We hosted a presentation with L.B. Foster President and CEO John Kasel and Executive Vice President and CFO Bill Thalman at the Sidoti September 2025 Small-Cap Conference last Thursday. Management's commentary was positive around its opportunity to increase sales and wallet share if consolidation were to occur between its large railroad customers. FSTR highlighted that 2025 disruptions likely extend the typical two-year timeline between CRISI (Consolidated Rail Infrastructure and Safety Improvement) grant funding and awards, with four years of awards remaining. FSTR ended 2Q:25 with net debt of $77 million ($7.14 per share). Our moderate risk rating balances FSTR's modestly leveraged balance sheet and ongoing material weakness in reporting controls, with its capital-light model and a structurally improving free cash flow profile. Our $31 price target continues to be based on 15x our 2026 EPS estimate of $2.05.