H1 results below our forecasts but above consensus; guidance retained
H1 results were below our forecasts but above consensus. Importantly revenue guidance for 50-70% growth in 2025, and the medium-term outlook for revenue growth of 50% pa., were both reiterated.
H2 weighting to be greater than we anticipated
H1 revenues grew 12% y-o-y (BNPPE est 18%) implying a greater H2 weighting than we had previously anticipated. Our mid-case 2025 revenue forecast for 50% growth requires ~55%/~EUR3m sequ ....

28 Aug 2025
Strong H2 delivery required to meet guidance

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Strong H2 delivery required to meet guidance
H1 results below our forecasts but above consensus; guidance retained
H1 results were below our forecasts but above consensus. Importantly revenue guidance for 50-70% growth in 2025, and the medium-term outlook for revenue growth of 50% pa., were both reiterated.
H2 weighting to be greater than we anticipated
H1 revenues grew 12% y-o-y (BNPPE est 18%) implying a greater H2 weighting than we had previously anticipated. Our mid-case 2025 revenue forecast for 50% growth requires ~55%/~EUR3m sequ ....