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**Key Takeaways**
- **Revenue Recovery Signs**: Q3 orders jump 42% YoY to $37.6 million, with automotive and defense/aerospace leading. Backlog surges to $49.3 million, positioning for Q4 rebound to $30-32 million.
- **New Product Success**: Acculogic's RF probes win multiple orders, Alfamation's life sciences bookings hit record levels. Innovation driving growth in new markets.
- **Challenges Resolved**: $2 million in delayed shipments resolved, with customers satisfied and follow-on orders secured.
- **Financial Strength**: $21.1 million cash, $61 million liquidity. Operating expenses down 5.6% YoY, with $500k annual savings from facility consolidation.
- **Market Outlook**: Gradual recovery expected, with automotive programs extending into 2027. Semi market cautious, but long-term optimism for 2026-2027.

**【CEO Summary Section】**
- **Revenue and Orders**: Q3 revenue of $26.2 million, down 6.8% sequentially due to $2 million in delayed shipments. Orders surged 42% YoY to $37.6 million, the highest since Q2 2022, with a 34.2% YoY increase driven by automotive (up $7.4 million) and defense/aerospace (up $1.9 million). Backlog rose to $49.3 million, up $11.4 million sequentially.
- **Market Performance**: Automotive/EV orders doubled to $14.6 million, defense/aerospace orders more than doubled to $6.4 million. Semi remained sluggish, but Alfamation (life sciences) bookings hit an all-time high. New product innovations, like Acculogic's RF and oscilloscope probes, won multiple orders from new customers.
- **Challenges and Wins**: Technical delays in two systems (life sciences and semi) caused Q3 revenue miss, but issues resolved, and tools shipped. Customer satisfaction high, with Alfamation receiving LOI for additional systems.
- **Strategy**: Focused on market diversification, new customer penetration, and VISION 2030 goals. Strong funnel suggests gradual recovery, but semi hesitancy persists.

**【CFO Financial Commentary】**
- **Financials**: Q3 GAAP net loss of $0.9 million (-$0.08 EPS), with adjusted EBITDA of $0.4 million. Gross margin 41.9%, down 70 bps sequentially due to lower volume. Operating expenses decreased $0.7 million sequentially to $12.2 million, benefiting from $500k annualized savings from Videology facility consolidation.
- **Liquidity**: $21.1 million cash, $61 million liquidity. Debt reduced $6.2 million year-to-date, ending at $8.9 million with 1.7x leverage ratio.
- **Guidance**: Q4 revenue expected $30-32 million (up 14-22% from Q3), driven by $2 million in delayed shipments and backlog conversion. Gross margin ~43%, operating expenses $12.3-12.7 million.

**【Q&A Highlights】**
- **Slippage Details**: $1.5 million from life sciences (Alfamation delays), $0.5 million from semi (Acculogic RF probe delays). Both resolved, with customer satisfaction.
- **Automotive Momentum**: 2027 model year programs driving demand, with healthy funnel for future orders. Test equipment investments for infotainment, CCUs, and lighting expected to continue.
- **Semi Market**: Front-end activity anemic, back-end softer due to tariff uncertainty. Long-term optimism for 2026-2027, but near-term sluggishness persists.
- **Industrial Segment**: Stable with book-to-bill >1 for 5 of last 6 quarters, but growth constrained by cautious customer CapEx.
- **Guidance Context**: Q4 range reflects cautious execution, with upside potential from backlog. Teams focused on minimizing risks, with confidence in long-term recovery.

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