Redeye notes that the waiting game for the first real order continued in Q3 and Redeye postpone revenues by one year because actual orders have not materialised. We project sales of SEK14m for 2023e and anticipate positive EBIT in 2026e (versus 2025e before). Redeye estimate changes do not prompt any adjustments to our fair value range, so we reiterate our Base Case of SEK0.08, Bear Case of SEK0.02, and our more optimistic Bull Case of SEK0.2.

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