Downside RiskThere is some lingering downside risk to both 2025 estimates and consensus expectations.
Licensing AgreementsNo new licensing agreements have been announced YTD, and based on assumptions, the absence of at least one additional agreement by year-end would likely result in a yoy decline in revenue for 2025.
Revenue GuidanceCeres did not announce any significant order intake from new signed contracts YTD and guided to FY25 revenues around 40% lower than previously expected.