Doing report now.
This orange cable has the two wires coming out, but I believe there should be a ground or a common as well. It appears that there IS a wire snipped just below the black wire, but I was not going to probe around. This may go to a air compressor. There was to many contents in the area to verify.
Electrical is not my strong suite even taking the course here, but I knew this looked incorrect. I did write up needing a bushing and having it run into the panel correctly with the “consult qualified electrician” caveat as well.
Thanks for help.