Vishay Precision Group Inc (VPG) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the VPG second-quarter 2025 earnings call.

大家好，歡迎參加 VPG 2025 年第二季財報電話會議。

My name is Ezra and I will be your coordinator today. (Operator Instructions) I will now hand you over to our host, Steve Cantor, Senior Director of Investor Relations to begin.

我叫伊茲拉，今天我將擔任您的協調員。（操作員指示）現在我將把您交給我們的主持人，投資者關係高級總監史蒂夫·坎托 (Steve Cantor)。

Please go ahead.

請繼續。

Thank you, Ezra, and good morning everyone.

謝謝你，埃茲拉，大家早安。

Welcome to VPG's 2025 second-quarter earnings call. Our Q2 press release and slides have been posted on our website at VPGcensors.com. An audio recording of today's call will be available on the internet for a limited time and also can be accessed on our website. Today's remarks are governed by the safe provisions of the 1995 Private Securities Livigation Reform Act. Our actual results may vary from forward-looking statements. For discussion of the risks associated with VPG's operations we encourage you to refer to our SEC filings especially the form 10k for the year ended December 31, 2024 and our other recent SEC filings. On the call today are Zeve Shoshani, CEO and President; and Bill Clancy, CFO. And now I'll turn the call to Zeve for some prepared remarks.

歡迎參加 VPG 2025 年第二季財報電話會議。我們第二季的新聞稿和幻燈片已發佈在我們的網站 VPGcensors.com 上。今天電話會議的錄音將在互聯網上限時提供，您也可以在我們的網站上訪問。今天的言論受 1995 年《私人證券訴訟改革法》的安全條款管轄。我們的實際結果可能與前瞻性陳述有所不同。有關 VPG 營運相關風險的討論，我們建議您參考我們向美國證券交易委員會 (SEC) 提交的文件，尤其是截至 2024 年 12 月 31 日的 10k 表格以及我們最近向美國證券交易委員會 (SEC) 提交的其他文件。參加今天電話會議的有執行長兼總裁 Zeve Shoshani 和財務長 Bill Clancy。現在，我請澤維發言，請他發表一些準備好的發言。

Please refer to slide three of the quarterly presentation.

請參閱季度簡報的第三張投影片。

Thank you, Steve.

謝謝你，史蒂夫。

I will begin with some commentary on our results and trends for the second quarter. Bill will then provide financial details about the quarter and our outlook for the third quarter of 2025.

我將首先對第二季的業績和趨勢進行一些評論。比爾隨後將提供本季的財務細節以及我們對 2025 年第三季的展望。

Moving to slide 3, beginning with revenue, second-quarter revenue of $75.2 million grew 4.8% from the first quarter. We are pleased to report continued positive booking trends across several key markets, reflecting a moderately improved business environment. Our consolidated orders grew 7.5% sequentially, making the third consecutive quarter of sequential growth. This resulted in a consolidated book to bill of 1.06, with measurement systems and sensor segments reporting a book to bill of 1.2 and 1.12 respectively. Adjusted gross margin improved to 41.0%, driven by sequentially stronger performance across all three business segments.

轉到投影片 3，首先是收入，第二季營收為 7,520 萬美元，較第一季成長 4.8%。我們很高興地報告，幾個主要市場的預訂趨勢繼續保持積極，反映出商業環境有所改善。我們的合併訂單環比增長 7.5%，這是連續第三個季度實現環比增長。這使得合併後的訂單出貨比為 1.06，其中測量系統和感測器部門的訂單出貨比分別為 1.2 和 1.12。調整後的毛利率提高至 41.0%，這得益於三個業務部門連續強勁的業績表現。

I want to highlight the Wayne Solutions segment in particular, which delivered a record quarterly adjusted gross margin. We continue to advance our business development and cost optimization initiatives. Our operation execution translated into a solid cash generation with $6.0 million in cash from operation and $4.7 million in adjusted free cash flow. Before reviewing our sales and orders performance by division segments, I want to comment on the impact of tariffs on our second quarter results.

