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Redeye updates its estimates following Urb-it's Q4 report that showed a 10x increase in volume. Urb-it is executing on building density and volume, focusing on carriers, but it has also increased the burn rate. Hence, Urb-it will not break even until 2025 on a full-year EBITDA level, according to our estimates. Despite estimate changes, we keep our fair-value range.
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