Gapwaves performed in line with our expectations in Q3. In this update, we have reviewed our market assumptions and revised our estimates both in the automotive and telecom segment. We believe that the pre-commercial sales on the automotive side will be lower in the short term than previously expected. However, the case within telecom has strengthened, given its recent success in proving the commercial potential of the technology. We feel confident in the company’s long-term prospects and have raised our base case to SEK 30.

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