Hello everyone, and welcome to the BPG Sensors 2025 First Quarter Earnings Conference Call. My name is Ezra, and I will be your coordinator today. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I will now hand you over to your host, Steve Cantor, Senior Director of Investor Relations, to begin. Steve, please go ahead. Thank you, Ezra. Good morning, everyone. Welcome to BPG Sensors' 2025 First Quarter Earnings Conference Call. Our Q1 press release and slides have been posted on our website, bpgsensors.com, and audio recording of today's call will be available on the internet for a limited time and can also be accessed on the BPG website. Today's remarks are governed by the Safe Harbor Provisions of the 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For discussion of the risks associated with BPG Sensors' operations, we encourage you to refer to our SEC filings, especially the Form 10-K for the year ended December 31, 2024, and our other recent SEC filings. On the call today are Ziv Shoshani, CEO and President, and Bill Clancy, CFO. I'll now turn the call to Ziv for some prepared remarks. Please refer to slide three of the quarterly presentation. Ziv? Thank you, Steve. I will begin with some commentary on our results and trends for the first quarter. Bill will provide financial details about the quarter and our outlook for the second quarter of 2025. Moving to slide three, beginning with revenue, first quarter revenue of $71.7 million declined modestly from the fourth quarter and was impacted by approximately $2 million of delayed shipments of our KELK products. Our consolidated orders grew 2.7% sequentially and resulted in a book-to-bill of 1.04. This marked our second quarter of sequential order growth, with bookings increased in both the sensors and measurement systems segments. Despite muted revenue levels, we generated a solid cash flow in the quarter. Cash from operations was $5.3 million, and adjusted free cash flow was $3.7 million. Before discussing our performance by segment, I want to comment on tariff development as they relate to Vishay Precision Group. Given our manufacturing footprint and supply chains, we believe BPG is positioned to navigate the changing tariffs. Based on current tariffs and expected volume, we anticipate the impact to our input costs to be minor based on our supply chains. With regards to the US 10% tariffs, we expect to pass the majority of the tariffs' impact onto our customers. I'll now review our business segment performance. Moving to slide four, beginning with our sensor segment, first quarter revenue increased 5.1% sequentially, driven primarily by higher sales of strain gauges and precision resistors in the test and measurement market. Sensors booking rose 6.7% sequentially, reaching the highest level in five quarters and resulting in a book-to-bill of 1.06. This growth reflected higher demand in the test and measurement applications, particularly from semiconductor equipment makers. In addition, our initiatives in humanoid robot applications continue to progress well. We received an additional order of more than $1 million from our initial humanoid robotics customers as they continue to ramp up the development of their robots. We also received an initial prototype order from the second potential robotic customer. Orders for consumer applications in our other markets grew sequentially, although demand related to avionics, military, and space for sensors was soft due to the timing of defense and space projects in the U.S. and Europe. Moving to slide five, turning to our weighing solution segment, first quarter sales increased 2.7% from the fourth quarter. The increase was driven primarily by higher revenue in the transportation market for specialized load cells for heavy-use trucks. Following strong bookings in Q4, weighing solutions orders declined 9.3% sequentially to $26.2 million, resulting in a book-to-bill of 0.99. Higher orders in the transportation market for trucks applications were offset by weaker orders for four sensors OEM business segments related to precision agriculture, construction, and medical applications. Moving to slide six, turning to our measurement system segment, revenue in the first quarter of $18.2 million declined 13.8% sequentially. The decline reflected continued slow trends in the global steel market, in part due to softness in the automotive sector, as well as a $2 million shipment delay of KELK products. We expect to ship these products in the second half of this year. In contrast, first quarter measurement system orders of $19.5 million increased 17.3% sequentially and resulted in a book-to-bill of 1.07. Bookings reflected higher demand primarily in the transportation for auto safety testing. Of note, we received an order from the University of Alabama for a prototype of DSI's UHTC system to test non-conductive materials such as ceramics. This system will be used as part of a beta test at the University of Alabama we announced in February. Moving to slide seven, as I indicated, the positive order patterns for BPG in the fourth quarter of 2024 continue into the first quarter of 2025. While the short-term global economic outlook for 2025 has become more uncertain, we continue to be focused on driving the long-term potential for BPG, and we are optimistic about the potential. In February, I outlined three top strategic priorities for 2025. First, driving business development with new customers and applications. Second, continuing to reduce costs and increase operational efficiencies. Third, pursuing high-quality acquisitions to build scale and expand our cash flow. We are encouraged by the progress of our business development initiatives