What Gapwaves does

Gapwaves AB (publ) is a Swedish public company (Nasdaq First North Growth Market Stockholm: GAPW B), founded in 2011 from research at Chalmers University of Technology and headquartered in Gothenburg, Sweden. The company develops and supplies patented Multi-Layer Waveguide (MLW) antennas and waveguide components for millimetre-wave (mmWave) applications, with a primary focus on automotive radar for Advanced Driver Assistance Systems (ADAS). Its core technology — a metallic, multi-layer waveguide structure enabling high resolution, low signal loss, compact form factor and heat dissipation — is described by the company as 'disruptive' and was expanded through the 2022 acquisition of Metasum AB.

Gapwaves operates a hybrid revenue model combining (i) non-recurring engineering (NRE) and prototype development projects for customer-specific antenna designs, (ii) high-volume series supply of MLW antennas manufactured through Gapwaves' own Gothenburg facility and contract manufacturers (Frencken in China, AT&S in Austria), and (iii) royalty-bearing technology licensing (the majority of 1.5 million+ Gapwaves antennas manufactured since founding are produced under licence by Frencken for Hella/Forvia). Primary customers are global Tier-1 automotive suppliers (Valeo, Hella, Bosch, Magna/Veoneer, Desay SV) and semiconductor vendors (Infineon, NXP, TI, ST, Calterah); the company is extending into 5G phased-array antennas, in-cabin child presence detection radar (with Acconeer), defense and high-power amplifier modules (with Gotmic), and traffic management / smart city radar.

The company's go-to-market is enterprise-led and project-driven: development contracts transition into multi-year series supply following platform qualification. Q1 2026 net sales were 18.8 MSEK (down 17.4% YoY) with EBITDA of -12.3 MSEK, reflecting the expected mix-shift from NRE-heavy to volume-heavy revenue as Valeo production ramps. Cash stood at 73.0 MSEK following an oversubscribed ~SEK 78 million rights issue in November 2025, providing runway to fund commercial expansion, production scale-up and next-generation technology investments.

Name

Gapwaves

Legal name

Gapwaves AB (publ)

Website

https://gapwaves.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Gapwaves AB (publ) is a Swedish public company that develops patented Multi-Layer Waveguide (MLW) mmWave antennas for automotive radar ADAS, 5G, defense and high-power amplifier applications, supplying global Tier-1 suppliers and semiconductor vendors including Hella, Valeo, Infineon, Bosch and Desay SV.

Ownership category

akta.pro rank

Product category

Millimeter-Wave Antenna Components

NAICS

Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing (334220), Other Communications Equipment Manufacturing (33429)

SIC

Radio & Tv Broadcasting & Communications Equipment (3663), Communications Equipment, Nec (3669)

akta.pro primary industry

RF Filters & Duplexers (SAW/BAW/FBAR) (HDAHAMAG)

akta.pro secondary industries

Millimeter-Wave (mmWave) ICs & Beamforming ICs (HDAHAMAH), RF MEMS & Resonators (SAW/BAW/Filters/Timing) (HDAHALAI), RF Switches, Tuners & Antenna Tuning ICs (HDAHAMAD)

Keywords

• Millimeter-wave antennas
• Waveguide technology
• Automotive radar antennas
• 5G phased array antennas
• ADAS sensor components

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Development projects (NRE / prototypes): Customer-specific engineering, design and prototype projects (NRE – non-recurring engineering) where each assignment consists primarily of project revenues with higher margins. Examples: Infineon development order (~SEK 0.5 million for MLW antennas), Gotmic initial development order (~MSEK 1.5), Desay SV development order for gapwaveguide antennas. Priced at fixed price or current account per Order Confirmation.
2. Series / volume production of waveguide antennas: High-volume supply of waveguide antennas (MLW antennas) to Tier-1 customers through Gapwaves' own Gothenburg production and contract manufacturers (Frencken in China, AT&S in Austria). Volume production for Valeo via Frencken launched June 2025; Hella via Frencken under licence continues to grow. Unit price is lower than in prototype phase, but volumes scale significantly.
3. Technology licensing (royalty-bearing manufacture): Licensing of Gapwaves' patented waveguide technology to partners such as Hella, with the majority of the 1.5 million+ Gapwaves antennas manufactured to date produced under licence by Frencken for Hella. Licensing enables production volume without Gapwaves directly manufacturing all units.
4. Waveguide packaging for HPA modules (Gotmic): Long-term supply of waveguide packaging for high-power amplifier modules to Gotmic (estimated ~MSEK 10 over 3 years following product launch), following an initial MSEK 1.5 development order. Targets defence, radar, space, telecom and T&M applications.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Gapwaves develops and supplies patented Multi-Layer Waveguide (MLW) antennas and waveguide components for millimetre-wave (mmWave) applications. Its core business is producing low-loss, high-resolution waveguide antennas for automotive ADAS radar, 5G telecom, defence radar and intelligent transport systems, sold through direct enterprise sales, licensing and contract manufacturing partners (Frencken in China, AT&S in Austria).

