Update shared on06 Sep 2025
Q2 2025 Update
- Revenue Uncertainty – Q2 showed a sharp revenue drop (-26% YoY, -17% FX-adjusted), underlining that order timing and FX swings create meaningful quarter-to-quarter variance. To be on the lookout for: topline growth in coming quarters — it needs to re-accelerate toward the long-term CAGR assumption to keep the thesis intact.
- Margins & Operational Leverage – Gross margin improved to 59%, confirming structural strength. Over time, margins should continue to expand with scale and easing regulatory costs, but the path will remain uneven.
- Valuation Multiple Risk – The premium PE case rests on consistent high growth. If topline revenue variance persists, the market may question growth reliability and compress the multiple, even if the long-term opportunity remains.
- I see no need to rush to buy this as the moment.
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