Q1'23 report
The Q1 report surprised us positively with respect to both sales and earnings, which were 10% and 7% above our estimates, respectively. The gross margin was maintained at ~30%, in line with Q4'22, and based on the letter from the CEO, there appears to be some incremental opportunities to improve this figure as well. Cash flow from operations was strong and driven mostly by a net working capital release related to receivables, likely spilling over from Q4'22. We wrote previously that we preferred a release related to inventory, but we deem this working capital improvement positive either way.
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