This morning, Vishay reported 3Q:25 adjusted EPS of $0.26, ahead of our $0.19 estimate and up nearly 40% year over year. The better volume plus an improved revenue mix put the first quarter gross margin at 40.5%, in line with our projection and up 50 basis points year over year. The book to bill ratio was 1.00x, compared to 1.06x in 2Q:25. We are encouraged that Vishay has reported four consecutive quarters of 1.0x bookings or greater and think the company is potentially at an inflection point in demand. The company's 3Q:25 revenue guidance of $75-$81 million (midpoint $78 million) suggests a modest improvement in the revenue profile when considering normal seasonality in the fourth quarter. The company has added to the C-suite with a chief business and product officer and a chief operating officer. We think this will result in a modest increase in costs in 1H:26 before savings programs begin to be realized in 2H:26. Reflecting the bookings profile, staffing and cost savings, we increase our 2025 EPS estimate to $0.70 (from $0.61), lower our 2026 estimate to $1.08 (from $1.21) and rebalance our 2027 estimate of $1.66. At the end of 3Q:25, VPG had net cash at $65.7 million ($4.92 per share). Absent potential M&A, we project net cash of $71.6 million ($5.36 per share) by year-end. Our $37 price target is based on 22x our 2027 EPS estimate of $1.66. Our moderate risk rating reflects the company's strong balance sheet and solid cash flow generation.