Acconeer reported Q1 net sales of SEK13.6m, a 20% y/y increase but 39% below Redeye's estimate. Adjusted for a Q4 2024 postponed order, sales fell 12% y/y. Lower sales contributed to an EBITDA miss. Cash flow from operations was SEK-0.66m, boosted by inventory consumption. Combined with 14 customer launches, this is the report’s main bright spot. Despite the misses, Redeye expects the market to be relatively forgiving after the SEK50m share issue announced with the Q4 report and led by Alps Alpine and management, anticipating the share will remain range-bound near the SEK4.56 subscription price.
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