We reduce our 2026 EPS estimate to $1.15 from $1.61 and our price target to $13 per share from $17. We maintain our Moderate risk rating. In the first earnings release since the merger between Star Equity Holdings (STRR) and Hudson Global, the company reported 3Q:25 adjusted earnings of $0.02, below our estimate of $0.32. STRR reported revenue above our estimate, but higher expenses than we had forecast. Note that this earnings release included only one month of performance for the combined companies. 3Q:25 revenue was $48 million, 5% above our estimate of $46 million. Higher than forecast revenue in Building Solutions and Energy Services drove the favorable variance. Hudson Talent Solutions met our revenue forecast despite a weak hiring environment globally, driven by increased market share in the U.S. Operating income was ($1.6) million compared to our estimate of $0.7 million. Higher than forecast SG&A expense drove the variance. Net income was ($1.8) million, below our estimate of $0.1 million. Going forward, we have increased our estimate for SG&A expense, depreciation, and preferred stock dividends. With higher expenses expected going forward, we have lowered our estimate for adjusted earnings and our price target. Business Solutions will be about 60% of STRR revenue going forward. Building Solutions will represent about 35% of future revenue and Energy Services will represent about 5%. We have forecast 6% revenue growth for Business Solutions in 2026, and flat revenue for both Building Solutions and Energy Services. We also reduce our price target to $13 from $17. We arrive at our price target by applying an unchanged 11x multiple to our new $1.15 (from $1.61) estimate for 2026 EPS. We maintain our Moderate risk rating. Our Moderate risk rating is anchored by STRR's low leverage, with a total debt to capital ratio of 16%.