Vishay Precision Group Inc (VPG) 2025 Q3 法說會逐字稿

Hello everyone, and thank you for joining the VPG third-quarter 2025 earnings call. My name is Claire and I will be coordinating your call today. (Operator Instructions)

大家好，感謝各位參加VPG 2025年第三季財報電話會議。我叫克萊爾，今天將由我負責協調您的通話。（操作說明）

I will now hand over to Steve Cantor from VPG to begin. Please go ahead.

現在我將把發言權交給VPG的Steve Cantor，讓他開始。請繼續。

Thank you, operator, and good morning everyone. Welcome to VPG's 3rd quarter of 2025 earnings conference call. Our Q3 press release and accompanying slides have been posted on our website at bpgsensors.com. An audio recording of today's call will be available on the internet for a limited time and can also be accessed on the VPG website.

謝謝接線員，大家早安。歡迎參加VPG 2025年第三季財報電話會議。我們的第三季新聞稿及配套幻燈片已發佈在公司網站 bpgsensors.com 上。今天電話會議的錄音將在網路上限時提供，也可在 VPG 網站上收聽。

Today's remarks are governed by the safe harbor provisions of the 1,995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For a discussion of the risks associated with CPG's operations, we encourage you to. 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. I'll now turn the call to Zeve for some prepared remarks. Please refer to slide 3 of the quarterly presentation. Zeve.

今天的發言受 1995 年《私人證券訴訟改革法案》安全港條款的約束。我們的實際結果可能與前瞻性陳述有所不同。如需討論與 CPG 營運相關的風險，我們建議您查閱相關資料。致我們向美國證券交易委員會提交的文件，特別是截至 2024 年 12 月 31 日止年度的 10-K 表格，以及我們最近向美國證券交易委員會提交的其他文件。今天參加電話會議的有執行長兼總裁 Zeve Shoshani 和財務長 Bill Clancy。現在我將把電話交給澤夫，請他發表一些事先準備好的演講。請參考季度簡報的第3頁投影片。澤夫。

Thank you, Steve.

謝謝你，史蒂夫。

I will begin with some commentary on our results and trends for the 3rd quarter.

首先，我將對我們第三季的業績和趨勢做一些評論。

Bill will then provide financial details about the quarter and our outlook for the 4th quarter of 2025.

比爾隨後將提供有關本季財務的詳細資訊以及我們對 2025 年第四季的展望。

Moving to slide 3, beginning with revenue, third quarter revenue of $79.7 million grew 6.1% from the second quarter and was up 5.3% from the prior year.

接下來是投影片 3，首先是收入，第三季營收為 7,970 萬美元，比第二季成長 6.1%，比上年成長 5.3%。

Total bookings of $79.7 million were at similar levels with the second quarter, reflecting mixed but stable global trends.

總預訂額為 7,970 萬美元，與第二季水準相近，反映出全球趨勢喜憂參半但整體穩定。

Strong double-digit growth in sensors offset lower orders for weighing solutions and measurement systems sequentially. Our consolidated book to build was 1.0, marking the fourth sequential quarter with a book to bills of 1.0 or higher. Our sensors and measurement system segment reported the book to bills of 1.07 and 1.04 respectively.

感測器業務強勁的兩位數成長抵消了稱重解決方案和測量系統訂單的環比下降。我們的合併帳面出貨比為 1.0，這是連續第四個季度帳面出貨比達到 1.0 或更高。我們的感測器和測量系統部門報告稱，帳面價值分別為 1.07 和 1.04。

Our adjusted gross margin of 40.5% reflected improved in the sensor segment and another record quota for weighing solution segment. However, consolidated gross margin included a significant impact from unfavorable effects and product mix which offset the effect of the higher sequential revenue. We achieved an adjusted operating margin of 6.2%, which improved compared to both Q2 and the yield.

我們調整後的毛利率為 40.5%，反映了感測器業務的改善以及稱重解決方案業務的另一個創紀錄的配額。然而，合併毛利率受到不利因素和產品組合的重大影響，抵消了環比收入成長的影響。我們實現了 6.2% 的調整後營業利潤率，與第二季度相比有所提高，收益率也有所提高。

We continue to make progress with our long-term business development and cost optimization initiatives. This translated into a solid cash generation with $9.2 million in adjusted EBITDA and $7.4 million in adjusted free cash flow. We successfully mitigated the impact of tariff cost to a price adjustment to our customers and do not believe tariffs impacted demand.

