Cuộc họp công bố kết quả kinh doanh Quý 3/2026 của VPG: Lượng đơn đặt hàng cảm biến kỷ lục củng cố triển vọng tăng trưởng năm 2027

Điểm chính

• VPG đã báo cáo doanh thu thuần GAAP quý 3/2026 đạt 85,1 triệu USD. Doanh thu điều chỉnh đạt 87,4 triệu USD sau khi loại trừ 2,3 triệu USD tiền hoàn thuế quan được chuyển cho khách hàng, tăng 4% so với quý trước và tăng 10% so với cùng kỳ năm trước.
• Lượng đơn hàng điều chỉnh đạt 103 triệu USD, mang lại tỷ lệ book-to-bill hợp nhất là 1,17. Cả ba mảng kinh doanh đều đạt tỷ lệ trên 1,0, trong khi giá trị đơn hàng tồn đọng đạt 151 triệu USD vào cuối quý.
• Doanh thu mảng Cảm biến tăng 21% so với cùng kỳ năm trước lên 38,4 triệu USD. Lượng đơn hàng nhận được đạt kỷ lục theo quý quý thứ hai liên tiếp với 51,7 triệu USD, nhờ hạ tầng liên quan đến AI cùng các ứng dụng hàng không vũ trụ và quốc phòng.
• Biên lợi nhuận gộp điều chỉnh cải thiện so với quý trước lên 39,3%, EBITDA điều chỉnh tăng lên 8,2 triệu USD và dòng tiền tự do điều chỉnh phục hồi lên 5,5 triệu USD.
• Ban lãnh đạo dự báo doanh thu quý 4/2026 nằm trong khoảng 84 triệu USD đến 91 triệu USD và cho biết doanh thu quý 1/2027 có thể đạt từ 90 triệu USD trở lên khi công suất sản xuất mở rộng.
• Dựa trên động lực đơn hàng và giá trị đơn hàng tồn đọng, ban lãnh đạo nhận thấy tiềm năng tăng trưởng doanh thu 10%-12% trong năm 2027. Điều này vẫn phụ thuộc vào việc triển khai công suất, tiến độ của khách hàng và điều kiện thị trường đầu ra.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và hoạt động

Cảm biến

Mảng Cảm biến là động lực tăng trưởng chính của VPG. Doanh thu tăng 15% so với quý trước và tăng 21% so với cùng kỳ năm trước lên 38,4 triệu USD. Lượng đơn hàng nhận được tăng 8% so với quý 2 lên mức kỷ lục 51,7 triệu USD, tương ứng tỷ lệ book-to-bill đạt 1,35.

Nhu cầu được dẫn dắt bởi các điện trở chính xác dùng trong thiết bị tiền kỳ (front-end), hậu kỳ (back-end) và kiểm soát quy trình sản xuất bán dẫn, cùng với các sản phẩm dành cho hạ tầng truyền dẫn cáp quang tốc độ cao. Nhu cầu về điện tử hàng không và quốc phòng cũng duy trì vững chắc ở các chương trình hiện hữu và thế hệ mới.

Ban lãnh đạo ước tính nhu cầu liên quan đến AI chiếm khoảng 20%-30% mảng Cảm biến. Ước tính này bao gồm bán dẫn, hạ tầng dữ liệu cáp quang và có tiềm năng ứng dụng trong robot hình người.

Lượng đơn hàng robot hình người đạt khoảng 200.000 USD và doanh thu đạt 300.000 USD. Một khách hàng ban đầu đã hoãn việc bắt đầu tăng tốc sản xuất sang quý 4 do những thách thức về mở rộng chuỗi cung ứng. VPG kỳ vọng các đơn hàng sẽ tăng dần trong quý 4 và tăng tốc trong suốt năm 2027, đồng thời nhấn mạnh rằng tiến độ của khách hàng vẫn chưa chắc chắn.

Giải pháp cân

Doanh thu điều chỉnh đạt 26,9 triệu USD, giảm 11% so với quý trước và giảm 2% so với cùng kỳ năm trước. Mức giảm so với quý trước phản ánh sự suy yếu theo mùa ở châu Âu, chủ yếu ở các sản phẩm cân quy trình.

Đơn hàng điều chỉnh đạt 28,6 triệu USD, với tỷ lệ book-to-bill là 1,06. Nhu cầu về cân công nghiệp và y tế nhìn chung ổn định. Đơn hàng xe đạp điện giảm sau đơn hàng bán niên lớn trong quý 2 đã được bù đắp bởi nhu cầu vận tải mạnh mẽ hơn.

