Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Press release

Redeye: Gapwaves - Funded to scale, setting sail

Gapwaves

Redeye resumes coverage and updates its view on Gapwaves following the Q3 report and the completion of a SEK78m rights issue. Tier 1 partners that have reached the start of production (SOP) are ramping up volumes, with Valeo specifically exceeding initial forecasts. While positive for long-term validation, this acceleration has triggered scaling costs that weighed heavily on the gross margin, which came in at 17% against a forecast of 65% (Q3 2024: 49%). Redeye anticipates these additional costs will pressure margins until production is transferred to external supply partners, expected by Q2/Q3 2026. Ultimately, Redeye views this as a transitional issue and remain positive regarding the long-term trajectory of the agreement. As Gapwaves transitions into a production entity, Redeye’s forecast now incorporate greater granularity regarding antenna types and customers. Additionally, Redeye has postponed the SOP assumptions for Hella Gen 7 and Veoneer/Magna from 2026 to 2027. Following these revised estimates and accounting for dilution from the rights issue, Redeye update its fair value range.

Read more and download the Research Update.
 
Follow companies at Redeye to receive the latest equity research within Life Science and Technology.
 
This is a press release from Redeye - Research Powered Investment Banking. www.redeye.se/

Attachments


Gapwaves - Funded to scale, setting sail

Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.