我想特別強調 Wayne Solutions 部門，該部門實現了創紀錄的季度調整後毛利率。我們持續推動業務發展和成本優化措施。我們的營運執行轉化為穩健的現金產生，其中營運現金流為 600 萬美元，調整後自由現金流為 470 萬美元。在回顧各部門的銷售和訂單表現之前，我想先評論一下關稅對我們第二季業績的影響。

Tariff changes impacted our gross margin negatively by approximately 500,000 due to the timing of our offsetting price increases. We expect this gap to narrow in the third quarter as our price adjustments become effective. While tariff policies continue to change and are difficult to predict, we are confident in our ability to respond, given our manufacturing footprint, the geographical distribution, and our sales and our deep customer relationships.

由於我們抵消價格上漲的時間，關稅變化對我們的毛利率產生了約 50 萬的負面影響。我們預計，隨著價格調整生效，這一差距將在第三季縮小。雖然關稅政策不斷變化且難以預測，但考慮到我們的製造足跡、地理分佈、銷售情況和深厚的客戶關係，我們對自己的應對能力充滿信心。

Moving to slide 4, beginning with our sensor segment, second-quarter revenue decreased 1.8% sequentially, reflecting mixed trends across its market. As higher sales of strangled products were offset by lower sales for precision resistors. Sensors booking rose 3.7% sequentially, reaching the highest level in six quarters and resulting in a book to bill of 1.12. The bookings growth was driven by higher orders in the test and measurement for precision resistors and higher demand for strangled sensors in AMS and industrial weighing, which was partially offset by lower orders for the test and measurement. For precision resistors, we recorded a $1.5 million of order for fiber optics data center application, and we expect an additional order in Q3.

轉到投影片 4，從我們的感測器部門開始，第二季營收季減 1.8%，反映了整個市場的混合趨勢。由於精密電阻器銷售額的下降抵消了扼流圈產品銷售額的增加。感測器訂單季增3.7%，達到六季以來的最高水平，訂單出貨比達到1.12。訂單成長主要得益於測試測量領域精密電阻訂單的增加，以及AMS和工業稱重領域對絞合式感測器的需求增加，但測試測量領域訂單的減少部分抵消了這些增長。對於精密電阻器，我們記錄了一份價值 150 萬美元的光纖資料中心應用訂單，我們預計第三季還會有額外的訂單。

Regarding humanoid robots, from April 2025 through July, we received approximately $1.5 million in follow on orders from our initial humanoid customer. The humanoid robot market is still in its infancy, and the initial real world employment of this robot is expected now in 2026. As the technology and use case continues to develop, we are optimistic about the long term potential for this market. And we focus on high precision, high performance segments of this rapidly evolving market.

關於人形機器人，從 2025 年 4 月到 7 月，我們從最初的人形機器人客戶那裡收到了約 150 萬美元的後續訂單。人形機器人市場仍處於起步階段，預計該機器人將在 2026 年首次在現實世界中投入使用。隨著技術和用例的不斷發展，我們對這個市場的長期潛力持樂觀態度。我們專注於這個快速發展的市場中的高精度、高性能領域。

Moving to slide 5, turning to our weighing solution segment. Second-quarter sales increased 11.3% from the first quarter. The increase was driven primarily by higher sales in the transportation and industrial weighing markets, and in our other markets for medical and precision agriculture applications. Weighing solution orders grew 3.6% sequentially to 27.2 million, resulting in a book to bill of 0.92. Higher orders for precision agriculture and medical applications and in industrial weighing offset lower orders in the transportation and general industry.

