Kahoot will release its Q2 results on 11 August and being slightly below consensus on revenues, we are 18% below on a USD 4.2m Adj. EBITDA. We see short-term concerns such as i) margin expansion may not come until 2023, ii) we (and market expectations) are below FY guidance and iii) soft engagement figures. We however argue that this is reflected in current valuation and consider the risk/reward attractive on a medium to long-term horizon.