Redeye is encouraged by Clavister’s solid top-line growth and excellent gross margin - more or less in line with our estimates. OPEX, however, was significantly higher than anticipated, driven by several non-recurring costs. Consequentially, reported EBITDA and EBIT amounted to SEK -14.9m and SEK -23.3m, respectively. Redeye had forecasted breakeven EBIT. The Company's deal funnel with BAE and CSPs is really strong and provides a strong outlook. We will consider making smaller adjustments to our fair value range in a more extensive research update.