As we see it, June quarter results were a mixed bag as revenue of $336.6 million topped our expectation of $327.6 million, while the adjusted loss of $0.69 per share was wider than our estimated loss of $0.62 per share. New CEO Adolfo Villagomez (since May 12) is focused on transforming FLWS to be a customer-centric and data driven organization, being more efficient with its marketing spending (and focused more on brand building) and looking to expand its sales channels of distribution beyond its own e-commerce sites. Near-term focus will be more about stabilizing profitability (versus revenue), and we still expect year-over-year improvements in earnings starting in 3Q:F26. As we reduce our revenue forecasts and increase our gross margin and operating expense assumptions, we now estimate a loss of $0.80 per share (was a loss of $0.55 per share) in F2026 and now forecast EPS of $0.31 in F2027 (was $0.32). Even with recent challenges, the company has been able to maintain a solid balance sheet, with FLWS ending F2025 with debt to total capital at 37%. Our moderate risk rating factors in our expectation for better earnings in F2026 and F2027 and the company's solid balance sheet.