Xaar has confirmed that trading is in line with guidance, and reiterated FY25 expectations (to 31 December). This follows the maturing of recent product launches and the timing of new ones. Xaar announced that all new market initiatives are progressing as anticipated. With these, Xaar is able to brush off some of its prior caution. Pleasingly, part of the growth is due to new orders from a major customer for the launch of its desktop 3D printer. This new segment has the potential to develop revenues in a way similar to wax jetting earlier in 2025 – a revenue stream that soared from £0.6m to £3.3m. While there is an irksome new tax liability (£3-4m) to be paid over the next two years, the taxes can be comfortably paid as they fall due. We are delighted that Xaar is now sure-footed about its H2 prospects. Shares are racing (+73% YTD) but remain on a pedestrian rating.