In a preliminary release ahead of its full report on 24 October 2025, AVTECH announced Q3 2025 net sales of SEK12.3 million, representing 43% year-over-year growth, despite adverse currency movements. However, this is 11% below Redeye’s forecast. The company also reported Annual Recurring Revenue (ARR) of SEK48.9 million, up 3% quarter-over-quarter. The silver lining is that the EBITDA margin was 1.1pp ahead of forecast. Redeye withholds making estimate changes until the full report is published, but anticipates lowering its near-term forecasts. This revision would likely negatively impact our Base Case by ~SEK1 per share.
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