in the first quarter, as orders of approximately $8 million were broad-based and were on plan. To drive further growth, we plan to refine our internal processes and capabilities related to sales systems, marketing expertise, and digital marketing. In parallel, we have initiated steps to optimize our sales teams and processes. On the cost side, we continue to focus on long-term strategic plans, which include product relocations and efficiency improvements to reduce our cost. We are on track to achieve our targeted annual operational cost reductions of $5 million by year-end. Finally, regarding M&A, our strong balance sheet provides us with the means to acquire businesses with recognized brands and growth paths. We remain disciplined and patient in our search for the right opportunity. I will now turn it over to Bill Clancy. Bill? Thank you, Steve. Referring to slide eight and the reconciliation tables of the slide deck, our first quarter 2025 revenues were $71.7 million. Adjusted gross margin of 38.3% in the first quarter was the same as 38.3% in the fourth quarter. Sequentially by segment, adjusted gross margin for sensors of 30.8% decreased due to higher fixed costs and unfavorable foreign exchange rates, which was partially offset by higher volume. Weighing solutions adjusted gross margin of 37.8%, which was adjusted for $278,000 of manufacturing startup costs, increased from the fourth quarter, primarily due to higher revenue and the effect of our cost reduction programs. Gross margin for measurement systems of 50.3% declined from the fourth quarter due to lower revenue. Moving to slide nine, our adjusted operating margin of 1.1%, which excluded startup and restructuring costs, amounting to $858,000, improved from 0.8% in the fourth quarter of 2024. Selling, general, and administrative expense for the first quarter was $26.7 million, or 37.2% of revenues, declined from $27.3 million, or 37.5% of revenues for the fourth quarter of 2024. The decrease in SG&A is mainly due to lower commissions and travel. The tax rate for the first quarter was not a meaningful number given the geographic mix and level of income. We are assuming an operational tax rate of approximately 27% for the full year of 2025. We've reported a net loss of $942,000 or $0.07 per diluted share. Adjusting for the manufacturing startup costs, restructuring, foreign currency exchange losses, adjusted net earnings for the first quarter was $468,000 or $0.04 per diluted share, compared to $400,000 or $0.03 per diluted share in the fourth quarter of 2024. Moving to slide ten, adjusted EBITDA was $5.1 million, or 7.2% of revenue, compared to $5.1 million, or 7% of revenue in the fourth quarter. Capex in the first quarter was $1.5 million. For 2025, we are forecasting $10-$12 million for capital expenditures. We generated adjusted free cash flow of $3.7 million for the first quarter, which compared to $4.6 million in the fourth quarter. We increased our cash position from July 31, 2024 by $4.6 million to $83.9 million in the first quarter. Total outstanding long-term debt was $31.5 million. We believe that we have a strong balance sheet and ample liquidity to support our business requirements and to fund M&A. Regarding the outlook for the second fiscal quarter of 2025 at constant first fiscal quarter 2025 exchange rates, we expect net revenues to be in the range of $70 million-$76 million. In summary, bookings of $74.4 million grew sequentially for the second straight quarter, resulting in a book-to-bill ratio of 1.04. Our business development initiatives continue to advance, and we continue to generate solid cash flow in a challenging business environment. With that, let's open the lines for questions. Thank you. Thank you very much. If you would like to ask a question, please press star followed by one on your telephone keypad now. Please ensure your line is unmuted locally. If you change your mind or your question has already been answered, then please press star followed by two. Our first question comes from John Franzreb with Sidoti & Company. John, your line is now open. Please go ahead. Good morning, everyone, and thanks for taking the questions. Ziv, I'd like to get your opinion on the incoming order book. How does May compare to March, and what are your customers saying about inventory trends and what they're thinking on a go-ahead basis? Good morning, John. In regards to the order intake, I would say that we do see a modest recovery already in Q1, mainly in test and measurement from semiconductor customers, and also related to our humanoid robots and to an extent on the transportation markets. We do expect the demand to continue. Initially, we do not see, I would say, a significant upside from real demand, which is coming from new orders, given our customers' new demand in respect to the market recovery. Much of the demand today is coming from replenishing of the current supply chain while generating new demand from our business development initiatives. Is it fair to assume that the revenue profile has somewhat troughed and will be a gradual upslope? Ziv, you there? Yeah, John, your assumption is absolutely correct that I believe we have hit the trough. Yes, I'm here. There is a continuation of, like Ziv talked about, a modest recovery going forward. Got it. Just a question on the delay in the KELK order into the second half. That's a pretty sizable delay. Can you give any color to that? Is there any cancellation risk in that $2 million order? Yes, absolutely. As you said, this is a significant amount, but given the fact that KELK is selling high-ticket items at around $400,000- $500,000 per order, we had some operational issues which we have been