Information Services Group reported 3Q26 revenue of $65.1M, up 4.4% y/y, while adjusted EBITDA increased 19% to $10.0M and adjusted EBITDA margin expanded to 15.4%, the highest level in four years. AI-related revenue increased 56% to nearly $34M and recurring revenue reached a record $30.5M, while APAC returned to growth and delayed Americas engagements support management’s expectation for improved activity in 4Q. Management guided 4Q26 revenue to $64M–$65M and adjusted EBITDA to $9M–$10M. Looking into 2027, our estimates assume approximately 4% revenue growth with modest margin pressure as the Company adds delivery capacity to support continued growth, while recurring revenue, AI-related activity, and improved cash generation remain important drivers of the longer-term outlook.