移至投影片 5，前往我們的稱重解決方案部分。第二季銷售額較第一季成長11.3%。這一成長主要得益於運輸和工業稱重市場以及醫療和精準農業應用等其他市場的銷售成長。稱重解決方案訂單量較上季成長3.6%，達到2,720萬份，訂單出貨比為0.92。精準農業、醫療應用以及工業稱重領域訂單量的成長，抵消了運輸和一般工業領域訂單量的下降。

Moving to slide 6, turning to our measurement system segment. Revenue in the second quarter of $19.2 million increased 5.1% sequentially. The increase reflected higher sales of DTS data acquisition modules in the AMS market, which offset lower sales to the transportation and field markets. Second quarter measurement systems orders of 23.0 million increased 18.1% sequentially and resulted in a book to bill of 1.2. Bookings reflected higher demand primarily in the AMS and steel markets. In the current quarter, we expect to complete the beta installation at the University of Alabama of our new UHTC system. This system is designed to perform band testing on non-conductive materials such as ceramics, which are used in critical high-performance applications, such as for hypersonic missiles in aerospace as well as in avionics, energy and industrial applications. We believe our differentiated solution can increase test throughput by 10 folds while testing materials at ultra-high temperature of around 2000 degrees C that is required for these advanced applications. We are now in discussion with the second university regarding beta testing for this system. Moving to slide seven, I would like to provide a brief update on our three top strategic priorities for 2025. First, we are encouraged by our business development initiatives, which generated orders of approximately 17 million to the first half of this year. This puts on track to achieve our goal for 2025 of securing 30 million of orders for either new customers or new applications with existing customers.

移至投影片 6，轉到我們的測量系統部分。第二季營收為 1,920 萬美元，季增 5.1%。這一成長反映了 AMS 市場中 DTS 數據採集模組銷售額的增加，抵消了運輸和現場市場銷售額的下降。第二季量測系統訂單量達2,300萬台，季增18.1%，訂單出貨比為1.2。訂單量的成長主要反映了AMS和鋼鐵市場的需求成長。本季度，我們預計將在阿拉巴馬大學完成新 UHTC 系統的測試安裝。該系統旨在對陶瓷等非導電材料進行頻帶測試，這些材料用於關鍵的高性能應用，例如航空航天中的高超音速飛彈以及航空電子、能源和工業應用。我們相信，我們的差異化解決方案可以在這些先進應用所需的約 2000 攝氏度的超高溫下測試材料時將測試吞吐量提高 10 倍。我們目前正在與第二所大學討論該系統的 Beta 測試事宜。接下來是第七張投影片，我想簡單介紹一下我們 2025 年的三大策略重點。首先，我們的業務發展舉措令我們感到鼓舞，今年上半年我們的業務發展舉措已產生約 1,700 萬份訂單。這使我們有望實現 2025 年的目標，即為新客戶或現有客戶的新應用獲得 3000 萬份訂單。

What is significant is not only the magnitude of these orders but the breadth which runs across our businesses. To support these initiatives, we are continuing to improve our sales processes and systems as well as our use of digital marketing channels. Second, we continue to reduce costs and increase operational efficiencies through product relocation and efficiency improvements. The measure we have taken to the first half of 2025 put us on course to reduce fixed costs by about five million for the full 2025 compared to prior year excluding inflation. These measures entail mainly the consolidated of production and shared services to lower cost countries. Third, we continue to pursue high quality acquisitions to build scale and expand our cash flow. We remain disciplined and patient in our search for the right opportunity. In summary, we are pleased with the positive order trends which have continued for the third consecutive quarter and our ongoing progress with our growth and cost initiatives. Global economic activity has remained stable in 2025 and improved modestly in several areas. Despite the ongoing macro uncertainties due to tariffs, trade policies, and geopolitical tensions, I will now turn it over to Bill Clancy.

重要的不僅是這些訂單的數量，而且是其涉及我們業務的廣度。為了支持這些舉措，我們正在繼續改進我們的銷售流程和系統以及數位行銷管道的使用。其次，我們透過產品遷移和效率改進持續降低成本並提高營運效率。我們為 2025 年上半年採取的措施使我們預計在 2025 年全年減少約 500 萬的固定成本（不包括通貨膨脹）。這些措施主要包括將生產和共享服務集中到成本較低的國家。第三，我們繼續尋求高品質的收購，以擴大規模並增加現金流。我們在尋找合適機會的過程中始終保持紀律和耐心。總而言之，我們對連續第三個季度持續的積極訂單趨勢以及我們在成長和成本計劃方面不斷取得的進展感到滿意。2025年全球經濟活動保持穩定，並在多個領域略有改善。儘管關稅、貿易政策和地緣政治緊張局勢導致宏觀不確定性持續存在，我現在將把發言權交給比爾·克蘭西。

Bill.