我們在長期業務發展和成本優化方面持續取得進展。這轉化為穩健的現金流，調整後 EBITDA 為 920 萬美元，調整後自由現金流為 740 萬美元。我們成功地透過調整價格來減輕關稅成本對客戶的影響，並且不認為關稅影響了需求。

Moving to slide 4.

切換到第4張投影片。

Beginning with our sensor segment, third quarter revenue increased 19.1% sequentially, reflecting higher sales of precision resistors in the test and measurement and AMS and higher sales of strangages in the general industrial market.

以我們的感測器業務為例，第三季營收季增 19.1%，這反映了測試測量和 AMS 領域精密電阻器的銷量增加，以及一般工業市場中萬用電錶的銷量增加。

Sensor bookings rose 13.5% sequentially. Reaching the highest level in 12 quarters and resulted in a book to bill of 1.07.

感測器預訂量較上季成長13.5%。12 個季度以來達到最高水平，帳面出貨比為 1.07。

The booking's growth was driven by demand from precision resistors for semiconductor tests and AMS applications. We expect this momentum to continue in the 4th quarter as some distributors replenish inventories for AMS applications.

訂單量的成長是由半導體測試和AMS應用所需的精密電阻器的需求所推動的。我們預計這一勢頭將在第四季度繼續保持，因為一些分銷商會補充 AMS 應用的庫存。

Regarding humanoid robots, we are optimistic about the long-term potential for VPG in the emerging markets.

關於人形機器人，我們對VPG在新興市場的長期潛力持樂觀態度。

While humanoid robots market is still in its infancy and initial real world deployment of this robots is expected in 2026, we believe we are in a good position in high performance niches for our sensor technology.

雖然人形機器人市場仍處於起步階段，預計此類機器人的首次實際部署要到 2026 年，但我們相信，憑藉我們的感測器技術，我們在高效能細分市場中處於有利地位。

We received 1.8 million in orders from July to October related to our two current humanoid developer customers. This included prototype orders of approximately 600,000 from our second humanoid customer in October. This brings the total orders year-to-date to approximately 3.6 million related to humanoid projects. We are also in the initial discussions with additional developers of humanoid.

從 7 月到 10 月，我們收到了 180 萬份與我們目前的兩家人形機器人開發商客戶相關的訂單。其中包括 10 月從我們的第二位人形機器人客戶收到的約 60 萬個原型訂單。這使得今年迄今與人形機器人項目相關的訂單總數達到約 360 萬份。我們目前也正與其他類人機器人開發商進行初步洽談。

Moving to slide 5.

切換到第5張投影片。

Moving to our weighing solution segment, third quarter sales decreased 6.4% from the second quarter.

再來看我們的稱重解決方案業務，第三季銷售額比第二季下降了 6.4%。

The decline reflected lower sales in the transportation market as well as in the construction and precision ag equipment markets. Weighing solution orders of $24.5 million were about 10% lower compared to the second quarter, resulting in a book to bill of 0.89. 0 trends for weighing solutions soften but were at stable levels. Moving to slide 6.

這一下滑反映了運輸市場以及建築和精準農業設備市場的銷售額下降。稱重解決方案訂單額為 2,450 萬美元，比第二季下降了約 10%，導致訂單出貨比為 0.89。稱重解決方案的趨勢有所放緩，但仍處於穩定水平。切換到第6張投影片。

Turning to our measurement system segment, revenue in the third quarter of $20.6 million increased 7.3% sequentially.

再來看我們的測量系統業務，第三季營收為 2,060 萬美元，較上季成長 7.3%。

The increase reflected higher sales to the steel market of our keel and DSI products.

這一成長反映了我們龍骨和DSI產品在鋼鐵市場的銷售增加。

Third quarter measurement systems orders of $21.4 million decreased 6.9% sequentially and resulted in a book to bill of 1.04.

