This is an English version of our Heliospectra Q3 update. Q3 sales were 7.8 SEKm, thus falling below our forecast of 11.5 SEKm, which was attributed to postponement of some shipments until Q4. However, we welcome the report, which shows that the company's order intake continues to increase. Order intake rose by around 9.6 SEKm in the quarter. Despite fewer shipments than anticipated, the company showed EBITDA of -5.8 SEKm, compared to our forecast of -6.1 SEKm. The report does not prompt any changes to our longterm forecasts. We reiterate our fair value of 7.4 SEK per share in our base case, 2 SEK per share in our bear case and 13.4 SEK per share in our bull case.