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Redeye’s first comments follow this morning’s Q3 report from Tagmaster. Tagmaster in the quarter shows less growth than we expected after several solid quarters. In our view, the primary reason behind the deviation is that the US business showed a decrease in sales compared to the same quarter in 2022. This comes after several larger orders have been postponed into 2024e. This is unfortunate. However, the orders are not canceled and will help growth in 2024e. This time, sales did not align with our expectations, while the gross margin came in at a record high. The adjusted EBITDA margin came in roughly as expected. With the lower-than-expected sales primarily driven by the US market, the EBIT and EBITDA levels were lower than expected. We will likely make some negative sales adjustments to our estimates while increasing our expectations on the gross margin for the rest of the year.
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