Adjusted EBITDA went from $9.4M in FY24 to $119.4M in FY25 on ~9% revenue growth to $912M and 440bps gross margin expansion to 27.9%. The inflection is real in adjusted terms, but GAAP net loss persists — ~$37.9M for FY25, ~$30.5M over the first nine months of FY26 — driven primarily by ~$33M/year revolver interest and heavy intangible amortization. No going concern, no goodwill impairment, no material weakness. Restructuring largely complete with ~220 positions reduced. The open items: GAAP profitability and a clean run-rate free cash flow. Not done.