帳單。

Thank you, Zeke.

謝謝你，Zeke。

Referring to slide 8 and the reconciliation tables of the slide deck, our second-quarter of 2025 revenues were $75.2 million. Adjust the gross margin of 41% in the second quarter increased by 270 basis points from .3% in the first quarter reflecting higher volume, favorable product mix, and favorable exchange rates which offset net tariff costs. Sequentially by segment, adjusted gross margin for centers of .42% increased due to an increase in inventories and favorable FX rates which offset the impact of lower volume and net tariff costs. Waning solutions adjusted gross margin of .2% increased from the first quarter and reached an all-time record primarily due to higher volume and favorable foreign exchange rates which offset the impact of net tariff costs. Gross margin for measurement systems of .6% increased from the first quarter due to higher volume and favorable product mix.

參考投影片 8 和投影片組的對帳表，我們 2025 年第二季的營收為 7,520 萬美元。調整後的第二季毛利率為41%，較第一季的0.3%增加了270個基點，這反映了更高的銷售量、有利的產品組合以及有利的匯率抵銷了淨關稅成本。按部門劃分，由於庫存增加和有利的外匯匯率抵消了銷售和淨關稅成本下降的影響，中心調整後的毛利率環比增長 0.42%。Waning solutions 調整後的毛利率較第一季增加 0.2%，創歷史新高，這主要得益於銷量增加和有利的外匯匯率抵消了淨關稅成本的影響。由於銷量增加和產品組合有利，測量系統的毛利率較第一季增加了 0.6%。

Moving to slide 9, our adjusted operating margin of .8% which excluded startup and restructuring costs amounting to $885,000 improved from .1% in the first quarter of 2025. Selling general and administrative expense for the second quarter was $27.7 million with .9% of revenues which increased from $26.7 million with .5% of revenues for the first quarter of 2025. On an adjusted basis, second quarter of 2025 SG&A was approximately $27.1 million or 36% of sales excluding approximately $500,000 of severance costs. The increase in SG&A is mainly due to unfavorable foreign exchange rates. The operational tax rate in the second quarter was 31% and for the full year of 2025 we are forecasting an operational tax rate of approximately 28%. We reported net earnings of $248,000 or $0.02 per diluted share. Adjusting for manufacturing startup costs, restructuring, severance costs, and foreign currency exchange losses adjusted net earnings for the second quarter was $2.3 million or $0.17 per diluted share compared to $468,000 or $0.04 per diluted share in the first quarter of 2025.

移至投影片 9，我們的調整後營業利潤率為 0.8%，其中不包括 885,000 美元的啟動和重組成本，比 2025 年第一季的 0.1% 有所提高。第二季銷售一般及行政費用為 2,770 萬美元，佔營收的 0.9%，高於 2025 年第一季的 2,670 萬美元及佔收入的 0.5%。經調整後，2025 年第二季銷售、一般及行政費用約為 2,710 萬美元，佔銷售額的 36%，不包括約 50 萬美元的遣散費。銷售、一般及行政費用的增加主要是由於不利的外匯匯率。第二季的營業稅率為 31%，我們預測 2025 年全年的營業稅率約為 28%。我們報告的淨收益為 248,000 美元，即每股收益 0.02 美元。經製造啟動成本、重組、遣散費用和外匯兌換損失調整後，第二季的調整後淨收益為 230 萬美元或每股攤薄收益 0.17 美元，而 2025 年第一季的調整後淨收益為 468,000 美元或每股攤薄收益 0.04 美元。

