Scibase is steadily executing on its long-term strategy, with the US and Germany continuing to drive growth. The report largely aligned with our expectations, marking a 46% sales increase year over year. OPEX also came in as anticipated, although selling expenses were lower and R&D higher than projected. The gross margin increased to 70.5%, up from 68.5% in Q4 2024, where a higher share of instrument sales temporarily weighed on the margin.

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