Gapwaves AB (publ)

I still have a dream Welcome to Red Eye and this live queue where we have with us Gapwaves to present the third quarter results of 2026. We have with us CEO Jonas Ehinger and CFO Nils Mösku and they will first have a presentation followed by a Q&A session. So if you have any questions, make sure to fill out the form on the website and we will try to get all of those questions asked on this call. But without further to do, I will hand over to Jonas who will do a short presentation.

Thank you, Rasmus and RedEye. We're happy to be back to present our third quarter, which was published yesterday evening. And together with me today, like Rasmus said, we also have Nils Mosgaard, CFO, and together we'll go through the presentation, but also make sure that we have time to discuss some of the reports and report findings and also some of the questions that we have received. So let me start with a short introduction regarding the company Gapwaves. It's a waveguide technology company, and we have a unique technology developed at Chalmers Technical University in Gothenburg. And we apply this waveguide technology in various applications, primarily antennas right now, but there's also other types of products that can be based on this technology. Our main area right now are antennas for automotive, but also other types of antennas within other market segments, such as mobility involving other types of vehicles, than passenger cars. And now also we see increased interest and relevance in the defense sector. Other things that we have mentioned before are market areas such as Satcom and Telecom. Obviously, we also supply radar antennas for smart city applications for traffic surveillance or traffic flow monitoring. Gapwaves develop and design antennas and put them into production. We also design production methods and processes along with production equipment. So we're in automotive at tier two. SUPPLIER AND WE SUPPLIED A COMPLETE ANTENNA SOLUTION TO OUR CUSTOMERS THAT ARE TIER ONE SUPPLIERS AND OUR CUSTOMERS SELL THE COMPLETE RADAR SENSORS AND THE RADAR SYSTEM TO THE CAR MANUFACTURERS OEMS WE'RE AROUND 40 EMPLOYEES CURRENTLY AND WE'RE STILL HEADQUARTERED IN GOTHENBERG WHERE WE ALSO HAVE a pilot line production facility, which has been very important for us in capturing commercial contracts, but also initiating production sooner. The volume market today for gapwaves is, of course, automotive. I'm sure we'll talk quite a bit about automotive in this call. But we also see other markets that are now increasing in interest and commercial opportunity, such as the defense sector, which I will get back to you later in this presentation. And as I mentioned, other areas on our in our future will be expansion within mobility such as robotaxis or freight solutions. But now also Satcom is starting to move into higher frequency bands where gapwaves technology becomes very relevant in technology. So we're well positioned to continue our growth going forward. In these markets that I mentioned, there is a very strong market potential and it's a growing market. It's driven not only by nice to have features, but it's regulated through legal requirements, but also technical requirements. And this is a fundamental growth factor in the automotive market, for instance. Our technology is unique. It's very cost effective and suitable for scaling up and the volume production has started and we're quickly ramping up into very significant volumes. So this is far beyond a lab type of technology or product. And as you probably have heard from us before, We don't build our own factories. We don't own them. We contract with factories and production partners. So we keep our business asset light and we don't have to tie up a lot of capital in our own infrastructure. So let's go over to the main topic for today. the status of the company as per the Q3 report that we issued. So we want to highlight that there are quite a few strong operational achievements in this quarter. We have continued our Valeo ramp-up with higher volumes. As you may recall, put the high-volume line in China into operation in Q2, and now we have continued the upscaling in volumes for the Valeo program during the third quarter. We have also received orders to further increase the capacity and started to expand the production line in China, so it's ready for even further volumes during next year, but primarily in 2028. And interestingly, which is also a very important indication for the longer term future is that also started design work and development work for antennas for Valeo's next generation, which is planned to come into production in 2030. So while we're heavily scaling up for the current generation of their radar sensors, we've also already started development of next generation, which we think is very important strategically. So far, we've produced more than 3.6 million antennas this year alone, and that's due to, of course, the high volume line coming into production. And we've also entered into a production contract for DSA, for antennas that we have designed. SOP is planned for Q1 next year. It's the first supply and production contract in the Chinese market for a Chinese customer, which is also a very strong statement, I think. And finally we're also moving forward with expanding into applications outside the automotive radar market. And with that I also want to emphasize that we now see that gapwaves antennas are being rolled out in cars that are available on public roads in various markets around the world. We have communicated Mercedes before, and now there will be different brands within the Geely Automotive Group, for instance, the Volvo XC70, which is a car for the Chinese market produced in China. But there are also other brands that we will communicate as they become available. And here I would like to hand over to our CFO to walk you through some of the numbers and key financial aspects of our Q3 report. Go ahead, Nils.

I hear Niels.