Speaker #1: Welcome to Red Eye and this live Q, where we have with us Gap Waves to present the third quarter results of 2026. We have with us CEO Joonas Ehinger and CFO Nils Mössku.
Speaker #1: 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.
Speaker #1: But without further ado, I will hand over to Joonas, who will do a short presentation.
Speaker #2: Thank you, Rasmus, and Red Eye. 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 Mössku, our CFO.
Speaker #2: 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.
Speaker #2: So let me start with a short introduction regarding the company, Gap Waves. It's a wave guide technology company, and we have a unique technology developed at Chalmers, Technical University in Gothenburg.
Speaker #2: And we apply this wave guide technology in various applications. Primarily, antennas right now, but there's also other types of products that can be based on this technology.
Speaker #2: 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, then passenger cars, and now also we see increased interest and relevance in the defense sector.
Speaker #2: 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, for traffic flow monitoring.
Speaker #2: Gap Waves developed and designed antennas and put them into production; we also designed production methods and processes along with production equipment. So we're in automotive, a Tier 2 supplier and we supply the complete antenna solution to our customers that are Tier 1 suppliers.
Speaker #2: And our customers sell the complete radar sensors and the radar system to the car manufacturers, the OEMs. We're around 40 employees currently, and we're still headquartered in Gothenburg.
Speaker #2: 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 Gap Waves is, of course, automotive.
Speaker #2: 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 opportunities, such as the defense sector, which I'll get back to later in this presentation.
Speaker #2: 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 Gap Waves technology becomes very relevant.
Speaker #2: Technology. So we're well positioned to continue our growth going forward. In these markets, that I mentioned, we there is a very strong market potential, and it's a growing market.
Speaker #2: It's driven not only by nice-to-have features, but it's regulated through legal requirements, but also technical requirements. And this is fundamental growth factor in the automotive market, for instance.
Speaker #2: 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.
Speaker #2: 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 and our own factories.
Speaker #2: 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.
Speaker #2: 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.
Speaker #2: In this quarter, we have continued our Valeo ramp-up with higher volumes, as you may recall. We put the auto line, 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.
Speaker #2: 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.
Speaker #2: And interestingly, which is also a very important indication for the longer-term future, is that we're also started a design work and development work for antennas for Valeos next generation, which is planned to come into production in 2030.
Speaker #2: So while we're heavily scaling up the current for the current generation of the radar sensors, we've also already started a development of next generation.
Speaker #2: 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 the, of course, the high-volume line coming into production.
Speaker #2: And we've also entered into a production contract for DC, for antennas that we have designed, SOP is planned for Q1 next year. It's a first supply and production contract in the Chinese market for a Chinese customer, which is also very strong statement, I think.
Speaker #2: 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 Gap Waves antennas are being rolled out in cars that are available on public roads, in various markets around the world.
Speaker #2: 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.
Speaker #2: 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.
Speaker #2: Go ahead, Nils.
Speaker #1: All right, good. So on the left hand, you see the Q3 figures on we came in at 9 million SEC, which was a deterioration to last year.
Speaker #1: And which came in at 20.4 million. That was mainly due to the lack of production equipment sales, which we had last year. But also lower project revenues.
Speaker #1: We're in the middle of the product ramp-up, as Jonas mentioned. We are the project revenues decline, and the product sales go up, but they are not offsetting the declining projects revenues yet.
Speaker #1: We also came a bit better in on EBITDA adjusted EBITDA minus 14.2 versus minus 15.3 million. Which shows, of course, the first effects of our cost program, which we initiated early this year, late last year, where we looked over our OPEX costs, what can we do to optimize that cost base.
Speaker #1: And we see the first signs there that the first positive signs that we have a better cost control. Cash flow came in better as well than last year, helped by working capital.
Speaker #1: We were quite good in receivable collection, but we were also had a couple of prepayments or early payments for some of the projects, which Jonas mentioned.
Speaker #1: If we go to the next slide, you see a bit more the difference between last year and this year. The yellow part visualizes the production equipment sales, which were 9 million SEC in Q3 last year.
