Q3 was broadly speaking a quarter in-line with expectations. Q4 will be more interesting as sales to a new major customer properly kick in. For Q4 we estimate HHI adjusted EBITDA of USD 13.5m, driven by sales of 242 tonnes (+15% YoY). The company is growing sales healthily and we see further revenue upside ahead coming from 1) sales of algae and 2) broader geographical sales distribution. Longer term Lysoveta and PL+ could add significant growth.