Hệ thống đo lường

Doanh thu tăng 10% so với quý trước và tăng 8% so với cùng kỳ năm trước, nhờ doanh số bán hệ thống mô phỏng nhiệt-cơ DSI cho thị trường thép tăng cao hơn. Hoạt động sản xuất KELK tiếp tục phục hồi.

Đơn hàng tăng 19% so với quý trước lên khoảng 22,2 triệu USD, bao gồm mức tăng 40% đối với các đơn hàng liên quan đến ngành thép. Đơn hàng DTS cho thử nghiệm an toàn va chạm ô tô đạt mức cao nhất trong năm 2026, trong khi các đơn hàng hàng không vũ trụ và quốc phòng vẫn duy trì mạnh mẽ.

VPG đã cắt giảm được 4,2 triệu USD chi phí trong 9 tháng đầu năm 2026 và đi đúng hướng để đạt khoảng 6 triệu USD cho cả năm. Các hành động này là một phần của kế hoạch 3 năm hướng tới mục tiêu tiết kiệm khoảng 20 triệu USD thông qua tối ưu hóa sản xuất, tự động hóa và hiệu quả thu mua.

Dự báo của ban lãnh đạo

VPG kỳ vọng doanh thu thuần quý 4/2026 đạt 84 triệu USD đến 91 triệu USD, với giả định tỷ giá hối đoái không đổi so với quý 3/2026. Dự báo này không bao gồm các khoản hoàn thuế quan dự kiến cho khách hàng, vốn được ban lãnh đạo mô tả là trung tính về lợi nhuận.

Khoảng dự báo quý 4 phản ánh các lô hàng tồn đọng theo kế hoạch, số ngày làm việc ít hơn so với quý 3 và sự không chắc chắn về tiến độ của khách hàng mảng robot hình người. Công ty tiếp tục tuyển dụng và đào tạo nhân sự sản xuất cũng như bổ sung thiết bị, đặc biệt là ở mảng Cảm biến.

Ban lãnh đạo cho biết việc mở rộng công suất theo kế hoạch có thể hỗ trợ doanh thu quý 1/2027 đạt từ 90 triệu USD trở lên. Ban lãnh đạo cũng nhận thấy tiềm năng tăng trưởng doanh thu 10%-12% trong năm 2027, nhờ lượng đơn hàng tồn đọng 151 triệu USD, nhu cầu liên quan đến AI tiếp tục duy trì, hoạt động hàng không vũ trụ và quốc phòng cùng các dấu hiệu phục hồi sớm của thị trường công nghiệp.

VPG dự kiến thuế suất hoạt động cả năm 2026 vào khoảng 45% và chi phí vốn từ 14 triệu USD đến 16 triệu USD.

Rủi ro và yếu tố cần theo dõi

• Tỷ giá hối đoái bất lợi đã làm giảm lợi nhuận hoạt động điều chỉnh quý 3 bớt 3,4 triệu USD so với cùng kỳ năm trước và giảm lợi nhuận hoạt động từ đầu năm đến nay bớt 8,1 triệu USD.
• Thuế suất điều chỉnh quý 3 tăng lên 48% từ mức 37% trong nửa đầu năm do sự thay đổi về cơ cấu thu nhập theo khu vực địa lý, làm giảm EPS điều chỉnh khoảng 0,03 USD.
• Tiến độ sản xuất robot hình người vẫn biến động do khách hàng đang mở rộng các chuỗi cung ứng phức tạp.
• Việc mở rộng công suất mảng Cảm biến đòi hỏi thiết bị mới, thêm các địa điểm sản xuất, tuyển dụng và đào tạo nhân viên. Ban lãnh đạo cho biết đường cong học tập của sản phẩm đồng nghĩa với việc cải thiện công suất và thời gian giao hàng sẽ cần có thời gian.
• Quý 4 có số ngày làm việc ít hơn quý 3, tạo thêm hạn chế đối với sản lượng hàng giao.

Điểm nhấn phần Hỏi & Đáp với chuyên gia phân tích

Ban lãnh đạo xác nhận rằng lượng đơn hàng phát triển kinh doanh đạt khoảng 12 triệu USD trong quý 3 và 33,5 triệu USD trong 9 tháng đầu năm. VPG vẫn đi đúng hướng để đạt mục tiêu 45 triệu USD cho cả năm 2026.

