It is the most upbeat CC since the Litarion days. They made the right call by getting into the much less crowded fork lift space. The team seems adaptative and acts pretty swiftly. By reducing their sales force, they literally remove most of the duplication in sales. The industrial engineering project on streamlining their production processes seem paying off big time. We see improvements in lowering production cost (GM improves from 25.2% to 28.1%) and sales and marketing expense as a percentage to total revenue (from 6.7% to 3.6% ). It is working.

The timing might be perfect for them to enter the bus battery sector where a number of their competitors go AWOL. Let's hope the stars are aligned this time.