Fundamentally, one-year backlog rose 70% in a single quarter to $300.6 million, book-to-bill above 2. Quarterly revenue $113 million, up 5.3% sequentially, 20.2% year over year; gross margin expanded 800 basis points to 55.2%. Guidance calls for nearly $126 million next quarter, nearly $570 million for 2026 — and to be clear, that number is built on conservative licensing assumptions: no new agreements before the second trade case determination in 2027. Management notes a deal could close ahead of that; we chose to leave the upside out. The inflection is real, the hedge travels with it.