Q1 results
Q1 revenue and adj. EBITDA were ~14% above and ~70% below our estimates, respectively. The large deviations were driven by an increased share of hardware-related sales, which are margin-dilutive. The company has issued debt to capitalise the business in the near-term, but we expect some working capital release by the end of the year to aid the company's cash generation. The subscription business continues to grow but is progressing somewhat more modestly than we had expected.
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