Vishay Precision Group Inc (VPG) 2025 Q4 法說會逐字稿

Hello, everyone, and thank you for joining the VPG fourth quarter 2025 earnings call. My name is Claire, and I will be coordinating your call today. (Operator Instructions) I will now hand over to Steve Cantor, Senior Director, Investor Relations at VPG to begin. Please go ahead.

大家好，感謝各位參加VPG 2025年第四季財報電話會議。我叫克萊爾，今天將由我來協調您的通話。（操作員指示）現在我將把發言權交給VPG投資者關係高級總監史蒂夫·坎托，由他開始。請繼續。

Thank you, Claire. Good morning, everyone. Welcome to VPG's 2025 fourth quarter earnings conference call. Our Q4 press release and slides have been posted on VPG's website. An audio recording of today's call will be available on the Internet for a limited time and can also be accessed on our website.

謝謝你，克萊爾。各位早安。歡迎參加VPG 2025年第四季財報電話會議。我們的第四季新聞稿和幻燈片已發佈在VPG網站上。今天電話會議的錄音將在網路上限時提供，也可以在我們的網站上收聽。

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. 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。齊夫？

Thank you, Steve. I will begin with some commentary on our results and trends for the fourth quarter and on our strategy. Bill will provide financial details and our outlook for the first quarter of 2026. Moving to slide 3. To summarize our Q4 '25 results, Q4 marked our fifth consecutive quarter with a book-to-bill over 1, led by sensors.

謝謝你，史蒂夫。首先，我將對我們第四季度的業績和趨勢以及我們的策略做一些評論。比爾將提供財務詳情以及我們對 2026 年第一季的展望。切換到第3張投影片。總結我們 2025 年第四季的業績，第四季是我們連續第五個季度訂單出貨比超過 1，這主要得益於感測器業務的成長。

While Q4 gross margin reflected a number of headwinds, we expect gross margin to improve in Q1. With sensors ramping and backlog at a multiyear high, we expect higher shipments beginning in Q2 and continued progress on our growth initiatives. Specifically, fourth quarter revenues of $80.6 million was up 11% year-over-year and 1% sequentially, reflecting solid execution across the portfolio. We achieved another quarter of positive booking trends as our consolidated orders of $81.3 million grew 2% sequentially. This resulted in a book-to-bill of 1.01, the fifth consecutive quarter of book-to-bill of 1 or better.

儘管第四季毛利率受到許多不利因素影響，但我們預計第一季毛利率將有所改善。隨著感測器產能提升和積壓訂單達到多年來的最高水平，我們預計從第二季開始出貨量將會增加，並且我們的成長計畫將繼續取得進展。具體而言，第四季營收為 8,060 萬美元，年增 11%，季增 1%，反映出整個產品組合的穩健執行。我們連續第二季實現了積極的預訂趨勢，綜合訂單金額達到 8,130 萬美元，季增 2%。這使得訂單出貨比達到 1.01，連續第五個季度訂單出貨比達到或超過 1。

We continue to make good progress across our business development initiatives, including humanoid robots and semiconductor equipment. These efforts generated $11.8 million in orders during the fourth quarter, bringing total orders from these initiatives to $37.8 million for the full year of 2025, which exceeded our goal of $30 million for the year.

我們在業務發展計畫方面持續取得良好進展，包括人形機器人和半導體設備。這些努力在第四季度創造了 1,180 萬美元的訂單，使這些舉措在 2025 年全年的總訂單額達到 3,780 萬美元，超過了我們 3,000 萬美元的年度目標。

Our fourth quarter adjusted gross margin of 37% was impacted by $3 million of headwinds, including unusual unfavorable product mix, inventory reductions and discrete inventory and manufacturing impacts. We expect gross margin to improve in Q1. We are currently ramping production of sensors products and expect to realize higher sales in the second quarter.

我們在第四季度調整後的毛利率為 37%，受到 300 萬美元不利因素的影響，包括不尋常的不利產品組合、庫存減少以及離散庫存和製造影響。我們預計第一季毛利率將有所改善。我們目前正在加大感測器產品的生產力度，預計第二季銷售額將會成長。

I'll now review the business performance by segment. Moving to slide 4. Beginning with our Sensors segment. Fourth quarter revenue declined 4% sequentially, but was 18% higher than a year ago. Compared to the third quarter, continued strength in test and measurement related to semiconductor equipment was offset by softer sales to the AMS and the general industrial market.

