REKR 2026年第2四半期決算説明会：リカーリング収益の成長と下半期の黒字化目標

主な要点

• 2026年第2四半期の売上高は前年同期比2%増の1,270万ドルとなり、上半期の売上高は同6%増の2,290万ドルに増加しました。
• リカーリング収益は第2四半期に前年同期比14%増の670万ドル、上半期（6カ月間）に同21%増の1,330万ドルとなり、全体の売上高伸び率を上回りました。
• 第2四半期の調整後売上総利益率は、導入の効率化や、高利益率のソフトウェアおよびリカーリング収益の構成比上昇に支えられ、前年同期の50%から56%へと拡大しました。
• 調整後EBITDA赤字は前年同期比79%縮小し、約120万ドルとなりました。当四半期の営業キャッシュバーンは240万ドルに減少しました。
• 経営陣は、継続的な施策の実行とコスト管理を前提として、2026年下半期に調整後EBITDAの黒字化を達成すると見込んでいます。
• 同社は、道路データに関するリカーリング収益の拡大を継続しつつ、2026年第3四半期中に「Go Secure」のローンチパートナーとの初期商用条件を確定させることを目指しています。

主要財務データ

一般管理費、販売・マーケティング費、研究開発費にわたる営業費用は、前年同期比で第2四半期に400万ドル減、上半期に430万ドル減となりました。

当四半期には、リース負債の再評価に伴う280万ドルの非現金益が含まれています。経営陣によると、この一時的な要因に加えて、売上高の増加、調整後売上総利益の向上、コスト削減が報告上の営業利益に貢献しました。

事業および業績の動向

リカーリング収益が引き続き主な成長ドライバーとなりました。経営陣は収益構成について、契約ベースで再現性が高く、より高利益率な収益へとシフトしていると説明しました。第2四半期の成長は、単発の大型ソフトウェア取引に依存していません。

同社は6月に「Go Secure video」をローンチしました。この製品は、撮影時に映像へ暗号署名を施し、コンテンツの改ざんの有無をフレーム単位で判定します。この真正性検証の枠組みは現在、つぎはぎ、削除、合成置換の検知を含め、録音音声にも拡張されています。

経営陣は、「Go Secure」のローンチパートナー候補と積極的な協議を進めており、商用条件については慎重なアプローチを取っていると述べました。同社は、この技術が初期展開市場を超えて拡大する可能性があると考えています。

交通分野において経営陣は、顧客が路面埋め込み型センサーから離脱するなか、非侵入型のAI駆動システムに対する行政機関の需要が継続していることを挙げました。DaaS（Data-as-a-Service）モデルがリカーリング収益の成長を支えています。サウスカロライナ州との契約は、同社の既存の市場基盤を拡大し、同州での追加案件の機会を創出すると期待されています。

業績予想・経営見通し

経営陣は、上半期に実施したコスト削減の大半が、2026年第3四半期および第4四半期により顕著な効果をもたらすと見込んでいます。

また、同社は人件費以外の追加的な効率化策を特定しており、年換算で数百万ドルの削減効果を見込んでいます。経営陣はこれらの施策を第3四半期に実行する計画で、2026年第4四半期から2027年にかけて大きな効果が現れると予想しています。

継続的なリカーリング収益の成長、整理された費用基盤、背景にある資本規律に基づき、経営陣は2026年下半期に調整後EBITDAの黒字化を達成すると予想しています。この目標は、引き続き施策の実行とコスト管理が行われることを前提としています。

「Go Secure」については、2026年第3四半期中にローンチパートナーとの初期商用条件を確定させ、必要に応じて正式契約を締結することを目標としています。

リスクと注目点

自動ナンバープレート認識（ALPR）市場は、社会的監視の強化、データの保持・共有・アクセスに関する規制の厳格化、訴訟の増加に直面しています。経営陣によると、これらの課題により業界全体で営業サイクルが長期化しているとのことです。

政府の調達時期には依然として不確実性が残っています。同社は「Command」の案件パイプラインに関して複数の運輸省やその他の地方自治体と協議を進めているものの、契約締結の時期を予測するのは困難な場合があると経営陣は指摘しました。

調整後EBITDAの黒字化目標は、継続的な施策の実行、リカーリング収益の成長、およびコスト管理にかかっています。また、同社は既存のレベニューシェア債務に関する借り換えの選択肢を検討していますが、電話会議中に確定的な進展は公表されませんでした。

アナリスト質疑応答の要点

サウスカロライナ州について経営陣は、新規契約によって同社の現在の市場基盤が拡大し、ジョージア州での取り組みと同様に同州で追加案件を追求する基盤が整うと述べました。

「Command」の案件パイプラインについて経営陣は、年内に新たな案件を獲得できる可能性があると述べました。政府との契約締結期間の予測は難しいものの、同社はパイプラインを維持し、複数の運輸省や地方自治体との協議を継続しています。

ALPRのプライバシーに関する懸念について経営陣は、過剰な監視を生み出すことなくAIを活用した公共安全技術をどのように運用すべきか、顧客や監視機関が模索している段階だと説明しました。コンプライアンス要件が整備されるにつれ、プライバシー、顧客による管理、責任あるデータ利用に対する同社の長年の取り組みが強みになると考えています。

決算説明会 全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you. Good afternoon, ladies and gentlemen, and welcome to today's Recourse Systems, Inc. conference call. My name is Melissa, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded for replay purposes. Before we start, I must remind you that statements made in this conference call concerning future revenues, results of operations, financial position, markets, and other financial positions economic conditions, products and product releases, partnerships, and any other statement that is made to be construed as a prediction of future performance or events are forward-looking statements.

