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The earnings call presents a mixed picture. While there is growth in recurring revenue and EBITDA improvement, the revenue decline and project rollout delays, particularly with Sainsbury's, are concerning. The absence of shareholder return plans and increased debt further dampen sentiment. However, positive growth in new markets and high expectations for AI solutions provide some optimism. The Q&A reveals management's vague responses on financial impacts, adding uncertainty. Overall, the factors balance out, leading to a neutral sentiment.
The earnings call highlights significant strategic restructuring, including workforce reduction and deprioritization of the Lavelta program, which raises concerns about operational capacity and future growth. The lack of shareholder return plans and competitive pressures add to the negative sentiment. Although the cash runway extends to Q4 2026, uncertainties around partnerships and regulatory risks, coupled with management's unclear responses in the Q&A, further contribute to a negative outlook.
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