Redeye is encouraged to see another quarter with strong sales growth of 25% Y/Y with business projects within marine and aviation being the main drivers. Cash flow was again weak and cash position amounted to SEK71m by year end. A little concerning, although Powercell is confident that available liquid funds are sufficient to finance operations during 2024. Moreover, Powercell’s outlook now appears a bit more subdued as “…it is taking longer for customers to come to decisions with larger projects”. Despite strong Q4 numbers, we will probably lower our expectations for near-term top-line growth.