CybAero's H2 and full-year report 2015 looks disappointing, even compared to our forecasts. But the low revenues are primarily an accounting issue, and the case for the firm really hasn't changed in our view. We're still looking at a promising company that will have to prove in the coming quarters that it can deliver on the great long-term potential it has in its products and the market it adresses. So cash flows, the China customs delivery and progress on the first AVIC call-off are what investors should continue to focus on to draw their conclusions about the stock's upside and risks in the mid-term.