Xplora reported senior revenue down 20% at NOK198.4m and deferred the Doro Connect retail rollout for the third time in nine months, now to September and without a store count or a completion date. The shares fell 31%. The selloff is a broken story rather than a soft quarter: investors bought the subscription and margin build, and Xplora has now disappointed on it three quarters running. Promised 900 stores from January, then 160 from August; delivered one completed pilot store and a September start with no count. The sunset volumes and the Aurora launch that lifted 2025 are now turning, which makes H2 a tough compare. Redeye cuts EBITDA roughly 60% in 2026 and 57% in 2027, on senior units and the Connect attach rate. The share lifts on delivery, not guidance. Redeye cuts base case to NOK48(85).
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