Waystream Q4’24: Better gross margin and cashflow while sales is still hampered - Redeye

Redeye’s initial comments on the Q4 report from Waystream. The sales were off from our expectations; however, this time, the product mix improved the gross margin in the quarter. The positive signs in the report are that the company managed to improve gross margins, maintain market shares, and increase sales markedly in other Europe. Cash flow was also a positive factor in the quarter. A few steps are in the right direction, even if the total market volatility continues. We will likely adjust our sales estimates slightly downwards for 2025e, although the sales will pick up again at some point while timing this isn’t easy. With rolling over to a new year and some sales adjustments, we do not expect more than a marginal negative adjustment to our Base case.

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