We expect continued strong momentum in 2Q:26 with 11% revenue growth and a positive tone. We project EPS contraction year over year due to a higher share count. The backlog expanded 38% year over year in 1Q:26 and the company continues to win multi million contracts. We expect this trend to continue driven by a pickup in avionics, strong defense and growing space demand. Management targets a 12% organic revenue CAGR with a 43%-46% gross margin and a 21%-23% adjusted EBITDA margin in the medium to long term. The company is actively looking at inorganic opportunities and partnerships to further expand its revenue base and improve leverage. MPTI remains debt free and has strengthened its balance sheet to support organic growth and M&A opportunities. Our $87 price target is based on applying about a 35x multiple to our 2027 EPS estimate of $2.47. 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.