InCoax reported a better-than-expected Q2, with sales and EBITDA ahead of our estimates despite continued low volumes. The earnings beat was supported by higher product sales, a strong gross margin, and the full effect of the company’s cost reductions. Operationally, the company continues to make progress across its key customer tracks, with Nokia now commercially launched and encouraging early traction in Finland and the US. While broad volume growth is yet to materialise, we see the quarter as another step towards the commercial ramp underpinning our estimates.
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