Such statements can involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. we ask that you refer to the full disclaimers in our earnings release. You should also review a description of the risk factors contained in our annual and quarterly filings with the SEC. Non-GAAP results will also be discussed on the call. The company believes that the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only. I now would like to turn the presentation over to ReCore CEO, Mr. Robert Berman.

Robert Berman

Thank you, and good afternoon, everyone. I'll keep this brief. Q2 shows the impact of the actions we said we were taking in the second half of 26. Revenue grew, gross margins expanded, and our adjusted EBITDA loss narrowed sharply year over year to approximately $1.2 million. Joe will walk you through the details. The key point is that this is not a one-quarter effect. We're nearing the end of a judicious cost-reduction program and have absorbed many of the one-time costs associated with that. So the savings are showing up in the run rate now. and we continue to expect additional cost efficiencies and further expansion of our recurring revenue base in the second half of 26. focus now is on continued execution, recurring growth, and reaching profitability.

On growth, I would like to start with Go Secure. We launched Go Secure video in June to cryptographically sign video at capture and prove frame by frame whether it has been altered. This is not a probability score. It's a determination. We've now extended the same approach to recorded audio, addressing splicing, deletion, and synthetic replacement under one authenticity framework. In a world of inexpensive voice cloning, altered clips, and disputed evidence, we believe the need to prove that both video and audio are real will only grow. We're now in active discussions with prospective launch partners, and we're being deliberate about commercial terms because we believe GoSecure can extend beyond the initial launch markets and has the potential to become an important media authenticity standard. Thank you. Based on where those discussions stand today, our objective is to finalize initial launch partner commercial terms during the third quarter with definitive agreements to follow as appropriate.

While we see great potential in GoSecure, demand remains meaningful in our core transportation business. As reflected in recent procurement trends, agencies are moving away from in-road sensors towards non-intrusive AI-driven systems. and our data as a service model have positioned us well for that shift, and our recurring revenue continues to grow in that area. I also want to address ALPR. This environment is more challenging with increased public scrutiny, new rules around retention sharing and access, and a more active litigation environment around data practices. That has affected sales cycles across the industry. But over time, we believe this scrutiny favors companies like ours that have taken privacy, responsible use, customer control, autoimmune, seriously and reCORE has been deliberate across these issues for years. When they Agencies and oversight bodies demand demonstrable compliance rather than after the assurance that the problems will be addressed in the future.

We believe vendors whose offerings have been designed to address these issues from the start will be better positioned. To summarize, the efficiency work is showing through the numbers. We remain confident. in achieving our goals in the back half of 26, and see meaningful opportunities in Go Secure, recurring roadway data revenue, and responsible vehicle recognition.

Joseph Nalepa

And with that, I'll now turn it over to Joe. Thanks, Robert, and good afternoon, everyone. I'm going to walk you through the second quarter and first half of 2026, then close with cash and our outlook. Second quarter revenue was $12.7 million, up 2% from $12.4 million in the second quarter of 2025. For the first six months, revenue was $22.9 million, up 6% year-over-year. An important indicator for us is recurring revenue. Compared with the respective prior year periods, recurring revenue grew 14 percent in the quarter to 6.7 million and increased 21 percent for the first six months of the year to 13.3 million.

That growth rate is running ahead of total revenue. Indicating the mix of business is shifting towards the type of revenue we've been focused on growing. Contracted, repeatable, and higher margin. The improvement in revenue this quarter did not depend on a large non-recurring software transaction. reflects the ongoing economics of the business as it is structured today. Turning now to adjusted gross profit. Adjusted gross profit increased for both the three- and six-month periods. Adjusted gross margin expanded to 56% in the second quarter from 50% in the second quarter of 2025. For the first half of 2026, adjusted gross margin rose to 55% from 49%.

Two things primarily drove that improvement. First, revenue growth allowed us to operate more efficiently across deployments. And second, the improvement in our product mix. Adjusted gross margin in our business is largely a function of how much higher margin, software, and recurring revenue we carry relative to service-related work. And that mix has been moving in our Shifting to operating expenses, this is where the work from the first half of the year becomes visible. Across all major areas, general and administrative, selling and marketing, and research and development, expenses decreased by $4 million in the quarter and $4.3 million for the first six months ended June 30, 2026, compared to the prior year periods. That reduction comes from the actions we've discussed over the past few quarters.

