In the end of 2016 Neonode stopped entering new licensing deals verifying that the new module strategy is working as planned. However, the stock market only has its eyes on the slower AirBar ramp-up and, as we see it, overlooks Neonode’s strong position in automotive where it has won the car platforms of the future that will be untouched when the car OEMs cuts their total number of platforms in more than half. Our bear case jumps to USD 1.6 (1.2) due to modules gaining ground. Our conviction regarding the position in automotive has been enhanced but this is offset by lower short term AirBar revenue. We reiterate our base case of USD 3.7 and look forward to changes in the market perception from press releases on module deals similar to the USD 11 million deal in October.