Acconeer's first quarter 2025 net sales growth of 20% y/y (or -12% adjusted for the postponed order) was weaker than anticipated. This, coupled with slightly higher OPEX, resulted in an EBITDA miss. However, results remain volatile as they are contingent on specific order shipments. Despite the miss, the share price held firm, owing to the strong cash position secured via the rights issue announced with the fourth-quarter report. The reorganisation has bolstered customer confidence, leading to market share gains and larger orders from an increased number of customers. Redeye believes the key catalysts will be larger orders within the product areas and an A2 design win, which would support investor confidence in the reiterated >SEK300m 2027 target. Redeye revised its estimates and fair value range accordingly.
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