Redeye states the report exceeded expectations, partly due to an equipment order worth SEK5m recognized in the quarter. More importantly, Hella has finally reached the start of production (SOP), where Gapwaves earns some product-related income, which is expected to ramp up during 2024 and 2025. On the negative side, the Frencken order equipment worth cSEK23m appears to have been delayed to 2025 from the previous H2 2024 and 2025. Overall, Redeye does not expect to change its fair value range and only makes negligible changes to its estimates.
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