Q3 showed a clear uptick in q/q sales growth (up 20% q/q vs. 10% in Q2 q/q). We are encouraged by this; however, we note comments from management for the sales growth not to be linear but rather in the form of a staircase. The trend is clear to us however, and we continue to model strong growth in 2025 (40% organic) and 2026 (30%). The report also showed encouraging signs on operating leverage, which has been the key question mark for us.
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