We reduced headcount during the first half of the year and worked towards optimizing our engineering operations. But we've also identified further efficiencies unrelated to workforce that we expect to produce several million dollars worth of additional annualized savings. We expect to execute on these in the third quarter with a noticeable impact in the fourth quarter of 2026 and into 2027. The quarter also included a one-time gain of $2.8 million associated with the re-measurement of one of our lease liabilities. This was an expected non-cash item that was tied to our continued operational realignment. As a result, the company recorded income from operations in the second quarter. This was driven by the one-time gain related to the remeasurement, along with revenue growth, higher adjusted gross profit, and the organizational efficiency measures we took at the beginning of the year now flowing through the numbers.

Adjusted EBITDA loss for the quarter was $1.2 million, up a 79% improvement from the second quarter of 2025. Lower payroll and payroll-related costs drove most of that improvement, with revenue growth and margin expansion contributing as well. Turning to cash, we ended Q2 2026 with a healthy amount of cash slightly exceeding $10 million while our operating cash burn for the quarter was reduced to $2.4 million. For the six months ended June 30, 2026 compared to 2025, our cash used from operations improved by $9.6 million or 61%. This highlights the improvement in our cash consumption and reinforces our belief that the underlying business is moving in the right direction. We are actively evaluating options to refinance our existing prime revenue sharing nodes. Our growing contract portfolio and the impact of our recent win in South Carolina should help support the refinancing. provide additional information when there's something definitive to report.

Looking to the back half of the year, three things give us confidence. First, the full period benefit of the majority of the cost reductions. Many of these actions were taken during the first half, so the third and fourth quarter should reflect a cleaner expense base than the first half of the year did. Second, continued revenue growth in our recurring revenue. Third, continued discipline around capital management. Taken together, we expect to reach profitability on an adjusted EBITDA basis during the second half of 2026, assuming continued execution and cost discipline. Thank you for your time and your continued support.

With that, I will turn it back to the operator for questions.

Operator

Thank you. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. If you're choosing speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of Mike Lattimore with Northland Capital Markets.

Unknown Speaker

with your question. Hey, hi, this is Vijay Devar for Mike Lattimore. A couple of questions. One, so how does the new South Carolina contract expand your opportunity versus the prior contract.

Robert Berman

Joe, you want to have one? Yes. Thanks for the question. The South Carolina contract will expand our current footprint in South Carolina. It will also give us the ability, similar to Georgia, to go out and get additional work in South Carolina and really expand our footprint in that market.

Unknown Speaker

Understood. How is the pipeline for command? Do you expect new wins this calendar year?.

Robert Berman

Joe, you want to handle that? Yes. The pipeline for command, we continue to monitor it. I do believe that there is the potential for new wins. You know, I think one of the things I continually mention is working with government, it's sometimes difficult to predict when they'll put pen to paper. But we do have a pipeline, and we're in communication with multiple different DOTs and different jurisdictions. Thank you very much. You're welcome. Thank you.

Operator

Thank you. Once again, if you'd like to join the question, please press star 1 on your telephone keypad. Our next question comes from the line of Matt Sokol, private investor.

Unknown Speaker

Yes, hi everyone. Thank you for the time. I was just trying to get a little bit more understanding regarding like the privacy issues that your competitors are facing and what your sales team is doing to hopefully alleviate some of those concerns and possibly get more wins in the future. Thank you.

Robert Berman

Mike, this is Robert. Are you referring to the privacy issues around ALPR? Yes, ALPR. Look, sure, as we said, the industry is in quite a flux. There's been a massive amount of press over the last even several months, six months, a year, but it's becoming more every day. And I think we're headed in a world where people are trying to figure out how you deploy technology, especially when you have AI and you do this to help public safety at the same time not create a surveillance state. And ReCore has always been about privacy. If you look at some of the patents we filed, you know, half a decade ago, they were always around how the state is used. So I think, as I said, you know, in the call that the industry is the law enforcement agencies. government, city councils and all are kind of pausing things, you know.

Some of our competitors are losing contracts. That doesn't mean they're turning around and hiring another vendor to replace them. They're trying to sort this all. And we think that the way we've positioned ourselves and we've stood fast for the last, you know, number of years on how we'll allow our data to be used and how our systems work to protect privacy. And I think that'll work in our favor, you know, in the months to come as, as you know, the government sorted out.

Operator

Once again, as a reminder, if you'd like to ask a question, please press star 1 on your telephone keypad. We'll pause a moment to allow for any other questions. Mr. Berman, it seems there are no other questions at this time. I'll turn the floor back to you for final comments.

Robert Berman

Okay, well, listen, thanks, everyone, and stay tuned because I think the back half of the year we're going to deliver the same way we did in the first six months of the year. So appreciate all your support and look forward to talking to you again soon. Be well.

Operator

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]