第三季測量系統訂單金額為 2,140 萬美元，季減 6.9%，訂單出貨比為 1.04。

The lower sequential bookings reflected ongoing softness in DTS due to delays related to defense and space government projects. We expect delays in some of these defense projects to continue into the 4th quarter due to the US government shutdown.

環比預訂量下降反映出DTS市場持續疲軟，原因是國防和航太政府專案出現延誤。由於美國政府停擺，我們預計部分國防工程的延誤將持續到第四季。

We were pleased to receive an order from Stony Brook University for the better of our new UHTC system. This is the second university which ordered the system. This system designed to perform band testing on nonconductive materials such as ceramics, which are used in critical high performance applications such as hypersonic missiles in aerospace as well as in avionics, energy, and industrial applications.

我們很高興收到石溪大學的訂單，以改善我們的新UHTC系統。這是第二所訂購該系統的大學。該系統旨在對陶瓷等非導電材料進行能帶測試，這些材料用於航空航太領域的高超音速飛彈等關鍵高性能應用，以及航空電子、能源和工業應用。

Moving to slide 7, I'll now provide an update on our strategic priorities for 2025. 1st, we generated approximately $26 million in business development orders through the 1st 9 months of this year, which put us on track to achieve our $30 million goal for 2025.

接下來是第 7 張投影片，我將介紹我們 2025 年的策略重點。首先，今年前 9 個月，我們獲得了約 2,600 萬美元的業務發展訂單，這使我們能夠朝著 2025 年 3,000 萬美元的目標穩步前進。

Second, regarding our cost efficiency goals for 2025, we expect to have in place $5 million of annualized cost reductions by the end of this year.

其次，關於我們 2025 年的成本效益目標，我們預計今年底將實現 500 萬美元的年度成本削減。

We also continue to execute our ongoing operational efficiency plans with the sale of a building in July 3rd, we also continue to look for attractive M&A opportunities. Our strategic priorities are designed to increase growth and profitability. They reflect several years of focused investments and have built strong foundations to reach our long-term financial goals. Even on a lower revenue than we originally expected.

我們繼續執行正在進行的營運效率提升計劃，於 7 月 3 日出售了一棟建築物，同時我們也繼續尋找有吸引力的併購機會。我們的策略重點旨在提高成長和獲利能力。這些成果體現了我們多年來的專注投資，並為實現我們的長期財務目標奠定了堅實的基礎。即使收入低於我們最初的預期。

As VPG enters this next phase, we are expanding our senior leadership team with two new C-suites roles. We have appointed Yaeral Kobi to the newly created position of chief business and product officer responsible for overseeing sales, marketing, product strategy, and business development. Yair brings considerable experience in accelerating growth and profitability from his previous executive leadership roles at leading industrial tech companies, including in the semiconductor test market for KLA Teno, among others. We have also appointed Rafielan to the newly created role of Chief Operating Officer to lead VPG's manufacturing and our operational excellence initiatives. Rafi has more than 30 years of experience in key executive and operational roles for VPG and Vihe technology, including a senior Vice President and head of our Wing solution segment.

隨著 VPG 進入下一個發展階段，我們將透過新增兩個 C 級主管職位來擴充我們的高階領導團隊。我們已任命 Yaeral Kobi 擔任新設立的首席業務和產品長一職，負責監督銷售、行銷、產品策略和業務發展。Yair 曾在多家領先的工業技術公司擔任高階主管領導職務，累積了豐富的經驗，能夠加速公司成長和獲利能力，其中包括在 KLA Teno 等半導體測試市場擔任高階主管領導職務。我們也任命 Rafielan 擔任新設立的營運長一職，領導 VPG 的製造和卓越營運計畫。Rafi 在 VPG 和 Vihe 技術公司擔任過 30 多年的關鍵管理和營運職務，包括高級副總裁和 Wing 解決方案部門負責人。

I want to welcome these two executives to our senior team and look forward to their contributions to delivering business excellence and execution, which are prime strategic trusts for VPG.

我謹代表 VPG 團隊歡迎這兩位主管加入我們的高階管理團隊，並期待他們為實現卓越的業務表現和高效的執行力做出貢獻，而這正是 VPG 最重要的策略目標。

Ya Rafi will help drive our focused mainstream global trends, increase the speed of innovation and R&D, and leverage our strong brands. I believe these new positions will enhance and accelerate value to our customers and stockholders and will also allow me to focus on continuing to build a dynamic culture supporting future growth and scalable M&A strategy.

