I would say the access framing — let me say it differently — from the component layer our ruggedized miniature DTS modules reached record Q1 sales driven by defense missile-test projects, orders growing for military jet engine and hypersonic missile testing. At this point in time DTS flew on Artemis II, SpaceX Dragon, Blue Origin. I would keep this honest — genuine recurring A&D instrumentation exposure, but broad A&D not drone-specific, assessed outside a drones-first frame until drone-specific disclosure emerges. Anything can happen.
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We make three things people rarely see: precision foil resistors and strain gages, weighing load cells, and ruggedized data-acquisition modules - three reportable segments, roughly $307 million of revenue in 2025, essentially flat off a 2023 peak. This quarter the orders inflected: bookings of $102.1 million, our first quarter above $100 million since 2022, book-to-bill 1.21, led by AI-infrastructure precision resistors and defense. I would say, though - Q1 was a small GAAP net loss even as revenue rose 18%, seasonality plus new-organization cost plus an unfavorable FX swing. Our humanoid line is real and small: about $600,000 shipped in the quarter, modeled off a 2025 baseline because, at this point in time, we have no real visibility. Anything can happen. We build the capacity anyway.
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I would say, unlike peers we disclose and quantify the humanoid line and it is real and small. We shipped about $600,000 of foil strain gages to humanoid makers in Q1 2026, used in pre‑production prototypes, and we expect to more than double that in Q2. At this point in time there are two established pre‑production customers, early engineering discussions with a third and a fourth startup building platforms for defense, home and industrial use. Since we have no visibility we took 2025 as a baseline, adoption is still fairly low, we remain in pre‑production, and anything can happen.
I would say in Measurement Systems, ruggedized miniature DTS data-acquisition modules reached record Q1 sales driven by defense missile-test projects, with orders growing for military jet engine and hypersonic missile testing. At this point in time, our defense exposure is broad aerospace-and-defense test and instrumentation — precision resistors serve avionics, military, and space-communications — not unmanned systems. I would keep this honest: it sits assessed but outside a drones-first frame until a drone-specific disclosure emerges. Anything can happen.
I would say the three-year model targets 8-10% compounded annual organic growth, Sensors and Measurement Systems above, Weighing Solutions below — a favorable mix shift, at this point in time. Gross margin 38.9% toward 46.5%, operating 0.4% toward 14.5-15.5%. About $5 million new annual cost against $20 million-plus reductions over three years, up to 50% incremental EBITDA flow-through. Model rests on a conservative 2025 baseline, limited visibility, assumes linear path. We still have to earn it.
I would say the humanoid question — unlike peers we disclose and quantify it, real and small. We shipped about $600,000 of foil strain gages to humanoid makers in Q1 2026 for pre-production prototypes and expect to more than double in Q2. At this point in time no visibility — two established pre-production customers, early talks with two more — so 2025 baseline, roughly 50% annual growth modeled. Analyst math ~$5 million in 2026 against ~$340 million revenue ~1.5%, optionality not base case. Adoption still fairly low, pre-production, anything can happen.
I would say the access question — let me say it differently — our three segments booked $102.1 million, first above $100 million since 2022, book-to-bill 1.21. At this point in time the profile is AI infrastructure and defense. The honest frame: this sits off three years averaging book-to-bill below 1.0. Adjusted free cash flow negative $3.7 million on working-capital build. Whether orders convert to sustained revenue is the question we are watching, not answering.
I would say the humanoid line — we disclose and quantify it: about $600,000 of foil strain gages shipped in Q1 2026, pre-production, expect to more than double in Q2. At this point in time no visibility — two pre-production customers, early talks with two more — so 2025 baseline, roughly 50% annual growth modeled. Analyst math ~$5M in 2026 vs ~$340M revenue ~1.5%, this is correct — optionality not base case. Adoption still fairly low, pre-production, anything can happen.
I would say the secular-driver question — the new three-year model names semiconductor equipment used in AI processing plus data-center and fiber-optics infrastructure as a core Sensors driver. Our high-precision foil resistors go, indirectly, into both equipment classes. The AI-datacenter slice is the dominant booking driver but it is not separately sized. At this point in time the exposure is a differentiated passive component going indirectly into the build-out, not a directly-quantified line. Anything can happen.
