Slides
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Webcast Q3 2026
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Swedish tech company with patented waveguide technology Founded in 2011 Ca 40 employees HQ in Gothenburg Listed on Nasdaq First North Growth Market since 2016 What we do High-performance waveguide solutions Applications Automotive Mobility Defense Satcom Telecom Smart City Value chain position TIER 2 SUPPLIERS TIER 1 SUPPLIERS CAR MANUFACTURERS (OEM) Example companies Example companies Example companies GAPWAVES IN BRIEF
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Gapwaves markets Volume market today Automotive Radar for ADAS , in-cabin and autonomy Telecom Defense Same patented waveguide technology Smart city Mobility Target market applications Satcom
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Well-positioned for profitable growth Strong market potential and growing TAM Driven by regulation and customer needs World-leading technology With extensive patent portfolio Volume production has started >3 600 000 antennas produced with Gapwaves technology YTD 2026 Asset-light and flexible business model Revenue opportunity at each step INVESTMENT CASE
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Q3 Highlights 2026
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Operational achievements Continued Valeo volume production ramp up, demand increasing above plan Capacity is increased built for even further volume increases from 2028 Development has started on antennas for Valeo’s next-generation radar sensors More than 3,6 million antennas produced with Gapwaves technology YTD 2026 Strategic step into the Chinese market through supply agreement with Desay SV New applications progressing beyond automotive radar market Q3 2026
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Deployed in cars New Mercedes-Benz CLA with EQ technology PRODUCTS ON THE ROADS Geely Group Volvo XC70 in China China’s second-largest automotive manufacturer, owner of Volvo Cars, Polestar, Zeekr and others More to come
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HIGHLIGHTS Q3 Q3 Net Sales MSEK 9,0 (MSEK 20,4) Q3 Adj. EBITDA MSEK -14,2 (MSEK -15,3) Q3: Progress in our transition Q3 Total Cash Flow MSEK -4,5 (MSEK -6,2) 0 10 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net sales (MSEK) 2023 2024 2025 2026 Transition from project revenues to product sales continues Net sales 9 MSEK (20,4) and adjusted EBITDA -14,2 MSEK (-15,3), o lower project revenues and no production equipment sales o product sales ramp up and in volumes, with significant increases to 2029 and beyond Cash flow -4,5 MSEK
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HIGHLIGHTS Q3 Product sales now largest revenue stream Comparison quarter included sales of production equipment for 9 MSEK and higher project revenue Continued market caution around new projects – reflecting uncertainty in automotive industry and macro environment Antenna production rose from 1,2 million in Q2 to 1,6 million in Q3, and >500% YTD for y-o-y Early ramp up phase and volumes do not yet offset lower project revenue Revenue mix is behind the year-on-year decline Q3 2025 Q3 2026 Production equipment Other (incl project-related revenue, product revenue etc) 20,4 MSEK 9,0 MSEK
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Sensrad Sensrad Stake in Sensrad written down 30% ownership in Sensrad transferred to main shareholder Qamcom after the quarter Potential upside from future share transaction Sensrad was initiated to move Gapwaves higher up the value chain in 2022 Weaker-than-expected development due to increased competition and significantly lower sales No further capital contributions from Gapwaves Resources prioritised towards Gapwaves’ core business, ongoing scale-up and areas with stronger growth potential
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Expansion into new segments is intensifying alongside the automotive scale-up The Gotmic partnership is a concrete example: waveguide packaging for high-power amplifier modules Potential in defense, telecom and satellite communications Evaluating further applications where high performance, low losses and cost-effective industrial production create value Expanding beyond Automotive BROADER COMMERCIAL PLATFORM
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Developing a compact, cost-effective mm-wave radar Vinnova-funded research project For the detection and defeat of drones Counter-Unmanned Aerial Systems (C-UAS) Bringing industrialized technology for Automotive to defense, where demand is significant and long-term Combining MLW antenna and power amplification technology with automotive radar chip to build a complete radar demonstrator New growth segment: radar seeker AFTER THE QUARTER “Russia is ready to use from 7 to 9 million drones in 2026” Andrius Kubilius, EU Commissioner for Defence and Space
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Financing – Rights Issue to be decided at EGM November 10th Use of proceeds RIGHTS ISSUE Accelerated commercial upscaling in Automotive Improved margin potential New growth platform in defense Commercialization of the next- generation waveguide antenna
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Outlook Long term market outlook unchanged Revenue transition From research-focus, short-term project revenues to product sales Production ramp-up Continued volume growth with Valeo and Hella production Continued supply chain development Additional growth drivers Autonomous vehicles (L4, robotaxis and freight vehicles) New growth segments in Defense, Packaging, In- cabin radar
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Near-term Continue Valeo ramp-up and significant volume expansion Focus on business development in new segments Adding new automotive Tier 1 customers and SOP , positive development in prospect discussions Radar seeker (C-UAS) development started Antennas produced with Gapwaves technology Includes antennas produced by Gapwaves and through licensed/partner production. 2026/2027 figure represents company estimations. 60 000 >100 000 >840 000 >4 500 000 10 000 000 2011–23 2024 2025 2026e 2027e
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Q&A
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For more information CONTACT Jonas Ehinger CEO jonas.ehinger@gapwaves.com
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Thank you! Gapwaves AB (publ) Corp. Reg. No. 556840-2829 Headquarters: Nellickevägen 22 SE-412 63 Gothenburg, Sweden Tel: +46 31 762 60 40 E-mail: info@gapwaves.com www.gapwaves.com Follow us