Redeye states that the Q1 report came in above our estimates on both sales and adjusted EBITDA, with a high YoY growth of 85% within the Wireless business being the main growth driver. The Photonics business saw a positive 2% QoQ growth and a -18% YoY compared to a strong Q1 of 2024. Redeye takes a positive stance towards the business developing better than we expected in Q1, noting that fluctuations between quarters are natural, and overall, the Q1 report does not alter our already positive stance towards the investment case. We expect to make only minor adjustments to our estimates and fair value range.
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