接下來我將按業務板塊分析業務績效。切換到第4張投影片。首先從我們的感測器部分開始。第四季營收季減 4%，但比去年同期成長 18%。與第三季相比，半導體設備測試和測量業務的持續強勁成長被面向AMS和一般工業市場的疲軟銷售所抵消。

Booking for Sensors continued its positive trend and reached its highest level in 13 quarters. Sensor bookings rose 4% sequentially and were 30% above a year ago, resulting in a book-to-bill of 1.15. The bookings growth from the third quarter was driven by higher orders in general industrial, our other markets for consumer electronics and AMS. In addition, we are pleased with the demand related to the test and measurement market, particularly for semiconductor test equipment applications. Total sensors orders were up 18% in the second half of 2025 compared to the first half, with Sensors backlog at the highest level since Q3 of 2023.

感測器訂單量持續保持成長勢頭，達到 13 個季度以來的最高水準。感測器訂單量較上季成長 4%，比去年同期成長 30%，訂單出貨比為 1.15。第三季訂單量的成長主要得益於一般工業、消費性電子和其他市場以及 AMS 領域的訂單增加。此外，我們對測試和測量市場的需求感到滿意，特別是半導體測試設備應用的需求。2025 年下半年感測器訂單總量比上半年成長了 18%，感測器積壓訂單量達到 2023 年第三季以來的最高水準。

We are currently hiring to ramp up production to meet demand, which should lead to increased sales beginning of Q2. A key highlight continues to be our growing momentum with humanoid robots developments in Q4. We received $800,000 in humanoid-related orders, including a follow-on bookings for our first two customers and an initial prototype order for the third. This new customer is an emerging robotics company developing humanoids to enhance productivity and streamline daily operations in both homes and warehouse environment. In addition, in January, we received a follow-on order from one of our initial two humanoid customers of approximately $1 million.

我們目前正在招聘以擴大生產規模，滿足市場需求，這應該會在第二季初帶來銷售額的成長。第四季度，我們在人形機器人研發方面持續保持強勁勢頭，無疑是本季的一大亮點。我們收到了價值 80 萬美元的人形機器人相關訂單，其中包括前兩位客戶的後續訂單和第三位客戶的初始原型訂單。這家新客戶是一家新興的機器人公司，致力於開發人形機器人，以提高家庭和倉庫環境中的生產力並簡化日常操作。此外，1 月份，我們收到了最初兩位人形機器人客戶之一的後續訂單，金額約為 100 萬美元。

2026 is expected to be a pivotal year for the overall humanoid robotics market as leading companies move decisively from prototype into early production and real-world deployment. Technical challenges remain, but they play directly to our strength and create strong demand for our high-value, high-performance solutions that solve their problems to advance dexterity, stability, responsiveness and safety. While the timing and scale of production ramps across the humanoid robot market remains unclear, we expect 2026 to bring continued momentum for VPG. Our infrastructure and supply chain teams are prepared to support customers' production demands. Moving to slide 5.

2026預計這將是整個人形機器人市場的關鍵一年，因為領導企業正果斷地從原型階段過渡到早期生產和實際部署階段。技術挑戰仍然存在，但這正是發揮了我們的優勢，並為我們提供了高價值、高性能的解決方案，以解決他們的問題，從而提高靈活性、穩定性、響應性和安全性，創造了強勁的需求。儘管人形機器人市場產能提升的時間和規模仍不明朗，但我們預計 2026 年 VPG 將持續保持成長勢頭。我們的基礎設施和供應鏈團隊已做好準備，以滿足客戶的生產需求。切換到第5張投影片。

Turning to our Weighing Solutions segment. Fourth quarter sales increased modestly from the third quarter and grew 7.8% from prior year. The sequential increase was primarily evident in our industrial weighing market. Weighing Solutions orders were up 14.9% sequentially to $28.2 million, resulting in a book-to-bill of 1.02. Specific areas of strength were in our other markets for precision ag, medical, construction, and e-bike applications.

接下來我們來看看稱重解決方案部分。第四季銷售額較第三季略有成長，較上年同期成長7.8%。這一成長趨勢主要體現在我們的工業稱重市場。稱重解決方案訂單環比增長 14.9% 至 2820 萬美元，訂單出貨比為 1.02。我們在精準農業、醫療、建築和電動自行車應用等其他市場領域表現特別強勁。

Orders were also higher in the transportation for onboard weighing systems for heavy used trucks. While there are signs that some of these end markets have reached their cyclical bottom, we continue to see mixed trends across our OEM customers. Moving to slide 6. Turning to our Measurement Systems segment. Revenue in the fourth quarter of [$22.4 million] increased 9% sequentially and 6% from a year ago.