Moving to slide 10, adjusted EBITDA was $7.9 million or .5% of revenue compared to $5.1 million or .2% of revenue in the first quarter. Capital expenditures in the second quarter was $1.3 million. For 2025 we are forecasting $10-12 million for capital expenditures. We generated adjusted free cash flow of $4.7 million for the second quarter which compared to $3.7 million in the first quarter. As of the end of the second quarter, our cash position was $90.3 million, an increase of $6.4 million from the first quarter. As part of our ongoing cost reduction and efficiency initiatives, in July 2025 we completed the Salvo building which generated approximately $11 million in net proceeds. We used these proceeds to reduce our outstanding bank revolver balance which will reduce our annual interest expense by about $700,000. Regarding the outlook, for the third fiscal quarter of 2025, at constant second fiscal quarter of 2025 exchange rates, we expect net revenues to be in the range of $73 million to $81 million. In summary, bookings of $79.9 million grew sequentially for the third straight quarter, resulting in a book to bill of $1.06 million. Our business development initiatives continued to advance and we generated solid cash flow as we continued to implement our cost reduction programs.

轉到第 10 張投影片，調整後的 EBITDA 為 790 萬美元，佔營收的 0.5%，而第一季為 510 萬美元，佔營收的 0.2%。第二季的資本支出為130萬美元。我們預測 2025 年的資本支出將達到 1,000 萬至 1,200 萬美元。我們第二季的調整後自由現金流為 470 萬美元，而第一季為 370 萬美元。截至第二季末，我們的現金狀況為 9,030 萬美元，比第一季增加了 640 萬美元。作為我們正在進行的降低成本和提高效率措施的一部分，我們於 2025 年 7 月完成了 Salvo 大樓的建設，產生了約 1,100 萬美元的淨收益。我們利用這些收益來減少未償還的銀行循環信貸餘額，這將使我們的年度利息支出減少約 70 萬美元。關於展望，對於 2025 財年第三季度，以 2025 財年第二季的固定匯率計算，我們預期淨收入將在 7,300 萬美元至 8,100 萬美元之間。整體而言，訂單額連續第三個季度較上季成長 7,990 萬美元，訂單出貨比達到 106 萬美元。我們的業務發展計劃繼續推進，隨著我們繼續實施成本削減計劃，我們產生了穩健的現金流。

With that, let's open the lines for questions. Thank you.

現在，讓我們開始回答問題。謝謝。

(Operator Instructions) Josh Nichols, B. Riley.

（操作員指示）Josh Nichols，B. Riley。

Thanks for the question and great to see the continued trend in improving business activity.

感謝您的提問，很高興看到商業活動持續改善的趨勢。

I just want to touch on for a minute, I think you mentioned you received $17 million in business development revenue. You have a goal of getting to $30 million this year. Presumably, do you expect some additional revenue from humanoid robotics customers later this year? Then you mentioned one customer is expected to move into production next year. How do you expect the size of those orders to change relative to what you are getting today assuming that that customer does move into production versus earlier stage demo today orders that you guys are doing?

我只想簡單談一下，我想您提到您獲得了 1700 萬美元的業務發展收入。您今年的目標是達到 3000 萬美元。據推測，您是否預計今年稍後人形機器人客戶將帶來一些額外收入？然後您提到一位客戶預計明年投入生產。假設客戶確實進入生產階段，相對於您今天收到的訂單，您預期這些訂單的規模會如何改變？相較之下，你們今天收到的訂單還處於早期階段的展示階段？

Good morning.

早安.

Regarding the humanoid robotics project, as we indicated, we have received the $1.5 million order from April to July. We are pleased with the progress of this customer and our design position on the robot. At the same time, we have to continue and support the production schedule, which are still changing by our customers. So we may expect to get more orders. At this point in time, the customer continues to evaluate based on their schedule, but potentially we could see an order. It really depends on the customer. This is regarding the first humanoid customer. The second humanoid customer I did indicate in prior calls that we did provide an initial prototype line, prototype product. The feedback was good and we are expecting to see a larger order in the near future.

