We continue to view 2025 as a “preparation year”, in which ORN is investing in people and equipment to lay the foundation for an expected volume ramp in 2026 and beyond. Drivers of the expected volume ramp include rising U.S. naval defense spending, port waterway and facility expansions, downstream energy projects, and ORN's increased focus on partnerships with Tier One contractors. For 2Q:25, we model an adjusted loss per share of $0.05 on 2% year-over-year sales growth to $197 million. Beyond the quarter, backlog is a key metric to watch (it stood at $840 million as of 1Q:25). ORN expects year-end 2025 backlog growth (compared to 2024) given marine end-market tailwinds while also acknowledging lumpiness in award timing. Our moderate risk rating reflects ORN's bolstered balance sheet and improving financial profile. We maintain our $10 price target based on 22x our 2026 EPS estimate of $0.46.