NN, Inc., reported an adjusted 2Q:25 EPS of $0.02, comparing favorably to our estimate of a $0.02 per share loss and the consensus of breakeven. Revenue of $107.9 million was down 12.3% year over year, in large part due to the sale of an operation, exiting unprofitable programs and foreign exchange. Excluding these items, revenue was down only 2.4% in the quarter. Management maintained 2025 revenue guidance of $430-$460 million and adjusted EBITDA guidance of $53-$63 million, but acknowledged it would likely be at the lower end of these ranges. The company registered $32.7 million in new business wins in the 1H:25 and is targeting $60-$70 million in new wins in 2025. The company plans to launch 112 new programs in 2025, which we think will be accretive to the operating margin profile. We adjust our 2025 loss per share to $0.04 (from $0.09) and clip our 2026 EPS estimate to $0.07 (from $0.09) due to uncertain economic conditions. NN is leveraged. At the end of 2Q:25, the company had net debt of $150.1 million ($3.04 per share). We value NNBR at 15x our projected 2026 free cash flow (FCF) of $0.47, or $7 per share. We give NNBR a HIGH risk rating due to its leveraged balance sheet, end market cyclicality and customer concentration.