MPTI had pre-announced 3Q:25 results reflecting a 7% year-over-year increase in revenue, with EPS muted mainly due to higher tax expenses, a lower gross margin due to the ramping of new products and higher operating expenses due to the higher revenue and increase in R&D spending. We maintain our 2025-2027 projections. Our 2027 estimates reflect an 8% year-over-year revenue increase and 16% EPS expansion. If all warrants are exercised, it would add 580,000 shares to the market, lowering 2026 EPS by about $0.50 but 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, the company announced a partnership with Indiana Microelectronics, expanding the company's offering of radio frequency (RF) filters. We highlight MPTI's debt free balance sheet, with more than $18 million in cash at the end of 3Q: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 22x our 2027 EPS estimate of $3.11. We previously used about 25x our 2026 EPS estimate of $2.70. We are lowering our multiple to reflect the longer time frame. 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.