Khi được hỏi về triển vọng năm 2027, ban lãnh đạo đã dẫn chứng giá trị đơn hàng tồn đọng 151 triệu USD vào cuối quý, kỳ vọng về tốc độ nhận đơn hàng quý 4 tương tự như quý 3, nhu cầu liên quan đến AI tiếp tục duy trì, sự vững chắc trong lĩnh vực hàng không vũ trụ và quốc phòng, cùng các dấu hiệu phục hồi của thị trường công nghiệp.

Về công suất, VPG cho biết họ đang mua sắm thiết bị, tuyển dụng nhân viên và mở rộng sản xuất tại các cơ sở sản xuất bổ sung. Ban lãnh đạo kỳ vọng những hành động này sẽ làm tăng sản lượng và giảm thời gian giao hàng trong quý tới.

Công ty cũng xác nhận rằng một phần của đơn hàng KELK từng bị hoãn trước đó đã được thực hiện trong quý 3, với phần lớn dự kiến sẽ được giao trong quý 4.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good morning, and welcome, everyone, to the VPG Third Quarter 2026 Earnings Call. Today's conference is being recorded. [Operator Instructions] At this time, I'd like to turn the conference over to Steve Cantor, Senior Director, Investor Relations. Please go ahead.

Steve Cantor

Great. Thank you, operator. Good morning, everyone. Welcome to VPG's Third Quarter 2026 Earnings Conference Call. Our press release and slides are available on our website, vpgsensors.com. An audio recording of today's call will also be available on our website. On the call today, we will be -- today's remarks are governed by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Actual results may differ materially from our forward-looking statements, and there could be no assurance that the results discussed today, including the targets in our operating model, will be achieved. For a discussion of the risks associated with VPG's operations, please refer to our SEC filings, particularly our Form 10-K for the year ended December 31, 2025, and our other recent SEC filings.

We also present certain GAAP and non-GAAP measures in our press release and on this call, and we believe these measures provide useful information about the operating performance of our business and should be considered together with the corresponding GAAP measures. Before beginning the call, I want to note that we received $2.3 million in tariff refunds from the U.S. federal government, and we intend to pass those refunds on to our customers. GAAP net revenue for the third quarter was $85.1 million. Third quarter adjusted net revenue was $87.4 million, excluding $2.3 million of refunds that had no impact on gross profit.

Under GAAP, these refunds are reflected as reductions to revenue and cost of products sold. Unless otherwise noted, all third quarter financial measures discussed today exclude these refunds, including adjusted gross margin. The refunds have no impact on prior periods. Joining me on the call today are Ziv Shoshani, President and CEO; and Bill Clancy, Chief Financial Officer. I'll now turn the call over to Ziv for his prepared remarks. You can read off the quarterly presentation. Ziv?

Ziv Shoshani

Thank you, Steve. I will begin with commentary on the third quarter. Bill will then review our financial results and provide our outlook for the fourth quarter of 2026. Moving to Slide 4, third quarter highlights, booking and sales. Our third quarter reflected continued strong demand, improving revenues and margins and ongoing progress in our strategic initiatives. Adjusted revenue was $87.4 million, our highest quarterly level in 3 years, increasing 4% sequentially and 10% year-over-year.

Adjusted orders of $103 million were driven by continued record demand in our Sensors segment from AI-related markets, including semiconductor equipment, data center infrastructure as well as aerospace and defense applications. Bookings from our business development initiatives totaled $11.9 million in the third quarter and $33.5 million year-to-date, keeping us on track to achieve our $45 million full year goal.

Our consolidated book-to-bill ratio was 1.17, marking the eighth consecutive quarter at or above 1.0 and underscoring continued positive demand trends, led by the Sensors book-to-bill ratio of 1.35, all 3 segments achieved ratios above 1.0. This sustained order momentum is driving a growing backlog and increasing our visibility into 2027.

We continue to add manufacturing capacity and personnel to support our growth, particularly in Sensors. Our order momentum in key markets and our growing backlog set the stage for potential revenue growth of 10% to 12% in 2027, which is above the annual target rate in our 3-year plan. Adjusted gross margin improved to 39.3% from 38.6% in the second quarter. Third quarter cash from operations was $11.1 million and free cash flow was $5.5 million.

Adjusted EPS of $0.14 reflected an adjusted 48% tax rate compared to the 37% through the first half of 2026, driven by a shift in the geographic mix of income. The higher tax rate reduced adjusted EPS by approximately $0.03 per diluted share. Regarding our operational improvement initiatives, we delivered nearly $4.2 million of cost savings year-to-date and remain on track to achieve approximately $6 million of savings this year.

