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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 1-34679

VISHAY PRECISION GROUP, INC.

(Exact name of registrant as specified in its charter)

	Delaware		27-0986328
	(State or Other Jurisdiction of Incorporation)		(I.R.S. Employer Identification Number)
	3 Great Valley Parkway, Suite 150
	Malvern, PA, 19355		484-321-5300
	(Address of Principal Executive Offices) (Zip Code)		(Registrant’s Telephone Number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	VPG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files. ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 4, 2025, the registrant had 12,256,197 shares of its common stock and 1,022,887 shares of its Class B convertible common stock outstanding.

VISHAY PRECISION GROUP, INC.

FORM 10-Q

September 27, 2025

CONTENTS

		Page Number
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Condensed Balance Sheets – September 27, 2025 (Unaudited) and December 31, 2024	3

	Consolidated Condensed Statements of Operations (Unaudited) – Fiscal Quarters Ended September 27, 2025 and September 28, 2024	5

	Consolidated Condensed Statements of Operations (Unaudited) – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024

	Consolidated Condensed Statements of Comprehensive Income (Unaudited) – Fiscal Quarter Ended September 27, 2025 and September 28, 2024	7

	Consolidated Condensed Statements of Comprehensive Income (Unaudited) – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024

	Consolidated Condensed Statements of Cash Flows (Unaudited) – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024	9

	Consolidated Condensed Statements of Equity (Unaudited) – Fiscal Quarter Ended September 27, 2025 and September 28, 2024	10

	Consolidated Condensed Statements of Equity (Unaudited) – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024

	Notes to Unaudited Consolidated Condensed Financial Statements	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4.	Controls and Procedures	37

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

	SIGNATURES	40

PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Balance Sheets

(In thousands)

	*September 27, 2025*			*December 31, 2024*
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	86,253		$	79,272
Accounts receivable, net		59,608			51,200
Inventories:
Raw materials		32,544			33,013
Work in process		28,900			27,187
Finished goods		24,519			23,960
Inventories, net		85,963			84,160

Prepaid expenses and other current assets		20,514			17,088
Asset held for sale		—			5,229
Total current assets		252,338			236,949

Property and equipment:
Land		2,387			2,316
Buildings and improvements		78,535			68,125
Machinery and equipment		136,393			132,938
Software		11,497			10,351
Construction in progress		3,471			11,246
Accumulated depreciation		(155,715	)		(145,475	)
Property and equipment, net		76,568			79,501

Goodwill		47,270			46,819
Intangible assets, net		39,156			41,815
Operating lease right-of-use assets		22,768			24,316
Other assets		24,220			21,535
Total assets	$	462,320		$	450,935

See accompanying notes.

-3-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Balance Sheets

(In thousands)

	*September 27, 2025*			*December 31, 2024*
	(Unaudited)
Liabilities and equity
Current liabilities:
Trade accounts payable	$	10,788		$	9,890
Payroll and related expenses		19,736			18,546
Other accrued expenses		24,159			19,725
Income taxes		2,604			880
Current portion of operating lease liabilities		4,212			3,998
Total current liabilities		61,499			53,039

Long-term debt		20,555			31,441
Deferred income taxes		2,551			3,779
Operating lease liabilities		19,065			19,928
Other liabilities		14,120			14,193
Accrued pension and other postretirement costs		6,726			6,695
Total liabilities		124,516			129,075

Equity:
Common stock, par value $0.10 per share: 25,000,000 shares authorized; 12,256,197 shares outstanding as of September 27, 2025 and 12,215,668 shares outstanding as of December 31, 2024		1,340			1,336
Class B convertible common stock, par value $0.10 per share: 3,000,000 shares authorized; 1,022,887 shares outstanding as of September 27, 2025 and December 31, 2024		103			103
Treasury stock, at cost - 1,137,995 shares held at September 27, 2025 and December 31, 2024		(25,335	)		(25,335	)
Capital in excess of par value		204,029			202,783
Retained earnings		199,141			191,977
Accumulated other comprehensive loss		(41,520	)		(48,897	)
Total Vishay Precision Group, Inc. stockholders' equity		337,758			321,967
Noncontrolling interests		46			(107	)
Total equity		337,804			321,860
Total liabilities and equity	$	462,320		$	450,935

See accompanying notes.

-4-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Operations

(Unaudited - In thousands, except per share amounts)

	*Fiscal Quarter Ended*
	*September 27, 2025*			*September 28, 2024*
Net revenues	$	79,728		$	75,727
Costs of products sold		47,603			45,467
Gross profit		32,125			30,260

Selling, general and administrative expenses		27,296			26,337
Gain on asset held for sale		(5,544	)		-
Restructuring costs		214			82
Operating income		10,159			3,841

Other (expense) income :
Interest expense		(425	)		(648	)
Other		159			(2,646	)
Other expense		(266	)		(3,294	)

Income before taxes		9,893			546

Income tax expense		1,961			1,874

Net earnings (loss)		7,932			(1,328	)
Less: net earnings attributable to noncontrolling interests		74			23
Net earnings (loss) attributable to VPG stockholders	$	7,858		$	(1,351	)

Basic earnings (loss) per share attributable to VPG stockholders	$	0.59		$	(0.10	)
Diluted earnings (loss) per share attributable to VPG stockholders	$	0.59		$	(0.10	)

Weighted average shares outstanding - basic		13,279			13,254
Weighted average shares outstanding - diluted		13,344			13,254

See accompanying notes.

-5-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Operations

(Unaudited - In thousands, except per share amounts)

	*Nine Fiscal Months Ended*
	*September 27, 2025*			*September 28, 2024*
Net revenues	$	226,630		$	233,869
Costs of products sold		136,866			136,108
Gross profit		89,764			97,761

Selling, general and administrative expenses		81,708			80,232
Gain on asset held for sale		(5,544	)		-
Restructuring costs		793			864
Operating income		12,807			16,665

Other (expense) income :
Interest expense		(1,525	)		(1,925	)
Other		(1,781	)		915
Other expense		(3,306	)		(1,010	)

Income before taxes		9,501			15,654

Income tax expense		2,220			6,508

Net earnings		7,281			9,146
Less: net earnings attributable to noncontrolling interests		117			3
Net earnings attributable to VPG stockholders	$	7,164		$	9,143

Basic earnings per share attributable to VPG stockholders	$	0.54		$	0.68
Diluted earnings per share attributable to VPG stockholders	$	0.54		$	0.68

Weighted average shares outstanding - basic		13,260			13,367
Weighted average shares outstanding - diluted		13,307			13,405

See accompanying notes.

-6-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Comprehensive Income

(Unaudited - In thousands)

	*Fiscal Quarter Ended*
	*September 27, 2025*			*September 28, 2024*
Net earnings (loss)	$	7,932		$	(1,328	)

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment		(1,806	)		6,809
Pension and other postretirement actuarial items		2			(8	)
Other comprehensive (loss) income		(1,804	)		6,801

Comprehensive income		6,128			5,473

Less: comprehensive income attributable to noncontrolling interests		74			23

Comprehensive income attributable to VPG stockholders	$	6,054		$	5,450

See accompanying notes.

-7-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Comprehensive Income

(Unaudited - In thousands)

	*Nine Fiscal Months Ended*
	*September 27, 2025*		*September 28, 2024*
Net earnings	$	7,281	$	9,146

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		7,363		(679	)
Pension and other postretirement actuarial items		14		(16	)
Other comprehensive income (loss)		7,377		(695	)

Comprehensive income		14,658		8,451

Less: comprehensive income attributable to noncontrolling interests		117		3

Comprehensive income attributable to VPG stockholders	$	14,541	$	8,448

See accompanying notes.

