We lower our 2Q:25 revenue estimate to $15.3 million (from $15.9 million), up 10% year-over-year, below the consensus estimate of $16.4 million. We model gross margin of 75%, down 430 basis points year-over-year, driven by mix shift toward the lower margin B2C segment, as the company experienced higher than the usual customer churn rate in the B2B segment. We estimate a modest operating loss in 2Q:25, mostly offset by non-operating income driven by the interest income, leading to our EPS estimate of $0.02 versus $0.01 a year ago. We believe growth remains constrained by macro pressures and cautious client spending in the B2B segment, while the B2C segment faces risks following a price hike to $79, despite a slight revenue uptick in 1Q25. We expect PERF to remain cash flow positive in 2025, with an improving net cash position and a robust balance sheet. Organic growth, along with acquisitions within the company's area of expertise, remains the capital allocation strategy. We maintain our price target of $4 and moderate risk rating. The price target is derived from our DCF analysis. Our $4 price target implies a 33x price-to-earnings multiple on our 2026 EPS estimate. Our moderate risk rating reflects growing revenue, sustained profitability, and solid cash balance.