Execution RisksExecution risks remain, particularly in scaling new tech initiatives and achieving returns in a competitive landscape.
Financial ForecastsTop line forecasts lowered due to transition toward proprietary technology, leading to a downgrade in top line and EBITDA estimates by 14% and 13% on average, respectively, in 2024-26E.
Revenue DeclineAlmawave strategically shifted focus towards proprietary technology, increasing this segment's revenue share despite an overall decline in service business.