Redeye revises our forecast and fair value range in light of TH1NG’s Q3’23 report. Although the top-line was slightly weaker than anticipated, a reduced cost base offset this, resulting in better-than-expected EBITDA. Business momentum remains robust, and TH1NG’s product portfolio experienced substantial growth with the IIOTE acquisition during the quarter. However, given the seasonality effects, we are cautious to extrapolate the stronger-than-expected margins and results observed in Q3’23.
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