CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables. Specialising in powered air purifying respirators (PAPRs), CleanSpace is known for its compact, lightweight, ergonomic units that do away with the need for belts and hoses to provide filtered air to workers. A scan through competitor websites reveals that belt and hose units remain the dominant design, providing CSX with a real opportunity to take market share (RaaS estimates CSX has ~1.2% of the global industrial market in FY25). Most large competitors are multinational conglomerates where PAPR revenue is no higher than 18% of group revenue. While CSX group revenue has grown by a CAGR of 14% between FY23-FY25, sales to the industrial sector have grown at a forecast CAGR of 34% over the same period, with CSX all but exiting the healthcare sector. The business is well capitalised with $8.3m cash (at December 2024) and is approaching cash flow and EBITDA breakeven in H2 FY25. The group operates at industry high gross margins (~74%) offering significant earnings leverage to increased sales. Consumable products represented 47% of sales in H1 FY25 and are likely to grow modestly as a % of the mix as units in the field grow, providing a valuable revenue stream.