We believe Gapwaves continues to show progress in its most important topic, i.e. moving closer towards high-volume production with its tier-1 automotive clients. Q3 showed a higher loss y/y related to a lower gross margin in initial production at its pilot line facility (which should improve as volumes ramp up) coupled with start-up costs and some higher opex in general. We tweak our DCF-based fair value range to SEK 19-26 (20-27).
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