Speaker #1: Those are missing this time. Production equipment sales, as we mentioned before, are very important on an integral part of our business, but they don't occur every quarter or not every year.
Speaker #1: They're very linked to setting up an auto line or production line. And the one in China is up and running now. So that part of revenues is not coming in every quarter.
Speaker #1: What this also shows is that the production ramp-up continues. It's the biggest revenue stream right now, but it will continue over the next quarters and years.
Speaker #1: As mentioned before. I think we will have time for more questions in the Q&A, and I hand over back to Jonas.
Speaker #2: Thank you. Another important development during the third quarter and also that we highlighted in our quarterly report is that we have decided to prioritize our financial resources and our focus on Gap Waves core business, but also some future growth areas that we have identified.
Speaker #2: As a result, we've decided to write down our stake in Sensrad fully. And also to transfer our ownership to the main owner of Sensrad, Camcom.
Speaker #2: After the closing of the quarter. Doing that, we still maintain a potential upside from potential future share transactions conducted by Camcom. And you may recall that Sensrad was strategic initiative by Gap Waves that we developed in 2021, 2022, and executed in 2023.
Speaker #2: But the development, especially last quarters or this year, have been weaker than expected. Due to, yeah, softer market conditions for Sensrad, but also increased competition.
Speaker #2: This results in lower significantly lower sales than we had expected. And we have decided to not be part of the ownership and to contribute with further capital but instead prioritize Gap Waves core business.
Speaker #2: Like I said, and also address some future new market segments that we think carry significant commercial potential. I'm sure we'll talk more about this also in the Q&A.
Speaker #2: Speaking of future commercial opportunities, we're now expanding beyond the automotive market. So as an example, during the quarter, Gottmik and Gap Waves could launch a new product where Gap Waves provides something called wave guide packaging.
Speaker #2: And it's being used as a wave guide component in high power amplifier modules. These can be used in very resilient communication links within defense, but also in the future for telecom applications and satellite communication.
Speaker #2: We think this is a very interesting area for Gap Waves, and its customer Gottmik. And we see several different application areas with this. Another growth segment that we have identified and that we are pursuing now is radar seekers.
Speaker #2: It's a very small miniaturized cost-effective millimeter wave radar module intended for anti-drone systems. Could be missiles or anti-drone drones. We also announced recently that we were awarded in strong competition the NOVA funding for this project.
Speaker #2: So the application is really for the detection and fighting or defeat of drones. Typically referred to as counter unmanned aerial systems. We are in this area, we are using what we have developed for within four and within the automotive industry, namely a very cost-effective and small solution or radar solution for these weapon systems.
Speaker #2: And it's based on our MLW technology. And of course, it can be combined into different versions of radar seekers. Also using the power amplification technology that have been working on together with Gottmik.
Speaker #2: And to illustrate the volume potential in this area, Russia is now, according to this information you see in the slide, producing around 7 to 9 million drones this year alone.
Speaker #2: And that means that any counter means need to be in the same volume scale or probably higher. So these radar seekers will be used to guide missiles or anti-drone drones.
Speaker #2: Towards the enemy drones, the last distance, 100 meters or so, to be able to hit it. So a very important piece. And Gap Waves solution will be a very cost-effective solution compared to the solutions that are being utilized today.
Speaker #2: And combined with our production capacity, we can easily ramp up to meet the volume demands also. We have also announced yesterday that we are the board has proposed a financing round, namely a rights issue.
Speaker #2: It will be decided in an extraordinary shareholder meeting on November 10th. And the purpose of this financing round is to, of course, continue our expansion and ramp up and acceleration within automotive.
Speaker #2: It's also allowing us to improve margin opportunities that we have identified. It's costly to bring on board new supply chains and qualify new suppliers.
Speaker #2: But there are rewards in doing that, as in the long run and with these high volumes, we can improve the margins significantly. I mentioned our initiative within defense, namely radar seekers.
Speaker #2: And this is a strong commercial opportunity that is available now. And we want to be able to pursue that. And of course, we're also looking ahead several years ahead.
