Q1e: steady growth to continue
In Q1e, we expect production of 3.5m annualised engine equivalents, up 9% y-o-y, and 56k sampling cups sold, up 14% y-o-y. We estimate this will translate into revenue of SEK 35.5m, up 26% y-o-y. The larger increase in revenue vs. series production is explained by the 12% y-o-y increase in the USD/SEK exchange rate. We expect EBIT of SEK 11.4m, up 50% y-o-y for a margin of 32%, as the company continues to benefit from its high operating leverage and revenue growth. On the net income level, we expect SEK 12.2m, up 54% y-o-y for a margin of 34%.