For 2Q:25, the company reported EPS of $0.10 compared to EPS of $0.04 in 2Q:24 and our estimate of $0.09. Revenue grew 9% year over year to $144 million and was about $9 million above our estimate. Management noted that customer sentiment has improved modestly since the March quarter and reiterated 2025 revenue guidance to $550-$575 million. Based on 2Q:25 results and updated guidance, we raise our 2025 revenue estimate to $569 million (from $560 million) and maintain our EPS estimate of $0.43. For 2026, we expect mid-single-digit revenue growth to outpace increases in operating expenses, supporting our estimates for EPS of $1.10 and a 4.5% operating margin, up 210 basis points year over year, and versus 3.8% in 2024. At the end of 2Q:25, SGC had $21 million in cash and $99 million in total debt. The company has bought back $8 million in common stock in 2025 and is authorized to buy back an additional $12 million in shares. We maintain our moderate risk rating and $20 price target, which is based on 18x our 2026 EPS estimate of $1.10.