Ya Rafi 將幫助我們推動我們專注的全球主流趨勢，加快創新和研發速度，並利用我們強大的品牌。我相信這些新職位將提升並加速為我們的客戶和股東創造價值，同時也將使我能夠專注於繼續建立充滿活力的企業文化，以支持未來的成長和可擴展的併購策略。

In summary, we are pleased with the solid quarter.

總而言之，我們對本季穩健的業績感到滿意。

We see a stable, moderately improved business environment. We are making organizational changes that align our reporting segment to accelerate top-line growth and strengthen our operational excellence.

我們看到商業環境穩定，略有改善。我們正在進行組織結構調整，以調整我們的報告部門，從而加速營收成長並加強我們的卓越營運。

We are continuing to make progress with our business development initiatives, including supporting our humanoid customers. He will now turn it over to Bill Clancy, Bill.

我們在業務發展計劃方面持續取得進展，包括為我們的類人機器人客戶提供支援。他現在將把工作交給比爾·克蘭西，比爾。

Thank you, Steve. Referring to slide 8 and the reconciliation tables of the slide deck, our third quarter of 2025 revenues were $79.7 million.

謝謝你，史蒂夫。參考投影片 8 和投影片中的對帳表，我們 2025 年第三季的營收為 7,970 萬美元。

Adjusted gross margin was 40.5% in the third quarter. Compared to 41% in the second quarter, the third quarter gross margin was impacted by $600,000 of unfavorable foreign exchange and $800,000 from unfavorable product mix, which offset higher volume and tariff-related net price adjustments.

第三季調整後毛利率為40.5%。與第二季的 41% 相比，第三季毛利率受到 60 萬美元不利匯率影響和 80 萬美元不利產品組合影響，抵銷了銷售成長和關稅相關的淨價調整。

Sequentially by segment, adjusted gross margin for the sensors of 33.7% increased primarily from volume and tariff-related net price adjustments partially offset by a decrease in inventories and unfavorable foreign exchange rates.

以業務板塊依序來看，感測器業務的調整後毛利率為 33.7%，主要得益於與銷售和關稅相關的淨價調整，但部分被庫存減少和不利的匯率所抵銷。

The weighing solutions adjust the gross margin of 40.3% increased slightly from the second quarter and reached an all-time record, primarily reflecting tariff-related net price adjustments and cost reductions partially offset by lower volume.

稱重解決方案的毛利率調整為 40.3%，較第二季度略有增長，創歷史新高，主要反映了關稅相關的淨價調整和成本降低，但部分被銷量下降所抵消。

The gross margin for the measurement systems of 51.1% declined from the second quarter due primarily to unfavorable product mix.

測量系統的毛利率為 51.1%，較第二季度下降，主要原因是產品組合不利。

Moving to slide 9, our adjusted operating margin was 6.2%, which excluded startup costs, restructuring costs, and purchase accounting adjustments amounting to $362,000 and the gain on the sale of building of $5.5 million.

翻到第 9 張投影片，我們調整後的營業利潤率為 6.2%，其中不包括啟動成本、重組成本和購買會計調整，共 362,000 美元，以及出售建築物所得收益 550 萬美元。

This improved from 4.8% in the second quarter of 2025.

這一比例較 2025 年第二季的 4.8% 有所提高。

Selling general and administrative expenses for the third quarter was $27.2 million or 34.2% of revenues, which decreased from $27.7 million or 36.9% of revenues for the second quarter of 2025. The operational tax rate in the third quarter was 26%. And for the full year of 2025 we are forecasting an operational tax rate of approximately 28%.

第三季銷售一般及行政費用為 2,720 萬美元，佔營收的 34.2%，低於 2025 年第二季的 2,770 萬美元，佔營收的 36.9%。第三季的營業稅率為26%。我們預測 2025 年全年的營運稅率約為 28%。

We reported net earnings of $7.8 million or $0.58 per diluted share.

我們公佈的淨利為780萬美元，即每股攤薄收益0.58美元。

Adjusted net earnings for the third quarter was $3.5 million or $0.26 per diluted share compared to $2.3 million or $0.17 per diluted share in the second quarter of 2025.