Speaker #2: And we have new technologies that need to be commercialized. And industrialized. So it's ready for startup production by 2030. And that's also a significant strategic investment and focus that we want to engage in right now.
Speaker #2: So the outlook for the company in a longer perspective, the automotive market, and mobility, et cetera, that we have discussed in this presentation, the fundamentals have not changed.
Speaker #2: Those markets are there and they will continue to grow and we can scale. With them, of course. Nils also discussed our revenue transition that we have communicated in several quarterly reports.
Speaker #2: We're moving from volatile research and development type of project revenue to product sales that are ramping up as we ramp up the volumes in our customer programs.
Speaker #2: And this will be a very important aspect also in the coming years. With Valeo, a hell of production, but also others that we are bringing in.
Speaker #2: We will add more customers to our customer base. And we also expect commercial progress in some of these new areas that I mentioned earlier in the presentation.
Speaker #2: Short term, I think investors should look for continued or should expect continued value ramp up. And this very significant volume expansion that we're going through right now and in the coming quarters and years.
Speaker #2: We will add business in these new segments. And we will also expand in our automotive market with additional automotive tier one customers. And of course, supply contracts with dates for startup production.
Speaker #2: We have seen a positive development in our ongoing automotive negotiations with new customers. In spite of the general pressure in the automotive market, but in the discussions we have, we're making progress and we're nearing conclusion in those contractual discussions.
Speaker #2: And we also see a strong interest in our radar seeker concept. And this is based on customer discussions or prospect discussions over the last year.
Speaker #2: And we have now decided to take an initiative and put together a demonstrator product. So to make it complete for our customers and also to be able to enter into commercial contracts with those customers.
Speaker #2: As you can see in this graph, our ramp up over the last few years in wave guide antennas from Getways have been pretty dramatic.
Speaker #2: And we will produce more than 4.5 million antennas this year. And we have communicated earlier also that we expect with high confidence that our production based on antennas using Getways technology next year will be around 10 million.
Speaker #2: And with that, I want to close the presentation part. So we leave enough time for the discussion and the Q&A. Thank you.
Speaker #1: All right. Thank you very much for that presentation. We have quite a lot of questions that we have received, but I will start off with some of my own.
Speaker #1: And you have started to give more and more guidance and disclosure regarding the units of antennas that you have sold. And previously you have given the cumulative volume from inception of the company and yesterday you then gave Q2 and Q3 numbers for 2026.
Speaker #1: And I mean, the first question is essentially why the cumulative numbers in Q2 was more than 2 million implying that about half a million more than from Q1.
Speaker #1: And now it turns out it's 1.2 million produced in Q2. So I'm just curious why did you decide to round it down so heavily?
Speaker #1: Or give the impression.
Speaker #2: Actually, during Q2, we were still in the middle of commencing the high volume line. So before we finished that quarter, we were not really sure how much could be contributed from the pilot line in Gothenburg and the outer line.
Speaker #2: In China or the high volume line in China. But the numbers we presented in the presentation today are the correct numbers. And we expect a significant ramp up also in Q4 versus Q3 and Q2.
Speaker #1: All right. And do you expect to continue to give the units produced each quarter going forward?
Speaker #2: We can do so, yes, of course. And I think the accumulated number is less and less interesting. That's why we're switching to annual or year to date numbers to better show the actual ramp up that we're going through, which is quite significant.
Speaker #2: And as I've mentioned before, and as we've discussed before in our discussions, Rasmus the demand from Valeo is increasing. So even what we had as information a few months ago or earlier in the year is being exceeded because of demand from Valeo's customers.
Speaker #1: All right. And perhaps we can you have one agreement with Smart Micro and could you perhaps give some updates of how that is developing?
Speaker #2: We're still producing antennas for Smart Micro. However, the initial ramp up and demand has been lowered and we expected. But the contract is in place.
Speaker #2: We're still producing and supplying antennas to Smart Micro. It's of course on a very different scale than with Valeo and Hella. But it's still an important product for us.
Speaker #2: So we will continue this partnership and to supply antennas to Smart Micro as they order from us.
Speaker #1: All right. And you have also announced a few deliveries of different projects or different forms of NRE revenue. That were set to be delivered during the second half predominantly.
