Redeye comments on Freja's updated framework, allowing Teracom to call off licences and operations worth up to SEK27.9m in ARR, more than half of Freja's current ARR. Call-offs are not guaranteed, but the sum is based on the size and scope of the intended solution. While the ultimate deal size and timing is uncertain, the total potential value of SEK27.9m is far beyond our assumption that was more in line with the initial SEK7.5m in ARR related to the development environment. We raise our ARR forecasts, now assuming SEK17.5m from the project by the end of 2027 (the full initial and 50% of the remainder).
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