Redeye provides an update subsequently Gapwaves Q3 2023 report. Sales came in below our estimates while EBITDA was slightly better. While Gapwaves quarters are volatile, we have made short-term reduction in automotive NRE and the Mobility, and telecom verticals. Overall, we reduce our estimates between 27%-4% between 2023e-2030e. Gapwaves have solid tier-1 customers with start of production 2024, and 2026 and we believe the long-term view is intact. We make slight revision to our fair value range.
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