第三季調整後淨收益為 350 萬美元，即每股攤薄收益 0.26 美元，而 2025 年第二季為 230 萬美元，即每股攤薄收益 0.17 美元。

Moving to slide 10.

切換到第10張投影片。

Adjusted Ebiev was $9.2 million or 11.5% of revenue compared to $7.9 million or 10.5% of revenue in the second quarter.

經調整後的 Ebiev 營收為 920 萬美元，佔總營收的 11.5%，而第二季為 790 萬美元，佔總營收的 10.5%。

Cap back in the third quarter was $2.2 million for the full year of 2025, we are forecasting $10 million for capital expenditures.

第三季資本支出上限為 2025 年全年 220 萬美元，我們預測資本支出將達到 1,000 萬美元。

We increased our adjusted free cash flow to $7.4 million for the third quarter from $4.7 million in the second quarter.

第三季調整後自由現金流從第二季的 470 萬美元增加到 740 萬美元。

As of the end of the third quarter, our cash position was $86.3 million and our long-term debt was $20.5 million giving us a net cash position of $65.8 million. This reflects the debt paydown of $11 million from the proceeds of the sale of a building in July.

截至第三季末，我們的現金餘額為 8,630 萬美元，長期債務為 2,050 萬美元，淨現金餘額為 6,580 萬美元。這反映了7月出售一棟建築物所得款項償還了1,100萬美元的債務。

Regarding the outlook for the 4th fiscal quarter of 2025, at constant 3rd fiscal quarter of 2025 exchange rates, we expect net revenues to be in the range of $75 million to $81 million.

關於 2025 年第四財季的展望，以 2025 年第三財季的固定匯率計算，我們預期淨收入將在 7,500 萬美元至 8,100 萬美元之間。

In summary, we grew sales quarter to quarter and year-to-date. We continue to improve our operating margin, which reflect our cost reduction and efficiency programs. And we remain excited about the potential of our business development initiatives, particularly in humanoid robotics. With that, let's open the lines for questions.

總而言之，我們的銷售額環比成長，年初至今也實現了成長。我們的營業利潤率持續提高，這反映了我們降低成本和提高效率的措施。我們仍然對業務發展計畫的潛力感到興奮，尤其是在人形機器人領域。接下來，我們開放提問環節。

Thank you.

謝謝。

(Operator Instructions) John Franzreb, Sidoti.

（操作說明）John Franzreb，Sidoti。

Good morning, everyone, and thanks for taking the questions. I guess I'm kind of curious firstly about maybe the disconnect that we're seeing in the solutions business, and by that I mean the book to build has been below one for a couple of quarters, but the revenue is kind of held up relatively well. Is that becoming a shorter cycle business or maybe you can provide some color there?

各位早安，感謝大家回答問題。首先，我有點好奇我們在解決方案業務中看到的這種脫節現象，我的意思是，連續幾季新增訂單量都低於 1，但收入卻相對保持良好。這是否意味著業務週期正在縮短？或者您能否對此提供一些見解？

Sure, absolutely.

當然可以。

Regarding weighing solutions, the weighing solution business relies on a few pillars. First, we have the OEM business which is encompass which consists of precision ag and construction. Those large companies, given the interest rates and the environment, do see a significant slowdown. On the other hand, the general industrial or the general the general weighing business.

就稱重解決方案而言，稱重解決方案業務依賴幾個支柱。首先，我們有OEM業務，涵蓋範圍包括精準農業和建築。鑑於當前的利率和經濟環境，這些大型公司確實出現了明顯的放緩。另一方面，一般工業或一般稱重業務。

That's the other piece is very much linked to the industrial sector, which is also fairly stable on the regarding the on board weighing, the main driver there is the European economy, which is improving, but we have to an extent the seasonal effect for Q3.

另一部分與工業部門密切相關，就船上稱重而言，工業部門也相當穩定，主要驅動因素是正在改善的歐洲經濟，但我們在一定程度上要考慮第三季的季節性影響。

Regarding regarding the overall booking for this segment, we see a fairly stable environment, but still the larger companies do not see a significant upside from demand, and what we mainly see is the replenishment of the pipeline.

