MISTRAS reported a 2Q:25 adjusted EPS of $0.19, meeting consensus, and above $0.17 projection. New management continues to assess the operation and thus is still not offering 2025 guidance. However, management maintains 2025 adjusted EBITDA will approach or exceed 2024's $82.5 million threshold. We make only modest adjustments to our model, rebalancing but leaving our respective full-year EPS tallies of $0.67 and $0.81 in 2025 and 2026 unchanged. At the end of 2Q:25, MG had net debt of $190.4 million, or $6.01 per share, putting its bank leverage ratio at just below 2.5x. We forecast net debt of $83.9 million ($2.64 per share) by the end of 2026. We maintain our $13 price target, which is based on 16x our 2026 EPS estimate of $0.81. Our moderate risk rating recognizes the company's moderately leveraged balance sheet, the cyclicality of its core end market, and modest customer concentration, offset by diversification efforts and cost-saving initiatives