Stille's Q2 painted a picture of continued sales momentum (+8% vs. REe) and an encouraging outlook for delivering on the order backlog following 2025's supply chain constraints. Gross margin, however, came in roughly 4pp short of our estimate, and OPEX was higher than expected, meaning the revenue beat failed to flow through the P&L. Following a mixed reaction to the report, the stock now screens as "Fairly Priced" at a moderate discount to Redeye's fair value.
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