MERIDIAN Industrial Systems

Quarterly Business Review

Q3 2026 — Global Sales Performance
& Q4 Outlook

Q3 2026 Revenue

$892.4M

▲ +6.2% QoQ

vs Q3 2025 (YoY)

+5.1%

▲ +$43.4M

Q4 2026 Forecast

$818.2M

▼ -8.3% QoQ (seasonal)

FY2027 Guidance Midpoint

$3.45B

+4.8% organic

Prepared by: Office of the SVP, Global Sales | Audience: CEO, CFO, Segment Presidents | Classification: Internal — Executive Distribution Only | Issued: Q3 2026 Close | Generated automatically by Co-Captain against the Meridian RevOps Rule Set (v4.2)

01 — Executive Summary

Leadership Brief

Q3 came in ahead of guidance. Q4 needs three approvals to stay on plan.

Q3 Revenue

$892.4M

+6.2% QoQ

Top Driver

+9.8%

Aerospace & Defense QoQ

Q4 Forecast

$818.2M

95% CI: $758–878M

Where Q3 came from

Precision Sensing 50.6% Automation 21.1% A&D 17.1% Marine 11.2%

Wins

• Precision Sensing record quarter — $451.2M
• A&D operating leverage — +160 bps YoY
• Book-to-bill 1.04, backlog $2.1B

Watch

• Marine Systems YoY -2.4% — only segment below prior year
• PLC Series 9 flat at $42.1M
• FX exposure: ~$22M EPS per 5% USD move

02 — Revenue by Segment

Q3 2026 Actuals

Segment	Q3 2026	Q2 2026	QoQ %	YoY %	% of Total	FY2027 Forecast
Precision Sensing	$451.2M	$421.3M	+7.1%	+8.6%	50.6%	$1,812.0M
Automation Platforms	$188.6M	$180.7M	+4.4%	+3.2%	21.1%	$724.0M
Aerospace & Defense	$152.3M	$138.7M	+9.8%	+7.2%	17.1%	$552.0M
Marine Systems	$100.3M	$98.2M	+2.1%	-2.4%	11.2%	$362.0M
TOTAL	$892.4M	$840.3M +6.2%	+6.2%	+5.1%	100.0%	$3,450.0M

Key Read-Through: Precision Sensing's $29.9M QoQ absolute gain is the single largest driver of consolidated outperformance — it contributed 57% of all QoQ revenue growth despite representing 50.6% of the total. A&D's +7.2% YoY is tracking ahead of the +5% to +7% FY2027 guidance range — watch margin sustainability at scale. Marine Systems remains the only segment with a negative YoY trend; the FY2027 forecast assumes -1% to +2% growth, requiring a strategic decision no later than Q2 2027.

Methodology Notes: Q2 2026 figures back-calculated from Q3 2026 actuals using QoQ growth rates. Q3 2025 figures derived from YoY growth rates. FY2027 segment forecasts based on midpoint of guidance ranges issued on the Q3 2026 earnings call, applied to FY2026 actuals. Rule Set v4.2 excludes intercompany eliminations and non-recurring engineering charges from segment totals.

03 — Top Product Lines

Q3 2026

Product Line	Segment	Q3 2026	QoQ %	YoY %	Lifecycle
VisionCore Pro	Precision Sensing	$138.5M	+11.2%	+14.1%	Growth
LIDAR-X	Precision Sensing	$112.8M	+6.3%	+8.7%	Growth
Industrial Vision Module	Precision Sensing	$98.4M	+4.9%	+5.2%	Mature
Sentinel Comms Suite	Aerospace & Defense	$82.4M	+12.8%	+15.3%	Growth
RoboControl 7	Automation Platforms	$64.1M	+3.1%	+2.9%	Mature
PLC Series 9	Automation Platforms	$42.1M	+0.4%	-3.1%	Declining
AUV SeaMap Series	Marine Systems	$38.6M	+2.7%	-1.8%	Mature
HydroSense Array	Marine Systems	$29.4M	+1.9%	-4.1%	Declining

Notable: VisionCore Pro's +14.1% YoY confirms the Gen-3 pricing thesis; the OEM framework approval asked for on slide 2 is the unlock for the next 18 months. PLC Series 9 and HydroSense Array both posted negative YoY and are flagged Declining by the lifecycle classifier — portfolio review candidates for the Q4 planning cycle.

04 — Q4 2026 Outlook & Risks

Forward-Looking

Base case $818.2M. Seasonal pattern in line with prior years. Coverage adequate on the quarter but uneven by segment.

Segment	Q4 Forecast	Pipeline Cov.	Confidence	Key Risk
Precision Sensing	$412.9M	3.1×	High	Industrial robotics capex timing (2 accounts slipping)
Automation Platforms	$178.2M	2.7×	Medium	PLC Series 9 refresh cycle still delayed
Aerospace & Defense	$141.8M	2.9×	Medium	Continuing-resolution exposure on 3 awards
Marine Systems	$85.3M	2.1×	Low	Thin pipeline; risks material to guidance

Priority Asks

1. CFO — approve VisionCore Pro Gen-3 OEM pricing framework (unlocks 24 design-win plan)
2. CEO — engage Army Futures Command on Sentinel follow-on (potential $180M multi-year)
3. Segment President, Marine — portfolio review decision by Q2 2027

Watch Signals

• Marine Systems weighted coverage < 2.5× — escalation if pipeline fails to rebuild by mid-Q4
• FX: tracking DXY; every 5% move = ~$22M EPS sensitivity
• FY2027 CR: appropriations not finalized; A&D timing at risk if resolution slips past Mar-2027

Data lineage: Pipeline coverage from Salesforce Opportunity (stages 3–6, weighted by stage probability); revenue history from the Snowflake finance mart; segment definitions from Rule Set v4.2 (“Meridian RevOps”); lifecycle classifications from the ProductMaster Rule Set v2.1. Every figure in this deliverable links back to its originating query in the chat session trace.

Q3 2026 — Global Sales Performance& Q4 Outlook