Redeye states that Q3 was weak in terms of reported revenue and profitability but that there are sound explanations as to why. Sensys Gatso is expanding its sales force in the USA – meaning that costs are taken now, whilst revenue acceleration will lag. This affected profitability negatively in the quarter and will likely continue to do so in the next year or so. However, Redeye thinks the efforts in the USA will bear fruit – and the company aims to 3x its US-based revenues in managed services by late 2025. Redeye lowers its valuation range.