重型二手卡車車載稱重系統的運輸訂單量也有所增加。雖然有跡象表明其中一些終端市場已經觸底反彈，但我們仍然看到 OEM 客戶呈現出喜憂參半的趨勢。切換到第6張投影片。接下來我們來看看測量系統部分。第四季營收為 2,240 萬美元，季增 9%，年增 6%。

The sequential increase reflected a record high sales for DSI R&D tool for development of new metal alloys. We also had higher sales in AMS for testing new avionics platforms. Fourth quarter Measurement Systems orders of $18.1 million declined 16% from the third quarter and resulted in a book-to-bill of 0.81. Lower orders in our steel market, which mostly reflected the timing of projects in the middle of a soft global steel market, offset stronger sales of DTS products used in crash safety testing. Our pipeline remains healthy.

這一環比成長反映了DSI研發工具（用於開發新型金屬合金）創歷史新高的銷售額。我們在AMS的銷售額也更高，用於測試新的航空電子平台。第四季測量系統訂單金額為 1,810 萬美元，較第三季下降 16%，訂單出貨比為 0.81。鋼鐵市場訂單減少（主要反映了全球鋼鐵市場疲軟時期項目的安排）抵消了用於碰撞安全測試的 DTS 產品銷售強勁成長的影響。我們的供應鏈依然健康。

And given the timing of customers' projects, we expect to return to a positive book-to-bill in Q1. Moving to slide 7. Looking at the year in total fiscal 2025, was a year of transformation for VPG. While our revenues of $307.2 million grew slightly from the prior year, sales in the second half were up 9% from the first half. In addition, we had a steady improvement in orders through the year, particularly in the Sensors segment.

鑑於客戶專案的進度安排，我們預計第一季訂單出貨比將恢復為正值。切換到第7張投影片。從2025財年全年來看，對VPG而言，是轉型之年。雖然我們的收入為 3.072 億美元，比上年略有增長，但下半年的銷售額比上半年增長了 9%。此外，我們全年的訂單量穩定成長，尤其是在感測器領域。

Our performance in our business development initiatives of $37.8 million in 2025 exceeded our goal of $30 million for the year. We also delivered $4.5 million of targeted cost reductions as part of ongoing cost efficiency plans. Moving to slide 8. Most significantly, during 2025, we took steps to position VPG for its next phase of accelerated growth. Over the past several years, we strengthened and streamlined our operation to support higher volume opportunities and sharpen how we develop and track our growth initiatives.

我們在 2025 年的業務發展計畫中實現了 3,780 萬美元的收入，超過了我們設定的 3,000 萬美元的年度目標。作為持續成本效益計劃的一部分，我們還實現了 450 萬美元的定向成本削減。切換到第8張投影片。最重要的是，在 2025 年，我們採取措施使 VPG 為下一階段的加速成長做好準備。過去幾年，我們加強並簡化了運營，以支持更大的業務量機遇，並改進了我們制定和追蹤成長計劃的方式。

Those efforts have prepared us to move into the next phase, which involves a fundamental rewiring of our business. As we announced in November, a key component is the creation of the 2 new senior executive's positions and corresponding organizations, the office of the Chief Business and Product Officer and the Office of Chief Operating Officer. Each organization has a clear mandate.

這些努力使我們為進入下一階段做好了準備，下一階段將涉及我們業務的根本性重組。正如我們在 11 月宣布的那樣，一個關鍵組成部分是創建 2 個新的高階管理職位和相應的組織，即首席業務和產品長辦公室和營運長辦公室。每個組織都有明確的使命。

The CBPO's focus is on accelerating growth by refining our internal sales and product development processes, thus expanding our opportunity set and increasing our conversion rate with both new and existing customers. The CEO organization is supporting this accelerated growth by driving improvements in operational efficiency and readiness while also reducing our cost structure.

CBPO 的重點是透過改善我們的內部銷售和產品開發流程來加速成長，從而擴大我們的機會範圍，並提高我們對新舊客戶的轉換率。CEO 團隊透過提高營運效率和準備水平，同時降低成本結構，來支持這種加速成長。

Creating this cross-divisional center of excellence organizations marks a major shift from the diversified operating structure that defined much of our history. The reason is simple. The opportunities ahead are being driven by large mainstream market and technology trends, and are bigger and more significant than ever. As we enter Q1 transition period, the new organization will work on the core and cross-company processes, redesigning them into standardized, scalable, unified and up-to-date global processes, while also implementing industry best practices. The new processes will be fully placed in Q2.

創建這個跨部門卓越中心組織標誌著我們營運結構從以往多元化模式向多元化模式的重大轉變。原因很簡單。未來的機會是由主流市場和技術趨勢所驅動的，而且比以往任何時候都更大、更重要。隨著我們進入第一季過渡期，新組織將致力於核心和跨公司流程，將其重新設計為標準化、可擴展、統一和最新的全球流程，同時實施行業最佳實踐。新流程將於第二季全面投入使用。

We expect an additional $3 million of SG&A costs in 2026 to support the new organizational structure as well as new IT platforms. As a result of the new organization, we expect $2 million in savings through cost reduction initiatives. The net effect is $1 million to support the new organization. A key trend driving our long-term opportunities is the emergence of physical AI technologies. Physical AI is the class of AI systems that perceives the real world, makes decisions and drive physical actions through machine or control systems.

