Redeye state Gapwaves delivered a strong report with Net sales and EBITDA excl. ACI above Redeye Research Estimates (RRe). Redeye argues that business momentum will increase in 2025, with several customers expected to reach the start of production (SOP) in the year. The North American Tier-1 adds an upside to the estimates. Redeye tweaks its estimates and Base Case.

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