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Gapwaves AB Class B
(GAPW.B)
Select Model
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Rating:42Neutral
Price Target:
kr14.00
▲(14.94% Upside)
Action:Reiterated
Date:09/12/26
The score is primarily held down by poor financial performance—continued heavy losses, negative gross profit, and ongoing cash burn—despite relatively modest leverage. Technicals add a slight offset with a near-neutral RSI, but the stock remains below key longer-term moving averages and MACD is negative. Valuation provides limited support due to negative earnings and no stated dividend yield.
Positive Factors
Specialized antenna technology
A focused technology position in high-frequency antenna solutions gives Gapwaves exposure to several advanced connectivity markets. Its applications across telecom and automotive radar can support durable customer relevance if the company continues industrializing products that meet performance and cost requirements.
Negative Factors
Persistent unprofitability
The combination of declining revenue, negative gross profit and a large net loss shows that current sales are not covering the economic cost of the business. Persistent unprofitability limits internal reinvestment capacity and makes any future growth dependent on achieving substantial operating improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized antenna technology
A focused technology position in high-frequency antenna solutions gives Gapwaves exposure to several advanced connectivity markets. Its applications across telecom and automotive radar can support durable customer relevance if the company continues industrializing products that meet performance and cost requirements.
Read all positive factors
Gapwaves AB Class B (GAPW.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr553.05M
Dividend YieldN/A
Average Volume (3M)52.27K
Price to Earnings (P/E)―
Beta (1Y)-0.37
Revenue Growth-8.74%
EPS Growth-70.62%
CountrySE
Employees38
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-2.15
Shares Outstanding28,719,849
10 Day Avg. Volume56,172
30 Day Avg. Volume52,272
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)3.98
Price to Sales (P/S)5.16
P/FCF Ratio-14.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.5
Revenue Forecast (FY)kr63.90M
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 f...
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 subsy...
Gapwaves AB Class B Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
56
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 75.59M | 90.55M | 79.20M | 27.51M | 64.02M | 34.86M |
| Gross Profit | -38.74M | -46.22M | 55.82M | -22.41M | 43.18M | 21.83M |
| EBITDA | -40.12M | -31.34M | -57.44M | -60.73M | -9.98M | -30.34M |
| Net Income | -72.47M | -58.24M | -52.07M | -69.23M | -15.34M | -36.31M |
Balance Sheet | ||||||
| Total Assets | 123.46M | 165.79M | 130.99M | 171.58M | 251.51M | 253.59M |
| Cash, Cash Equivalents and Short-Term Investments | 50.88M | 87.15M | 40.75M | 89.33M | 185.43M | 211.16M |
| Total Debt | 7.16M | 13.52M | 0.00 | 0.00 | 0.00 | 1.46M |
| Total Liabilities | 37.23M | 48.52M | 28.42M | 18.27M | 29.63M | 25.51M |
| Stockholders Equity | 86.24M | 117.27M | 102.57M | 153.31M | 221.88M | 228.08M |
Cash Flow | ||||||
| Free Cash Flow | -63.28M | -32.53M | -29.89M | -49.10M | -25.13M | -50.73M |
| Operating Cash Flow | -51.10M | -30.56M | -28.06M | -47.52M | -24.62M | -41.61M |
| Investing Cash Flow | -16.52M | -6.93M | -21.28M | -48.57M | -2.11M | -10.21M |
| Financing Cash Flow | 83.56M | 85.13M | 0.00 | 0.00 | -229.00K | 185.12M |
Gapwaves AB Class B Technical Analysis
Positive
12.18
Price Trends
12.53
Positive
14.46
Positive
13.54
Positive
Market Momentum
0.51
Negative
73.93
Negative
82.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GAPW.B, the sentiment is Positive. The current price of 12.18 is below the 20-day moving average (MA) of 12.66, below the 50-day MA of 12.53, and below the 200-day MA of 13.54, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 73.93 is Negative, neither overbought nor oversold. The STOCH value of 82.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:GAPW.B.
Gapwaves AB Class B Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr320.12B | 12.95 | 23.57% | 3.13% | -7.45% | 42.49% | |
62 Neutral | kr925.82M | -65.02 | -2.24% | ― | -14.51% | -1025.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | kr334.98M | 191.00 | ― | 1.05% | 16.73% | 202.62% | |
56 Neutral | kr9.28B | 210.20 | 1.20% | 0.13% | 4.60% | -89.25% | |
53 Neutral | kr718.17M | -225.38 | ― | 0.63% | -9.23% | -111.03% | |
42 Neutral | kr553.05M | -7.08 | -77.33% | ― | -8.74% | -70.62% |
* Technology Sector Average
SE:GAPW.B
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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.