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，今天將由我來協調您的通話。（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 third-quarter 2025 earnings conference call. Our Q3 press release and accompanying slides have been posted on our website at vpgsensors.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.

謝謝接線生。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 vpgsensors.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 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For a discussion of the risks associated with VPG's operations, we encourage you to refer to our SEC filings, especially the Form 10-K for the year ended December 31, 2024, and our other recent SEC filings. On the call today are Ziv Shoshani, CEO and President; and Bill Clancy, CFO.

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。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 Ziv Shoshani 和財務長 Bill Clancy。

I'll now turn the call to Ziv for some prepared remarks. Please refer to slide 3 of the quarterly presentation. Ziv?

現在我將把電話交給齊夫，讓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。齊夫？

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

謝謝你，史蒂夫。首先，我將對我們第三季的業績和趨勢做一些評論。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. Total bookings of $79.7 million were at similar levels with the second quarter, reflecting mixed but stable global trends.

切換到第3張投影片。先來看營收，第三季營收為 7,970 萬美元，較第二季成長 6.1%，比上年同期成長 5.3%。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-bill was 1.0, marking the fourth sequential quarter with a book-to-bill of 1.0 or higher.

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環比下降的影響。我們的綜合訂單出貨比為 1.0，這是連續第四個季度訂單出貨比達到或超過 1.0。

Our Sensors and Measurement Systems segment reported a book-to-bill of 1.07 and 1.04, respectively. Our adjusted gross margin of 40.5% reflected improved in the Sensors segment and another record quarter for Weighing Solutions segment. However, consolidated gross margin included a significant impact from unfavorable FX and product mix, which offset the effect of the higher sequential revenue.

我們的感測器和測量系統部門的訂單出貨比分別為 1.07 和 1.04。我們調整後的毛利率為 40.5%，這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季度。然而，合併毛利率受到不利的匯率和產品組合的重大影響，抵消了環比收入成長的影響。

We achieved an adjusted operating margin of 6.2%, which improved compared to both Q2 and the prior year. 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 adjustments to our customers and do not believe tariffs impacted demand.

我們實現了6.2%的調整後營業利潤率，較第二季和去年同期均有所提高。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。我們成功地減輕了關稅成本對顧客價格調整的影響，並認為關稅並未影響需求。

Moving to slide 4. Beginning with our Sensors 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 strain gages in the General Industrial market. Sensor bookings rose 13.5% sequentially, reaching the highest level in 12 quarters and resulted in a book-to-bill of 1.07. The bookings growth was driven by demand from precision resistors for semiconductor test and AMS applications. We expect this momentum to continue in the fourth quarter as some distributors replenish inventories for AMS applications.

切換到第4張投影片。從感測器業務板塊來看，第三季營收季增 19.1%，這主要得益於測試測量和 AMS 領域精密電阻器的銷售成長以及通用工業市場應變計銷量的成長。感測器訂單量較上季成長 13.5%，達到 12 個季度以來的最高水平，訂單出貨比為 1.07。訂單量成長主要得益於半導體測試和 AMS 應用領域對精密電阻的需求。我們預計這一勢頭將在第四季度繼續，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. While humanoid robots market is still in its infancy and initial real-world deployment of this robot is expected in 2026, we believe we are in a good position in high-performance niches for our sensor technology.

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。雖然人形機器人市場仍處於起步階段，預計到 2026 年才會首次在現實世界中部署，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，我們收到了與我們目前的兩家人形機器人開發商客戶相關的 180 萬美元訂單。這其中包括我們在 10 月從第二位人形機器人客戶收到的價值約 60 萬美元的原型訂單。這使得今年迄今與人形機器人項目相關的訂單總額達到約 360 萬美元。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. Moving to our Weighing Solutions segment. Third quarter sales decreased 6.4% from the second quarter. The decline reflected lower sales in the transportation market as well as in the construction and precision ag equipment markets. Weighing Solutions orders of $24.5 million were about 10% lower compared to the second quarter, resulting in a book-to-bill of 0.89. Order trends for Weighing Solutions softened but were at stable levels.

切換到第5張投影片。接下來進入我們的稱重解決方案板塊。第三季銷售額比第二季下降了6.4%。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%，訂單出貨比為 0.89。稱重解決方案的訂單趨勢有所放緩，但仍保持穩定。

Moving to slide 6. Turning to our Measurement Systems segment. Revenue in the third quarter of $20.6 million increased 7.3% sequentially. The increase reflected higher sales to the steel market of our KELK and DSI products. Third quarter Measurement Systems orders of $21.4 million decreased 6.9% sequentially, and resulted in a book-to-bill of 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 fourth quarter due to the US government shutdown.