我們預計 2026 年將增加 300 萬美元的銷售、一般及行政費用，以支援新的組織結構和新的 IT 平台。由於新的組織架構，我們預計透過成本削減措施節​​省 200 萬美元。最終將籌集到100萬美元，用於支持這個新組織。推動我們長期發展機會的關鍵趨勢是實體人工智慧技術的出現。物理人工智慧是指能夠感知現實世界、做出決策並透過機器或控制系統驅動物理行為的人工智慧系統。

It sits at the intersection of AI and machine learning, sensors, controls and humanoids. As physical AI gains broader adoption, certain types are expected to have bigger longer-term impact than others. VPG is looking to provide solutions in the humanoids and autonomous logistics. As a result, we are excited about our growth prospects. We have set an internal goal this year to grow our top line in the mid- to high single digits, as we anticipate a stronger second half, reflecting strengthening economic trends and capital investments as well as continued progress with our ongoing growth initiatives.

它位於人工智慧和機器學習、感測器、控制和人形機器人的交叉領域。隨著實體人工智慧得到更廣泛的應用，某些類型的人工智慧預計會比其他類型的人工智慧產生更大的長期影響。VPG致力於為類人機器人和自主物流領域提供解決方案。因此，我們對自身的發展前景感到興奮。今年，我們內部設定了一個目標，即實現營收中高個位數成長，因為我們預計下半年業績將更加強勁，這反映了經濟趨勢和資本投資的增強，以及我們正在進行的成長計畫的持續進展。

Given our current pipeline from business development initiatives, we are setting a target of $45 million for 2026, which represents a 20% increase from 2025. Before turning the call to Bill, I would like to thank our employees for their dedication, their past year and their embrace of the changes we are making. I want to thank our customers for their trust and confidence as we continue to work hard to exceed their expectations. I will now turn it over to Bill Clancy. Bill?

鑑於我們目前透過業務發展計畫獲得的收入，我們設定了 2026 年 4,500 萬美元的目標，比 2025 年成長 20%。在將電話轉給比爾之前，我想感謝我們的員工，感謝他們過去一年的奉獻精神以及他們對我們正在進行的變革的接受。我要感謝客戶們的信任和支持，我們將繼續努力，超越他們的期望。現在我將把麥克風交給比爾‧克蘭西。帳單？

Thank you, Ziv. Referring to slide 9 and the reconciliation tables of the slide deck, our fourth quarter 2025 revenues were $80.6 million. Adjusted gross margin of 37% in the fourth quarter decreased from 40.5% in the third quarter was impacted by $1 million related to unfavorable product mix and $1 million due to inventory reductions. In addition, we incurred approximately $1 million of discrete inventory and manufacturing impacts as well as a $400,000 impact from unfavorable foreign exchange. Sequentially by segment, adjusted gross margin for Sensors of 28.5% declined due to lower volume and unfavorable product mix and foreign exchange rates.

謝謝你，齊夫。參考投影片 9 和投影片中的對帳表，我們 2025 年第四季的營收為 8,060 萬美元。第四季調整後毛利率為 37%，低於第三季的 40.5%，原因是產品組合不利導致的 100 萬美元支出和庫存減少導致的 100 萬美元支出。此外，我們還遭受了約 100 萬美元的離散庫存和製造影響，以及 40 萬美元的不利匯率影響。以業務部門來看，感測器業務的調整後毛利率為 28.5%，原因是銷售下降、產品組合不利以及匯率波動。

The Weighing Solutions gross margin of 33% decreased from the third quarter, primarily due to onetime manufacturing fixed costs, a reduction of inventory and higher logistics costs. Adjusted gross margin for the Measurement Systems of 53.3% increased from the third quarter due to higher volume, partially offset by discrete inventory adjustments.

稱重解決方案業務的毛利率為 33%，較第三季度下降，主要原因是製造固定成本增加、庫存減少以及物流成本上升。計量系統調整後的毛利率為 53.3%，較第三季有所成長，主要得益於銷售量增加，但部分被個別庫存調整所抵銷。

Moving to slide 10. Our adjusted operating margin was 2.3%, which excluded restructuring costs of $697,000 and $110,000 of purchase accounting adjustments. Selling, general and administrative expense for the fourth quarter was $27.9 million or 34.7% of revenues, which was modestly higher than Q3, reflecting hiring for the new organizational structure and higher travel and commission costs.

