Gapwaves' Q4’19 was in line with our expectations, with sales of SEK 5.2m (SEK 0.6m) in the quarter, yielding strong full-year sales growth of 611%. The company has taken a couple of important steps during the quarter, among those the first order for its new 28 GHz 5G-antenna. We see the development as a confirmation that Gapwaves has good prospects both within automotive and telecom. The company is on track to meet our expectations for 2020.