User

Gapwaves AB (publ)

GAPW-B.ST

Communication Equipment · Technology

Price

kr 15.58

+0.14 (+0.91%)

Market Cap

kr 447.5M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Gapwaves is a Swedish technology company that makes advanced antenna systems for wireless communication. Its core product is a waveguide-based antenna technology designed for high-frequency applications, particularly millimeter-wave (mmWave) signals used in 5G networks and automotive radar systems. The company sells primarily to telecom equipment makers and automotive suppliers.

Gapwaves earns revenue through product sales and technology licensing agreements. It is based in Gothenburg, Sweden, and operates at a small scale, with a market cap around $0.5 billion. The company's main competitive edge is its patented gap waveguide technology, which allows antennas to perform better at high frequencies with less signal loss than traditional designs. However, Gapwaves is not yet profitable — its negative gross and operating margins show it is still spending more than it earns — and the key risk is whether it can secure enough commercial contracts in the competitive 5G and automotive radar markets to reach sustainable revenue before needing additional funding.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-17.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-24.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

22.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~10 months

$73M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Gapwaves AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-58.1%

Thin — -58.1% gross margin

Operating Margin

-58.1%

Losing money on operations — -58.1%

ROCE

-8.7%

Weak — -8.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+18.2%

Fast-growing sales (18.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-58.0%

Burning cash (-58.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.22

Conservative — low debt load (0.22)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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