Speaker #1: Did you have any of those deliveries in the third quarter or should we expect those to hit the numbers in Q4?
Speaker #2: Yes.
Speaker #1: Just making sure I'm unmuted. So yes, it hit the numbers in Q3 as well, but you're referring to the capacity increase and to the next generation project of Valeo.
Speaker #1: Some of it hit the numbers in Q3, but it will also be in Q4. All right. And I assume it will it was smaller in Q3 than you expect in Q4.
Speaker #2: Exactly. You have the summer effect, right? With vacation, et cetera. So yes, you're correct.
Speaker #1: All right. And how many antennas a year does the new Franken equipment add to the end of 2027? And what volumes does Valeo plan for in 2028?
Speaker #2: We will not share exactly what Valeo or a single customer need in a single year. So but the addition adds around 3.5 million antennas.
Speaker #2: You know, it's not a new line. It's an addition. You know, the high volume line can be expanded. So it increases capacity. Like we've said once, it's fully developed.
Speaker #2: That line will have an annual capacity of 10 million antennas per year.
Speaker #1: Right. So now we're talking up to 13 with the expansion. Is that the correct read?
Speaker #2: No. It's within the 10. So this expansion occurs stepwise. So of course you don't need 10 million capacity in the line year one. It takes time to reach that capacity.
Speaker #2: So the addition is within the 10 million maximum capacity that the line can have.
Speaker #1: All right. And you talked a little bit about Valeo in the presentation that have exceeded your expectations. And I know you don't want to comment on specific customers, but can you give any form of indication if it's like 10% ahead or should we expect it to be 50% or 100%?
Speaker #1: Any range you can give us would be very helpful.
Speaker #2: Yeah. So far the increased demand versus contract and our expectation is well above double digit percentage. Numbers. So but we're in close discussions and forecast reviews constantly with Valeo to make sure that we can supply the demand that they are seeing from their customers.
Speaker #2: But it's a heavy increase compared to the regional plan from Valeo and Gateways.
Speaker #1: All right. And we have received several questions regarding the sense right investment obviously. And one is just how could things shift so quickly from Q2 to Q3 where you feel that you would like to sell your state back for one crown?
Speaker #2: It's a mixture of things or several factors. We have actually communicated earlier than Q2 about Sentra's development. But we also have to prioritize Gateways and our expanding business in automotive on other opportunities.
Speaker #2: That combined with the market situation for Sentra has led to this decision by Gateways and its board. And the market conditions for Sentra has become increasingly difficult.
Speaker #2: You know, both on order side from their customers, but also in terms of market conditions such as competitors and other initiatives in the marketplace that yeah, are have surprised us.
Speaker #2: And obviously you know changing playing field means that you have to make decision and make priorities. And act accordingly. And our priorities is Gateways and our long term and this is the result of such decision making.
Speaker #1: All right. And a lot of investors also asking about the purchase amount for Sentra. And asking essentially was there any better options that you could have achieved where you recovered a bit more of your investment?
Speaker #2: Essentially no. If there was, we would have pursued that. However, we will not put any more capital into Sentra. So that will have a positive effect on our cash and cash flow.
Speaker #2: And we think that Sentra has better opportunities with CamCom as its sole owner. Exploring other venues for Sentra going forward. So and I also want to clarify that if there are other transactions being made in the share of or ownership of Sentra, Gateways has potential upside in that also based on the transfer agreement with CamCom.
Speaker #1: All right. And can you expand anything on what that implies or like what it means? What needs to happen?
Speaker #2: It means that if there are if there are share transactions conducted by CamCom, Gateways will receive a share of that or a part of that corresponding to its previously 30% ownership.
Speaker #1: All right. And then we have some other questions regarding if after the Sentra investment, number one, if the management team still has the confidence of the board and then number two, why the investors that are subscribing in the new rights issue would trust or believe in the new areas that you're investing in predominantly the drone investments that you're planning on making.
Speaker #2: Yes. I think we have a very unified board and management. We are working closely together. So obviously these are not just you know instant decisions.
