Redeye states that the Q2 report showed a soft quarter on headline figures, largely as flagged by management following the Q1 report and pre-report guidance, so the outcome was not a surprise. Net sales fell 12% year-on-year to SEK53.8m, 13.6% below our SEK62.3m estimate, as management deliberately reprioritised resources away from NRE development contracts and towards enabling the 2027 product ramps; on the more relevant measure, product/hardware revenue rose 18% year-on-year on a constant FX basis (up 14% reported, to SEK29.2m). Wireless net sales declined 14% and Photonics 8%, though within that, Wireless hardware revenue climbed 55% year-on-year while Photonics hardware slipped 8%. Adjusted EBITDA of SEK-35.5m missed our SEK-16.9m estimate by SEK18.7m, though the shortfall was primarily a function of the lower net sales base rather than a deterioration in cost discipline.
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