SPARグループ（SGRP）2026年第2四半期決算説明会：EBITDAは63%増、ガイダンスをリセット

コスト削減や、粗利益率が高く継続的なマーチャンダイジングサービスへのシフトが、リモデル（店舗改装）事業の低迷を補い、SPAR Group（SGRP）は2026年第2四半期に黒字復帰を果たした。

要点

• 第2四半期の純売上高は、主にリモデル案件数の減少により、前年同期比4.5%減の3,690万ドルとなった。
• SPAR Groupに帰属するGAAP純利益は40万9,000ドル（希薄化後1株当たり0.02ドル）となり、同社にとって2025年第1四半期以来の四半期黒字となった。
• 調整後EBITDAは前年同期比63%増の210万ドルとなり、調整後純利益は83万8,000ドル（希薄化後1株当たり0.04ドル）に増加した。
• 売上総利益率は22.8%と22%超を維持した。経営陣は、収益構成、生産性、事業規模の改善に伴い、将来的には25%程度まで引き上げる道筋を見込んでいる。
• SPARは、リモデル事業の減少予測とマーチャンダイジング事業の継続的強化を反映し、2026年通期の売上高見通しを1億3,000万〜1億3,800万ドルに修正した。
• 同社は、Nasdaqからの上場廃止通知を受け、7月下旬にティッカーシンボル「SGRP」でOTCQBでの取引を開始した。

主要財務データ

事業および業績

当四半期中、中核である米国のマーチャンダイジング事業とカナダ事業はいずれも増収を達成した。大半がマーチャンダイジング事業で構成されるカナダは、SPARの北米プラットフォームに対する力強い貢献を維持した。

経営陣は、全体的な売上高の減少はすべてリモデル事業によるものだと述べた。SPARは、必要な運転資本に対して見合うリターンが得られないリモデル市場や顧客口座へのエクスポージャーを縮小している。同社は代わりに、より高い利益率と持続性の高い収益を支えることができる継続的なマーチャンダイジングプログラムを優先している。

SPARはまた、ReposiTrakと共同でスキャンベース取引（SBT）の提案を進めており、同小売テクノロジー企業の専門知識を活用して自社のテクノロジー基盤を再構築している。経営陣は、これらの取り組みにより拡張性、在庫の可視性、および市場投入（Go-to-Market）提案が向上すると期待している。

業績予想（ガイダンス）

SPARは、リモデル事業の減少とマーチャンダイジングでの継続的な成長への取り組みを反映し、2026年通期の業績見通しを修正した。

経営陣は、年末を迎え2027年に移行するにつれて、販管費（SG&A）が2026年予想範囲の下限付近に向かって推移していると述べた。特定の構造改革策の効果が通年化すれば、SPARの年間実質販管費（ランレート）は約2,000万ドルに向けて推移すると見込んでいる。

長期的には、収益構成の改善、生産性向上策の定着、事業規模の拡大に支えられ、売上総利益率は25%に近づく可能性があると経営陣は考えている。

リスクと注視すべき点

収益性は改善しているものの、リモデル事業の縮小が売上高を減少させている。また、この戦略では、クライアントプログラムを支援するために必要な運転資本と利益率の質のバランスをとることがSPARに求められる。

第2四半期の営業活動におけるキャッシュ使用額は870万ドルであり、経営陣は主にマーチャンダイジングの成長に伴う運転資本のタイミング要因によるものとしている。

SPARのNasdaqからOTCQBへの移行は、株主にとって引き続き注目の焦点となる可能性がある。経営陣は、上場廃止に対して異議を申し立てる根拠が乏しく、自社の規模やコンプライアンス要件を踏まえるとOTCQBが次善の市場であると判断したと述べた。

アナリスト質疑応答のハイライト

経営陣は、売上高見通しの下方修正はマーチャンダイジング事業の失注ではなく、リモデル事業の減少のみを反映したものであることを確認した。マーチャンダイジング事業は2026年第2四半期および上半期の双方で拡大し、カナダ事業も成長を記録した。

ReposiTrakとの協定について問われた経営陣は、SPARがこの小売テクノロジー企業と提携してシステムの再構築を進めており、この取り組みから大きな成果が期待できると述べた。

Robert Brown氏が関与する進行中の訴訟・法的案件について、経営陣は詳細の公表を控えたが、この件がSPARの事業運営において重要（マテリアル）であるとは考えていないと述べた。

決算説明会（トランスクリプト）全文

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 day and welcome to the SPAR Group second quarter, 2026 financial results conference call. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Phillip Kupper from Three Part Advisors. Please go ahead.

Phillip Kupper

Thank you operator and good morning everyone we appreciate you joining us for SPAR group inc's conference call to review second quarter 2026 results.

Joining me on the call today are as far as Chief Executive Officer William Linnane; and the company's Chief Financial Officer, Steve Hennen. This call is also being webcast and can be accessed through the audio link on the events and presentation page of the investor relations section at investors.sparinc.com.