These actions represent the first phase of our 3-year plan to deliver approximately $20 million of cost reduction initiatives through manufacturing footprint optimization, increased automation and procurement efficiencies across our global supply chain. I'll now review performance by segment.

Moving to Slide 5. Sensors third quarter highlights. Beginning with our Sensors segment, third quarter revenue of $38.4 million grew 15% from the second quarter and 21% from a year ago. The increase from the second quarter primarily reflected higher sales to the test and measurement market. Bookings of $51.7 million remained robust, increasing 8% sequentially to a second consecutive all-time quarterly record. This resulted in a book-to-bill ratio of 1.35.

Demand continued to be driven by investments in AI-related infrastructure. We recorded strong orders for precision resistors sold to semiconductor front-end, back-end and process control equipment manufacturers. Bookings for manufacturers of high-speed fiber optic transmission equipment remained elevated, supporting the continued build-out of data center infrastructure. We saw continued positive trends in avionics and defense applications with sustained demand from both established and next-generation defense programs.

Turning to humanoid robotics. We remain highly optimistic about the long-term opportunity. While the market is still in its early stages, the engineering complexity, demanding performance requirement and the need to scale sophisticated supply chain create an attractive opportunity for VPG. Humanoid-related bookings were approximately $200,000 and sales were $300,000 in the third quarter as our initial customer shifted the start of its production ramp to Q4, citing the challenges of scaling a highly complex supply chain -- we are prepared to support customer planned production volume and now expect orders to increase gradually beginning in the current quarter, with volume accelerating further through 2027.

We also received an investment from this customer to support our capacity expansion related to humanoid, which we view as a solid endorsement of our value proposition and their commitment to VPG as a supplier. Regarding customer #2, discussions continue to progress well and the potential revenue opportunity could be larger than we previously anticipated. We are also supporting several other humanoid robotics customers as they advance from prototype development to commercialization, while expanding our engagement with the additional prospective customers across the market.

Moving to Slide 6, Weighing Solutions third quarter highlights. Turning to our Weighing Solutions segment. Third quarter adjusted revenue of $26.9 million, which excludes $2.3 million of tariff refunds to customers, declined 11% from the second quarter and were down 2% from a year ago. The sequential decline reflected seasonal softness in Europe, mainly for process weighing products.

Adjusted orders of $28.6 million were flat with the second quarter, resulting in a book-to-bill ratio of 1.06. Trends in the industrial weighing market and the medical market were mostly stable. Bookings declined from -- for consumer e-bike applications following a large semiannual order in the second quarter, which was offset by a higher demand in the transportation market.

I am pleased to note that our products are now standard options for onboard weighing on off-highway heavy use trucks for a leading European manufacturers designed to improve efficiency and safety. These solutions are integrated into the vehicle to measure payload during the loading and operations in a harsh environment such as mining and construction.

Moving to Slide 7. Measurement Systems third quarter highlights. Turning to Measurement Systems. Third quarter revenue increased 10% sequentially and 8% year-over-year. The sequential increase was driven by higher sales of DSI's thermal mechanical simulation test systems for the steel market. KELK production continued to recover from the second quarter. Because these products operate in a demanding environment and play a mission-critical role in optimization yields and productivity for steel products, we continue to focus on execution, product quality and customer service.

Orders of approximately $22.2 million increased 19% sequentially, which reflected a 40% increase in steel-related orders. We also had another strong quarter of DTS as bookings related to automotive crash safety testing reached their highest level of 2026 and orders for aerospace and defense applications remain strong.

Moving to Slide 8, priorities and focus. Our key priorities remain centered on 2 areas: accelerating commercialization and growth and driving operational execution and excellence. On the commercial side, we completed the first phase of our company-wide CRM rollout for the Sensors segment, with deployment across the remaining business planned for the fourth quarter and 2027. We rolled out a system and processes for lead management and opportunity management for Sensors.

And we have initiated targeted marketing programs in the humanoid robotics market. We also refreshed our corporate website and started the first phase of our plan to accelerate and streamline the new product development processes. Operationally, we achieved $4.2 million of our targeted $6 million in cost savings for 2026. We continue to optimize and relocate manufacturing for key products to support our long-term cost and productivity objectives.

