センスター・テクノロジーズ（SNT）2026年第2四半期決算説明会：LiDARが売上成長を牽引

要約

• Senstar Technologiesが発表した2026年第2四半期の売上高は、APAC、EMEA、およびLiDAR売上の成長に支えられ、前年同期比8%増の1,040万ドルとなりました。
• Senstar株主に帰属する純利益は35万1,000ドル（1株当たり0.02ドル）でした。EBITDAは55万1,000ドルと黒字に転換し、2026年第1四半期の40万3,000ドルの赤字から改善しました。
• LiDARの合計売上高は前年同期比で約100%増加し、世界売上高の20%を占め、第1四半期の11%から拡大しました。また、Blickfeldも第2四半期中にEBITDAの黒字化を達成しました。
• APACの売上高は前年同期比93%増、EMEAは同14%増となりました。一方、米国の売上高は、2025年後半の連邦政府閉鎖に伴う矯正施設プロジェクトの遅延が続いたため、同14%減少しました。
• 経営陣は、回復の初期兆候が見られることや主要なプロジェクトのキャンセルがないことを挙げ、米国の矯正施設向け事業が2026年後半に再開すると予想しています。
• Senstarは第3四半期末までに埋め込み型ファイバー製品ラインをリリースする予定であり、ファイバープラットフォームとSymphonyワークフローエンジンの両方を2026年後半に投入することを見込んでいます。

主要財務データ

事業および業績の動向

当四半期の主な成長要因はLiDARでした。LiDAR全体の売上高は前年同期比で約2倍に増加し、世界売上高の20%に達しました。経営陣はこの好調な業績について、Blickfeldの既存チームとSenstarの営業組織双方の貢献によるものとしていますが、それぞれの売上貢献の分解については言及を避けました。

同社は、LiDARの案件パイプラインが北米、中南米、EMEA、APACにおけるセキュリティ、体積計測、交通用途で拡大していると述べました。経営陣はまた、Senstarの既存ポートフォリオとの重複は限定的であるとし、3D LiDARは主に周界警戒や屋外用途においてサーマルカメラと競合するものと説明しています。

APACは最も急成長した地域であり、売上高は前年同期比93%増、年初来で21%増となりました。需要は公益事業、データセンター、矯正施設、空港からもたらされ、日本と南アジアでの事業活動が改善しました。同地域でのLiDAR導入は依然として初期段階にあります。

EMEAの売上高は、公益事業、データセンター、空港、エネルギー分野が牽引し、前年同期比14%増、年初来で26%増となりました。Senstarは最近、事業開発とLiDARの成長を支援するため、中東地域担当のセールスディレクターを採用しました。

北米の売上高は12%減少（うち米国は14%減）しました。米国の矯正施設向け事業の低迷が、LiDARの伸びや公益事業分野の継続的な堅調さを相殺しました。カナダは成長へと回帰し、売上高は19%増加しました。

Senstarの4つのコア事業分野全体において、売上高は主に米国の矯正施設向け事業の鈍化により、前年同期比で約18%減少しました。公益事業の売上高はデータセンター、電気通信、太陽光発電所に牽引されて17%増加し、交通分野も成長しました。

経営陣の見通し

経営陣は、確定的な回復というよりは予想の域を出ないものの、米国の矯正施設向け事業が2026年後半に再開すると見込んでいます。同社は改善の初期兆候が見られ、主要な顧客プロジェクトの失注もないと述べています。

Senstarは、第2四半期の研究開発費（約130万ドル）が統合グループ全体のおおむね標準的な水準を表していると見込んでいます。将来的なカナダIRAPからの助成金や該当するドイツの補助金を受領できれば、今後の研究開発費が削減される可能性があります。

埋め込み型ファイバー製品群は、2026年第3四半期末までに全面的にリリースされる予定です。AI対応プラットフォームは、侵入検知の向上、誤報の削減、およびファイバーによる外周警戒の短距離用途への拡張を目指して設計されています。

Symphonyワークフローエンジンも2026年後半に投入される予定です。経営陣は、本製品が長期的にソフトウェア販売およびリカーリングレベニュー（継続的な収益）を支えることを意図しています。