Product overview

Gapwaves AB (publ) is a Swedish hardware company that develops and supplies a portfolio of patented millimeter-wave (mmWave) antenna and waveguide products built on a single core technology – its patented Multi-Layer Waveguide (MLW) platform. The offering is structured as one core enabling technology (Multi-Layer Waveguide technology) feeding a set of vertical product lines: Automotive Radar Antennas (the flagship, in volume production for Valeo via Frencken and for Hella via Frencken under licence), Traffic Management Radar Antennas (ITS / smart city), Defense Radar Antennas, 5G Phased Array Antennas, and Flat Panel Antennas, plus a small catalog of webshop components (Flange Adapters and Waveguide Filters / E-band). All products share the same underlying MLW technology and are sold either as engineering/design services and custom prototypes under development agreements or, increasingly, as high-volume series deliveries to Tier-1 suppliers and OEMs.

Differentiator

Problem solved

Functional benefit

Products and services

• Automotive Radar Antennas High-resolution, low-loss, cost-efficient Multi-Layer Waveguide (MLW) antennas for advanced driver assistance systems (ADAS) and autonomous driving radar sensors. Sold to global Tier-1 automotive suppliers and OEMs; in volume production for Valeo and Hella/Forvia.
• Traffic Management Radar Antennas mmWave waveguide antennas for intelligent transport systems (ITS) and traffic management radar sensors used in smart city applications. Built on the same MLW platform as automotive products.
• Defense Radar Antennas mmWave waveguide antennas for defence and civil-military radar applications where precision and reliability are critical. Includes waveguide packaging for high-power amplifier (HPA) modules supplied to partners such as Gotmic.
• 5G Phased Array Antennas Low-loss, high-bandwidth, compact and sustainable phased-array antenna solutions optimized for 5G wireless backhaul, fronthaul and access applications in the telecommunications sector.
• Flat Panel Antennas Flat-panel mmWave antennas listed among Gapwaves' solution offerings for advanced wireless communication use cases including fixed wireless access and satcom-style terminals.
• Flange Adapters High-performance, contact-free waveguide flange adapters that eliminate the need for electrical contact and screws in waveguide test and production setups. Sold via Gapwaves' webshop to business customers.
• Waveguide Filters (E-band) Unique low-loss mmWave filters with ultra-thin, compact design for integration into telecommunications and radar products as well as laboratory and production facilities. Sold via Gapwaves' webshop.
• Multi-Layer Waveguide (MLW) Technology License Patented waveguide technology for mmWave applications, licensed to partners (e.g., Hella via Frencken) for royalty-bearing production. Originated from research at Chalmers University of Technology.

Quantifiable outcome

• Over 1.5 million Gapwaves antennas manufactured since founding (majority under licence by Frencken for Hella)
• +5 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core strategic customer (china), core co-development partner (vinnova-funded), flagship strategic supply partner, core strategic partner for new market segment (defence/telecom), core development customer, flagship commercial customer / strategic partner, subsidiary (acquired), flagship licensed manufacturer / shareholder, core manufacturing partner, standard advisor and foundational research partner.

