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Gapwaves AB Class B
(GAPW.B)
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Rating:42Neutral
Price Target:
kr11.50
▼(-5.58% Downside)
Action:Reiterated
Date:07/18/26
The score is held down primarily by weak financial performance—continued heavy losses, negative gross profit, and persistent negative operating and free cash flow—despite relatively modest leverage. Technical indicators also point to a bearish trend (price below key moving averages and negative MACD), with oversold signals offering only limited offset. Valuation provides little support because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Modest Leverage
Relatively modest leverage reduces immediate balance-sheet pressure compared with highly debt-funded peers. This provides more financial flexibility while the company works to improve profitability, although ongoing losses still limit how durable that protection can be.
Negative Factors
Declining Revenue
The recent revenue contraction signals weaker commercial momentum and can make it harder to absorb fixed development and operating costs. If the decline persists, it may reduce the scale benefits needed for the business to progress toward sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest Leverage
Relatively modest leverage reduces immediate balance-sheet pressure compared with highly debt-funded peers. This provides more financial flexibility while the company works to improve profitability, although ongoing losses still limit how durable that protection can be.
Read all positive factors
Gapwaves AB Class B (GAPW.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr428.05M
Dividend YieldN/A
Average Volume (3M)33.19K
Price to Earnings (P/E)―
Beta (1Y)-0.31
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. Volume41,270
30 Day Avg. Volume33,189
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)kr106.50M
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 | -14.19M | -34.87M |
| 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
Negative
12.18
Price Trends
14.22
Negative
14.49
Negative
14.01
Negative
Market Momentum
-0.60
Negative
31.91
Neutral
21.64
Neutral
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 12.18 is below the 20-day moving average (MA) of 12.40, below the 50-day MA of 14.22, and below the 200-day MA of 14.01, indicating a bearish trend. The MACD of -0.60 indicates Negative momentum. The RSI at 31.91 is Neutral, neither overbought nor oversold. The STOCH value of 21.64 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr323.85B | 13.10 | 23.57% | 3.00% | -7.45% | 42.49% | |
62 Neutral | kr1.00B | -70.31 | -2.24% | ― | -14.51% | -1025.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | kr345.51M | 187.62 | ― | 1.05% | 11.87% | ― | |
56 Neutral | kr8.40B | 190.35 | 1.20% | 0.13% | 4.60% | -89.25% | |
53 Neutral | kr742.68M | -233.08 | ― | 0.63% | -9.23% | -111.03% | |
42 Neutral | kr428.05M | -5.48 | -77.33% | ― | -8.74% | -70.62% |
* Technology Sector Average
SE:GAPW.B
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12.22
-8.90
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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.