In January 2025 I wrote a long deep-dive of the Swedish fabless semiconductor company BeammWave, which you can find [here](https://www.reddit.com/r/investing/s/zcgo2pR6ck). If you didn't read it then and/or don't know what they do, the **TL;DR is basically this**:
A bunch of very senior telecom veterans foresaw a major issue with 5G, designed a chip to fix it and then founded BeammWave to bring that chip to market. Their tech improves mmWave communication tremendously, through something called *distributed digital beamforming* (DDBF). If you actually want to know what that is and how it works it's better if you just read my first post (or ask your favorite LLM). But you should know that the market for this is absolutely massive, and that BeammWave has built a patent fortress around it.
At the time of my previous post, the share was trading at around 5 SEK, giving the company an ridiculously measly market cap of around 10m dollars. As of today, the market cap of BeammWave officially passed 100m dollars. So what has happened during these 20 months?
**1. Closing in on mass-production:**
They were recently successful in completing the bring-up of their RF-chip, removing the main technical risk remaining in the case.
**2. Customers advancing:**
BeammWave already have very large customers/partners integrating their chips in FWA, CPE, defense and smartphone prototypes, with management expecting large-volume orders of chips in late 2026/early 2027.
**3. Massive momentum and support in the telecom standardization organ (3GPP):**
Giant companies like Murata and Sony are actively advocating for BeammWave, and with no technical opposition presented it really looks like BeammWave's architecture will become a official reference in 6G. While not essential for commercial breakthrough, this would be a massive milestone.
**4. Bringing in large investors and funding:**
Funding is secured for the overseeable future, with larger institutional investors/funds having been brought in through directed share issues.
**Risks remaining:**
To be clear, BeammWave is still not a profitable company, and they have yet to secure large orders of volume-qualified chips. But if management continues to execute as they have before, those commercial inflection points are expected to come in the coming 0-4 months. And it will make the current 100m valuation look like nothing.
It's going to be an interesting fall/winter, and I have a feeling that in another 20months I will either have a very happy or very sad update for you. Godspeed!
(My position: 62k shares of BEAMMW\_B.ST)