リスクと注視すべきポイント

• 政府閉鎖を受け、米国の矯正施設向けプロジェクトの遅延が続いており、下期に期待される回復の時期には不確実性があります。
• 売上総利益率は製品ミックスにより前年同期比で低下したものの、前期比では改善しました。
• Blickfeld関連費用により営業費用が増加し、2025年第2四半期と比較して営業利益とEBITDAが減少しました。
• 現金によるBlickfeld買収に伴い、現金および短期預金は800万ドルに減少しましたが、Senstarは四半期末時点で無負債と報告しています。
• 多様化する案件パイプラインを収益に結びつけることは、引き続き経営陣の重要な優先事項です。

アナリスト質疑応答の要点

経営陣は、Senstarが現在事業を一体として運営しているため、第2四半期の成長のうちどの程度がBlickfeldによるものかを個別開示することはできないと述べました。その上で、従来のBlickfeld組織とSenstarの営業部隊の両方がLiDARの成長に貢献したことを強調しました。

第2四半期の研究開発費のうち約30万ドルをBlickfeldが占めており、これが前年同期比での増加の大部分を占めています。経営陣は、助成金の可能性はあるものの、四半期当たり約130万ドルの総研究開発費は統合グループにとって現在の合理的な水準であると示しました。

米国市場での売上について、経営陣は矯正施設向け事業が下期に回復するとの予想を再表明しました。またSenstarは、矯正施設でのポジションを強化しつつ、公益事業およびデータセンターでの拡大を加速させるため、米国および中南米担当の営業副社長を新たに任命しました。

経営陣は、セキュリティ顧客へのクロスセルや、Blickfeldが確立した体積計測・交通市場での拡大を通じ、LiDAR売上が成長し続けると見込んでいます。なお同社は、LiDARの具体的な売上予想は開示していません。

決算説明会 文字起こし全文

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

Welcome to Senstar Technologies Conference Call to discuss its second quarter 2026 results. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the call over to Corbin Woodhull of Hayden IR. Corbin, please begin.

Timothy Woodhull

Thank you, Sherry. Welcome to everyone joining us today, and thank you to Senstar Technologies management for hosting the call.

Joining us today are Mr. Fabien Haubert, the CEO of Senstar Technologies; and Ms. Alicia Kelly, the CFO of Senstar Technologies. Fabien will summarize key business and financial highlights, followed by Alicia, who will review Senstar's second quarter 2026 financial results. We will then open the call for questions. Unless otherwise indicated, all financial figures discussed today are in U.S. dollars and all comparisons year-over-year.

Before we begin, please note that this conference call may contain forward-looking statements, including projections regarding future events and Senstar's future performance. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied by such statements. For a discussion of these and other risks, please refer to the risk factors and other information in Senstar's filings with the U.S. Securities and Exchange Commission. Senstar undertakes no obligation to update any forward-looking statements, except as required by law.

During the call, we will also discuss certain non-GAAP financial measures. These measures should be considered in addition to and not a substitute for the most directly comparable GAAP measures. Reconciliations are included in our earnings release in accordance with Regulation G. You can also refer to Senstar's website at www.senstar.com for the most directly comparable financial measures and related reconciliations.

With that, I will turn the call over to CEO, Fabien Haubert. Fabien, please go ahead.

Fabien Haubert

Thank you, Corbin. And thank you to everyone joining us today to review Senstar Technologies' second quarter 2026 results. Our second quarter results reflect continued execution of our strategy, including a revenue of $10.4 million, up 8% year-over-year, and a return to profitability. LiDAR, again, performs strongly and continues to be an important contributor to our growth. We believe this momentum reflects the contribution of Senstar's sales infrastructure to Blickfeld's growth. The combined business is beginning to generate synergies and Blickfeld reported positive EBITDA in the second quarter. We believe integration is progressing as planned, and we're working to realize efficiency gain and expand our addressable markets.

Let me provide some context on the demand environment, which remains healthy. We saw particularly strong momentum in EMEA and APAC, supported by demand from utilities, data centers, and airports. EMEA's performance in the first quarter continued into the second quarter, with revenue increasing 14% year-over-year and 26% year-to-date. Growth was primarily driven by utilities, data centers, airports, and energy. LiDAR sales momentum is building, supported by increasing business development investments, including the recent hiring of a regional sales director in the Middle East. Our EMEA pipeline continues to strengthen, and we expect the region to remain an important contributor to the business.