Speaker #2: It's discussions and development that we are going through together. For the benefit of Gateways. And of course looking at the drone segment or the military defense industry right now, I think it's not hard to understand that there is quite a lot of potential in that.
Speaker #2: We have identified that for Gateways there is a gap in the market if I may use that word. Regarding these radar seeker solutions where we can take what we've developed and learned in the automotive and put it into a military seeker application because there is a need for that and the current solutions are about very expensive.
Speaker #2: And are not size effective either. Compared to what we can offer in this market. So we see this as a very important opportunity which is available now and it will not take big investments for Gateways either.
Speaker #2: And that's a very important commercial opportunity that we want to capture going forward. We will share more information about this in upcoming information material but also events and presentations over the coming weeks.
Speaker #1: All right. And if we look at if I'm just making a comparison with Sentra, I assume they also had a great market potential and all of that when the investment was made.
Speaker #1: So how like why are you confident that this opportunity will not develop in a similar fashion? Where the opportunity looks great now and then maybe competition enters or something shifts in the market very rapidly.
Speaker #2: I think that the drone market if you want or drone situation will not shift dramatically even if there is a ceasefire or peace treaty in Ukraine.
Speaker #2: Russia will continue to build that amount of drones maybe upwards of 10 million drones a year because that's the capacity they have. We've also seen in the Middle East the importance of drones and anti-drone systems.
Speaker #2: And all of Europe but also other countries will have to add these countermeasures to their military defense arsenal. So I think this is a very concrete opportunity right now.
Speaker #2: Whereas with Sentra it was more of a far reaching investment. And market then. Assuming that self-driving cars and vehicles would develop a lot faster than they actually did.
Speaker #2: And that was the belief of the entire industry at that time but we all saw what happened in terms of self-driving cars but also robot taxis and it's been a lot slower which has also impacted Sentra of course.
Speaker #1: All right. And if we stick a bit on the drone a little bit longer, I think you said 7 to 9 million units are produced by Russia currently.
Speaker #1: And like how in terms of revenue potential, what could this endeavor mean for Gateways?
Speaker #2: We will come back with more information about this commercial opportunity. But compared to automotive volumes are lower but pricing and margins are significantly higher.
Speaker #2: So we think this adds very well to our automotive business. And right now we want to make sure that we do not rely on one single market only and only have one leg to stand on.
Speaker #2: And that's why it's very important for the company both short term but also mid and long term to develop other commercial areas for Gateways.
Speaker #2: So we share and balance risks and time cycles between different markets as well as balance high volumes with high margin segments.
Speaker #1: All right. And then we have received several questions regarding the rights issue. With one of them being why the board and management is only contributing 1 million out of the 60 plus million.
Speaker #2: I think that every person and individual in board and management has private economical situation and ability to participate. So it's still a significant amount for private individuals.
Speaker #2: There are no you know very rich investor profiles in board and management. So I think it's clear sign also that quite a few of us are contributing significantly.
Speaker #1: All right. And then there's some questions regarding the gross margin. It was a bit impacted this quarter based on the inventory write down. But with the current contract you have within automotive, what should investors expect in terms of gross margin as this scales up?
Speaker #2: Well let me start by this quarter is also impacted by the ramp up right? The yield is not where we want it to be and need it to be.
Speaker #2: So scrapping of course impacts the gross margin as well and the write off. Then in general the higher the volume the lower the margins on gross margin.
Speaker #2: And automotive is a high volume game. And thus the seeker initiative makes sense to have a lower volume segment with richer margins as well.
Speaker #2: What we're doing right now is working on reducing the product cost, increasing the yield in order to increase the margin as well.
Speaker #1: All right. And let me see if we have more questions here. Can you expand on the plan for the defense sector? What do you think about development times?
Speaker #1: NRE projects and so on?
Speaker #2: We see good opportunities for NRE projects. But we want to make sure that this is a Gateways product. So we will commence into development of the prototypes and demonstrators but alongside with customers.
Speaker #2: Time cycles are expected to be much lower than automotive for instance. So we expect to see fairly soon commercial contracts for initial prototypes etc.
