Also worth mentioning that almost all the margin increase during Q1 24 (net margin of 9.2 % vs 0.7 % for Q1 23) is explained by the rebound of their gross margin which went from 18.8 % to 26.8 %.
This level of gross margin is to compare with 20.1 % for Q1 22 and 24.5 % for Q1 21.
Business model, page-2
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