At the same time, we are expanding production capacity through adding personnel and equipment at key Sensors facilities. Importantly, our manufacturing and supply chain capabilities are in place to support the initial production ramp for humanoid robotics customers. As we look ahead, given the strong order trends, growing backlog, continued execution on our growth strategies, we see potential to achieve revenue in the first quarter of 2027 of $90 million or better. This supports our potential to grow our revenues 10% to 12% in 2027, which is above the targeted annual growth rate in our original 3-year plan.

I will now turn it over to Bill Clancy. Bill?

William Clancy

Thank you, Ziv. Referring to Slide 9 and the reconciliation tables in the slide deck, third quarter 2026 GAAP net revenues was $85.1 million after $2.3 million of tariff refunds passed through to customers with no impact on gross margin. Excluding these refunds, adjusted revenue was $87.4 million. Adjusted gross margin improved sequentially to 39.3% from 38.6% in the second quarter, excluding $141,000 of start-up costs related to expanded production capacity. This was an improvement from 38.6% in the second quarter.

Sequentially by segment, Sensors adjusted gross margin increased to 32.6%, primarily due to higher volume, partially offset by higher manufacturing costs. Weighing Solutions adjusted gross margin of 34.6% declined mainly due to lower volume. Measurement Systems gross margin increased to 56.5%, primarily reflecting higher volume and a favorable product mix.

Moving to Slide 10. Our third quarter operating margin was 3.2%. Excluding the aforementioned start-up costs as well as restructuring, stock-based compensation and severance costs, adjusted operating margin was 4.9%. Selling, general and administrative expense for the third quarter was $31.2 million or 35.7% of revenue, down from second quarter levels due to lower sales commissions and reduced incentive compensation accruals.

Foreign exchange rates continued to represent a significant headwind to profitability. Unfavorable exchange rates reduced third quarter adjusted operating profit by $3.4 million compared with the prior year period. Year-to-date, unfavorable foreign exchange has reduced operating profit by $8.1 million. GAAP net earnings were $559,000 or $0.04 per diluted share. Adjusted net earnings were $1.8 million or $0.14 per diluted share. As Ziv noted earlier, the GAAP tax rate for the third quarter of 2026 was significantly higher than the run rate through the first half of the year. For full year 2026, we are assuming an operational tax rate of approximately 45%.

Moving to Slide 11. We also made meaningful sequential progress in EBITDA and cash flow. Adjusted EBITDA increased to $8.2 million or 9.4% of revenue from $5.2 million or 6.5% of revenue in the second quarter. Capital expenditures were $5.6 million in the third quarter and $10.6 million for the first 9 months of 2026. For full year 2026, we expect CapEx of approximately $14 million to $16 million.

We improved receivable collections during the quarter, which drove adjusted free cash flow to $5.5 million, a $6.9 million sequential improvement from negative $1.4 million in the second quarter. At the end of the third quarter, cash was $80.9 million and long-term debt was $15.7 million, resulting in net cash of approximately $65 million. Regarding the outlook, for the fourth quarter of 2026, we expect net revenues of $84 million to $91 million, assuming constant third quarter 2026 exchange rates.

Our guidance excludes expected fourth quarter tariff refunds to customers, which are profit neutral. In summary, order momentum remains strong, led by record demand in Sensors and continued strength in AI-related markets. Our financial performance is improving with sequential gains in adjusted gross margin, adjusted EBITDA and free cash flow while we continue to execute our cost reduction initiatives. And our growing backlog, expanding capacity and commercial execution gives us increased visibility into 2027, supporting our view that revenue growth can exceed the annual target in our 3-year plan.

With that, we will open the call for questions. Thank you.

Operator

[Operator Instructions]

Our first question comes from Jaeson Schmidt at Lake Street Capital.

Phần hỏi đáp

Jaeson Schmidt

Just curious if you could disclose what new business development revenue was in Q3? And I guess relatedly, are you still on track to hit that $45 million goal for the year?

Ziv Shoshani

Yes. So yes, we did report a BD for Q3, the BD contribution is $12 million in orders. And for the first 9 months, it's $33.5 million, and we are on track to hit our $45 million target for 2026.

Jaeson Schmidt

Okay. Perfect. And then looking at 2027, obviously, you guys feel pretty confident on next year. Just curious if you could rank order the growth drivers that are giving you the confidence in the '27 outlook.

Ziv Shoshani

So as we look into 2027, first, we see a very solid backlog. For the end of this quarter, we are running at a backlog of $151 million. The expectation is that the order run rate for Q4 will be similar to the third quarter, given the business environment. We do see a continuation in -- from a demand standpoint from our end markets regarding AI-related infrastructure and applications as well as AMS. We do see also some signs in the industrial market in terms of recovery. Therefore, we are optimistic regarding our projection for 2027, which we expect to be 10% to 12% higher revenues in respect to 2026.

