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- **AI-Driven Growth**: Logistics SLX launch and consumer electronics recovery fuel 13% core revenue growth, with adjusted EBITDA margin 22.1%.
- **China Expansion**: 9% YoY growth in Greater China, supported by localized sales and stable pricing.
- **Profitability Focus**: Operating expenses up 1% YoY, free cash flow conversion 133%, and Q4 EPS growth 7.5%.
- **Market Recovery Signals**: Automotive nears bottom, semiconductor AI investment, and packaging underpenetration opportunities.
- **Strategic Innovation**: OneVision platform nearing full-scale launch in H1 2026 for AI ecosystem expansion.

**【CEO Summary Section】**
- **Q3 Financial Success**: Delivered double-digit revenue growth and highest adjusted EBITDA margin since Q2 2023, driven by AI leadership and sales force transformation.
- **AI Innovation**: Launched SLX product line in logistics, targeting object classification and side-by-side detection, with a leading freight provider achieving cost savings.
- **Market Performance**: Logistics grew 13% YoY (excluding one-time partnership), consumer electronics showed recovery, automotive nears bottom, and packaging expanded in underpenetrated geographies.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 revenue $277M (+18% YoY), with Americas up 27% and Europe 24% (excluding procurement shifts). Adjusted EBITDA margin 22.1%, up 450bps YoY.
- **Cost Management**: Operating expenses grew 1% YoY, driven by cost discipline and reorganization charges. Free cash flow $36M, trailing 12-month conversion 133%.
- **Q4 Guidance**: Revenue $230-245M (+3% midpoint), adjusted EPS $0.19-0.24 (+7.5% YoY). 2026 outlook cautious, aligning with macroeconomic PMI signals.

**【Q&A Key Highlights】**
- **Consumer Electronics**: Growth from supply chain diversification, device form factor evolution, and AI-driven inspection solutions.
- **China Momentum**: 9% YoY growth in Greater China, driven by localized sales and stable pricing post-competition stabilization.
- **Logistics AI Penetration**: SLX addresses unmet needs in package detection, with potential for gross margin improvement and reduced deployment costs.
- **Semiconductor Recovery**: Modest growth, benefiting from AI-driven equipment investment and regional fabs expansion.
- **Automotive Recovery**: Near bottom with U.S. strength, Europe lagging, and long-term opportunities in quality and automation.
- **M&A Strategy**: High bar for strategic fit, focusing on complementary technologies like OneVision platform for broader product ecosystem.

Cognex (CGNX)-30 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CGNX

CGNX fundamentals

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