According to Hexagon's latest 10-K filing, the company generated revenue of $4.8B in FY 2025, up 16.1% year-over-year. Hexagon's gross margin improved from 71.5% in FY 2024 to 73.0% in FY 2025, driven by higher-margin recurring revenue from the company's cloud and subscription-based software offerings. The data shows Hexagon is successfully transitioning its business model towards more predictable and profitable recurring revenue streams, which should support further margin expansion going forward. The company's focus on developing industry-specific software applications that leverage emerging technologies like IoT, AI, and cloud computing is resonating with customers and driving demand. Hexagon's international footprint, with a presence in over 180 countries, provides the company with diversified revenue streams and exposure to high-growth markets. This geographic diversification should help offset any regional economic headwinds and contribute to the company's overall resilience. I believe Hexagon's combination of margin expansion, product innovation, and global reach make it an attractive investment opportunity in the geospatial software and industrial digitization space. The company's strong financial performance and positive business momentum warrant a bullish outlook with a conviction level of 8 out of 10.