Oatly (NASDAQ:OTLY) shares rose nearly 18% since the company’s reported Q4 results last week, with revenue of $195.1 million coming in better than the Street estimate of $180.4 million. EPS was ($0.21), compared to the Street estimate of ($0.14).

A surprisingly strong top-line performance, coupled with margin recovery and $425 million of fresh financing (that is expected to fuel growth until positive free cash flow), sets up the company well into 2023 and beyond.

While weaker pricing in Asia and lagging US growth should both be resolved in the near term, long-term gross margin and EBITDA margin targets were lowered as expected.

For fiscal 2023, the company expects revenue growth in the range of 23%-28% on a constant currency basis.