Operator

We'll move next to Josh Nichols at B. Riley Securities.

Josh Nichols

Just curious, like looking -- the backlog, the order activity has been exceptionally strong. You're assuming 4Q is kind of similar to 3Q and then there's a nice ramp assumed in 1Q and beyond. What's the right way to think about that wider revenue range that you're giving for 4Q? And what are kind of the puts and takes that would get you potentially to the higher end of that range? Is it order timing on things like humanoids or other parts of the core business like Sensors?

Ziv Shoshani

So if we are looking at the Q4 revenues, our Q4 outlook reflects really our aged backlog and the timing expected to be shipped in Q4, but it also takes into account the number of working days in Q4, which is less than Q3. We are also looking at -- we do continue to hire and train additional manufacturing personnel to increase our manufacturing production, mainly in the Sensors segment.

So all in all, the Q4 revenue projection is based on the backlog, number of working days, while also we increased the output per day. Based on our projected capacity increase, we do believe that we will be able to reach the $90 million or higher in Q1 in respect to revenues. And I'm sorry, what was your other question?

Josh Nichols

I was just curious because the range for 4Q was also a bit wider than you normally give. Normally, it's around $5 million.

Ziv Shoshani

We did give larger ranges in the past. I didn't thought this is a higher range than in the past. I would say that, as you said, there is a certain volatility regarding the humanoid business given the fact that the expected -- the supply chain is more complicated from our customer's standpoint, the supply chain is more complicated than expected. But this is part of the -- you can call it, of the buffer volatility that we also account in our range.

Josh Nichols

Got it. That makes sense. And then last question for me. I mean, the sensors momentum has been exceptionally strong, another quarter, record bookings north of $51 million. I'm just curious how you're thinking about -- given the influx of orders about your capacity lead times and the ability of the company to really convert that backlog into revenue in a timely manner.

Ziv Shoshani

So naturally, given the sizable order intake, we had to place order to increase capacity equipment as well as hiring more people. In addition to that, we are setting, I would say, more manufacturing site (sic) [ sites ] to support more manufacturing site (sic) [ sites ] to support the higher capacity. So it takes time given the learning curve and the complexity of the product that we are producing. But the expectation is that in the -- I would say that in the coming quarter, we are going to reduce the lead time and increase our capacity as we expand also in our other manufacturing facility.

Operator

[Operator Instructions]

We'll move next to John Franzreb at Sidoti.

John Franzreb

Ziv, I'm kind of curious, given how much AI infrastructure markets are driving demand, do you have a sense of how much that is of the revenue and/or booking profile?

Ziv Shoshani

We didn't provide any specific information regarding the Sensor segment. We can -- we did identify that all the -- our semiconductor business, all our fiber optics data and potentially also our humanoid business, they are all AI related. I think that at this point in time, I could estimate that -- and by the way, in addition to that, I would like to state that we have also a very solid demand avionics, military and space business. But if we speak about specifically about the AI, I would say that at this point in time, a rough estimation would be around 20% to 30%.

John Franzreb

20% to 30% of the Sensors segment or company-wide?

Ziv Shoshani

No, no, no. Of the Sensors segment.

John Franzreb

And in the second quarter, there was a KELK order that was deferred at the time we say in the second half of the year. Was that order fulfilled in the third quarter? Or is there still some remaining that's going into the fourth?

Ziv Shoshani

So you are correct. Some of the order has been fulfilled, but the main part will be delivered in Q4 this quarter.

John Franzreb

That's good to hear. And one, I guess, last question. How are the -- just a point of clarity for me, how are the bookings impacted by the tariff refunds? I understand how the revenue works, but it looks like there's a footnote in the presentation about bookings.

William Clancy

Yes, John. So the way we do our calculation, it's always the opening backlog and then plus order less -- I mean -- so basically, we back into the order numbers just because the backlog is fixed. So it's just a mathematical calculation.

Operator

[Operator Instructions]

And we have no further questions. At this time, I would like to turn the conference back over to Steve for closing remarks.

Steve Cantor

Before concluding, I want to note that we will be participating in the ROTH Conference this month and the Sidoti Conference in December, and you can contact me for more information about those. We look forward to updating you next quarter. Thank you all, and have a great day.

Operator

And this concludes today's conference call. Thank you for your participation. You may now disconnect.