切換到第6張投影片。接下來我們來看看測量系統部分。第三季營收為2,060萬美元，較上季成長7.3%。這一成長反映了我們 KELK 和 DSI 產品在鋼鐵市場的銷售增加。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。環比訂單額下降反映出國防和航太政府專案延誤導致 DTS 業務持續疲軟。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 Stoney Brook University for the beta 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對我們新的 UHTC 系統測試版的訂單。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. First, we generated approximately $26 million in business development orders through the first nine months of this year, which put us on track to achieve our $30 million goal for 2025.

切換到第7張投影片。接下來，我將介紹我們2025年的策略重點。首先，今年前九個月，我們透過業務拓展獲得了約 2,600 萬美元的訂單，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. We also continue to execute our ongoing operational efficiency plans with the sale of a building in July.

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。我們還將繼續執行我們正在進行的營運效率提升計劃，並在 7 月出售了一棟建築物。

Third, 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 foundation to reach our long-term financial goals even on a lower revenue than we originally expected.

第三，我們也將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，並為我們實現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-suite roles. We have appointed Yair Alcobi 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-Tencor, among others.

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 Yair Alcobi 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-Tencor 等半導體測試市場擔任高階主管領導職務。

We have also appointed Rafi Ouzan 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 Vishay Intertechnology, including as Senior Vice President and Head of our Weighing Solutions segment. 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.

我們也任命 Rafi Ouzan 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 Vishay Intertechnology 擔任 30 多年的關鍵管理和營運職務，包括擔任高級副總裁兼稱重解決方案部門負責人。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。

Yair and 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.

Yair 和 Rafi 將幫助我們推動聚焦的全球主流趨勢，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. We see 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. We are continuing to make progress with our business development initiatives, including supporting our humanoid customers.

總而言之，我們對本季穩健的業績感到滿意。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。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。

I will now turn it over to Bill Clancy. Bill?

現在我將把麥克風交給比爾‧克蘭西。帳單？

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

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。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.

以業務板塊環比來看，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 adjusted 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. The gross margin for the Measurement Systems of 51.1% declined from the second quarter due primarily to unfavorable product mix.

稱重解決方案業務的調整後毛利率為 40.3%，較第二季度略有增長，創歷史新高，主要反映了與關稅相關的淨價格調整和成本降低，但部分被銷量下降所抵消。測量系統業務的毛利率為 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 start-up costs, restructuring costs and purchase accounting adjustments amounting to $362,000 and the gain on the sale of a building of $5.5 million. This improved from 4.8% in the second quarter of 2025.

切換到第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 362,000 美元，以及出售建築物所得收益 550 萬美元。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%. We reported net earnings of $7.8 million or $0.58 per diluted share. 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.

第三季的銷售、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%。我們公佈的淨利為780萬美元，即每股攤薄收益0.58美元。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. Adjusted EBITDA was $9.2 million or 11.5% of revenue, compared to $7.9 million or 10.5% of revenue in the second quarter. CapEx in the third quarter was $2.2 million. For the full year of 2025, we are forecasting $10 million for capital expenditures. We increased our adjusted free cash flow to $7.4 million for the third quarter from $4.7 million in the second quarter.

切換到第10張投影片。調整後 EBITDA 為 920 萬美元，佔營收的 11.5%，而第二季為 790 萬美元，佔營收的 10.5%。第三季資本支出為 220 萬美元。我們預計 2025 年全年資本支出將達到 1,000 萬美元。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 fourth fiscal quarter of 2025 at constant third fiscal quarter 2025 exchange rates, we expect net revenues to be in the range of $75 million to $81 million.

關於展望，以 2025 年第三財季的固定匯率計算，我們預期 2025 年第四財季的淨收入將在 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.

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。

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. Thank you.

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。謝謝。

(Operator Instructions) John Franzreb, Sidoti.

（操作說明）John Franzreb，Sidoti。

Ziv, I guess I'm kind of curious, firstly, about maybe the disconnect that we're seeing in the Weighing Solutions business. And by that, I mean, the book-to-bill has been below 1 for a couple of quarters, but the revenues kind of held up relatively well. Is that becoming a shorter cycle business? Or maybe you could provide some color there?