Speaker #2: And supply from our side could happen very quickly. Definitely within a year so we can commence into serial production quickly due to the previous investments we've made in our pilot line facility which will have enough capacity to meet the demands from customers in this area.
Speaker #1: All right. And we have a question here about if you are producing 10 million antennas should they expect Gateways to be profitable at that unit level?
Speaker #2: You go ahead. Sorry. At that profit level we will need oh sorry at that volume we will of course need other products also so but it's a very important portion of our profitability.
Speaker #2: Once we reach that. So we typically plan for another contract of that type in automotive. Now if the business develops with several new development contracts that will of course counter or balance the need for very high additional volumes.
Speaker #2: So you know as we have talked before Rasmus the short answer is it depends on what other business will be able to attract during the coming months and the coming year.
Speaker #1: But I also would also add then quickly sorry Rasmus I would add quickly of course the main focus on the commercial side but what we have are in control of much more is the cost side and there we already did the cost program in late Q4 early Q1 to adjust our opex base and as you have seen in the figures that starts showing an impact showing up in the P&L.
Speaker #1: And that's what we control. That was the first step which we needed to do. And we will see more of that in Q4 and Q1 flying out from 2026.
Speaker #1: All right. And I just want to clarify do you mean that if you are producing 10 million units that you will not break even on an operating level?
Speaker #2: I think it's we're not guiding on these figures. It's too many variables on it. Again it's important to focus on the commercial side for us on the top line.
Speaker #2: On the opex side on the cost side we have done what we can do. Looked at every post in the opex and reduced it where possible.
Speaker #2: And there we are quite confident that we are on a level of opex spending from where we can scale the company without much additions.
Speaker #2: But the focus has to be on the commercial side and into new markets, new segments as Jonas described. And scaling up the existing customers.
Speaker #1: All right. And could you just remind me of how the pipeline of new tier one agreements currently look like? Have the pipeline expanded? Are you think you're close to closing more volume deals?
Speaker #1: What's the status there?
Speaker #2: During last couple of months the pipeline prospects have progressed in the discussions. Like I mentioned during the presentation. Also we have received a fair amount of requests from other automotive customers that are earlier in the discussion.
Speaker #2: So the short answer would be that yes it has progressed. And we are in the finalization discussions with several very significant automotive customers.
Speaker #1: All right. I think we are approaching the end of the session but I would like to give the viewers a little bit more time to ask any final questions that they may have.
Speaker #1: I will see if we have missed anything else in the meantime. So can you comment a little bit about the sales mix between Hella and Baleo because I think if you produce 1.6 million units in Q3 that works out to about six crowns per antenna assuming all of it is antennas so can you give us a little bit of the mix and average selling price for the customer a rough reference?
Speaker #2: We can provide the same guidance in terms of antenna pricing as we have communicated before. So both the Hella antennas and Baleo antennas are corner radar antennas.
Speaker #2: So the market pricing for such antennas are typically between one and two euros. The split between Hella and Baleo as you have asked before several times we are not able to share that.
Speaker #2: That would be disclosing actual volumes for a specific customer and during quarter which we are prevented to share.
Speaker #1: All right. I just made sure we cover our bases here. There's quite a lot of repeating questions so I think we have covered oh okay so we just received one question asking whether the CFO is interested in acquiring Gateways shares.
Speaker #2: Look I'm a believer in buying of having stake in the company you work at and but that's of course also always limited time windows when you can buy it.
Speaker #2: So that's what I can say.
Speaker #1: All right. I think that will be the final question and I will hand it over to you guys for any closing remarks that you may have.
Speaker #2: I think we've touched on the highlights during the presentation. But aside from numbers I think it's very important to see that we're making progress in the operation and the achievements.
Speaker #2: This scale up that we're going through is very important for the coming years. And it's progressing according to plan. In fact it's accelerating above plan.
Speaker #2: And then also the new segments that we're now moving in that will balance and add to the automotive base that we have built over the last few years are also very very crucial and important for Gateways.
Speaker #2: And the value in Gateways lies not only in this quarter but also in the coming quarters and years ahead. And we're building this business for the long term of course.
