HSON reported a 2Q:25 GAAP loss per share of $0.23, wider than our estimated $0.04 loss per share and the year earlier loss per share of $0.15 . Adjusted (for non-recurring items) EPS were $0.12 a share , $0.05 below our $0.17 estimate but up from $0.04 in the prior year. Revenue of $38.5 million was flat vs prior year, while adjusted net revenue (gross margin) increased to $18.6 million, a 5% gain in constant currency. A downbeat jobs report in the US made headlines this month, as did a negative jobs report in Australia in June. Yet HSON's earnings report and earnings call commentary show improving demand across the Company's geographic regions. SG&A expense of $18.8 million was 5% above our forecast, offsetting positive revenue and gross margin performance. Higher SG&A expenses have been driven by HSON's continued investment in its digital product suite. GAAP EPS was further reduced by higher than forecast tax and other expense. HSON's pending merger with Star Equity Holdings faces a shareholder vote on August 21, with a closing expected by the end of Q3. We will update our model to show projections for the combined enterprise upon approval of the merger. The strategic purpose of the proposed merger is to create a holding company platform to support future acquisitions. In the near term, we expect the Company to focus on tuck-in acquisitions, such as the recent purchase of Tokyo-based Alpha Consulting Group. We largely maintain our full year 2025 EPS estimate. We reduce our 2026 estimates due to higher SG&A expenses. We now forecast GAAP EPS of $1.21, vs our previous target of $1.33. We have also reduced our forecast for adjusted earnings, from $2.20 to $1.61. Our reduced price target, from $19 to $17 reflects an unchanged 14x multiple applied to our newly lowered $1.21 2026 EPS forecast.