-8-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Cash Flows

(Unaudited - In thousands)

	*Nine Fiscal Months Ended*
	*September 27, 2025*			*September 28, 2024*
Operating activities
Net earnings	$	7,281		$	9,146
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		11,878			11,771
Loss (gain) on sale of property and equipment		64			(154	)
Gain on asset held for sale		(5,544	)		—
Share-based compensation expense		1,550			1,060
Inventory write-offs for obsolescence		2,334			1,722
Deferred (expense) income taxes		(2,322	)		512
Foreign currency impacts and other items		270			(1,213	)
Net changes in operating assets and liabilities:
Accounts receivable		(6,223	)		3,340
Inventories		(2,084	)		(1,816	)
Prepaid expenses and other current assets		(2,863	)		(5,576	)
Trade accounts payable		323			(743	)
Other current liabilities		6,499			(3,921	)
Other non current assets and liabilities, net		(1,335	)		(767	)
Accrued pension and other postretirement costs, net		126			(322	)
Net cash provided by operating activities		9,954			13,039

Investing activities
Capital expenditures		(4,953	)		(6,965	)
Proceeds from sale of asset held for sale and property and equipment		10,891			647
Net cash provided by (used in) investing activities		5,938			(6,318	)

Financing activities
Repayments on revolving facility		(11,000	)		—
Debt issuance costs		—			(569	)
Purchase of treasury stock		—			(7,815	)
Contributions (distributions) from noncontrolling interests		36			(50	)
Payments of employee taxes on certain share-based arrangements		(256	)		(860	)
Net cash used in financing activities		(11,220	)		(9,294	)
Effect of exchange rate changes on cash and cash equivalents		2,309			(315	)
Increase (Decrease) in cash and cash equivalents		6,981			(2,888	)
Cash and cash equivalents at beginning of period		79,272			83,965
Cash and cash equivalents at end of period	$	86,253		$	81,077

Supplemental disclosure of investing transactions:
Capital expenditures accrued but not yet paid		1,239		$	1,354
Supplemental disclosure of financing transactions:
Excise tax on net share repurchases accrued but not yet paid		—			60

See accompanying notes.

-9-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Equity

(Unaudited - In thousands, except share amounts)

	*Fiscal Quarter Ended*
	*September 27, 2025*
			*Class B*										*Accumulated*
			*Convertible*					*Capital in*					*Other*			*Total VPG Inc.*
	*Common*		*Common*		*Treasury*			*Excess of*			*Retained*		*Comprehensive*			*Stockholders'*			*Noncontrolling*			*Total*
	*Stock*		*Stock*		*Stock*			*Par Value*			*Earnings*		*Income (Loss)*			*Equity*			*Interests*			*Equity*
Balance at June 28, 2025	$	1,339	$	103	$	(25,335	)	$	203,537		$	191,283	$	(39,716	)	$	331,211		$	44		$	331,255
Net earnings		—		—		—			—			7,858		—			7,858			74			7,932
Other comprehensive income		—		—		—			—			—		(1,804	)		(1,804	)		—			(1,804	)
Share-based compensation expense		—		—		—			493			—		—			493			—			493
Restricted stock issuances (3,065 shares)		1		—		—			(1	)		—		—			(0	)		—			(0	)
Distributions to noncontrolling interests		—		—		—			—			—		—			—			(72	)		(72	)
Balance at September 27, 2025	$	1,340	$	103	$	(25,335	)	$	204,029		$	199,141	$	(41,520	)	$	337,758		$	46		$	337,804

	*Fiscal Quarter Ended*
	*September 28, 2024*
			*Class B*										*Accumulated*
			*Convertible*					*Capital in*					*Other*			*Total VPG Inc.*
	*Common*		*Common*		*Treasury*			*Excess of*		*Retained*			*Comprehensive*			*Stockholders'*			*Noncontrolling*			*Total*
	*Stock*		*Stock*		*Stock*			*Par Value*		*Earnings*			*Income (Loss)*			*Equity*			*Interests*			*Equity*
Balance at June 29, 2024	$	1,336	$	103	$	(23,388	)	$	202,765	$	192,560		$	(46,365	)	$	327,011		$	23		$	327,034
Net loss		—		—		—			—		(1,351	)		—			(1,351	)		23			(1,328	)
Other comprehensive loss		—		—		—			—		—			6,801			6,801			—			6,801
Share-based compensation expense		—		—		—			107		—			—			107			—			107
Purchase of treasury stock. (63,227 shares)		—		—		(1,928	)		—		—			—			(1,928	)		—			(1,928	)
Excise tax on net share repurchase		—				(19	)		—		—			—			(19	)		—			(19	)
Distributions to noncontrolling interests		—		—		—			—		—			—			—			(10	)		(10	)
Balance at September 28, 2024	$	1,336	$	103	$	(25,335	)	$	202,872	$	191,209		$	(39,564	)	$	330,621		$	36		$	330,657

See accompanying notes.

-10-

VISHAY PRECISION GROUP, INC.

Consolidated Condensed Statements of Equity

(Unaudited - In thousands, except share amounts)

	*Nine Fiscal Months Ended September 27, 2025*
			*Class B*										*Accumulated*
			*Convertible*					*Capital in*					*Other*			*Total VPG Inc.*
	*Common*		*Common*		*Treasury*			*Excess of*			*Retained*		*Comprehensive*			*Stockholders'*			*Noncontrolling*			*Total*
	*Stock*		*Stock*		*Stock*			*Par Value*			*Earnings*		*Income (Loss)*			*Equity*			*Interests*			*Equity*
Balance at December 31, 2024	$	1,336	$	103	$	(25,335	)	$	202,783		$	191,977	$	(48,897	)	$	321,967		$	(107	)	$	321,860
Net earnings		—		—		—			—			7,164		—			7,164			117			7,281
Other comprehensive income		—		—		—			—			—		7,377			7,377			—			7,377
Share-based compensation expense		—		—		—			1,550			—		—			1,550			—			1,550
Restricted stock issuances (40,529 shares)		4		—		—			(304	)		—		—			(300	)		—			(300	)
Excise tax on net share repurchase		—		—		—			—			—		—			—			—			—
Contributions from noncontrolling interests		—		—		—			—			—		—			—			36			36
Balance at September 27, 2025	$	1,340	$	103	$	(25,335	)	$	204,029		$	199,141	$	(41,520	)	$	337,758		$	46		$	337,804

	*Nine Fiscal Months Ended September 28, 2024*
			*Class B*										*Accumulated*
			*Convertible*					*Capital in*					*Other*			*Total VPG Inc.*
	*Common*		*Common*		*Treasury*			*Excess of*			*Retained*		*Comprehensive*			*Stockholders'*			*Noncontrolling*			*Total*
	*Stock*		*Stock*		*Stock*			*Par Value*			*Earnings*		*Income (Loss)*			*Equity*			*Interests*			*Equity*
Balance at December 31, 2023	$	1,330	$	103	$	(17,460	)	$	202,672		$	182,066	$	(38,869	)	$	329,842		$	83		$	329,925
Net earnings		—		—		—			—			9,143		—			9,143			3			9,146
Other comprehensive loss		—		—		—			—			—		(695	)		(695	)		—			(695	)
Share-based compensation expense		—		—		—			1,060			—		—			1,060			—			1,060
Restricted stock issuances (55,219 shares)		6		—		—			(860	)		—		—			(854	)		—			(854	)
Purchase of treasury stock (244,702 shares)		—		—		(7,815	)		—			—		—			(7,815	)		—			(7,815	)
Excise tax on net share repurchase		—		—		(60	)		—			—		—			(60	)		—			(60	)
Distributions to noncontrolling interests		—		—		—			—			—		—			—			(50	)		(50	)
Balance at September 28, 2024	$	1,336	$	103	$	(25,335	)	$	202,872		$	191,209	$	(39,564	)	$	330,621		$	36		$	330,657

See accompanying notes.

