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Redeye comments on Powercell’s Q1 report which was mainly in line with our expectations. Sales improved by 43% Y/Y, gross margins remained firm and the operating deficit has been reduced. Powercell’s OEM business is making steady progress, and the company has a solid order backlog for delivery in 2025 and beyond. Management reiterates its ambition to reach breakeven during 2025, which we find reassuring. We will most likely only make rather small changes to our forecasts on the back of the Q1 report.
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