Asia Pacific was the fastest-growing region in the second quarter, with revenue increasing 93% year-over-year, a rebound from the prior quarter. Revenue in the region grew 21% year-to-date. Growth in the second quarter was driven by utilities, data centers, corrections, and airports, reflecting improved activity in South Asia and Japan. LiDAR sales in the region remain at an early stage, which we believe provides an opportunity as adoption develops.

In the U.S., second quarter revenue declined 14% year-over-year and 17% year-to-date. The corrections vertical continues to experience project delays related to the federal government shutdown. No major projects have been canceled and we're seeing initial signs of recovery. We expect activity to resume in the second half of the year. Growth in U.S. LiDAR sales and continued strength in utilities substantially offset the softness in U.S. corrections. We also continue to add talent, including the appointment of a new Vice President of Sales, U.S.A. and Latin America, with experience across security, LiDAR, utilities, and data centers.

Turning to our 4 core vertical markets. Performance was mixed in the quarter, declining approximately 18% year-over-year, primarily because of the slower activity in the corrections market during the first half of the year. Utilities was a highlight, with sales increasing 17% year-over-year, driven by data centers, telecommunications, and solar farms. Growth was broad-based across regions. Transport also grew in the quarter, and we remained focused on adding new logos and expanding relationships with existing customers through cross-selling.

More broadly, the performance of our 4 verticals continues to be affected by weakness in the U.S. corrections markets. However, underlying demand remains active. We have not experienced customer project losses, and we recorded several wins in APAC during the quarter.

LiDAR remains a key proof point of our strategy. On a combined basis, LiDAR solutions grew nearly 100% year-over-year and now represents 20% of our global sales, compared with 11% in the first quarter. Senstar's sales force generating a meaningful portion of that growth, we believe the results support the strategic rationale of the Blickfeld acquisition, which combines Blickfeld technology and know-how with Senstar's partner network and sales force. This combination enhances our position in targeted vertical markets.

We're seeing a growing pipeline in security and volume monitoring applications with opportunities across North America, Latin America, EMEA, and APAC. Blickfeld is also complementary to our existing portfolio with limited overlap across sales channels, its LiDAR solutions primarily compete with thermal camera solutions in perimeter and outdoor applications. Growth reported by our closest peers in LiDAR across security, volume monitoring, and traffic monitoring reinforces our confidence in the long-term market opportunity.

Product innovation remains important to Senstar, and we continue to advance products and solutions in response to customer needs. Specifically, we are in the final development stage of two planned launches. Embedded fiber range, our next-generation fiber optic sensing technology designed for perimeter intrusion detection systems and critical infrastructure protection, are expected to be fully released by the end of the third quarter. The embedded fiber range is intended to broaden the fiber PIDS market to include short-distance applications, traditionally using alternative technologies. Its embedded AI engine is designed to improve situational awareness when evaluating intrusion attempts and reduce nuisance alarm rates.

Symphony workflow engine, a customizable tool, is integrated into the Senstar Symphony Common Operating Platform to automate tasks for security and logistics operators. We expect the workflow engine to support software sales and recurring revenue over time. We currently expect both innovations to be released in the second half of 2026 and we intend to showcase the security solution at the upcoming Global Security Exchange in Atlanta.

Overall, our confidence is supported by customer engagement, order activity, geographic diversification, and expanding LiDAR opportunities. We believe the benefits of the Blickfeld acquisition are beginning to emerge alongside continued growth in utilities, growth in EMEA and APAC, and an expected recovery of the U.S. corrections market. Our diversified pipeline is converting to revenue, and improving revenue conversion remains a key priority. With our team, products, solutions, and experience in place, we believe we're positioned to execute on our goals for the year and pursue sustainable profitable growth.

Before turning the call over to Alicia, I'd like to thank our employees for their continued dedication, our customers for their trust, and our shareholders for their support. I will now turn the call over to Alicia for a more detailed review of the financial results.