-11-

Vishay Precision Group, Inc.

Notes to Unaudited Consolidated Condensed Financial Statements

Note 1 – Basis of Presentation

Background

Vishay Precision Group, Inc. (“VPG” or the “Company”) is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are “designed-in” by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality, and we employ an operationally diversified structure to manage our businesses.

Interim Financial Statements

These unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial statements and therefore do not include all information and footnotes necessary for the presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025. The results of operations for the fiscal quarter ended September 27, 2025 are not necessarily indicative of the results to be expected for the full year. VPG reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first quarter, which always begins on January 1, and the fourth quarter, which always ends on December 31. The four fiscal quarters in 2025 and 2024 end on the following dates:

	*2025*	*2024*
Quarter 1	March 29,	March 30,
Quarter 2	June 28,	June 29,
Quarter 3	September 27,	September 28,
Quarter 4	December 31,	December 31,

Recent Accounting Pronouncements

The Company evaluates the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB").

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. As part of the Annual Report for the year ended December 31, 2024, which was filed on February 25, 2025, the Company adopted ASU 2023-07, which was applied retrospectively to all prior periods presented. Refer to Note 14 herein for further details regarding this adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. This update aims to enhance the transparency of financial reporting by requiring public business entities (PBEs) to provide disaggregated disclosure of certain income statement expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for annual fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Adoption of this ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

- 12-

Note 2 – Revenues

Revenue Recognition

The following table disaggregates net revenue by geographic region from contracts with customers based on net revenues generated by subsidiaries within that geographic location (in thousands):

	*Fiscal Quarter Ended*								*Fiscal Quarter Ended*
	*September 27, 2025*								*September 28, 2024*
	*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Total*		*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Total*
United States	$	13,685	$	11,665	$	10,581	$	35,931	$	10,068	$	11,154	$	14,751	$	35,973
Europe		8,363		12,778		3,371	$	24,512		7,475		11,017		378		18,870
Asia		5,492		3,043		2,683	$	11,218		5,479		2,901		1,778		10,158
Canada		—		—		3,931	$	3,931		—		—		5,445		5,445
Israel		4,085		51		—	$	4,136		5,179		102		—		5,281
Total	$	31,625	$	27,537	$	20,566	$	79,728	$	28,201	$	25,174	$	22,352	$	75,727

	*Nine Fiscal Months Ended September 27, 2025*								*Nine Fiscal Months Ended September 28, 2024*
	*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Total*		*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Total*
United States	$	34,918	$	35,320	$	35,576	$	105,814	$	29,931	$	33,491	$	39,204	$	102,626
Europe	$	23,879	$	38,690	$	4,561	$	67,130		24,936		38,489		3,539		66,964
Asia	$	15,400	$	9,240	$	6,521	$	31,161		16,378		9,119		6,873		32,370
Canada	$	—	$	22	$	11,325	$	11,347		—		101		16,303		16,404
Israel	$	11,046	$	132	$	—	$	11,178		15,238		267		—		15,505
Total	$	85,243	$	83,404	$	57,983	$	226,630	$	86,483	$	81,467	$	65,919	$	233,869

The following table disaggregates net revenue from contracts with customers by market sector (in thousands).

	*Fiscal Quarter Ended*				*Nine Fiscal Months Ended*
	*September 27, 2025*		*September 28, 2024*		*September 27, 2025*		*September 28, 2024*
Test & Measurement	$	16,829	$	14,337	$	46,442	$	43,955
Avionics, Military & Space		7,262		8,581		19,918		21,769
Transportation		14,724		12,802		45,651		38,985
Other Markets		14,352		14,826		42,415		48,750
Industrial Weighing		9,083		8,578		26,742		28,021
General Industrial		5,720		4,538		15,326		14,702
Steel		11,758		12,065		30,136		37,687
Total	$	79,728	$	75,727	$	226,630	$	233,869

Contract Assets & Liabilities

Contract assets are established when revenues are recognized prior to a contractual payment due from the customer. When a payment becomes due based on the contract terms, the Company will reduce the contract asset and record a receivable. Contract liabilities are deferred revenues that are recorded when cash payments are received or due in advance of our performance obligations. Our payment terms vary by the type and location of the products offered. The term between invoicing and when payment is due is not significant.

The outstanding contract assets and liability accounts were as follows (in thousands):

	*Contract Asset*			*Contract Liability*
				*Accrued*
	*Unbilled*			*Customer*
	*Revenue*			*Advances*
Balance at December 31, 2024	$	3,330		$	8,272
Balance at September 27, 2025		2,563			8,893
Increase (decrease)	$	(767	)	$	621

The amount of revenue recognized during the nine fiscal months ended September 27, 2025 that was included in the contract liability balance at December 31, 2024 was $5.9 million.

- 13-

Note 3 – Sale Asset Held for Sale

Sale of Manufacturing Facility in Kent, Washington

On July 10, 2025, as part of the Company’s ongoing strategy to focus on its core operations and optimize its asset base utilization, the Company completed the sale of its manufacturing facility located at Kent, Washington which was part of the Weighing Solutions Segment.

The total sale proceeds amounted to $11.5 million, and the net proceeds, after deducting broker’s commission and real estate excise tax, were approximately $10.8 million.

The carrying amount of the asset was previously classified as asset held for sale under current assets in the consolidated balance sheet as of December 31, 2024 after meeting the criteria outlined in ASC 360. No further depreciation was recorded once the asset was classified as held for sale.

Upon completion of the sale, the Company recognized a gain of approximately $5.5 million in July 2025, which is included in Operating income in the condensed consolidated statements of operations for the quarter ended and nine fiscal months ended September 27, 2025.

The net cash proceeds were used to repay a portion of the Company's credit facility, as further discussed in Note 7 – Long-Term Debt.

Note 4 – Goodwill

The Company tests the goodwill in each of its goodwill reporting units for impairment at least annually, as of the first day of its fourth quarter, and whenever events or changes in circumstances occur indicating that a possible impairment may have been incurred.

The change in the carrying amount of goodwill by reporting unit is as follows (in thousands):

	Total		Measurement Systems									Weighing Solutions
			Steel		Nokra			DSI		DTS		On-board weighing
Balance at December 31, 2024	$	46,819	$	5,964	$	1,633		$	16,878	$	16,033	$	6,311
Adjustment ⁽¹⁾	$	—	$	1,633	$	(1,633	)	$	—	$	—	$	—
Foreign currency translation adjustment	$	451	$	406	$	—		$	45	$	—	$	—
Balance at September 27, 2025	$	47,270	$	8,003	$	—		$	16,923	$	16,033	$	6,311

⁽¹⁾The goodwill resulting from the acquisition of Nokra in September 2024, was allocated to the Steel reporting unit.

- 14-

Note 5 – Leases

The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms ranging from less than one year to eleven years, four months.

The Company has no finance leases.

