Redeye concludes that TH1NG’s Q3’23 top-line was slightly softer than expected. However, the cost base was lower than anticipated, paired with a stronger-than-expected gross profit, resulting in a stronger-than-expected EBITDA. Given the cash position at the end of Q3, yesterday evening’s announcement of a SEK6m convertible note issuance (and potentially another) is reassuring. In light of the report, the convertible note issue and a general rise in our risk-free rate, we anticipate to reduce our fair value range.
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