Prepare candy molds or a greased baking sheet lined with parchment paper. Dust lightly with powdered sugar.

In a heavy-bottomed saucepan, combine granulated sugar, corn syrup, and water. Stir gently to combine ingredients evenly.

Attach candy thermometer to the side of the saucepan, ensuring the bulb doesn't touch the bottom of the pan.

Place saucepan over medium-high heat and bring mixture to a boil without stirring. Allow mixture to cook undisturbed.

Continue cooking until thermometer reads 300°F (150°C) - the hard crack stage. This typically takes 15-20 minutes.

Remove from heat immediately and let bubbling subside for about 30 seconds.

Quickly stir in orange extract and food coloring if using. Work rapidly as mixture begins setting quickly.

Pour hot candy mixture into prepared molds or onto prepared baking sheet, working swiftly to avoid premature setting.

Allow candies to cool completely at room temperature for 30-45 minutes until fully hardened.

Remove candies from molds or break sheet candy into desired pieces. Store in airtight containers.