Leases recorded on the balance sheet consist of the following (in thousands):

Leases	*September 27, 2025*		*December 31, 2024*
Assets
Operating lease right of use asset	$	22,768	$	24,316

Liabilities
Operating lease - current	$	4,212	$	3,998
Operating lease - non-current	$	19,065	$	19,928

Other information related to lease term and discount rate is as follows:

	*September 27, 2025*
Operating leases weighted average remaining lease term (in years)		6.44
Operating leases weighted average discount rate		4.97	%

The components of lease expense are as follows (in thousands):

	*Fiscal Quarter Ended*						*Nine Fiscal Months Ended*
	*September 27, 2025*			*September 28, 2024*			*September 27, 2025*			*September 28, 2024*
Operating lease cost	$	1,373		$	1,319		$	4,048		$	4,024
Short-term lease cost		46			6			82			31
Sublease income		(139	)		(111	)		(387	)		(334	)
Total net lease cost	$	1,280		$	1,214		$	3,743		$	3,721

Right of use assets obtained in exchange for new operating lease liability during the nine fiscal months ended September 27, 2025 were $1.3 million. The Company paid $4.0 million and $3.9 million for its operating leases for each of the nine fiscal months ended September 27, 2025 and September 28, 2024, which are included in operating cash flows on the consolidated condensed statements of cash flows.

Undiscounted maturities of operating lease payments as of September 27, 2025 are summarized as follows (in thousands):

2025	$	1,400
2026		4,714
2027		4,154
2028		3,823
2029		3,685
Thereafter		9,312
Total future minimum lease payments	$	27,088
Less: amount representing interest		(3,811	)
Present value of future minimum lease payments	$	23,277

- 15-

Note 6 – Income Taxes

The Company reported an effective income tax rate of 19.8% for the third fiscal quarter of 2025, compared to 343.2% in the third fiscal quarter of 2024.

The effective tax rate for the fiscal quarter ended September 27, 2025, primarily resulted from an increase in U.S. taxable income, the impact of the One Big Beautiful Bill Act (the “OBBBA”), and changes in the valuation allowance on deferred tax assets, which provided a tax benefit. Sequentially, the effective tax rate for the third quarter was mainly influenced by foreign income taxed at varying statutory rates and changes in the valuation allowance on deferred tax assets. For the nine fiscal months ended September 27, 2025, the Company reported an effective tax rate of 23.4%, compared to 41.6% for the same period in 2024.
The year-over-year change in the effective tax rate was primarily driven by a reduction in the valuation allowance on certain deferred tax assets and the impact of foreign currency exchange rate fluctuations on the tax provisions of our non-U.S. entities.

On July 4, 2025, the OBBBA was enacted into law, extending key provisions of the 2017 Tax Cuts and Jobs Act. The OBBBA restores expensing of domestic research expenditures for years beginning after December 31, 2024. Additionally, the OBBBA restores the EBITDA-based interest expense limitation and includes changes related to the U.S. taxation of the income of our foreign subsidiaries and certain foreign derived income, and the base erosion and anti-abuse tax, and provides for accelerated depreciation for property acquired and placed in service after January 19, 2025. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. Due to the OBBBA provisions, the Company recorded tax benefit for the quarter as a decrease in valuation allowance on part of our deferred tax assets.

The Company and its subsidiaries are subject to income taxes imposed by the U.S., various states, and the foreign jurisdictions in which we operate. Each jurisdiction establishes rules that set forth the years which are subject to examination by its tax authorities. While the Company believes the tax positions taken on its tax returns for each jurisdiction are supportable, they may still be challenged by the jurisdiction's tax authorities. In anticipation of such challenges, the Company has established reserves for tax-related uncertainties. These liabilities are based on the Company’s best estimate of the potential tax exposures in each respective jurisdiction. It may take a number of years for a final tax liability in a jurisdiction to be determined, particularly in the event of an audit. If an uncertain matter is determined favorably, there could be a reduction in the Company’s tax expense. An unfavorable determination could increase tax expense and could require a cash payment, including interest and penalties.

Note 7 – Long-Term Debt

Long-term debt consists of the following (in thousands):

	*September 27, 2025*			*December 31, 2024*
Credit Agreement - Revolving Facility	$	32,000		$	32,000
Repayment of credit facility		(11,000	)		-
Deferred financing costs		(445	)		(559	)
Total long-term debt	$	20,555		$	31,441

2024 Credit Agreement

On August 15, 2024, the Company entered into a Fourth Amended and Restated Credit Agreement (the “2024 Credit Agreement”) among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A. and HSBC as joint lead arrangers and joint bookrunner, and JPMorgan Chase Bank, N.A., as agent for such lenders, pursuant to which its previously existing credit agreement, was amended and restated to, among other things, extend the maturity date from March 20, 2025 to August 15, 2029 and adjust the interest rate and commitment fee. The 2024 Credit Agreement provides for a multi-currency, secured credit facility (the “2024 Revolving Facility”) in an aggregate principal amount of $75.0 million, with a sublimit of $10 million which can be used for letters of credit for the account of the Company or its subsidiaries that are parties to the 2024 Credit Agreement, the proceeds of which may be used for working capital and general corporate purposes, and a portion of which were used to refinance the existing credit facility. The aggregate principal amount of the 2024 Revolving Facility may be increased by a maximum of $25.0 million upon the request of the Company, subject to the terms of the 2024 Credit Agreement. The Company may elect to make loans under the 2024 Revolving Facility in US Dollars, Euros, Canadian Dollars, Sterling, Japanese Yen or such other freely convertible foreign currency.

Amounts borrowed under the 2024 Revolving Facility accrue interest in an amount equal to a floating rate plus a specified margin. Such floating rates are (i) for loans denominated in US Dollars, at the Company’s option, either (a) the greatest of: the Agent’s prime rate, the Federal Funds rate, or a 1% floor (the “US Base Rate”), or (b) the SOFR, (ii) for loans denominated in Canadian Dollars, at the Company’s option, either (x) the greatest of: the PRIMCAN Index rate, the average 30 day rate for loans accruing interest based on the Canadian Overnight Repo Rate Average (“CORRA”) (the “Canadian Base Rate”), or (y) CORRA, (iii) for loans denominated in Pounds Sterling, the Sterling Overnight Index Average (“SONIA”), (iv) for loans denominated in Euros, the Euro Interbank Offered Rate (“EURIBOR"), and (v) for loans denominated in Japanese Yen, the Tokyo Interbank Offered Rate (“TIBOR”). The specified interest margin for US Base Rate Loans and Canadian Base Rate Loans is 0.25%. Depending upon the Company’s leverage ratio, the interest rate margin for loans based on SOFR, CORRA, SONIA, EURIBOR and TIBOR ranges from 1.75% to 3.00% per annum. The Company is required to pay a quarterly fee of 0.20% per annum to 0.40% per annum on the unused portion of the 2024 Revolving Facility, which is also determined based on the Company’s leverage ratio. Additional customary fees apply with respect to letters of credit.

On July 17, 2025, the Company made a partial repayment of its revolving debt in the amount of $11.0 million, using proceeds from the sale of manufacturing facility (see Note 3 - Sale of Asset Held for Sale).

The repayment was made in accordance with the terms of the Credit Agreement and resulted in a corresponding reduction in the outstanding balance under the revolving credit facility. As of September 27, 2025, the outstanding balance under the revolving credit facility was $21.0 million, bearing interest at variable rates based on the Credit Agreement.