切換到第10張投影片。我們調整後的營業利潤率為 2.3%，其中不包括 697,000 美元的重組成本和 110,000 美元的購買會計調整。第四季的銷售、一般及行政費用為 2,790 萬美元，佔收入的 34.7%，略高於第三季度，這反映了新組織架構的招募以及更高的差旅和佣金成本。

Unfavorable foreign exchange rates impacted adjusted operating margin in the fourth quarter by $600,000 and for the full year of 2025 by $4.7 million. Our GAAP net loss was $1.9 million or $0.14 per diluted share. Adjusted diluted EPS was $0.07. The GAAP tax rate for the full year was 39%. For 2026, we are assuming an operational tax rate of approximately 26%.

不利的匯率影響導致第四季調整後的營業利潤減少了 60 萬美元，2025 年全年減少了 470 萬美元。根據美國通用會計準則，我們的淨虧損為 190 萬美元，即每股稀釋虧損 0.14 美元。經調整後的稀釋每股收益為 0.07 美元。全年 GAAP 稅率為 39%。對於 2026 年，我們假設營運稅率約為 26%。

Moving to slide 11. Adjusted EBITDA was $6 million or 7.5% of revenue compared to $9.2 million or 11.5% of revenue in the third quarter. CapEx in the fourth quarter was $3.5 million and was $8.5 million for the full year. For 2026, we are forecasting $14 million to $16 million for capital expenditures. We generated adjusted free cash flow of $1.3 million for the fourth quarter, which compared to $7.4 million in the third quarter.

切換到第11張投影片。調整後 EBITDA 為 600 萬美元，佔營收的 7.5%，而第三季為 920 萬美元，佔營收的 11.5%。第四季資本支出為 350 萬美元，全年資本支出為 850 萬美元。我們預測 2026 年的資本支出將達到 1,400 萬美元至 1,600 萬美元。第四季我們產生了調整後的自由現金流 130 萬美元，而第三季為 740 萬美元。

As of the end of the fourth quarter, our cash position was $87.4 million and our long-term debt was $20.6 million. The resulting net cash position of $66.8 million and the unused portion of our credit facility provides ample liquidity to support our business requirements and to fund M&A. Regarding the outlook, for the first quarter of 2026, we expect net revenues to be in the range of $74 million to $80 million, assuming constant fourth fiscal quarter 2025 exchange rates. In summary, quarterly bookings exceeded $80 million for the first time since second quarter of 2023 and resulted in a book-to-bill of 1.01. We exceeded our 2025 goal for orders from business development initiatives and are targeting a 20% increase in 2026.

截至第四季末，我們的現金餘額為 8,740 萬美元，長期債務為 2,060 萬美元。由此產生的淨現金部位為 6,680 萬美元，加上我們信貸額度中未使用的部分，為我們提供了充足的流動性，以支持我們的業務需求並為併購提供資金。關於展望，我們預計 2026 年第一季的淨收入將在 7,400 萬美元至 8,000 萬美元之間，假設匯率與 2025 財年第四季持平。總而言之，季度預訂金額自 2023 年第二季以來首次超過 8,000 萬美元，訂單出貨比為 1.01。我們超額完成了 2025 年業務拓展計畫的訂單目標，並計劃在 2026 年實現 20% 的成長。

And we entered into a new phase with key organizational and strategic changes focused on accelerating growth and cost efficiencies. With that, let's open the lines for questions. Thank you.

我們進入了一個新階段，進行了關鍵的組織和策略變革，重點是加速成長和提高成本效益。接下來，我們開放提問環節。謝謝。

(Operator Instructions) John Franzreb, Sidoti & Co.

（操作說明）John Franzreb，Sidoti & Co.

I actually want to start with the revenue guide. I'm curious about to achieve the high -- mid- to high single-digit guide that you're putting out there, how biased is that towards the Sensors segment given the recent bookings profile?

我其實想先從收入指南開始。我很好奇，為了實現你們給出的高個位數（中個位數到高個位數）的指導目標，考慮到最近的預訂情況，這個目標對感測器用戶群體有多大的偏向性？

Well, John, first, we are fairly optimistic regarding the recovery in the marketplace. We have seen many, many signs. It started the initial sign was in the Sensors, but we're also quite positive about -- also positive sign regarding Weighing Solutions. Also for Measurement Systems, some of the segments are -- we started to see early signs of recovery. Still the steel market is fairly soft predominantly in China.

約翰，首先，我們對市場復甦持相當樂觀的態度。我們已經看到了很多很多跡象。最初的跡像出現在感測器方​​面，但我們對稱重解決方案也持相當樂觀的態度——這也是一個積極的跡象。此外，測量系統的一些細分市場也出現了復甦的早期跡象。不過，中國鋼鐵市場依然相當疲軟。

But overall, we are optimistic regarding the business environment. In addition to that, we are also expecting additional book-to-bill above 1 in the second quarter. Now regarding execution and revenues, this is correct that while we are working on ramping up production for sensors, we would expect to see higher revenues mainly in Sensors as of the second quarter. But from a -- but you are correct that in order to achieve the mid- to high single digit, the second half of this year, we are going to -- we are looking to achieve higher revenues than the first half since we are in a ramp-up mode currently.

