Wireless — roughly 70% of revenue, up 53% in 2025 — is millimeter-wave beamforming for satellite, defense, fixed-wireless, moving left to right. Photonics, the other 30% and up 17%, carries the datacenter laser bet but today is engineering fees, LiDAR, bio-sensing on a small base — not datacenter revenue. Full year roughly 307 million kronor, up 40%, approximately $30 million total. Not a datacenter pure-play: a satellite-and-defense RF company with an early-stage laser option attached. Small, nimble, batting above our size. Room for many players. Right?
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