With an adverse day placement of Valentine's Day (on a Saturday this year) and management's efforts to reduce unproductive marketing spending, we estimate that 3Q:F26 revenue dropped about 13% year over year to $288.0 million. Although we expect modest gross margin expansion, we think adverse operating expense leverage resulted in a loss of $0.80 per share in 3Q:F26 compared to a loss of $0.71 per share in 3Q:F25. Given increased fuel prices since the start of the Iran conflict, we temper our sales and margin forecasts and now expect a loss of $0.68 per share in 4Q:F26, or a $0.02 wider loss per share versus our previous expectation. The near-term operating environment will likely remain uncertain, in our view, though we think FLWS will benefit from management's priorities, including strengthening customer focus, expanding its reach beyond e-commerce, achieving cost savings and operational efficiency, and improving talent and accountability. Hence, for now, we maintain our F2027 EPS forecast at $0.31. We maintain our $6 price target, based on 18x our F2027 EPS estimate of $0.31. Our moderate risk rating factors in our assumption for better results in F2027 and an expected return to positive free cash flow in F2027.