就該細分市場的整體預訂情況而言，我們看到環境相當穩定，但大型公司仍然沒有看到需求方面的顯著增長，我們主要看到的是訂單儲備的補充。

Of the queue in the pipeline.

管道中的隊列。

And the record gross margin of 40.3%, is that a sustainable number on an annualized basis? I guess there should be some seasonality in Q4, but how should we think about that going forward into 2026?

創紀錄的 40.3% 毛利率，以年計算是否可持續？我想第四季應該會有一些季節性因素，但我們該如何看待2026年的情況呢？

There are significant cost reduction initiatives in this segment as we continue to streamline our manufacturing from other parts of the world to India. So given the continuous operational excellence, I would say initiatives at a similar revenue level, this gross margin is sustainable.

隨著我們不斷將生產從世界其他地區轉移到印度，該領域正在實施重大的成本削減措施。因此，鑑於持續卓越的運營，我認為在類似的收入水平下，這種毛利率是可持續的。

That's excellent to hear. And just sticking on the cost savings topic, do you expect $5 million to be realized by the end of the year, and I assume that's on an annualized basis, but what's the year-to-date, how much of that $5 million has been realized?

聽到這個消息真是太好了。繼續討論成本節約的問題，您預計到年底能實現 500 萬美元的節省嗎？我假設這是按年計算的，但截至目前，這 500 萬美元中已經實現了多少？

We do expect to meet the $5 million by the end of the end of the year, and you are correct, this is an annualized number and by now we already reached $4 million.

我們預計到年底將達到 500 萬美元的目標，您說得對，這是一個年化數字，目前我們已經達到了 400 萬美元。

That's great. And you touched on the first. Go ahead. No, I heard you.

那太棒了。你已經談到了第一點。前進。不，我聽到了。

And on the humanoid robotics topic, you mentioned that you expect more shipments in 2026. Can you give us a sense of what kind of ramp that you expect to see and you need to add any manufacturing square footage to meet that demand?

關於人形機器人這個主題，您提到預計 2026 年出貨量會更多。您能否大致說明一下您預計會看到什麼樣的坡道，以及為了滿足這項需求，您需要增加哪些生產面積？

Absolutely, as I indicated a year-to-date, we have received $3.6 million of orders from two humanoid suppliers, customers. One, we are ahead with the design and the other we are in the prototype levels. Already now there are some discussions regarding higher volume production, and there are discussions between us and our customers regarding VPG capability to support higher volume manufacturing. At this point in time, and unfortunately I cannot get to specifics, but there are discussions we don't know what is the ramp up time and how quickly they are going to ramp up, but they are preparing for a higher volume application and when time comes we will continue to have this conversation and to be prepared to support our customers.

當然，正如我之前提到的，今年到目前為止，我們已經從兩家類人機器人供應商（客戶）收到了價值 360 萬美元的訂單。一方面，我們在設計方面處於領先地位；另一方面，我們仍處於原型階段。目前已經有一些關於提高產量的討論，我們和客戶之間也在討論VPG支援更高產量生產的能力。目前，很遺憾我無法透露具體細節，但我們正在討論中，我們不知道產能提升需要多長時間，也不知道他們會以多快的速度提升產能，但他們正在為更大容量的應用做準備，時機成熟時，我們將繼續進行討論，並做好準備為我們的客戶提供支持。

Okay, with that, actually, I'll get back into the queue. Thank you.

好的，那我就重新排隊了。謝謝。

Thank you.

謝謝。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Yeah, thanks for taking my question. Good to see that the orders from the two humanoid customers. You mentioned briefly on the call that you're in discussions with other potential customers as well.

謝謝你回答我的問題。很高興看到兩位人形顧客的訂單。您在電話中簡要提到，您也正在與其他潛在客戶進行洽談。

Do you think there's opportunities to bring, at least one new customer into the fold over the next couple quarters, or were you in those early additional customer discussions today?

您認為在接下來的幾個季度裡，是否有機會至少吸引一位新客戶加入？或者您今天是否參與了早期拓展新客戶的討論？

We are in the engineering dialogue providing or discussing a certain solution or a certain sensing solution to their humanoid.