resolved. Given the cycle time, those orders are expected to be shipped in the second half of the year. Regarding your comment regarding cancellation, all in all, since we are supplying across the company a custom product, we have not seen in the past, and we do not see any cancellations from customers. Got it. I guess one last question to get back into Q. And the $5 million cost savings, what's the timing of realizing that? And is it all in cost of goods sold or SG&A, or is there a mix that we should kind of be thinking about? The $5 million savings, we are looking at year over year, 2025 in respect to 2024. I would say by far most of the savings are in the cost of goods sold, resulting from material cost reduction, product relocation, and process improvements. Got it. Thank you, Ziv. I'll get back into Q. Thank you very much. Our next question comes from Griffin Boss with B. Riley Securities. Griffin, your line is now open. Please go ahead. Hi, good morning, and thanks for taking the questions. Just to start up as a follow-up to the KELK question, is this $2 million delayed shipment, is that incremental to the $5 million that you mentioned on the fourth quarter earnings call? You mentioned the $5 million shipments were delayed, and you expected $2 million to be recognized in the first quarter. Is that related to that same push? This is a very good question. Just the $2 million are related to KELK products, which, as I indicated, will be pushed out. The deliveries will be pushed out to the second half of the year. The $5 million that I have indicated in Q4 was related to DTS and DSI products, given the fact that customers were—we were expecting to get those orders, and those orders have been placed in Q1. Those are different product lines. The $5 million DTS, DSI, while the $2 million is KELK steel products. Okay, okay. Understood. Thanks for that. I wanted to touch on the humanoid robots opportunity. Obviously, it looks like you guys are continuing to make good progress there. Is there any more color you can give now that you're starting to see more order flow from those two initial customers on how many sensors we should expect are being used in a single robot? To the extent, maybe you could discuss certain ASPs for those sensors as well. I'm not sure how much color I can provide, but I could say that we are in this—that we are working with our customers in the second development phase. There was a very large order over $1 million that has been placed in Q1. We are working on a larger order for, I would say, the second half of the year. We are looking at complete—or I would say our value would be between $500-$1,200 per robot. This is what I can provide at this point. We are speaking about tens of sensors within each box. Unfortunately, I do not think I would be able to share more information at this point in time. No, Ziv, that was helpful. Thanks for that. Fully understood. Just last one for me. Curious about the CapEx ramp. I know you said in the past we should think about that as to be 4%-4.5% of sales going forward. It was pretty light in the first quarter. Curious if you can just touch on kind of how you're looking at the cadence throughout the year. Should we expect kind of a gradual ramp-up or maybe a little bit more CapEx investment in the back half of the year? Since most of the Capex are related to sensors equipment, and some of the equipment are semiconductor type of equipment with a longer lead time, we always see a much larger Capex in the second half of the year in respect to the first half of the year. We still believe that we are going to spend between $10 million to $12 million, but we will see most of the spending coming in the second half of the year. Okay. Great. Thanks for taking my questions. Appreciate it. Thank you very much. If you would like to ask a question, please press star followed by one on your telephone keypad now. We currently have no further questions. I will now turn back to Steve for any closing remarks. Ezra, I think we may have another question. Could you recheck? Apologies for that. We have a question from John with Sidoti & Co John, your line is now open. Please go ahead. Yeah. Thanks for squeezing me back in. I'm actually curious about share repurchases. You were somewhat aggressive in early 2024 at higher thresholds than we're trading today, and certainly your open app today. It doesn't seem that—I don't know whether your cash is domiciled, but it doesn't seem that cash is an issue. What are your thoughts about repurchasing the stock at those levels? John, at this point in time, our cash is to the effect where just approximately 4% of our cash is in the U.S., or conversely, 96% outside. To bring a lot of that cash back into the U.S., we would have to pay significant cash tax on those repatriations. At this point in time, we have not purchased any shares during the first quarter. Okay. Thanks. Mike, I got you. Bill, did you say that the tax rate we should be using for the full year is 25%? 27%. Thanks for the clarification. Thank you, guys. You're welcome. Thank you very much, John. That concludes our question and answer session. I will now hand back over to Steve for any closing remarks. Before closing our call, I do want to remind investors and those listening that we will be presenting at the upcoming B. Riley Conference on May 22 and the three-part advisory conference in June. We look forward to updating you on BPG next quarter. Thank you, and have a great day. Thank you very much, Steve. Thank you to Bill and Ziv for being our speakers on today's call. That concludes the conference call for today. We appreciate everyone for joining. You may now disconnect your lines.