The obligations of the Company under the 2024 Credit Agreement are secured by pledges of stock in certain domestic and foreign subsidiaries, as well as guarantees by substantially all of the Company’s domestic subsidiaries. The obligations of the Company and the guarantors under the 2024 Credit Agreement are secured by substantially all the assets (excluding real estate) of the Company and such guarantors. The 2024 Credit Agreement restricts the Company from paying cash dividends and requires the Company to comply with other customary covenants, representations, and warranties, including the maintenance of specific financial ratios. The financial maintenance covenants include an interest coverage ratio and a leverage ratio. The Company was in compliance with its financial maintenance covenants as of September 27, 2025. If the Company is not in compliance with any of these covenant restrictions, the 2024 Revolving Facility could be terminated by the lenders, and all amounts outstanding pursuant to the 2024 Revolving Facility could become immediately payable.

- 16-

Note 8 – Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income net of tax, consist of the following (in thousands):

	*Foreign*			*Pension*
	*Currency*			*and Other*
	*Translation*			*Postretirement*
	*Adjustment*			*Actuarial Items*		*Total*
Balance at January 1, 2025	$	(48,915	)	$	18	$	(48,897	)
Other comprehensive income before reclassifications		7,363			—	$	7,363
Amounts reclassified from accumulated other comprehensive income		—			14	$	14
Balance at September 27, 2025	$	(41,552	)	$	32	$	(41,520	)

	*Foreign*			*Pension*
	*Currency*			*and Other*
	*Translation*			*Postretirement*
	*Adjustment*			*Actuarial Items*			*Total*
Balance at January 1, 2024	$	(39,262	)	$	393		$	(38,869	)
Other comprehensive loss before reclassifications		(679	)		—			(679	)
Amounts reclassified from accumulated other comprehensive loss		—			(16	)		(16	)
Balance at September 28, 2024	$	(39,941	)	$	377		$	(39,564	)

Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note 9 - Pension and Other Postretirement Benefits).

Note 9 – Pension and Other Postretirement Benefits

Employees of VPG participate in various defined benefit pension and other postretirement benefit ("OPEB") plans. The following table sets forth the components of the net periodic benefit cost for the Company's defined benefit pension and OPEB plans (in thousands):

	*Fiscal Quarter Ended*						*Fiscal Quarter Ended*
	*September 27, 2025*						*September 28, 2024*
	*Pension*			*OPEB*			*Pension*			*OPEB*
	*Plans*			*Plans*			*Plans*			*Plans*
Net service cost	$	66		$	3		$	66		$	4
Interest cost		208			28			191			27
Expected return on plan assets		(176	)		—			(211	)		—
Amortization of actuarial losses (gains)		2			(8	)		4			(3	)
Net periodic benefit cost	$	100		$	23		$	50		$	28

	*Nine Fiscal Months Ended*						*Nine Fiscal Months Ended*
	*September 27, 2025*						*September 28, 2024*
	*Pension*			*OPEB*			*Pension*			*OPEB*
	*Plans*			*Plans*			*Plans*			*Plans*
Net service cost	$	195		$	10		$	199		$	12
Interest cost		613			85			572			81
Expected return on plan assets		(519	)		—			(630	)		—
Amortization of actuarial losses (gains)		7			(24	)		13			(9	)
Net periodic benefit cost	$	296		$	71		$	154		$	84

- 17-

Note 10 – Share-Based Compensation

The Vishay Precision Group, Inc. 2022 Stock Incentive Plan (the "2022 plan") permits issuance of up to 608,000 shares of common stock. At September 27, 2025, the Company had reserved 378,739 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the 2022 plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others. If shares are withheld for payment of taxes, those shares do not become available for grant under the 2022 plan.

On February 25, 2025 and in accordance with their respective employment agreements, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 50% are performance-based. The awards have an aggregate grant-date fair value of $1.9 million and were comprised of 79,729 RSUs. Fifty percent of these awards will vest on January 1, 2028, subject to the executives’ continued employment. The performance-based portion of the RSUs will also vest on January 1, 2028, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative “adjusted free cash flow” and "net earnings goals", each weighted equally.

On February 25, 2025, certain non-executive VPG employees were granted annual equity awards in the form of RSUs. Certain employees received awards, of which 75% are performance-based and certain employees received awards of which 50% are performance-based. The awards have an aggregate grant-date fair value of $0.4 million and were comprised of 18,282 RSUs. The non-performance portion of these awards (twenty-five percent for certain employees and fifty percent for certain employees) will vest on January 1, 2028, subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2028, subject to the employees' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, each weighted equally.

On May 21, 2025, and in accordance with the Company's 2025 Non-Employee Director Compensation Plan, the Board of Directors ("Board") approved the issuance of an aggregate of 18,252 RSUs to the independent board members of the Board.

The awards had an aggregate grant-date fair value of $0.5 million and will vest on or before the 2026 Annual Stockholders Meeting in May 2026, subject to each applicable director's continued service on the Board. Vesting of equity awards is subject to acceleration under certain circumstances.

On July 1, 2025, certain non-executive VPG employees were granted annual equity awards in the form of RSUs. One employee received an award, of which 75% is performance-based and one employee received an award of which 50% is performance-based. The awards have an aggregate grant-date fair value of $0.1 million and were comprised of 2,444 RSUs. The non-performance portion of these awards will vest on July 1, 2028, subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on July 1, 2028, subject to the employees' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, each weighted equally.

The amount of compensation cost related to share-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. VPG determines compensation cost for RSUs based on the grant-date fair value of the underlying common stock. The Company recognizes compensation cost for RSUs that are expected to vest and for which performance criteria are expected to be met. The following table summarizes share-based compensation expense recognized (in thousands):

	*Fiscal Quarter Ended*				*Nine Fiscal Months Ended*
	*September 27, 2025*		*September 28, 2024*		*September 27, 2025*		*September 28, 2024*
Share-based compensation expense	$	493	$	107	$	1,550	$	1,060

Note 11– Segment Information

VPG reports in three reporting segments: Sensors, Weighing Solutions, and Measurement Systems. The Sensors segment is comprised of the foil resistor and strain gage operating segments. The Weighing Solutions segment is comprised of specialized modules and systems used to precisely measure weight, force torque, and pressure. The Measurement Systems segment is comprised of highly specialized systems for steel production, materials development, and safety testing.

The chief operating decision maker ("CODM") is our chief executive officer. The evaluation of the segments' performance is based on multiple performance measures including revenues and operating income, exclusive of certain items. Management believes that evaluating segment performance, excluding items such as restructuring, severance, gain on asset held for sale, impairment of goodwill and indefinite-lived intangible assets and amortization of intangible assets, acquisition costs, and other items is meaningful because they relate to occurrences or events that are outside of our core operations, and management believes that the use of these measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods.