The information recorded on this call speaks only as of today, so please be advised that any time-sensitive information may no longer be accurate as of the date of any replay or transcript reading.

I would also like to remind you that the statements made on today's discussion that are not historical facts, including statements, expectations, future events or future financial performance are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward looking statements by their nature are uncertain and outside of the company's control. Actual results may differ materially from those expressed or implied. Please refer to today's earnings press release for our disclosures on forward looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management may also refer to non-GAAP financial measures and reconciliations to the nearest GAAP measures can be found at the end of our earnings release.

SPAR Group assumes no obligation to publicly update or revise any forward-looking statements. Additionally, the earnings press release we issued earlier today is posted on the investor relations section of our website at sparinc.com. A copy of the release was also included in an 8K submitted to the SEC.

Now I'd like to turn the call over to the company's CEO, William Linnane.

William Linnane

Thank you, Philip, and good morning. Thank you for your interest in SPAR Group and for joining us today. After our prepared remarks, we will open the line for questions. The second quarter represented an important milestone in SPAR's transformation.

We returned to profitability for the first time since the first quarter of 2025. We've also delivered more than 60% year-on-year growth in adjusted EBITDA and maintained gross margins above 22%. These results reflect the progress we've made over the last 12 months to simplify the business, strengthen operating discipline, improve the quality of our revenue, and focus on profitable growth.

While there was a revenue mix shift to higher margin business, which impacted overall growth in the quarter, we have focused our efforts on markets and accounts where we have the scale and expertise necessary to offer competitive rates to the customer and still earn a reasonable return on the investment.

We maintained operational discipline, supporting a stronger profitability program. We have continued to prioritize reoccurring merchandising programs over lower margin project work and the results are increasingly evident in both our earnings and cash generating potential. Importantly, the underlying health of the business continues to improve. Both our core U.S. merchandising business and our Canada operations generated sales growth in the quarter.

Canada remains a strong performer, underscoring the strength and resilience of our diversified North America platform. At the same time, our operational initiatives are gaining traction. Gross margins have stabilized in the low 20% range and remain towards the upper end of our guidance. We continue to believe there's a clear path towards achieving gross margins of approximately 25% over time as our revenue mix improves. Productivity initiatives mature and scale benefits increase.

We are also making significant progress in building a leaner, more efficient organization. Our actions over the last year have reduced complexity, improved execution, and positioned the business to drive greater operating leverage as we grow. We continue to expect our underlying SG&A run rate to trend towards approximately 20 million annually.

Looking ahead, I believe the business has been a fundamentally stronger position than it was a year ago. Our balance sheet has improved during the first half of the year. Our operations are delivering greater consistency and we have established a clear roadmap to enhance how SPAR executes, goes to market, leverages technology, and delivers financial performance.

Overall, we believe we're building a business with improving momentum, expanding operating leverage, and increasing visibility into long-term value creation. Finally, we began trading on the OTCQB in late July under the same ticker symbol. SGRP following the NASDAQ delisting notice. Notably, this does not change our strategy. Our focus remains on execution, operational improvement, and maintaining transparency.

I will discuss our strategic initiatives in a few moments after Steve covers our detailed financial results for Q2. Steve.

Steven Hennen

Thank you, William, and good morning, everyone. Second quarter 2026 net revenues totaled $36.9 million, down 4.5% year over year, primarily due to the lower volume in our remodel business. As William commented, we continue to shift the business to more recurring margin-enhancing merchandising services.

Gross profit for the second quarter was $8.4 million, or 22.8% of revenue, compared with $9.1 million or 23.5% of revenue in the prior year quarter. Higher stabilized gross margins were driven by the intentional shift towards merchandising work that combines people-centric expertise with technology-based tools.

Selling, General and Administrative expenses for the quarter were $6.8 million, which included $543,000 in non-recurring or one-time costs. This compared to $7.9 million in the prior year. As William mentioned, after we anniversary certain restructuring actions next year, our underlying SG&A-based costs will be approximately $20 million as we transform into a leaner, more efficient, and effective business model.

Operating income for the quarter was $1.2 million compared to operating income of $715,000 in the prior year. Second quarter GAAP net income attributable to SPAR Group was $409,000 or two cents per diluted share compared to break-even results in the prior quarter. Adjusted net income attributable to SPAR Group was $838,000 or $0.04 per diluted share compared to adjusted net income of $151,000 or $0.01 per diluted share in the prior year period.

Consolidated adjusted EBITDA was $2.1 million in the quarter, up 63% from 1.3 million in the prior year. We believe our net margins are durable and sustainable, especially as the merchandising business becomes a larger percent of our business wins.

Turning to our financial position as of June 30, 2026. Our balance sheet remains solid with positive working capital of $25.8 million, excluding the balance owed on the line of credit and the current portion of the long-term debt. This includes $2.9 million in cash and cash equivalents. Net cash used by operating activities was $8.7 million for the quarter, primarily reflecting working capital timing associated with growth in the merchandising business.