• Desay SVcore strategic customer (china)Strategic or Co-development Partner · 2 June 2026Desay SV placed a development order (Feb 2026) for design, development and delivery of prototypes of a gapwaveguide antenna for next-generation front radar sensors for ADAS applications. Gapwaves delivered 300 antenna prototypes on June 2, 2026 for integration into radar sensors for a global automotive OEM. Collaboration began in 2025 and is key to Gapwaves' establishment in the Chinese radar market.
• Acconeer ABcore co-development partner (vinnova-funded)Strategic or Co-development Partner · 20 May 2026Nine-month project (starting June 2026) under Vinnova funding (0.5 MSEK shared between Gapwaves and Acconeer) within the Strategic Vehicle Research and Innovation (FFI) programme sub-programme Safe Traffic Automation. Combines Gapwaves' waveguide antenna expertise with Acconeer's compact 60GHz radar sensors for in-cabin child presence detection to meet Euro NCAP requirements.
• AT&S Austria Technologie & Systemtechnik Aktiengesellschaftflagship strategic supply partnerStrategic or Co-development Partner · 13 May 2026Production agreement (May 13, 2026) for AT&S to manufacture ultra-precision etched waveguide antenna layers for Gapwaves' Multi-Layer Waveguide (MLW) antennas. The agreement evolved from a 2023 development project into a long-term supply agreement for high-volume production. AT&S is IATF 16949-certified and is Gapwaves' first pure etching provider. AT&S operates in Austria, China, India and Malaysia. CEO Jonas Ehinger welcomed AT&S as 'a globally recognized manufacturer and leading player in the automotive industry' to Gapwaves' supplier portfolio.
• Gotmic ABcore strategic partner for new market segment (defence/telecom)Strategic or Co-development Partner · 2 April 2026Development agreement to design and develop waveguide packaging for high-power amplifier (HPA) modules. Initial order value ~MSEK 1.5 (delivered during 2026); estimated ~MSEK 10 supply over the following 3 years post-launch. Combines Gotmic's MMIC chipsets with Gapwaves' patented MLW technology for defence, radar, space, telecom and T&M. First customer of the integrated HPA module is a US defence group. Collaboration is a direct result of joint NASCENT (Vinnova-funded) research project running until October 2026.
• Infineon Technologiescore development customerTechnology or Integration · 23 December 2025Continued collaboration on Gapwaves' MLW antenna for a new CARKIT radar module solution. New development order valued at ~SEK 0.5 million with deliveries scheduled for mid-2026. Infineon is also a logo partner on the Gapwaves homepage (Infineon-x-Gapwaves).
• Valeo SEflagship commercial customer / strategic partnerStrategic or Co-development Partner · 1 June 2025Production start with Valeo SE (June 2025) marked Gapwaves' first high-volume production and its transition from an R&D company to a commercially established supplier. Volume production for Valeo is being ramped via Frencken (China) with production start expected during Q2 2026. The collaboration validates Gapwaves' technology and business model for the global automotive Tier-1 market.
• Metasum ABsubsidiary (acquired)Strategic or Co-development Partner · 1 July 2022Gapwaves acquired the remaining 75% of shares in Metasum AB (specializing in waveguide technologies), with the transaction completing on July 1, 2022. The acquisition expanded Gapwaves' patent portfolio and product offerings in advanced radar sensors.
• Hella (Forvia)flagship licensed manufacturer / shareholderOEM/ Whitelabel/ Licensing PartnerMajority of the 1.5 million+ Gapwaves antennas manufactured to date are produced under licence by Frencken for Hella. Hella GmbH & Co. KGaA also represents 5.8% of the votes as a shareholder. Production for Hella continues to grow in volume, and is paired with the recent Q1 2026 ramp of Valeo production in China.
• Frencken (contract manufacturer, China)core manufacturing partnerOEM/ Whitelabel/ Licensing PartnerFrencken serves as Gapwaves' contract manufacturer in China. Produces the majority of Gapwaves antennas under licence for Hella and is currently ramping up volume production for Valeo (production start expected Q2 2026). Frencken is also a logo partner on the Gapwaves homepage.
• MAQS Advokatbyrå ABstandard advisorOthersLegal advisor to Gapwaves in the 2025 Rights Issue; also served as host of the 2026 Annual General Meeting at Masthamnsgatan 13 in Gothenburg. Attorney Eric Ehrencrona chaired the AGM.
• Chalmers University of Technologyfoundational research partnerTechnology or IntegrationOrigin of Gapwaves' core waveguide technology. Gapwaves was founded in 2011 from research conducted at Chalmers University of Technology.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hella (Forvia): Global Tier-1 automotive supplier of radar and ADAS components; simultaneously Gapwaves' largest licensed manufacturer and a shareholder (~5.8% of votes). Comparable because Hella integrates Gapwaves' MLW antennas into its radar sensor portfolio and competes with similar waveguide-based antenna solutions.
• Valeo: Global Tier-1 automotive supplier with significant ADAS and radar sensor business. Comparable because Valeo is Gapwaves' marquee volume-production customer (production start June 2025) and competes in the same automotive radar antenna/module space.
• Calterah: Chinese mmWave radar chip designer collaborating with Gapwaves on integrated antenna-plus-chipset solutions. Comparable because Calterah directly integrates Gapwaves waveguide antennas with its radar SoCs and overlaps in the same mmWave automotive radar supply chain.
• Flann Microwave: UK-based specialist manufacturer of microwave and mmWave waveguide components, antennas, filters and flanges. Comparable as a competing supplier of precision waveguide components used in telecom, radar, and test & measurement.

Broad incumbents

• Robert Bosch (Bosch Mobility): Largest automotive Tier-1 globally with a broad ADAS/radar product portfolio and in-house mmWave antenna capabilities. Comparable as both a logo customer of Gapwaves and a competitor offering integrated radar modules to OEMs.
• Continental AG: Major automotive Tier-1 with established short- and long-range radar sensor lines. Comparable as a competing supplier of mmWave radar antennas and modules for ADAS.
• Denso: Japanese automotive Tier-1 with significant ADAS radar and sensor offerings. Comparable as a competing supplier of mmWave radar antennas to global OEMs.
• Aptiv: Global technology company focused on ADAS and connected vehicle solutions with active safety/radar product lines. Comparable as a competing Tier-1 for integrated radar systems.
• Magna International: Tier-1 supplier active in ADAS and radar through the legacy Veoneer business. Comparable as a competing radar module supplier and a logo partner of Gapwaves.

Emerging players

• Movandi: US-based specialist in mmWave 5G phased-array antennas and RF front-end systems. Comparable as an emerging competitor in 5G phased-array antennas, one of Gapwaves' non-automotive product lines.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/gapwaves

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gapwaves