Redeye states that the Q1 2026 report came in below estimates on net sales, with both Wireless and Photonics missing our forecasts, while adjusted EBITDA landed marginally ahead of expectations. Net sales amounted to SEK 61.9m, a reported decline of 22% year-on-year, with management attributing the shortfall to a combination of US defence budget approval delays (which pushed revenue from the first half into the second half of 2026) and FX headwinds. Wireless declined 16% year-on-year while Photonics fell 32%. However, as stated before, quarterly figures can fluctuate at this early stage of the ramp. The more interesting opportunity pipeline recorded record growth of 77% year-to-date to $799m, which Redeye views as a positive signal.
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