關於人形機器人項目，正如我們所指出的，我們在4月至7月期間已經收到了150萬美元的訂單。我們對這位客戶的進展以及我們在機器人上的設計立場感到滿意。同時，我們必須繼續並支援客戶不斷改變的生產計劃。因此我們有望獲得更多訂單。此時，客戶會根據自己的日程安排繼續進行評估，但我們可能會看到訂單。這確實取決於客戶。這是關於第一位人形客戶的。第二個人形機器人客戶我在先前的電話中確實表示，我們確實提供了初始原型線和原型產品。反饋很好，我們期待在不久的將來看到更大的訂單。

Regarding 2026, we shape precision group is set to support our customers regardless of the volume. We are set regarding the infrastructure and once the customer is ready to ramp up on higher volume, the company is ready to support their production. So based on prior discussions that we had with the once and if there would be changes in volume, we are ready to support those customers. We do hope to see those higher volume orders coming in 2026, but it really depends on the customer schedule.

展望2026年，無論數量多少，我們塑造精密集團將為客戶提供支援。我們已經做好了基礎設施的準備，一旦客戶準備增加產量，公司就會準備好支持他們的生產。因此，根據我們之前與他們進行的討論，如果數量發生變化，我們已準備好為這些客戶提供支援。我們確實希望在 2026 年看到更大批量的訂單，但這實際上取決於客戶的時間表。

Thanks.

謝謝。

Just to drill down into that a little bit, I think you previously mentioned somewhere the range of $500 to $1200 per robot. Is that still what you are expecting and is the margin profile for these customers relatively in line with the corporate average or a little bit better? How is that going to impact the businesses that scale?

稍微深入一點，我想您之前提到過每個機器人的價格在 500 美元到 1200 美元之間。這仍然是您所期望的嗎？這些客戶的利潤狀況是否與企業平均值相對一致或略好？這將對擴大規模的企業產生什麼影響？

Okay.

好的。

I did provide the price range given the volume that has been discussed naturally. Once higher volume would be discussed, we understand that probably a different pricing model will have to be supported and the company is prepared for that. Regarding the profit schedule, I think it is a little bit premature still to provide this type of information.

我確實根據已經討論過的數量提供了價格範圍。一旦討論到更高的銷量，我們明白可能必須支援不同的定價模式，公司也已為此做好了準備。關於利潤表，我認為現在提供此類資訊還為時過早。

Fair enough. I appreciate the detail there.

很公平。我很欣賞那裡的細節。

I guess just one more question, the business activity has been improving, but if you look like the company has been coming off an extended downturn and now things are starting to pick up, we have seen a healthy uptick in operating income. Meanwhile, you have been cash flow positive even throughout the more challenging times. How do you see the scalability of the business in terms of EBITDA and operating margin as your sales get back up to a higher level of cadence next year? Think about the scale that play on the margin front.

我想再問一個問題，業務活動一直在改善，但如果你看起來公司已經擺脫了長期低迷，現在情況開始好轉，我們已經看到營業收入的健康成長。同時，即使在最具挑戰性的時期，您的現金流也一直為正。隨著明年您的銷售額恢復到更高的水平，您如何看待 EBITDA 和營業利潤率的業務可擴展性？考慮一下在利潤方面發揮的作用。

As you know, our financial profile is such that for every incremental dollar of revenue, we do expect it to be around about I would say $0.30 to $0.40 drop to the tax level. This model, we do expect to continue once we would see an upturn in revenue. I should say that given all the cost initiatives that the company has taken during the last two years, we should be even in a better cost position to capitalize profitability once the volume rebound. If there was a certain schedule regarding the profitability improvements, once the volume increased historically, we should be in a better position, meaning the profitability level should be accelerated in respect to the past once volume would rebound.