但整體而言，我們對商業環境持樂觀態度。除此之外，我們也預期第二季訂單出貨比將超過 1。關於執行和收入方面，確實，雖然我們正在努力提高感測器的產量，但我們預計從第二季開始，感測器業務的收入將會增加。但是，你說得對，為了實現中高個位數的成長，今年下半年，我們將——我們希望實現比上半年更高的收入，因為我們目前正處於成長加速階段。

Got it. And regarding the gross margin impact, my back of the envelope number was that was roughly -- would have been 41% in the quarter. Is that right to assume ex some of those, we'll call it, onetime items, if you will? And I'm curious if any of them lingered or lingering into the first quarter of 2026.

知道了。至於毛利率的影響，我粗略估計一下，這個季度的毛利率大約會下降 41%。這樣假設其中一些項目，我們姑且稱之為「一次性項目」吧？我很好奇它們之中是否有任何一項持續到 2026 年第一季。

So we have identified kind of an unusual effect in the fourth quarter at the level of $3 million, as I indicated, which were related to year-end closing and also to, I would say, launching new ERP systems at one of our sites, those so-called --

正如我之前提到的，我們在第四季度發現了一筆約300萬美元的異常支出，這與年終結算以及在我們其中一個站點推出新的ERP系統有關——

Apologies, it seems we have lost connection with Ziv. The call will commence shortly once we regain.

抱歉，我們似乎與Ziv失去了聯繫。通話將在我們恢復連線後立即開始。

Can you hear me?

你聽得到我嗎？

I can hear you now, sir.

我現在能聽見您說話了，先生。

Can you hear me, John? Sorry. For somehow, I heard you. Okay. What I was saying is that at least the $3 million, we do not expect to see in the next quarter.

約翰，你聽得到我說話嗎？對不起。不知為何，我聽見了你的聲音。好的。我的意思是，至少那 300 萬美元，我們預計在下一季是收不到的。

Therefore, we should see an improved gross margin moving into Q1.

因此，我們應該會看到第一季毛利率有所提高。

Got it. And regarding the restructuring actions, then I'll get back into queue. You expect $6 million. Is that $6 million expected to be realized in 2026? Or is that an exit velocity coming out of the year?

知道了。至於重整措施，那我再重新排隊等候。你預計收入為600萬美元。這600萬美元預計在2026年實現嗎？或者說，這是年底的退場速度？

The $6 million of cost reduction are expected to be realized in 2026 and are expected to be in the 2026 P&L. So all the cost reduction initiatives in regards to efficiency, productivity improvement, streamlining of manufacturing locations and all other related activities would result in a $6 million cost savings, which we expect to see in 2026.

預計 2026 年將實現 600 萬美元的成本削減，併計入 2026 年的損益表。因此，所有與提高效率、提高生產力、精簡生產地點以及所有其他相關活動有關的成本削減舉措，將帶來 600 萬美元的成本節約，我們預計在 2026 年就能看到這一成果。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

I want to dive in some pretty significant organizational strategic changes here that you touched on during the call. What does this mean you think, I guess, one, betting on the company's growth prospects overall? And then two, it's been some time, but I think you used to put out some longer-term financial targets about operating leverage and what the company could achieve. With these new changes, could you touch on those two aspects and if you plan to put any updates out on those potentially?

我想深入探討您在通話中提到的一些非常重要的組織策略變革。你認為這意味著什麼？我猜，第一，押注於公司的整體成長前景？其次，雖然已經有一段時間了，但我認為你們過去曾發布過一些關於經營槓桿和公司能夠達成的長期財務目標。鑑於這些新變化，您能否談談這兩個方面，以及您是否計劃就這些方面發布任何更新？

Yes, absolutely. If you can recall, Josh, in November, we announced an organizational changes in the company. The organizational changes was around two main new organizations, was the COO and the CBPO. The purpose was to develop a new organization, which is cross-divisional organization, which would allow us to standardize, unified and improve and apply best practice processes. So to that extent, we are in the process of implementing the changes which we are going to see starting to take into effect in the second quarter.