我們正在與他們進行工程對話，提供或討論針對他們的人形機器人的某種解決方案或某種感測解決方案。

I would say that we don't have such a visibility to know exactly when they would approve the design, even with some of the earlier discussions. Our customers have continued to change the design. They didn't freeze the design. It took them quite some time, so it's hard to tell, but I think that the main thing is that that our customers do see and believe that VPG can provide value-added when it comes to those sensing solutions, and this is why they approach us and this is why. They are ready to or they would like to work with us for their applications, so those are definitely good signs, but it's very hard to know exactly where we are in the design stage, given given their, I would say proprietary forces.

我認為，即使經過先前的討論，我們也無法確切知道他們何時會批准設計。我們的客戶一直在不斷修改設計。他們並沒有最終確定設計方案。他們花了相當長的時間，所以很難說，但我認為最重要的是，我們的客戶確實看到並相信 VPG 在這些感測解決方案方面可以提供增值，這就是他們與我們接洽的原因。他們已經準備好或願意與我們合作開發他們的應用程序，這當然是好兆頭，但考慮到他們的專有技術，我們很難確切地知道我們在設計階段處於什麼階段。

Fair enough again for these new business development initiatives, $26 million for the first nine months on track to hit $30 million, does that imply some additional expected humanoid orders in the fourth quarter? Is that coming from other new areas of the business like ceramics overall?

這些新的業務發展計劃再次取得了不錯的成績，前九個月的收入為 2600 萬美元，預計將達到 3000 萬美元，這是否意味著第四季度會有更多人形機器人訂單？這是否也來自陶瓷等其他新興業務領域？

The $26 million are coming from very different applications. Humanoid is part of them. We have also, as you indicated, the ceramics. We have also some other designs for semiconductor.

這2600萬美元來自非常不同的用途。人形生物也是其中的一部分。正如您所指出的，我們也有陶瓷製品。我們還有一些其他的半導體設計方案。

Back end testing for, I would say fiber optics. It comes from many different new applications across the complete company, across all the divisions.

後端測試，我指的是光纖測試。它來自公司各部門、各分公司的許多不同的新應用。

And then last question for me, I think you mentioned there's a little bit of softness related specifically for defense associated with like the US government shutdown and that likely to continue into into 4Q. Could any way you could quantify the impact to 3Q or what type of impact do you expect that to have to to you based on the guidance that you kind of laid out.

最後一個問題，我想您提到過，由於美國政府停擺，國防市場出現了一些疲軟跡象，這種情況可能會持續到第四季。您能否量化一下對第三季的影響，或者根據您先前給予的指導，您預計會對您產生什麼樣的影響？

Sure, absolutely. We believe that, given the US government shutdown, the effect is going to be mainly on our measurement system division. I would say more specifically on for DTS product line where we know that we, I mean there is there is a challenge, having discussions or even placing orders or shipping, so. I would say that I would be a little bit more cautious cautious to put a number, but it definitely would be the effect will be at least in the hundreds of thousands of dollars if not more, but But that's really the kind of the bulk bulk.

當然可以。我們認為，鑑於美國政府停擺，其影響將主要體現在我們的測量系統部門。更具體地說，就 DTS 產品線而言，我們知道，我的意思是，在進行討論、下訂單甚至發貨方面都存在挑戰。我必須說，我不太願意給出一個確切的數字，但可以肯定的是，影響至少會達到數十萬美元，甚至更多，但這真的是大宗損失。

(Operator Instructions) We currently have no further questions, so I'll hand back to Steve Cantor for closing remarks.

（操作員說明）目前我們沒有其他問題，所以我將把發言權交還給史蒂夫·坎托，請他做總結發言。

Before we conclude, I want to note that VPG will be presenting at the rear advisors ideas conference later this month and the Sidoti virtual conference in December, and you can contact me for more details.

在結束之前，我想指出，VPG 將於本月晚些時候在後方顧問理念大會上進行演講，並於 12 月在 Sidoti 虛擬大會上進行演講，您可以聯繫我以了解更多詳情。

And with that, we thank you for joining our call, and we look forward to updating you next quarter.

感謝您參加我們的電話會議，我們期待下個季度再向您報告最新情況。

This concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。