Redeye has updated its estimates and valuation for Sleep Cycle following the Q1 2025 report, which was in line with our sales and EBIT expectations, although subscriber growth came in slightly softer. Despite a declining market segment, Sleep Cycle is gaining market share and improving churn, demonstrating strong product-market fit. The company is also progressing towards a broader growth story by expanding beyond the core app offering. While short-term headwinds from market volatility and FX persist, we maintain our positive long-term outlook.
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