- 18-

Note 11– Segment Information (continued)

The following table sets forth reporting segment information (in thousands):

	*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Corporate/ Other*			*Total*
Three Fiscal Months Ended September 27, 2025
Net third-party revenues	$	31,624	$	27,538	$	20,566	$	—		$	79,728
Intersegment revenues		405		158		—		(563	)		—
Total revenues		32,029		27,696		20,566		(563	)		79,728
Costs of products sold		21,403		16,586		10,177		(563	)		47,603
Gross profit		10,626		11,110		10,389		—			32,125
Research and development expenses		980		1,305		2,754		—			5,039
Segment selling, general, and administrative expenses⁽¹⁾		4,152		4,951		4,555		—			13,658
Segment operating income		5,494		4,854		3,080		—			13,428
Other supplemental information:											—
Restructuring costs		—		60		136		18			214
Depreciation and amortization expense		1,594		781		1,080		534			3,989
Capital expenditures		1,933		514		147		105			2,699

Three Fiscal Months Ended September 28, 2024
Net third-party revenues	$	28,201	$	25,174	$	22,352	$	—		$	75,727
Intersegment revenues		337		—		—		(337	)		—
Total revenues		28,538		25,174		22,352		(337	)		75,727
Costs of products sold		19,808		16,334		9,662		(337	)		45,467
Gross profit		8,730		8,840		12,690		—			30,260
Research and development expenses		1,136		1,225		2,536		—			4,897
Segment selling, general, and administrative expenses ⁽¹⁾		3,954		4,770		5,024		—			13,748
Segment operating income		3,640		2,845		5,130		—			11,615
Other supplemental information:
Restructuring costs		59		23		—		—			82
Depreciation and amortization expense		1,567		841		1,076		429			3,913
Capital expenditures		1,353		399		347		69			2,168

	*Sensors*		*Weighing Solutions*		*Measurement Systems*		*Corporate/ Other*			*Total*
Nine Fiscal Months Ended September 27, 2025
Net third-party revenues	$	85,243	$	83,404	$	57,983	$	—		$	226,630
Intersegment revenues		1,237		520		—		(1,757	)		—
Total revenues		86,480		83,924		57,983		(1,757	)		226,630
Costs of products sold		59,220		51,451		27,952		(1,757	)		136,866
Gross profit		27,260		32,473		30,031		—			89,764
Research and development expenses		3,021		3,941		8,333		—			15,295
Segment selling, general, and administrative expenses ⁽¹⁾		11,609		14,401		13,594		—			39,604
Segment operating income		12,630		14,131		8,104		—			34,865
Other supplemental information:											—
Restructuring costs		152		113		151		377			793
Depreciation and amortization expense		4,791		2,324		3,228		1,535			11,878
Capital expenditures		3,375		943		783		183			5,284

Nine Fiscal Months Ended September 28, 2024
Net third-party revenues	$	86,484	$	81,466	$	65,919	$	—		$	233,869
Intersegment revenues		1,348		—		—		(1,348	)		—
Total revenues		87,832		81,466		65,919		(1,348	)		233,869
Costs of products sold		57,303		51,049		29,104		(1,348	)		136,108
Gross profit		30,529		30,417		36,815		—			97,761
Research and development expenses		3,088		3,973		7,632		—			14,693
Segment selling, general, and administrative expenses ⁽¹⁾		12,178		14,663		14,113		—			40,954
Segment operating income		15,263		11,781		15,070		—			42,114
Other supplemental information:
Restructuring costs		601		—		—		263			864
Depreciation and amortization expense		4,753		2,507		3,217		1,294			11,771
Capital expenditures		3,689		999		867		446			6,001

⁽¹⁾Segment selling, general and administrative expenses are direct selling, general and administrative expenses, excluding research and development expenses and amortization of intangible assets attributed to the segment.

- 19-

Note 11– Segment Information (continued)

The following table reconciles segment profit to consolidated income before taxes (in thousands):

	*Fiscal Quarter Ended*						*Nine Fiscal Months Ended*
	*September 27, 2025*			*September 28, 2024*			*September 27, 2025*			*September 28, 2024*
Segment operating income	$	13,428		$	11,615		$	34,865		$	42,114
Restructuring costs	$	214		$	82		$	793		$	864
Gain on asset held for sale	$	(5,544	)	$	—		$	(5,544	)	$	—
Unallocated G&A expenses	$	8,599		$	7,692		$	26,809		$	24,585
Operating income	$	10,159		$	3,841		$	12,807		$	16,665
Other expense	$	(266	)	$	(3,294	)	$	(3,306	)	$	(1,010	)
Income before taxes	$	9,893		$	546		$	9,501		$	15,654

Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. The table below summarizes intersegment sales (in thousands):

	*Fiscal Quarter Ended*				*For the Nine Fiscal Months Ended*
	*September 27, 2025*		*September 28, 2024*		*September 27, 2025*		*September 28, 2024*
Sensors to Weighing Solutions	$	404	$	332	$	1,211	$	1,323
Sensors to Measurement Systems		2		4		23		17

Note 12 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share):

	*Fiscal Quarter Ended*					*Nine Fiscal Months Ended*
	*September 27, 2025*		*September 28, 2024*			*September 27, 2025*		*September 28, 2024*
Numerator:
Numerator for basic earnings per share:
Net earnings (loss) attributable to VPG stockholders	$	7,858	$	(1,351	)	$	7,164	$	9,143

Denominator:
Denominator for basic earnings per share:
Weighted average shares		13,279		13,254			13,260		13,367

Effect of dilutive securities:
Restricted stock units		65		—			47		38
Dilutive potential common shares		65		—			47		38

Denominator for diluted earnings per share:
Adjusted weighted average shares		13,344		13,254			13,307		13,405

Basic earnings (loss) per share attributable to VPG stockholders	$	0.59	$	(0.10	)	$	0.54	$	0.68

Diluted earnings (loss) per share attributable to VPG stockholders	$	0.59	$	(0.10	)	$	0.54	$	0.68

The Company’s potentially dilutive securities were not included in the calculation of diluted loss per share for the three fiscal months ended September 28, 2024, as the effect would be anti-dilutive.

- 20-

Note 13 – Additional Financial Statement Information

Other Income (Expense) Other

The caption “Other” on the consolidated condensed statements of operations consists of the following (in thousands):

	*Fiscal Quarter Ended*						*For the Nine Fiscal Months Ended*
	*September 27, 2025*			*September 28, 2024*			*September 27, 2025*			*September 28, 2024*
Foreign currency exchange loss	$	(101	)	$	(2,912	)	$	(2,836	)	$	(36	)
Interest income		489			370			1,358			1,192
Pension expense		(15	)		(8	)		(37	)		(28	)
Other		(214	)		(96	)		(266	)		(213	)
	$	159		$	(2,646	)	$	(1,781	)	$	915

Foreign currency exchange gain or loss is due to volatility in the global currency markets. For the nine fiscal months ended September 27, 2025 the foreign currency exchange loss was largely due to the fluctuation of the Japanese yen, the Israeli Shekel and the British pound against the U.S. dollar.

Other Accrued Expenses

Other accrued expenses consist of the following (in thousands):

	*September 27, 2025*		*December 31, 2024*
Customer advance payments	$	8,893	$	7,009
Accrued restructuring		114		235
Goods received, not yet invoiced		3,652		1,572
Accrued taxes, other than income taxes		1,466		1,994
Accrued commissions		3,530		3,895
Accrued professional fees		2,198		1,587
Accrued technical warranty		794		857
Current accrued pensions and other post retirement costs		596		596
Other		2,916		1,980
	$	24,159	$	19,725

- 21-

Note 14 – Fair Value Measurements

ASC Topic 820, Fair Value Measurement, establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect the Company’s own assumptions.

An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands):

			*Fair value measurements at reporting date using:*
	*Total*		*Level 1*		*Level 2*		*Level 3*
	*Fair Value*		*Inputs*		*Inputs*		*Inputs*
September 27, 2025
Assets
Assets held in rabbi trusts	$	6,462	$	88	$	6,374	$	—

December 31, 2024
Assets
Assets held in rabbi trusts	$	6,228	$	45	$	6,183	$	—

The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at September 27, 2025 and December 31, 2024, and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the cash equivalents held in the rabbi trust are considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.

The fair value of the long-term debt, excluding capitalized deferred financing costs, at September 27, 2025 and December 31, 2024 approximates its carrying value as the revolving debt is reset on a monthly basis based on current market rates, plus a base rate as specified in the debt agreement. The fair value of long-term debt is considered a Level 2 measurement within the fair value hierarchy. The Company’s financial instruments include cash and cash equivalents, accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values.