We are revising our full year 2026 financial outlook to reflect our continued focus on growing the merchandising side of the business and current expectations for lower remodel activity this year. While this impacts revenue expectations, it supports our objective in improving earnings quality, profitability, and long-term shareholder value. Net revenues in the range of $130 million to $138 million compared to 2025 net revenues of $136 million for the U.S. and Canada.

Gross margins of 21.5% to 23.5% versus 2025 gross margin of 15.9% for the U.S. and Canada. And Selling, general and Administrative costs, excluding unusual items of $21 million to $24 million versus 2025 of $32.2 million.

With that, I will turn it back to William.

William Linnane

Thanks, Steve. Our outcome-based model is gaining traction, and a key differentiator of that strategy is our ability to combine technology, data, and execution at scale. By pairing real-time insights with a flexible, accountable workforce, we help retailers improve inventory visibility, accelerate replenishment, and respond more effectively during peak periods and labor shortages, and ultimately improve in-store performance and sales.

This integrated approach strengthens client outcomes while creating durable, reoccurring revenue opportunities for SPAR. Based on that foundation, we have made meaningful progress with ReposiTrak in developing a compelling scan-based trading, or SBT, proposition that we believe can create significant value for retailers and consumer brands.

In parallel, we have begun replatforming our technology capabilities by leveraging ReposiTrak's deep retail technology expertise. Together, these initiatives are enhancing our go-to-market offering, improving scalability, strengthening our technology foundation, and further differentiating SPAR in the marketplace.

Looking ahead, we have greater visibility of the operating model and strategic priorities than at any point in the past. We are building a leaner, simpler organization with good financial footing. Our operations have stabilized and we have improved our profitability trajectory, expanding our service offering, modernized our technology and are driving sustainable long-term growth.

Finally, we believe that our associates are at the heart of everything we do. And we will continue to build a winning culture by investing in their training, their development, and their growth. While our return to profitability in the second quarter is encouraging, we view it as the beginning of a much larger opportunity. Over nearly six decades, BAR has helped retailers and brands to improve in-store execution and drive sales performance.

We believe we are well positioned to build on that legacy. We are building a stronger, more efficient and more capable SPAR, one that is better positioned to serve our clients, create opportunities for associates, and deliver long-term value for shareholders.

Steve and I would like to thank our employees for their dedication, passion, and relentless hope in serving our customers every day. Their commitment has been instrumental in stabilizing the business, advancing our transformation and delivering the improved financial performance we reported this quarter.

With that, operator, I would like to open the line for questions.

Operator

[Operator Instructions] The first question comes from Guy Regal with Schneider. Please go ahead.

質疑応答

Guy Regal

So I have a couple of questions here. What was the rationale for not trying to stay on the NASDAQ?

Steven Hennen

Given the size of the company and the compliance I think the OTCQB is a market that we can operate on, but ultimately the shareholders and we had limited grounds to appeal at that point. So we moved the company to the OTCQB as the next best market to be on.

Guy Regal

Okay. And I didn't get a chance to read it in the 10Q. Pretty big section regarding Robert Brown. Where do you stand with him?

Steven Hennen

Yes I don't want to comment on ongoing legal matters but we don't believe that it's material to the operation. And obviously we're focused on the business itself and it will resolve itself. But I don't want to really get into any other detail on that question.

Guy Regal

Okay. And then, you know, in terms of your lower revenue guidance, is it a function of your determining that -- was it just associated with the remodel business, or did you lose some merchandising business. Can you speak to that?

Steven Hennen

Yes, sure. Yes, the merchandising business was in growth in Q2 and in the first half and the Canada business, which is largely merchandising was in growth. So yes, it's purely a decline in the remodel business related to choices we've made around markets where we can really earn margins that make sense for us relative to the working capital we're tying up in some of the work we're doing. So we're quite focused on keeping that gross margin high as we get to a leaner organization to create the right operating leverage. So yes, the answer is it's purely remodel decline.

Guy Regal

Okay. And then can you explain the IT agreement that you have with ReposiTrak? I see you're paying them $151,500 a month. Why that agreement?

William Linnane

As you know, they're a retail tech company. So we're working with them on replatforming our technology. We think there's significant benefits to replatforming that technology.

Guy Regal

Okay. And my last question. Did you say that going forward, your annual SG&A costs will be a total of about $20 million?

William Linnane

Yes, we're trending towards that number. I think in the guidance, we said $21 million to $24 million for the fiscal year 2026, but we're trending towards the lower end of that as we approach the back end of the year into 2027.

Operator

This concludes our question and answer session. I would like to turn the conference back over to William Linnane for any closing remarks.

William Linnane

Thank you, and thank you for continuing to follow our company. I look forward to providing our Q3 results and updates on strategic initiatives in a few months. Have a great day. Thank you.

Operator

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.