* Revenue once again beats our forecast * Improvements made to D2C platform * We maintain our valuation interval of SEK 73.00 – 92.00 per share USWE’s report for the third quarter of fiscal year 2021/22 showcased strong growth and continued expansion for the company. Sales came in higher than expected while an increase in freight prices and a high level of B2B sales meant the gross margin was lower than forecast. Due to supply-chain delays, which the company continues to assess, SEK 4.9 million was shifted into the next quarter. During the quarter, USWE added three new employees to help the company sustain their growth rate. Improvements to the D2C platform in terms of domain, SEO-improvements and user interface were also announced during the quarter. Minimal adjustments mean we maintain our valuation interval of SEK 73.00 – 92.00 per share.