Note 15 – Restructuring Costs

Restructuring costs primarily relate to cost reduction programs implemented by the Company. Restructuring costs are expensed during the period in which the Company determines it will incur those costs and all requirements for accrual are met. Because these costs are recorded based upon estimates, actual expenditures for the restructuring activities may differ from the initially recorded costs. If the initial estimates are too low or too high, the Company could be required either to record additional expense in future periods or to reverse part of the previously recorded charges.

The Company recorded $0.2 million and $0.1 million of restructuring costs during the fiscal quarter ended September 27, 2025 and September 28, 2024, respectively, and $0.8 million and $0.9 million of restructuring costs during the nine fiscal months ended September 27, 2025 and September 28, 2024, respectively. Restructuring costs were comprised primarily of employee termination costs, including severance and statutory retirement allowances, and were incurred in connection with various cost reduction programs.

- 22-

The following table summarizes recent activity related to all restructuring programs. The accrued restructuring liability balance as of September 27, 2025 and December 31, 2024, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands):

Balance at December 31, 2024		235
Restructuring charges in 2025		793
Cash payments		(914	)
Balance at September 27, 2025	$	114

Note 16 – Stockholder's Equity

On August 8, 2022, the Board of the Company authorized the repurchase of up to 600,000 shares of the Company’s outstanding common stock (the “Stock Repurchase Plan”). The Stock Repurchase Plan was originally set to expire on August 11, 2023. On August 8, 2023, the Company announced that its Board extended the term of the previously approved stock repurchase plan to August 9, 2024. The stock repurchase plan expired in accordance with its terms on August 9, 2024. From August 8, 2022 to August 9, 2024, the Company had repurchased an aggregate of 518,328 shares of its common stock under the stock repurchase plan for consideration of $16.5 million.

Note 17 – Commitments and Contingencies

Tax Assessment

During the second quarter of 2024, the Israeli Tax Authority has issued a Value Added Tax (VAT) assessment to the Company, in the amount of ILS 8.4 million (approximately $2.5 million), pertaining to claims of VAT between the years 2019 to 2023.

On August 6, 2025, the Company received the decision of the Israeli Tax Authority regarding the Company's appeal of the VAT assessment. The appeal was rejected, based on the same reasoning outlined in the original assessment issued to the Company.

The Company intends to appeal this decision and thereby defer the assessment in accordance with its rights under applicable law, and with the assistance of its legal counsel.

The Company believes that the liability for the assessment is not probable.

Given the stage of this matter, the Company is currently unable to predict the likely outcome or estimate the potential financial impact, if any, of this matter.

-23-

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

VPG is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are “designed-in” by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality, and we employ an operationally diversified structure to manage our businesses.

Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and non-industrial applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data. VPG’s products are often at the first stage of a data value chain (i.e., the process of converting the physical world into a digital format that can be used for a specific purpose) and as such impact the effectiveness of vast number of critical, high-value downstream processes. Over the past few years, we have seen a broadening of precision sensing applications in both our traditional industrial markets and new markets, due to the development of higher functionality in our customers' end products. Our precision measurement solutions are used across a wide variety of end markets upon which we focus, including industrial, industrial automation and robotics, test and measurement, transportation, steel, medical, agriculture, avionics, military and space, and consumer product applications. The Company has a long heritage of innovation in sensor technologies that provide accuracy, reliability and repeatability that make our customers' products safer, smarter, and more productive. As the functionality of customers' products continues to increase, and they integrate more precision measurement sensors and related systems into their solutions, we believe this will offer substantial growth opportunities for our products and expertise.

The impact of the recent wars in Israel on our operations

In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, resulting in extensive casualties and military engagement. In addition, Hezbollah, another terrorist organization based in Lebanon, began attacking Israel. While Israel has entered into certain ceasefire agreements regarding the conflicts, the threat of new attacks remains, including from additional extremist groups.

On June 13, 2025, Israel launched a preemptive strike on Iran, with military support from the United States. Iran retaliated with ballistic missile and drone strikes targeting both civilian and military sites in Israel. A ceasefire between Israel and Iran was reached on June 23, 2025, although there is no assurance that the ceasefire will continue. Israel’s airspace and maritime zones, which were closed to commercial traffic during the period between June 13 and June 23, 2025, are fully open as of November 4, 2025.

On October 12, 2025, the Government of Israel and Hamas reached a ceasefire agreement. The agreement, which was brokered with international mediation, led to a significant reduction in cross-border attacks and the reopening of commercial routes between Israel and the Gaza Strip.

While sales to customers in Israel account for a relatively small portion of our revenues, our operations in Israel include executive offices, which are the workplace for key executives including our chief executive officer, as well as two manufacturing facilities located in the central part of Israel that manufacture products representing approximately 30% of our total worldwide revenues in the nine fiscal months ended September 27, 2025. As of November 4, 2025, these facilities remain open and operational. We have implemented a contingency plan that, in the event conditions in Israel deteriorate such that we no longer operate there at normal levels, we believe will provide for securing supply of materials and logistics by producing a safety stock of finished goods and transferring these goods to our distribution centers outside of Israel, while continuing to take measures with regards to the safety of our employees. We may, however, determine to temporarily discontinue production in Israel for the safety of our employees. We could also face future production slowdowns or interruptions at either manufacturing location in Israel due to the impacts of the conflicts, including personnel absences as a number of our employees have been called to active military duty, or due to other resource constraints such as the inability to source materials for production.

The impact of recent changes in tariffs

We have manufacturing operations in India, China, Japan, Europe, Canada, Israel, and the United States, as well as in other countries.

Beginning in the second quarter of 2025, new tariffs were announced on import to the U.S. In response several countries have imposed reciprocal tariffs on import from the U.S. and other retaliatory measures. The tariffs have been set at various rates, with exemptions applicable to certain categories of imports and exports.

VPG continues to actively monitor and evaluate the ongoing situation, focusing on quickly responding to cost and price adjustments.

Overview of Financial Results

VPG reports in three product segments: Sensors, Weighing Solutions, and Measurement Systems. The Sensors segment is comprised of the foil resistor and strain gage operating segments. The Weighing Solutions segment is comprised of specialized modules and systems used to precisely measure weight, force torque, and pressure. The Measurement Systems segment is comprised of highly specialized systems for steel production, materials development, and safety testing.

Net revenues for the fiscal quarter ended September 27, 2025 were $79.7 million versus $75.7 million for the comparable prior year period. Net profit attributable to VPG stockholders for the fiscal quarter ended September 27, 2025 was $7.9 million, or $0.59 per diluted share, compared to net loss of $(1.4) million or $(0.10) per diluted share, for the comparable prior year period.

Net revenues for the nine fiscal months ended September 27, 2025 were $226.6 million versus $233.9 million for the comparable prior year period. Net earnings attributable to VPG stockholders for the nine fiscal months ended September 27, 2025 was $7.2 million, or $0.54 per diluted share, compared to net earnings of $9.1 million or $0.68 per diluted share, for the comparable prior year period.

-24-

The results of operations for the fiscal quarters ended September 27, 2025 and September 28, 2024 include items affecting comparability as listed in the reconciliations below. The reconciliations below include certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted gross profits, adjusted gross profit margin, adjusted operating income, adjusted operating margin, adjusted net earnings, adjusted net earnings per diluted share, EBITDA, and adjusted EBITDA. These non-GAAP measures should not be viewed as an alternative to GAAP measures of performance. Non-GAAP measures such as adjusted gross profits, adjusted gross profit margin, adjusted operating income, adjusted operating margin, adjusted net earnings, adjusted net earnings per diluted share, EBITDA, and adjusted EBITDA do not have uniform definitions. These measures, as calculated by VPG, may not be comparable to similarly titled measures used by other companies. Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating results for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. In addition, the Company has historically provided these or similar non-GAAP measures and understands that some investors and financial analysts find this information helpful in analyzing the Company’s performance and in comparing the Company’s financial performance to that of its peer companies and competitors. Management believes that the Company’s non-GAAP measures are regarded as supplemental to its GAAP financial results.

