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- **Revenue Growth**: Q3 revenue up 6.1% QoQ, driven by Sensors segment (19.1% QoQ growth). Bookings stable at $79.7 million.
- **Humanoid Robotics Breakthrough**: $3.6 million in orders YTD, with discussions for 2026 high-volume production.
- **Profitability Improvements**: Adjusted operating margin of 6.2%, up from Q2, with $9.2 million EBITDA and $7.4 million free cash flow.
- **Risk Factor**: U.S. government shutdown could reduce Q4 Measurement Systems revenue by $100,000-$500,000.

**【CEO Summary Section】**
- **Q3 Revenue Performance**: $79.7 million, up 6.1% QoQ and 5.3% YoY, driven by Sensors segment growth (19.1% QoQ). Bookings stabilized at $79.7 million, with Sensors bookings up 13.5% QoQ.
- **Gross Margin Dynamics**: Adjusted gross margin of 40.5% reflected Sensors segment improvement but was offset by $1.4 million in unfavorable FX and product mix impacts.
- **Humanoid Robotics Momentum**: Secured $3.6 million in orders YTD, including $600,000 in October from a second developer. Discussions ongoing for higher-volume production in 2026.
- **Strategic Initiatives**: 
  - Business development pipeline at $26 million (vs. $30 million target for 2025).
  - $4 million of $5 million annualized cost savings achieved YTD.
  - New C-suite appointments to accelerate growth and operational excellence.

**【CFO Financial Commentary】**
- **Segment Margins**: 
  - Sensors: 33.7% (up from Q2 due to volume and tariff adjustments).
  - Weighing Solutions: Record 40.3% (tariff adjustments and cost reductions).
  - Measurement Systems: 51.1% (unfavorable product mix drag).
- **Cash Flow Strength**: Adjusted EBITDA of $9.2 million (11.5% of revenue), free cash flow of $7.4 million, and net cash position of $65.8 million.
- **Q4 Outlook**: Revenue guidance of $75-81 million, with cautious outlook for Measurement Systems due to U.S. government shutdown delays.

**【Q&A Key Highlights】**
- **Weighing Solutions Softness**: Book-to-bill below 1 due to OEM slowdown in construction and ag equipment, but stable general industrial demand.
- **Sustainability of Margins**: Weighing Solutions' 40.3% gross margin deemed sustainable with ongoing cost reductions.
- **Government Shutdown Impact**: Expected $100,000-$500,000 impact on Measurement Systems DTS line in Q4.
- **Humanoid Scaling**: Customers exploring VPG's capacity for high-volume manufacturing, with potential 2026 ramp-up.

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