MPTI reported 4Q:25 revenue growth of 11%, driven by continued strong defense demand and an improving avionics sector, which the company expects to continue to improve. Backlog of $76.4 million at the conclusion of 4Q:25 represented increases of 62% year over year and 30% sequentially, also driven by defense demand. The company is well positioned to benefit from the increased defense budget. Several key customers have signed multiyear agreements with the federal government to increase production of precision guided munition programs, and MPTI has been asked to bid on components of several of these contracts. Management still targets a 10% organic revenue CAGR with a 43%-46% gross margin and a 20%-22% adjusted EBITDA margin within the next 3-5 years. The company says it is actively looking at inorganic opportunities and partnerships to further expand its revenue base and improve leverage. MPTI ended 2025 with no debt and about $21 million in cash. In December, the company expanded its previous $5 million credit facility to a $10 million revolver and a $10 million delayed draw term loan. In January, the exercise of warrants added about $28 million to its cash position. The company expects a rights offering to add $42.7 million in 2Q:26. Our $72 price target is based on about 25x our 2027 EPS estimate of $2.85. Our multiple is in line with our projected five-year EPS CAGR. 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. Management is hosting an investor day on May 12 in New York City. To participate, please contact your Sidoti representative or reach out to the company directly.