Redeye provides an update following MindArk’s Q4 2025 report, which showed weaker than anticipated sales, while costs came in broadly in line with expectations. The deviation in sales from our estimates was primarily driven by reduced activity levels during the majority of the quarter compared to the same period last year, as well as continued FX headwinds that weighed on the topline. Following the report, Redeye has revised its estimates and valuation.
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