Alicia Kelly

Thank you, Fabien. Revenue in the second quarter of 2026 was $10.4 million, compared to $9.7 million in the year ago quarter, and was in line with our financial plan. This 8% increase year-over-year reflected strength in APAC and EMEA. LiDAR sales nearly doubled, partially offsetting continued weakness in the U.S. corrections vertical related to project delays following the federal government shutdown in late 2025. APAC was the strongest performing geographic market in the quarter with revenue increasing 93% year-over-year. Growth was driven by steady demand in utilities, data centers, corrections, and airports. Japan and South Asia reported accelerated growth during the quarter, while LiDAR is showing encouraging early indicators.

EMEA's strength in the first quarter continued into the second quarter, with revenue increasing 14% year-over-year. Performance-related broad-based gains across the region, with particular strength in utilities, airports, data centers, and energy. LiDAR applications continue to generate inbound customer interest, and our business development efforts remain focused on capturing the long-term growth opportunities in the region.

Revenue from North America declined 12% in the quarter, driven by a 14% decline in the U.S. As Fabien noted, U.S. performance-related challenging market conditions, including continued pressure on the corrections vertical and project delays related to the federal government shutdown. We have not lost any customer projects, and we expect activity to resume in the second half of the year as early signs of recovery have emerged.

Canada returned to growth after a challenging first quarter, with revenue increasing 19%. Canada remains an important market and we continue to focus on serving customers in the region. The geographical breakdown of the second quarter revenue compared to the prior quarter was as follows: North America, 43% versus 53%; EMEA, 37% versus 35%; APAC, 19% versus 11%, and all other regions immaterial in both periods. Second quarter gross margin was 64.2% compared with 66.1% in the year ago quarter. The change primarily reflected product mix, and the second quarter margin was in line with our plan. Sequentially, our gross margin increased from 60% in the first quarter of 2026, driven by a healthier product mix in the second quarter.

Operating expenses were $6.4 million, up 18% from $5.4 million in the year-ago quarter, and represented 60.9% of revenue, compared to 56% in the year ago period. The increase primarily reflected $1.2 million of costs associated with the Blickfeld acquisition, partially offset by lower corporate costs, including due diligence costs for Blickfeld incurred in the second quarter of 2025.

Operating income for the second quarter of 2026 was $343,000 compared to $1 million in the second quarter of 2025. Operating income and revenue were in line with internal forecasts for the quarter, with operating income primarily affected by Blickfeld integration expenses. EBITDA for the second quarter was $551,000 compared to $1.1 million in the second quarter of 2025. The decline from the prior year quarter primarily reflected slightly lower gross margin and higher costs associated with the Blickfeld acquisition. Compared with the first quarter of 2026, EBITDA improved from a loss of $403,000.

Financial income was $61,000 in the second quarter of 2026 compared with a financial loss of $330,000 in the second quarter of 2025. The primary difference reflects a non-cash accounting effect from adjustments to the valuation of monetary assets and liabilities denominated in currencies other than the functional currency of the group's operating entities in accordance with GAAP. Net income attributable to Senstar shareholders was $351,000, or $0.02 per share, in the second quarter of 2026, compared with net income of $1.2 million, or $0.05 per share, in the second quarter of 2025. Net income also reflects public company platform expenses and amortization of intangible assets from historical acquisitions. Corporate expenses in the second quarter were approximately $588,000 compared to $865,000 in the year ago period.

Turning next to the balance sheet, cash and cash equivalents and short-term bank deposits, excluding $100,000 of restricted cash related to Blickfeld closing balances, were $8 million as of June 30, 2026, or $0.34 per share. This compares to $22.5 million, or $0.96 per share, as of December 31, 2025. The company had no debt as of June 30, 2026. The decrease in cash during the period ended June 30, 2026, primarily reflected the EUR 10.4 million cash-funded acquisition of Blickfeld, which closed in February of 2026.

That concludes my remarks. Operator, we would like to open the call now for questions.

Operator

[Operator Instructions] Our first question is from Fred Ehrman, private investor.

Fred Ehrman

Fabien and Alicia, the increase in revenue, how much was that attributed to your Blickfeld acquisition?

Fabien Haubert

So thanks very much, Fred, for this question. It's hard to answer in this sense. First of all, we are only disclosing -- we're running our company as a single company. And on top of it, the sales were driven both by the existing Blickfeld team, but as well as the Senstar sales team, which had been selling Blickfeld first on the OEM before. So indeed, LiDAR has been high contribution in the growth, absolutely, but generated by both simultaneously. We cannot disclose basically which one generated which. I hope I have answered your question, Fred.