是的，絕對的。喬希，如果你還記得的話，我們在11月宣布了公司組織架構的調整。組織架構的調整主要圍繞著兩個新成立的組織展開，分別是營運長 (COO) 和公司業務流程外包 (CBPO)。其目的是建立一個跨部門的新組織，使我們能夠標準化、統一化、改進和應用最佳實踐流程。因此，我們正在逐步實施這些變革，這些變革將在第二季開始生效。

The changes regarding the COO organization would be mainly around procurement, general, I would say, centralized procurement would be around supply chain and also, I would say, a much better organizational -- operational focus around cost reduction, execution and around supporting our business organization. On the other hand, the CBPO, the purpose is to create one centralized sales operation function, centralized marketing and centralized business development in order to optimize our opportunities.

營運長組織的變化主要圍繞著採購展開，總的來說，我認為集中採購將圍繞供應鏈展開，而且，我認為，組織營運方面將更加註重降低成本、提高執行力以及支持我們的業務組織。另一方面，CBPO 的目的是創建一個集中化的銷售營運職能、集中化的行銷和集中化的業務發展，以優化我們的機會。

Now in addition to that, I would like to say that we are launching a data project, an IT, I would say, data project, which would allow us -- which would allow everyone to operate on one system, which we are going to introduce more advanced BI and AI tools. So all in all, the whole organization focus is on execution from the cost side and to support the business on the other side, support the business in terms of better lead time, I would say, better lead times, shorter -- better quality business development or I would say, to enhance business development initiatives also from a cross-divisional and centralized marketing. We see already that the new organization from a cost standpoint as we are building the foundation or as we are moving ahead with the foundation, we are expecting, as I indicated, the $6 million.

此外，我還想說，我們正在啟動一個資料項目，一個IT資料項目，它將允許所有人使用同一個系統，我們將在該系統中引入更先進的BI和AI工具。總而言之，整個組織的重點在於成本方面的執行，以及在另一方面支持業務，即縮短交貨時間，從而更好地支持業務發展，或者說，透過跨部門和集中式行銷來加強業務發展舉措。我們已經看到，從成本角度來看，隨著我們建立基礎或推進基礎建設，正如我所指出的，新組織預計需要 600 萬美元。

We have even a bigger target for the next three years to achieve a certain cost reduction, while also we have set internal goals for business development, for example, at 20% year-over-year, moving to a $45 million business development target for 2026. As you indicated now, we are in the process of changing the model in order to feed the new cost and the new financial -- to set a new financial model. So I would say that in the coming weeks, we are going to introduce a new model, which will be based on the new organization.

我們為未來三年設定了更大的目標，即實現一定的成本削減，同時我們也設定了內部業務發展目標，例如，每年增長 20%，到 2026 年實現 4,500 萬美元的業務發展目標。正如您現在所指出的，我們正在改變模型，以適應新的成本和新的財務狀況——建立一個新的財務模型。因此，我想說的是，在接下來的幾周里，我們將推出基於新組織架構的新模式。

Yes. Good to hear that that's going to be updated. And then good also new third humanoid development customer here that you're getting some initial orders from. I know you provided some very high-level detail about using humanoids at home and also for manufacturing.

是的。很高興聽到這個消息會更新。另外，還有一位新的第三位人形機器人開發客戶，你們已經收到了一些初步訂單。我知道您提供了在家中使用人形機器人以及在製造業中使用人形機器人的一些非常高層次的細節。

Anything you could tell us about the size of the customer relative to the other two and potential timelines? Are they looking to scale up to larger scale production in '26? Or are they still in the earlier stages of development overall?

您能否告知我們該客戶相對於其他兩家客戶的規模以及可能的進度安排？他們是否計劃在 2026 年擴大生產規模？或者說，它們整體上仍處於發展的早期階段？

The only thing I could say since we are under a very strict NDA that this is a smaller customer than the other two. They are still in the design configuration stage. And we will -- and we are continuing the journey of engineering discussions with this customer in order to provide them with the best solution.

由於我們簽署了非常嚴格的保密協議，我唯一能說的就是，這位客戶比另外兩位還要小。它們仍處於設計配置階段。我們會繼續與這位客戶進行工程方面的討論，以便為他們提供最佳解決方案。

I think that all in all, in the humanoid ecosystem, the ramp-up is really depends on the customer commercialization and adoption of the humanoid-related application. We don't know when they are expecting to start preproduction or even ramping up. But I think that the important piece is that our infrastructure and supply chain are prepared to support them once they make the decision.

我認為總而言之，在人形機器人生態系統中，發展速度實際上取決於客戶對人形機器人相關應用的商業化和採用。我們不知道他們預計何時開始預生產，甚至何時開始擴大生產規模。但我認為，關鍵在於我們的基礎設施和供應鏈已經做好準備，一旦他們做出決定，就能為他們提供支援。

And then last question for me. This has been a big topic. You see a lot of humanoids and CES and other events overall. Is it fair to say that you're in discussions with multiple other humanoid developers also and potentially, we could see some additional customers now throughout 2026? Or what is your expectation on that front on building out your humanoid customer base?

