An in line FY25 and improving usage metrics in the key California contract should provide some comfort in the near term, ahead of the initial term of the contract ending in FY27. Our working assumption is that it will continue, albeit at lower revenues, but clarity will only come in the next 6-12 months. We suspect the outcome will be significantly less binary than the market is pricing in currently and see asymmetric returns potential from here. Buy, with a 315p TP