MPTI released a pre-announcement of 3Q:25 results ahead of our projections. We are adjusting our model to reflect this. We now project 7% revenue growth in 3Q:25 against a tough comparison of 21% growth in 3Q:24, with margin contraction due to revenue mix and tariffs, with EPS contracting to $0.70, from a record $0.81 in 3Q:24. If all warrants are exercised, it would add 580,000 shares to the market, lowering 2026 EPS by about $0.50 and adding almost $28 million to the cash balance. We expect continued strength in Defense, aided by replenishing and modernizing weapons systems, Avionics continuing to accelerate and Space remaining strong. Management targets a 10% revenue CAGR, with 43%-46% gross margin and 20%-22% adjusted EBITDA margin on an organic basis. The gross margin is a bit volatile depending on product mix, which is difficult to predict on a quarterly basis. The company is actively looking at inorganic opportunities and partnerships to further expand its revenue base and improve leverage. In October a partnership with Indiana Microelectronics was announced, expanding the company's offering of radio frequency (RF) filters. We highlight MPTI's debt free balance sheet, with almost $16 million in cash at the end of 2Q:25. The warrants, issued in February, have become exercisable and could potentially boost the balance sheet further. Our $67 price target is based on about 25x our 2026 EPS estimate of $2.70 (was $2.65). MPTI's growth prospects and profitability profile; solid cash flow and balance sheet; and management's history of creating value and alignment with shareholder interests all support our Moderate risk assessment.