Redeye updated its forecast and valuation following the Q4 report, in which results came in largely as expected, with strong growth in annual recurring revenue (ARR) driven by its cloud-native platform, Modelon Impact. While operational expenses were impacted by denied R&D tax reductions, the overall financial performance reflects strong momentum and strategic progress, providing a solid foundation for the updated financial targets. We view the case as intact and expect Modelon to continue delivering in 2025, on track for positive free cash flow by 2026.