	Gross Profit						Operating Income						Net Earnings (loss) Attributable to VPG Stockholders						Diluted Earnings (loss) Per share
Three months ended	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024
As reported - GAAP	$	32,125		$	30,260		$	10,159		$	3,841		$	7,858		$	(1,351	)	$	0.59		$	(0.10	)
As reported - GAAP Margins		40.3	%		40.0	%		12.7	%		5.1	%		—			—			—			—
Start-up costs (a)		37			—			37			—			37			—			0.00			—
Acquisition purchase accounting adjustments (b)		111			—			111			—			111			—			0.01			—
Restructuring costs		—			—			214			82			214			82			0.02			0.01
Foreign currency exchange gain (c)		—			—			—			—			101			2,912			0.01			0.22
Less: Gain on asset held for sale (d)		—			—			5,544			—			5,544			—			0.42			—
Less: Tax effect of reconciling items and discrete tax items		—			—			—			—			(723	)		(839	)		(0.05	)		(0.06	)
As Adjusted - Non GAAP	$	32,273		$	30,260		$	4,977		$	3,923		$	3,500		$	2,482		$	0.26		$	0.19
As Adjusted - Non GAAP Margins		40.5	%		40.0	%		6.2	%		5.2	%

	Gross Profit						Operating Income						Net Earnings Attributable to VPG Stockholders					Diluted Earnings Per share
Nine Fiscal Months Ended	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024			September 27, 2025		September 28, 2024			September 27, 2025		September 28, 2024
As reported - GAAP	$	89,764		$	97,761		$	12,806		$	16,665		$	7,164	$	9,143		$	0.54	$	0.68
As reported - GAAP Margins		39.6	%		41.8	%		5.7	%		7.1	%		—		—			—		—
Start-up costs (a)		757			—			757			—			757		—		$	0.06		—
Acquisition purchase accounting adjustments (b)		111			—			111			—			111		—		$	0.01		—
Restructuring costs		—			—			793			864			793		864		$	0.06		0.06
Severance cost		—			—			443			347			443		347		$	0.03		0.03
Foreign currency exchange gain (c)		—			—			—			—			2,836		34		$	0.21		—
Less: Gain on asset held for sale (d)		—			—			5,544			—			5,544		—		$	0.42		—
Less: Tax effect of reconciling items and discrete tax items		—			—			—			—			321		(1,913	)	$	0.02		(0.15	)
As Adjusted - Non GAAP	$	90,632		$	97,761		$	9,366		$	17,876		$	6,239	$	12,301		$	0.47	$	0.92
As Adjusted - Non GAAP Margins		40.0	%		41.8	%		4.1	%		7.6	%

	Fiscal Quarter Ended						For the Nine Fiscal Months Ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024
Net earnings (loss) attributable to VPG stockholders	$	7,858		$	(1,351	)	$	7,164		$	9,143
Interest expense		425			648			1,525			1,925
Income tax expense		1,961			1,874			2,220			6,508
Depreciation		3,003			2,988			8,932			8,996
Amortization		986			925			2,946			2,776
Restructuring costs		214			82			793			864
Severance cost		—			—			443			347
Start-up costs (a)		37			—			757			—
Acquisition purchase accounting adjustments (b)		111			—			111			—
Foreign currency exchange gain (c)		101			2,912			2,836			34
Gain on asset held for sale (d)		(5,544	)		—			(5,544	)		—
ADJUSTED EBITDA	$	9,152		$	8,079		$	22,183		$	30,594
ADJUSTED EBITDA MARGIN		11.5	%		10.7	%		9.8	%		13.1	%

(a) Start-up cost 2025

(b) Nokra GmbH acquisition which closed on September 30, 2024.

(d) Gain on Sale of Manufacturing Facility in Kent, Washington.

-25-

Financial Metrics

We utilize several financial measures and metrics to evaluate performance and assess the future direction of our business. These key financial measures and metrics include net revenues, gross profit margin, end-of-period backlog, book-to-bill ratio, and inventory turnover.

Gross profit margin is computed as gross profit as a percentage of net revenues. Gross profit is generally net revenues less costs of products sold, but could also include certain other period costs. Gross profit margin is a function of net revenues, but also reflects our cost-cutting programs and our ability to contain fixed costs.

End-of-period backlog is one indicator of potential future sales. We include in our backlog only open orders that have been released by the customer for shipment in the next twelve months. If demand falls below customers’ forecasts, or if customers do not control their inventory effectively, they may cancel or reschedule the shipments that are included in our backlog, in many instances without the payment of any penalty. Therefore, backlog is not necessarily indicative of the results expected for future periods.

Another important indicator of demand in our industry is the book-to-bill ratio, which is the ratio of the amount of product ordered during a period compared with the amount of product shipped during that period. A book-to-bill ratio that is greater than one indicates that revenues may increase in future periods. Conversely, a book-to-bill ratio that is less than one is an indicator of lower demand and may foretell declining sales. The book-to-bill ratio is also impacted by the timing of orders, particularly from our project-based product lines.

We focus on inventory turnover as a measure of how well we manage our inventory. We define inventory turnover for a financial reporting period as our costs of products sold for the four fiscal quarters ending on the last day of the reporting period divided by our average inventory (computed using each quarter-end balance) for this same period. A higher level of inventory turnover reflects more efficient use of our capital.

The quarter-to-quarter trends in these financial metrics can also be an important indicator of the likely direction of our business. The following tables show net revenues, gross profit margin, end-of-period backlog, book-to-bill ratio, and inventory turnover for our business as a whole and by segment during the five quarters beginning with the third quarter of 2024 through the third quarter of 2025.

	3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter
(dollars in thousands)	2024			2024			2025			2025			2025
Net revenues	$	75,727		$	72,653		$	71,741		$	75,161		$	79,728

Gross profit margin		40.0	%		38.2	%		37.7	%		40.7	%		40.3	%

End-of-period backlog	$	100,191		$	96,189		$	100,300		$	108,201		$	107,624

Book-to-bill ratio		0.91			1.00			1.04			1.06			1.00

Inventory turnover		2.01			2.06			2.12			2.09			2.20

	3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter
(dollars in thousands)	2024			2024			2025			2025			2025
Sensors
Net revenues	$	28,201		$	25,755		$	27,055		$	26,563		$	31,624
Gross profit margin		31.0	%		32.0	%		30.1	%		32.0	%		33.6	%
End-of-period backlog	$	39,995		$	39,605		$	42,049		$	46,661		$	48,503
Book-to-bill ratio		0.89			1.04			1.06			1.12			1.07
Inventory turnover		2.28			2.15			2.38			2.27			2.66

Weighing Solutions
Net revenues	$	25,174		$	25,739		$	26,439		$	29,428		$	27,538
Gross profit margin		35.1	%		34.1	%		36.8	%		39.6	%		40.3	%
End-of-period backlog	$	25,590		$	28,003		$	28,241		$	26,734		$	23,639
Book-to-bill ratio		1.00			1.12			0.99			0.92			0.89
Inventory turnover

Vishay Precision Group, Inc. 10-Q