Redeye is happy to see increasing production rates and good prospects for a continued ramp up. Gross margins are inching up further and Opex is very well contained. Despite good progress, we’d be surprised if OXE Marine will be able to meet its financial target of positive operational cash flow in Q4. We have made some adjustments in our near-term forecasts, slower growth trajectory but also lower costs. On balance the impact on our valuation is modest. Our Base case fair value is around SEK 2.1 per share (previously: SEK 1.9).