Operator

Our next question is from Ken Liddy with Oppenheimer & Company.

質疑応答

Kenneth Liddy

In the quarter, your research and development costs were up higher than I can remember. Is that due to Blickfeld?

Fabien Haubert

So I understand you want to understand the raise of R&D -- raises in the second quarter. Do I get right your question?

Kenneth Liddy

Yes. Is it attributed to the synergies of developing new products with the Blickfeld acquisition, or is it something else?

Alicia Kelly

Yes. So we did integrate the Blickfeld team into the group. And Blickfeld makes up about $300,000 of the total R&D expense. And that would be most of the change that occurred period-over-period.

Kenneth Liddy

And is there a dollar amount that you can expect quarter-to-quarter or annually that you're targeting for research and development, or a percentage of sales number?

Alicia Kelly

I think the number that we've incurred for Q2 will -- is fairly normal for the group now.

Kenneth Liddy

So like $1.3 million or so?

Alicia Kelly

Yes. Yes, the thing that changes with that is if we continue to look for opportunities around IRAP, which is the research and development program from Canada where we would get a grant, or if there was a grant that was eligible from Germany, we would also be looking for those opportunities that could potentially reduce the future cost.

Kenneth Liddy

Great. And I have another question regarding the U.S. sales. I understand things got pushed off from late last year. Are you expecting U.S. sales to normalize in the second half of the year, or in this quarter, next quarter?

Fabien Haubert

It's our expectation that the business in the corrections indeed will resume in the second half. It's our expectation as mentioned. We're seeing first signs of this recovery, but it remains our expectation. On top of it, we've just onboarded a new Vice President of Sales with a very strong experience in utilities and data centers to help us, on top of strengthening the position in our historical verticals, along with the corrections, to further accelerate our developments in data centers and utilities end-user markets. So we're taking the problem or the issue or the challenge very seriously. Indeed, we expect a recovery and growth, of course, over time in the other verticals.

Kenneth Liddy

Great. And do you expect to see any more opportunities with LiDAR? You talked extensively last call. Is there anything that's materializing since the last call?

Fabien Haubert

Hundred precent. So we're online so far. So there are three elements I would like to add to this question, and thank you for raising it, Ken. The first thing is that our LiDAR sales, if you taken them combined quarter-over-quarter and over the first half, is around 100%. So we absolutely feel the growth of the LiDAR segment, basically, of the LiDAR products in our target. And we are working hard to cross-sell our existing markets, number one, in security. And as mentioned, we're not willing to give detailed figures, but to this extent, Senstar has highly contributed to the growth of LiDAR.

On top of it, the historical verticals of Blickfeld are increasing tremendously in volume monitoring and traffic. And finally, we believe that there's no -- we don't see any overlap with our existing solution, but we perceive LiDAR 3D as the main competitor of thermal camera, which is a product we didn't have in our portfolio per se historically, and which is extending the TAM tremendously, and which is not competing to our current solution range. So under three events, we expect LiDAR sales to indeed keep growing. And I would like to mention that we're monitoring closely our peers and we see that they're sustaining very high growth rates, two digits.

Kenneth Liddy

And in relationship to that, could you speak about the new products that -- innovations that you have coming in September, I think you said, and how that relates to your verticals?

Fabien Haubert

Yes, 100%. We're releasing a new fiber detection system, an embedded platform with an AI algorithm, which provides better detection and sharper detection, which will focus on lower distances, where there's today a mix of different technologies. And we would like to basically gain leverage on the fiber by providing a fiber solution that can cover from very short distances to very long ranges, expanding again our addressable market.

Number two, we're providing -- we're going to release the Senstar flow, which is a next-generation of software algorithm on top of the Senstar Symphony platform. And the purpose is to basically boost the sales of software applications next to our traditional PIDS and develop the recurring revenue, which is one of our main challenges for the future. And we will happily demonstrate both solutions during the GSX in Atlanta in September.

Operator

There are no further questions at this time. Mr. Haubert, would you like to make your concluding statement?

Fabien Haubert

On behalf of Senstar's management, I'd like to thank our investors for their interest and long-term support of our business. Have a good day.

Operator

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.