I would say the quarter introduced a new three‑year target operating model, and it targets 8‑10% compounded annual organic growth, with Sensors and Measurement Systems above that rate and Weighing Solutions below—a favorable mix shift. The margin targets are gross 46.5%, operating 14.5‑15.5% and EBITDA 18.5‑20.5%, up from FY2025 gross 38.9% and Q1 2026 GAAP operating 0.4%; the model adds $5 million of new annual organizational cost, offsets over $20 million of planned reductions, and could deliver up to 50% incremental‑EBITDA flow
I would say the question on Q1 profitability — let me separate it: revenue was $84.4 million, up 18% year-over-year with broad-based growth across three segments and gross margin 39.0% from 37.7%. At this point in time, GAAP net loss $(0.3) million on 0.4% operating margin: Q1 seasonally weakest, roughly $5 million new organizational cost, unfavorable FX, GAAP tax rate 81.2% versus about 31.5% operationally. Adjusted net earnings $0.9 million, adjusted EBITDA $5.9 million, about 7% of revenue. Loss narrowed from a year ago. Q2 guided $85-90 million.
I would say the access framing — let me say it differently — unlike peers we disclose and quantify our humanoid line: about $600,000 shipped in Q1 2026, pre-production, expect to more than double in Q2. At this point in time no visibility — two pre-production customers, early talks with two more — so 2025 baseline, ~50% annual growth modeled. Analyst math ~$5M in 2026 vs ~$340M revenue ~1.5%, optionality not base case. Adoption still fairly low, pre-production, anything can happen.
I would say in Measurement Systems, ruggedized miniature DTS data-acquisition modules reached record Q1 sales driven by defense missile-test projects, with orders growing for military jet engine and hypersonic missile testing. At this point in time, DTS modules flew on Artemis II and have been used on SpaceX Dragon and Blue Origin. I would keep this honest — it is genuine, recurring aerospace-and-defense instrumentation exposure, but broad A&D rather than drone-specific content, assessed but outside a drones-first frame until a drone-specific disclosure emerges. Anything can happen.
I would say Q1 2026 revenue was $84.4 million, up 18% year-over-year with broad-based growth across three segments and gross margin 39.0% from 37.7%. At this point in time, a small GAAP net loss of $(0.3) million: Q1 seasonally weakest, roughly $5 million new organizational cost, unfavorable FX. GAAP tax rate 81.2% versus about 31.5% operationally. Adjusted EBITDA $5.9 million, about 7% of revenue. Loss narrowed from a year ago. Q2 guided $85-90 million.
I would say the access framing — let me say it differently — for a US-listed component layer, Q1 2026 revenue was $84.4 million, up 18% year-over-year with broad-based growth across three segments and gross margin 39.0% from 37.7%. At this point in time, a small GAAP net loss of $(0.3) million: Q1 seasonally weakest, ~$5 million new organizational cost, unfavorable FX. Adjusted EBITDA $5.9 million, ~7% of revenue. Q2 guided $85-90 million.
In Measurement Systems, ruggedized miniature DTS data-acquisition modules reached record Q1 sales driven by defense missile-test projects, with orders growing for military jet engine and hypersonic missile testing. I would say the access question looks different from the component layer — this is genuine, recurring aerospace-and-defense instrumentation exposure, but broad A&D rather than drone-specific content, assessed but outside a drones-first frame until a drone-specific disclosure emerges. At this point in time, anything can happen.
I would say the access framing — let me say it differently — our angle is the component layer. Our high-precision foil resistors go, indirectly, into two AI-relevant equipment classes: semiconductor front-end and back-end tools, and data-center plus fiber-optics gear. That is the Sensors growth engine, at this point in time. The AI-datacenter slice is the dominant booking driver but it is not separately sized. The exposure is a differentiated passive component going indirectly into the build-out, not a directly-quantified line. Anything can happen.
I would say our new three-year model targets 8-10% compounded annual organic growth, with Sensors and Measurement Systems above that rate and Weighing Solutions below — a favorable mix shift, at this point in time. The step-up is large: FY2025 gross margin 38.9% toward a 46.5% target, Q1 GAAP operating margin 0.4% toward 14.5-15.5%. The model rests on a conservative 2025 baseline given limited visibility and assumes a linear path. We still have to earn it.
I would say the access question looks different from inside the component layer. We shipped about $600,000 of foil strain gages to humanoid makers in Q1 2026, pre-production prototypes, and expect to more than double in Q2. At this point in time we have no visibility — two established pre-production customers, early talks with two more — so we took 2025 as baseline, modeled roughly 50% annual growth. Analyst math of ~$5 million in 2026 against ~$340 million revenue is ~1.5%, optionality not base case. Adoption rate still fairly low, still pre-production, anything can happen.
Bookings were $102.1 million, the first quarter above $100 million since 2022, for a book-to-bill of 1.21. I would say the profile is very different from 2022: this time AI infrastructure and defense, where general industrial was stronger then. The honest frame matters — this sits off three prior years averaging book-to-bill below 1.0. Adjusted free cash flow was negative $3.7 million on the working-capital build. Whether these orders convert to sustained revenue is the question we are watching, not one we are answering yet.