Vishay Precision Group, Inc.

Second-quarter revenue was $83.9 million, essentially flat sequentially and up 12% year over year. Gross margin was 38.6%, basically flat versus Q1; operating margin was negative 0.4% and adjusted operating margin was positive 1.7%. GAAP loss was $1.7 million, or $0.13 per diluted share; adjusted net earnings were $586,000, or $0.04 per diluted share; adjusted EBITDA was $5.5 million, or 6.5% of revenue. Sensors revenue was $33.4 million, up 26% year over year; Weighing Solutions revenue was $30.3 million, up 3% year over year; Measurement Systems revenue was up 5% year over year. For Q3 2026, management expects net revenue of $84 million to $89 million, excluding tariff refunds and assuming constant Q2 FX rates. Full-yearly, they said organic growth should exceed the 8% to 10% annual target in the 3-year plan and that they look forward to delivering double-digit revenue growth for 2026.

Ziv Shoshani emphasized strong order momentum, especially in Sensors and AI-related end markets such as semiconductor equipment, data center infrastructure, aerospace and defense. He highlighted the humanoid robotics milestone with an initial vendor nomination letter and said the company is preparing for a second-half 2026 production ramp, while also pursuing other humanoid and physical AI opportunities. His tone was constructive and confident, repeatedly pointing to backlog, capacity additions, and secular growth markets as evidence that the strategy is working.

Bill Clancy said gross margin held at 38.6% and adjusted EBITDA was $5.5 million, while FX remained a major drag, hurting adjusted operating margin by about $900,000 sequentially and $3.3 million versus a year ago. He noted capex of $2 million in Q2 and $5 million year to date, with full-year capex expected at $10 million to $12 million. Cash was $75.7 million at quarter-end after a $5 million debt paydown, leaving long-term debt at $15.6 million and a net cash position of $60 million; the debt paydown should cut annual net interest cost by about $300,000. He also said adjusted free cash flow improved to negative $1.4 million from negative $3.7 million in Q1.

Analysts focused on the humanoid robotics pipeline, the soft spots in Weighing Solutions and Measurement Systems, pricing power versus higher input costs, the timing of the KELK shipment delay, and the value of tariff reimbursements. Management said the first humanoid customer expects a ramp from tens of bots per week to hundreds and even thousands by year-end, while the second customer is redesigning and the company is engaging roughly 150 potential humanoid suppliers. On weaker segments, management said Measurement Systems should improve in Q3 after a softer, project-driven Q2, and Weighing Solutions should see some second-half improvement but not necessarily a sharp rebound unless industrial conditions improve. Tariff refunds were described as roughly $1.5 million so far and profit neutral.