如您所知，我們的財務狀況是這樣的：每增加一美元的收入，我們預計稅收水準就會下降約 0.30 美元到 0.40 美元。一旦收入出現成長，我們確實希望繼續這種模式。我應該說，考慮到公司在過去兩年中採取的所有成本舉措，一旦銷量反彈，我們應該能夠處於更有利的成本地位來實現盈利。如果獲利能力的提升有一個特定的時間表，那麼一旦交易量出現歷史性成長，我們就應該處於更好的位置，這意味著一旦交易量反彈，獲利水準應該會比過去加快。

I appreciate it. Thanks, aha. Back in the queue.

我很感激。謝謝，啊哈。回到隊列。

(Operator Instructions) John, Sidoti and Company.

（操作員指示）約翰、西多蒂和公司。

Hello, everybody.

大家好。

Thanks for taking my questions. I would like to start with the quarter that we just finished. It seems like there is a fair amount of variability in the quarter. We had some good revenue numbers flow through. I wonder if you could talk about what is going on and what you are seeing in the transportation side of your business.

感謝您回答我的問題。我想從我們剛結束的這個季度開始。本季似乎存在相當大的變化。我們獲得了一些不錯的收入數字。我想知道您是否可以談談目前的情況以及您在業務運輸方面看到了什麼。

Regarding transportation, let me start with measurement systems.

關於交通運輸，讓我先從測量系統說起。

On the measurement systems, the upside that we have seen this quarter is coming mainly in the steel, mainly the DSI, project-related AMS, and to an extent also the DTS automotive business. What we have identified as kind of a slower demand in weighing solution is due to the fact that in the first quarter, there were very high orders of transportation for our onboard weighing, which did not repeat itself in the second quarter. As a matter of fact, it is not that the business has been slowing down. It is just that we did not repeat those large orders in Q1.

在測量系統方面，我們本季看到的優勢主要來自鋼鐵、主要是 DSI、專案相關的 AMS，以及一定程度上的 DTS 汽車業務。我們認為稱重解決方案的需求有所放緩，是因為第一季我們的車載稱重運輸訂單非常多，而第二季度卻沒有出現這種情況。事實上，業務並未放緩。只是我們在第一季沒有重複那些大訂單。

Do you think that was just catch-up from delayed orders from 2024 in Q1 and now they are at equilibrium? Any kind of greater thoughts?

您是否認為這只是對第一季 2024 年延遲訂單的彌補，而現在它們已經達到平衡？還有什麼更偉大的想法嗎？

The Q1 orders were considered to be six to nine months orders that the customer has placed in Q1 and is expected to continue in the coming months.

Q1 訂單被視為客戶在第一季下達的六到九個月的訂單，預計在未來幾個月內將繼續下達。

Got it.

知道了。

Can you talk a little bit also about the steel market? It seems like the order bookings steel were weak and I was kind of hopeful maybe that they would be a little bit stronger given what we are seeing as far as the macro conditions.

能稍微談談鋼鐵市場嗎？看起來鋼鐵訂單量似乎很弱，考慮到我們所看到的宏觀條件，我有點希望它們可能會稍微強一些。

Regarding steel, as you know, there are a few moving parts in steel. First, the global steel market as a whole continues to be soft, reflecting slow automotive production and demand and push-outs for some electric vehicle model production. Secondly, the tariffs, which are very high on steel and steel related products also make a significant effect. The orders that we have received for steel have not been necessarily on our kelp, which is inline equipment inspection in steel mills, but it is more on the R&D for DSI products. So there is still a lot of tailwind once the steel business would rebound. Got it.

關於鋼鐵，如您所知，鋼鐵中有幾個活動部件。首先，全球鋼鐵市場整體持續疲軟，反映出汽車生產和需求放緩，以及部分電動車車型生產的延遲。其次，對鋼鐵及鋼鐵相關產品徵收的高額關稅也產生了重大影響。我們接到的鋼鐵訂單不一定是針對我們的海帶（即鋼廠的線上設備檢查），更多的是針對 DSI 產品的研發。因此，一旦鋼鐵業務反彈，仍有很大推動力。知道了。

That helps. In regards to the $5 million in cost savings, will that program be completed by the third quarter or is that going to take to the full year end?

