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Redeye is happy to see firm top-line growth around 20%, coupled with clearly higher gross margins than expected. Q3 gross margins of 36% is a new ATH and in our view a validation of OXE Marines leverage and long-term business case. Also, Opex in Q3 appears to be lower than we anticipated, adjusted for one-off items. Following two recent wins of Governmental procurements (US and the Philippines), we will most likely raise our near-term forecasts.
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