As expected, sales and order bookings were rather muted in the first quarter. Still, business activity remains high and is progressing. Freemelt has received three project orders, including follow-on orders from customer projects within energy (UKAEA) and defense (“a leading Swedish defense company”). Redeye is optimistic about a pick-up in machine sales, but the current order backlog is modest, causing us to lower our very near-term forecasts.
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