Redeye provides an update following Mindark’s Q3 2025 report. The report came in line with expectations, apart from slightly softer sales, which we attribute to a somewhat larger-than-anticipated seasonal effect. The company continues to demonstrate solid cost control, prompting us to make minor positive adjustments to our OPEX estimates. Looking ahead, we anticipate sequential sales growth in Q4, which is historically the company’s strongest seasonal period. We reiterate our fair value range.
