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Gapwaves GAPW B.ST · SEK

Information Technology · Nasdaq Stockholm · 🇸🇪 Sweden

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7.44

-2.75%

Close of 9 Nov 2026, in SEK

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At a glance

Figures in SEK, from our data supplier.

FY2025

Revenue

SEK 90.6m

FY2016FY2025

Net income

−SEK 58.2m

FY2016FY2025

Free cash flow

−SEK 32.5m

FY2016FY2025

Shareholders' equity

SEK 117.3m

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueSEK 90.6mSEK 79.2mSEK 27.5mSEK 64.0mSEK 34.9mSEK 16.3mSEK 16.1mSEK 1.8mSEK 874,000SEK 1.1m
Research and development——SEK 2.5mSEK 4.2mSEK 4.5mSEK 4.4mSEK 3.8mSEK 7.6mSEK 1.8m—
Operating income−SEK 57.1m−SEK 54.4m−SEK 71.3m−SEK 24.0m−SEK 36.2m−SEK 42.1m−SEK 35.7m−SEK 43.7m−SEK 27.1m−SEK 9.1m
Net income−SEK 58.2m−SEK 52.1m−SEK 69.2m−SEK 15.3m−SEK 36.3m−SEK 44.4m−SEK 36.1m−SEK 44.0m−SEK 27.4m−SEK 8.6m
Diluted earnings per share-1.87-1.67-2.22-0.49-1.18-1.61-1.48-1.80-1.79-0.58

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsSEK 165.8mSEK 131.0mSEK 171.6mSEK 251.5mSEK 253.6mSEK 98.7mSEK 133.4mSEK 94.7mSEK 41.9mSEK 38.1m
Cash and short-term investmentsSEK 87.2mSEK 40.8mSEK 89.3mSEK 185.4mSEK 211.2mSEK 77.9mSEK 109.4mSEK 72.4mSEK 20.5mSEK 27.0m
Total liabilitiesSEK 48.5mSEK 28.4mSEK 18.3mSEK 29.6mSEK 25.5mSEK 19.4mSEK 18.8mSEK 14.8mSEK 15.1mSEK 8.6m
DebtSEK 13.5m———SEK 1.5mSEK 5.3mSEK 3.8mSEK 5.1mSEK 6.0mSEK 6.1m
Shareholders' equitySEK 117.3mSEK 102.6mSEK 153.3mSEK 221.9mSEK 228.1mSEK 79.3mSEK 114.6mSEK 80.0mSEK 26.8mSEK 29.6m
Shares outstanding31m31m31m31m31m28m24m24m15m15m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations−SEK 30.6m−SEK 28.1m−SEK 47.5m−SEK 24.6m−SEK 41.6m−SEK 33.1m−SEK 28.8m−SEK 34.6m−SEK 18.9m−SEK 5.2m
Capital spending−SEK 2.0m−SEK 1.8m−SEK 1.6m−SEK 502,000−SEK 9.1m−SEK 4.9m−SEK 3.4m−SEK 9.5m−SEK 11.0m−SEK 5.3m
Free cash flow−SEK 32.5m−SEK 29.9m−SEK 49.1m−SEK 25.1m−SEK 50.7m−SEK 38.0m−SEK 32.2m−SEK 44.1m−SEK 30.0m−SEK 10.5m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueSEK 13.1mSEK 18.8mSEK 23.3mSEK 20.4mSEK 24.1mSEK 29.9mSEK 14.0mSEK 18.4m
Operating income−SEK 15.2m−SEK 10.9m−SEK 21.5m−SEK 18.2m−SEK 5.9m−SEK 4.6m−SEK 13.2m−SEK 12.0m
Net income−SEK 17.9m−SEK 13.3m−SEK 22.3m−SEK 19.1m−SEK 7.9m−SEK 9.0m−SEK 12.1m−SEK 11.9m
Diluted earnings per share-0.49-0.36-0.71-0.61-0.25-0.29-0.39-0.38
Cash from operations−SEK 11.0m−SEK 11.0m−SEK 23.0m−SEK 5.0mSEK 2.0m−SEK 4.0m−SEK 11.0m−SEK 8.0m
Capital spending—−SEK 10.0m——————
Free cash flow—−SEK 21.0m——————
Total assetsSEK 123.5mSEK 150.2mSEK 165.8mSEK 100.7mSEK 117.4mSEK 130.4mSEK 131.0mSEK 138.3m
Cash and short-term investmentsSEK 50.9mSEK 73.0mSEK 87.2mSEK 28.0mSEK 34.2mSEK 33.8mSEK 40.8mSEK 54.7m
DebtSEK 12.0mSEK 22.4mSEK 13.5m—————
Shareholders' equitySEK 86.2mSEK 103.7mSEK 117.3mSEK 67.6mSEK 86.4mSEK 93.9mSEK 102.6mSEK 114.5m

Growth per year

Compound annual rate

3 years5 years10 years
Revenue12.3%41.0%50.2%
Operating income33.5%6.3%31.5%
Net income56.0%5.6%31.6%

Average margins

Over each period

1 year3 years5 years10 years
Operating margin-65.7%-79.1%-91.3%-121.1%
Net margin-65.0%-74.6%-88.2%-118.4%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings-8.0-8.5-10.1-56.6-42.0-35.5-17.2-9.8-21.7-24.5
Price to sales5.25.625.313.643.796.938.7243.4—187.5

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.