We model a modestly wider loss per share in 1Q:26 compared to the prior year quarter, as we forecast a lower margin sales mix paired with higher SG&A should more than offset our projected 11% sales growth. We expect EPS comparables to turn positive beginning in 2Q:26, driven by solid bidding activity across both segments, an improving product mix, and cost-easing tailwinds stemming from two consecutive years of restructuring actions. FSTR's portfolio has evolved from a rail company to an infrastructure solutions provider; growth avenues include technology-based offerings in rail and share gains targeting a $14 billion total addressable market within Precast products. FSTR ended 2025 with net debt of $38 million ($3.57 per share). A structurally improved free cash flow profile and capital light business model support our moderate risk rating. Our $33 price target continues to be based on 16x our 2027 EPS estimate of $2.04.