With a steep increase in revenue, 35% recurring revenue growth, turn to positive EBITDA of SEK 2.2m and a forward-leaning statement from the new CEO, the Q3 report sends a strong signal that a new era for Dlaboratory is underway. The report is new CEO Rickard Jacobson’s first and with the share price near all-time low before the 43% rally on the report, the start of Q4 has provided both a good entry point for Jacobson (who acquired 425 000 warrants in October) as well as for shareholders looking for a reversal of the downwards trend. With a snowballing interest in network stability and electricity security, we find continued support for a fair value of SEK 5-7 per share in 12-24 m, but note that a breakthrough in the international roll-out holds potential for a substantial upwards revision.