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Redeye is encouraged to see another surprisingly strong quarter with sales beating our expectations by a wide margin. Powercell has broaden its customer base and delivered the largest serial produced order to date of PS-100 fuel cell systems. Gross margins were also impressive, when adjusted for inventory write-offs. Earnings and cash flows are still deep in the reds and will probably remain in negative territory in the next couple of years. But we believe the report supports our positive view that Powercell is on the right track. We will make some near-term adjustments to our forecasts, while the impact on valuation and our longer-term view is limited.
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