最後一個問題。這曾是個熱門話題。你會看到很多人形機器人、CES展會以及其他各種活動。可以這麼說嗎？你們也在與其他幾個人形機器人開發商進行洽談，而且我們有可能在 2026 年看到一些額外的客戶？或者，您在拓展人形機器人客戶群方面有何預期？

We do have a list of many humanoid manufacturers, which we started a dialogue with them. At this point, we don't report that in our earnings call since they have not requested a prototype orders. So the fact that there is a whole list of humanoid manufacturers in different parts of the world, we hope that we will be able to report -- that we would be able to report that we are going to ship or to start a more serious dialogue and to ship prototypes to others, yes. But no doubt, they are on our screen, and we are looking at many more humanoid manufacturers, yes.

我們確實掌握了一份人形機器人製造商的名單，並且我們已經與他們展開了對話。目前，由於他們尚未要求提供原型訂單，因此我們不會在財報電話會議上報告此事。因此，鑑於世界各地有一大批人形機器人製造商，我們希望能夠宣布——我們將向其他公司交付產品，或開始更嚴肅的對話，並向他們交付原型產品。但毫無疑問，它們出現在我們的螢幕上，而且我們正在關注更多的人形機器人製造商，是的。

Jaeson Schmidt, Lake Street Capital Markets.

傑森‧施密特，湖街資本市場。

Just following up on that line of questioning. Beyond humanoid robots where it seems like you guys are seeing some really nice momentum, can you talk about which verticals in your new business initiatives are outperforming your original expectations?

我只是就這個問題做後續追問。除了你們在人形機器人領域似乎取得了非常好的發展勢頭之外，能否談談你們新業務計劃中哪些垂直領域的表現超出了你們最初的預期？

So as you know, we -- in the past, we were looking at the ultra-high temperature ceramics, which is one of our products. We are also -- we were also looking at some designs of precision resistors in the semiconductors. And very recently, we have also started a dialogue with what we call physical AI applications, which are, let's call it, those type of autonomous logistics, which are based on AI platforms, which I would say some large manufacturers are looking at that. That's, I would say, this is kind of an adjacent application to the humanoid but also based on AI. So we started the dialogue also with one or two customers regarding autonomous logistics.

如您所知，我們過去一直在研究超高溫陶瓷，這是我們的產品之一。我們也—我們也正在研究半導體中一些精密電阻的設計。最近，我們也開始與我們所謂的實體人工智慧應用展開對話，這些應用，我們姑且稱之為基於人工智慧平台的自主物流，我認為一些大型製造商正在關注這一點。我認為，這算是人形機器人的相關應用，但也是基於人工智慧的。因此，我們也開始與一兩位客戶就自主物流展開對話。

Got you. And then following up on your comments on kind of additional hiring within the Sensors segment. Is this to mainly just build out that infrastructure more? Or are you seeing demand pull from specific verticals or end markets that are -- that is really driving this?

抓到你了。然後，我想就您先前關於感測器領域額外招募的評論做個後續說明。主要目的是為了進一步完善基礎設施嗎？或者，您是否看到來自特定垂直行業或終端市場的需求拉動才是真正推動這一趨勢的原因？

So hiring the people at this point in time, the Sensor business main -- I would say, the end sectors that are driving the demand are test and measurement of avionic, military and space, and some general industrial applications. That -- those are the end markets that we did see some signs of recovery. We have seen much stronger order intake, and we are hiring direct employees and ramping up production. We don't believe that this is a short-term recovery. We believe that we should expect to see also this recovery in the coming months.

因此，在目前這個階段招募人員，感測器業務的主要——我認為，推動需求的最終產業是航空電子、軍事和航太領域的測試和測量，以及一些通用工業應用。那些——這些終端市場，我們確實看到了一些復甦的跡象。我們看到訂單量大幅成長，我們正在招募正式員工並提高產量。我們認為這並非短期復甦。我們相信，未來幾個月也應該會看到這種復甦勢頭。

(Operator Instructions) We currently have no further questions, and I would like to hand back to Steve Cantor for any closing remarks.

（操作員指示）目前我們沒有其他問題，我想把發言權交還給史蒂夫·坎托，請他做最後的總結發言。

Great. Thank you, Claire. Before closing, I do want to note that we will be at the ROTH Investor Conference in March. And of course, we look forward to updating you next quarter. Thank you all for joining the call today, and have a great day.

偉大的。謝謝你，克萊爾。在結束之前，我想提一下，我們將參加三月的 ROTH 投資者大會。當然，我們期待下個季度再向您報告最新情況。感謝各位今天參加電話會議，祝大家今天過得愉快。

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

謝謝。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。