這有幫助。關於 500 萬美元的成本節約，該計劃會在第三季完成嗎？還是要到全年年底才能完成？

The $5 million are expected to end in Q4 and I believe that for the first six months we have captured $2.8 million out of the $5 million.

預計這 500 萬美元將在第四季度結束，我相信在前六個月我們已經獲得了 500 萬美元中的 280 萬美元。

$2.8 million. Got it. A little bit of thought about how July looks, the trends for the company overall compared to what you saw in the monthly trends in June, I'm sorry, in the second quarter.

280萬美元。知道了。稍微想一下 7 月份的情況，與 6 月份（抱歉，是第二季）的月度趨勢相比，公司的整體趨勢如何。

I would, regarding July, at this point in time, I would say since it's already providing information regarding the third quarter, at this point I could say there are no surprises to us.

關於 7 月份，就目前而言，我想說，由於它已經提供了有關第三季度的信息，因此目前我可以說這對我們來說沒有什麼意外。

One last question. Right. One last question. Should the robotics actually begin production in 2026? At what point would you actually have to add capacity to meet some of the projections for 2030? I'm sure you've thought about that, but can you maybe share with us what the ramp would like as far as you're concerned?

最後一個問題。正確的。最後一個問題。機器人是否應該在 2026 年開始生產？什麼時候您實際上必須增加容量才能滿足 2030 年的一些預測？我相信你已經考慮過這個問題，但你能不能跟我們分享一下你對坡道的看法？

As I indicated, the ramp up schedule is very much dependent on our customers. We share with our customers our capacity, our equipment capacity and our head up. I think we understand that our capabilities and capacities would be in line with their demand. To that extent, I think there is a very good collaboration between the two companies. They would give us enough heads up and enough information that we would be there with enough capacity to support them. We are not going to be the bottleneck. Now, regarding the timing and the schedule, it's up to them. We do hope that it would be sooner rather than later. But it's really not.

正如我所指出的，產能提升計畫很大程度上取決於我們的客戶。我們與客戶分享我們的產能、設備能力和領先優勢。我認為我們明白我們的能力和產能將符合他們的需求。從這個意義上來說，我認為兩家公司之間的合作非常好。他們會給我們足夠的提醒和足夠的訊息，以便我們有足夠的能力支持他們。我們不會成為瓶頸。現在，關於時間和日程安排，由他們決定。我們確實希望這一天能盡快到來。但事實並非如此。

Right, can you see? I think I lost you.

對了，你看見了嗎？我想我失去你了。

Sorry? I'm sorry.

對不起？對不起。

I'm sorry. I think I lost you. I think

對不起。我想我失去你了。我認為

He was finished, John.

他完了，約翰。

Okay. I'll get back into queueing if somebody else takes questions. Thank you, guys. Thank you, John.

好的。如果其他人回答問題，我會重新排隊。謝謝你們。謝謝你，約翰。

(Operator Instructions)

（操作員指示）

We currently have no further questions, so I'll hand back over to Steve for any closing remarks.

我們目前沒有其他問題，因此我將把發言權交還給史蒂夫，讓他做最後的總結發言。

Thank you.

謝謝。

Before concluding our call today, I want to note that we will be participating in two upcoming investor conferences, the Three Part Advisors Ideas Conference in Chicago on August 27 and the Jefferies Industrials Conference in New York on September 3. You can contact us for more information about them. With that, thank you for joining our call today.

在結束今天的電話會議之前，我想指出，我們將參加即將舉行的兩場投資者會議，即 8 月 27 日在芝加哥舉行的 Three Part Advisors Ideas 會議和 9 月 3 日在紐約舉行的 Jefferies Industrials 會議。您可以聯絡我們以獲取有關它們的更多資訊。最後，感謝您今天參加我們的電話會議。

Thank you very much, Steve, and thank you everyone for joining. That concludes today's call. You may now disconnect your lines.

非常感謝，史蒂夫，也感謝大家的加入。今天的電話會議到此結束。現在您可以斷開線路了。