2Q:25 results were above expectations, driven by record quarterly sales of $256 million, along with solid operating leverage than more than offset incremental tariff mitigation costs in the quarter. Key positives include progress announced on several of its growth initiatives: a lease signed for a sixth U.S. showroom, solid order momentum on its new vinyl window product line, and progress toward plans to diversify its manufacturing footprint into the U.S. The company updated guidance, lifting the low end of its sales range and narrowing its profit range. We make modest adjustments: a better-than-expected 2Q:25 takes our 2025 estimates upward, while our 2026 EPS forecast is unchanged. TGLS held net cash of $29 million at quarter-end 2Q:25. The much improved balance sheet supports our moderate risk rating. Our unchanged $84 price target continues to be based on 17x our 2026 EPS estimate of $4.92.