Sales of SEK 46 million surprised us positively, coming in at SEK 6 million above our prognosis. In addition, the solid sales generated EBITDA of SEK -3.7, compared to our expected SEK -9.0. This report indicates that Anoto’s business operations is on the right track. The OEM negotiations is proceeding well, although a little slower than our initial expectations. However, we believe that the low cash level of SEK 4 million poses a risk. The strong performance makes us revise our short and long-term estimates. We get a new fair value of SEK 0.4 (0.33), despite a higher discount rate due to lower cash. These two opposing forces have made the case more binary, which results in altered assumptions for our bear and bull case that are now SEK 0.75 (0.7) and SEK 0.15 (0.15), with 33 percent probability each (0.25).