Ziv，首先，我有點好奇的是，我們目前在稱重解決方案行業中看到的這種脫節現象。我的意思是，訂單出貨比已經連續幾個季度低於 1，但收入卻相對保持良好。這是朝著縮短週期的方向發展嗎？或者，您能否為那裡增添一些色彩？

Sure, absolutely. Regarding Weighing Solutions. The Weighing Solutions 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 -- sorry, the general weighing business, that's the other piece is very much linked to the industrial sector, which is also fairly stable.

當然可以。關於稱重解決方案。稱重解決方案業務依賴幾個支柱。首先，我們有OEM業務，涵蓋精準農業和建築領域。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——抱歉，一般稱重業務，這是另一部分，與工業部門聯繫非常緊密，而工業部門也相當穩定。

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. Regarding the overall bookings 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 -- of the queue in the pipeline.

關於船上稱重，主要驅動因素是歐洲經濟，歐洲經濟正在好轉，但第三季在某種程度上也存在季節性影響。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顯著增長。我們看到的主要是管道的補充——管道中隊列的補充。

And the record gross margin of 40.3%, is that a sustainable number on an annualized basis? I get 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？我明白第四季會有一些季節性因素。但展望2026年，我們該如何看待這個問題呢？

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，這樣的毛利率是可持續的。

That's excellent to hear. And just sticking on the cost savings topic, 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。繼續談到節省成本的話題，您預計到年底將實現 500 萬美元的節省，我假設這是按年計算的。但截至目前，這 500 萬美元的目標已經達成了多少？

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

我們預計到年底能夠達到 500 萬美元的目標，您說得對，這是一個年化數字。到目前為止，我們已經籌集了400萬美元。

And you touched on the -- no, I heard you. 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 will you need to add any manufacturing square footage to meet that demand?

你剛才提到了——不，我聽到了。關於人形機器人這個主題，您提到預計 2026 年出貨量會更多。您能大概描述一下您期望看到的坡道是什麼樣的嗎？為了滿足這項需求，您是否需要增加生產用地面積？

Absolutely. As I indicated, 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.

絕對地。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，我們正處於原型階段。目前，我們已經開始討論提高產量的問題，我們和客戶之間也正在討論 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，但確實有一些討論正在進行中。

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, they will -- we will continue to have this conversation and to be prepared to support our customers.

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，但他們正在為更大批量的應用做準備。時機成熟時，我們會繼續進行這種對話，並準備好為我們的客戶提供支援。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Good to see the orders from the two humanoid customers. You mentioned briefly on the call that you're in discussions with other potential customers as well. Do you think there's opportunities to bring at least one new customer into the fold over the next couple of quarters? Or where are you in those early additional customer discussions today?

很高興看到這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。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？或者，您目前在與客戶的早期洽談中進展到什麼階段了？

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

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。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。

So it's hard to tell. But I think that the main thing is 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 their, I would say, proprietary process.

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能夠提供附加價值。這就是他們聯絡我們的原因，也是他們願意（或說希望）與我們合作申請的原因。所以這些肯定都是好兆頭，但考慮到他們的專有流程，我們很難確切地知道我們目前處於設計階段的哪個階段。

Fair enough. And 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? Or is that coming from other new areas of the business like ceramics overall?

很公平。此外，這些新的業務發展計劃在前九個月已投入 2,600 萬美元，預計將達到 3,000 萬美元。這是否意味著第四季會有更多人形機器人訂單？或者，這種成長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 back-end testing for, I would say, fiber optics. It comes from many, many different new applications across the complete company, across all the divisions.

這 2600 萬美元來自非常不同的應用領域，人形機器人是其中的一部分。正如您所指出的，除了陶瓷之外，我們還有一些其他的設計用於半導體後端測試，例如光纖測試。它來自公司各部門、各領域許多不同的新應用。

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

最後一個問題。我認為你提到過，由於美國政府停擺等原因，國防市場出現了一些疲軟，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意見，您預計對第四季會產生什麼樣的影響？

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

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，體現在DTS產品線上，我們知道，在進行討論、下訂單或發貨方面都存在挑戰。所以我覺得在給出具體數字時我會更加謹慎，但可以肯定的是——這件事的影響至少會達到數十萬美元，甚至更多。但大致情況就是這樣。

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

（操作說明）我們目前沒有其他問題。那麼，我將把發言權交還給史蒂夫·坎托，讓他做總結發言。

Before we conclude, I want to note that VPG will be presenting at the Three Part Advisors IDEAS Conference later this month, and the Sidoti Virtual Conference in December, and you can contact me for more details. And with that, we thank you for joining our call, and we look forward to updating you next quarter.

在結束之前，我想指出，VPG 將於本月晚些時候在 Three Part Advisors IDEAS 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。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。