Powercell Q1 2023: First impression - Redeye

Redeye was hoping for a little more in terms of sales, given the higher levels reported in the last few quarters. However, with several large project in the pipeline, we are confident that sales will pick-up during the year. Powercell certainly has a strong business momentum illustrated by the recent marine mega-order from Norway amounting to EUR19m. Gross margins remain solid and Q1 actually saw positive operating cash flow. We will probably only make some adjustments to our near-term forecasts and leave our longer-term view unchanged.

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