash Equivalents and Short-Term Investments	47.01M	87.15M	40.75M	89.33M	185.43M	211.16M
Total Debt	6.18M	13.52M	0	0	0	1.46M
Total Liabilities	40.47M	48.52M	28.42M	18.27M	29.63M	25.51M
Stockholders Equity	47.84M	117.27M	102.57M	153.31M	221.88M	228.08M
Cash Flow
Free Cash Flow	-55.11M	-32.53M	-29.89M	-49.10M	-25.13M	-50.73M
Operating Cash Flow	-41.73M	-30.56M	-28.06M	-47.52M	-24.62M	-41.61M
Investing Cash Flow	-18.33M	-6.93M	-21.28M	-48.57M	-2.11M	-10.21M
Financing Cash Flow	77.72M	85.13M	0	0	-229.00K	185.12M

Gapwaves AB Class B Technical Analysis

Technical Analysis SentimentNegative

Last Price8.24

Price Trends

50DMA12.24Negative

100DMA13.73Negative

200DMA13.31Negative

Market Momentum

MACD-1.21Positive

RSI28.62Positive

STOCH5.45Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GAPW.B, the sentiment is Negative. The current price of 8.24 is below the 20-day moving average (MA) of 12.46, below the 50-day MA of 12.24, and below the 200-day MA of 13.31, indicating a bearish trend. The MACD of -1.21 indicates Positive momentum. The RSI at 28.62 is Positive, neither overbought nor oversold. The STOCH value of 5.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:GAPW.B.

Gapwaves AB Class B Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:GAPW.B against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:ERIC.B	70Outperform	SEK 363.74B	18.67	18.10%	2.75%	-3.96%	-21.11%
SE:HTRO	67Neutral	SEK 10.11B	28.61	8.51%	―	7.22%	153.68%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:WAYS	58Neutral	SEK 347.26M	198.00	―	―	16.73%	202.62%
SE:ALCA	54Neutral	SEK 732.88M	-230.00	―	―	-9.23%	-111.03%
SE:NETI.B	52Neutral	SEK 894.06M	-21.82	-7.07%	―	-14.51%	-1025.00%
SE:GAPW.B	40Underperform	SEK 299.42M	-3.13	-103.82%	―	-24.22%	-77.03%

* Technology Sector Average

Performance Comparison

SE:GAPW.B and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:GAPW.B	Gapwaves AB Class B	8.24	-10.99	-57.16%
SE:ERIC.B	Telefonaktiebolaget LM Ericsson Class B	109.05	14.46	15.29%
SE:HTRO	Hexatronic Group AB	45.78	25.27	123.21%
SE:NETI.B	Net Insight AB Class B	2.67	-1.06	-28.28%
SE:ALCA	Alcadon Group AB	29.90	8.10	37.16%
SE:WAYS	Waystream Group AB	39.60	5.60	16.47%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 29, 2026

Gapwaves AB Class B AI Stock Analysis