We think RELL made good progress in 4Q:F25, marking F2025 a transition year where it simplified its business model by divesting a majority of its Healthcare assets. While the company has not lost any projects in the Green Energy (GES) business, the sales cycle remains prolonged. We are turning a bit more cautious on our F2026 revenue forecast but expect management to be prudent with expenses. We now model better margins. We maintain our F2027 estimates. The company is working on expanding its partnership network from delivering components to engineering solutions, which should help deepen its engagement. RELL generated positive operating cash flow in F2025, improved its cash balance to $35.9 million and remains debt free. The $0.24 annualized dividend, which yields 2.2%, is protected, in our opinion. We increase our price target to $13 from $10. Given the improving cash balance, we think it is prudent to give RELL credit for its cash position. We now apply a 24x to our F2027 EPS estimate of $0.55 (we previously used an about 17x to derive a $10 price target). The 24x multiple is higher than the 22x two-year historical average, which we think is prudent given the companies improved cash position. Our moderate risk assessment is supported by the company's debt-free balance sheet, blue-chip customer base, profit growth potential, strong backlog and free cash flow.