REKR 2026년 2분기 실적 발표회: 반복 매출 성장 및 하반기 수익성 목표

핵심 요약

• 2026년 2분기 매출은 전년 동기 대비 2% 증가한 1,270만 달러를 기록했으며, 상반기 매출은 6% 늘어난 2,290만 달러를 기록했다.
• 2분기 반복 매출은 14% 증가한 670만 달러, 상반기 전체로는 21% 증가한 1,330만 달러를 기록하며 전체 매출 증가율을 상회했다.
• 배치 효율성 개선과 고마진 소프트웨어 및 반복 매출 비중 확대에 힘입어 2분기 조정 총이익률은 50%에서 56%로 확대되었다.
• 조정 EBITDA 손실은 전년 동기 대비 79% 축소된 약 120만 달러를 기록했다. 해당 분기 영업 현금 소진액은 240만 달러로 감소했다.
• 경영진은 지속적인 사업 집행과 비용 통제가 이루어진다는 전제하에 2026년 하반기 중 조정 EBITDA 흑자를 달성할 수 있을 것으로 전망하고 있다.
• 회사는 반복적인 도로 데이터 매출을 지속적으로 확대하는 한편, 2026년 3분기 중 'Go Secure' 출시 파트너들과 초기 상업적 조건 협의를 마무리하는 것을 목표로 하고 있다.

주요 재무 데이터

일반관리비, 판매마케팅비, 연구개발비 등 영업비용은 전년 동기 대비 2분기에 400만 달러, 상반기 전체로는 430만 달러 감소했다.

해당 분기에는 리스 부채 재측정에 따른 비현금성 이익 280만 달러가 포함되었다. 경영진은 이러한 일회성 항목이 매출 성장, 조정 총이익 증가, 비용 절감과 함께 발표된 영업이익에 기여했다고 밝혔다.

사업 및 운영 실적

반복 매출이 주요 성장 동력으로 유지되었다. 경영진은 매출 구성이 계약 기반의 지속적이고 마진이 높은 구조로 전환되고 있다고 설명했다. 또한 2분기 성장은 대규모 일회성 소프트웨어 거래에 의존하지 않았다.

회사는 6월에 'Go Secure video'를 출시했다. 이 제품은 촬영 시 비디오에 암호화 서명을 하고 프레임별로 콘텐츠 변조 여부를 판별한다. 동일한 진위 검증 프레임워크가 이제 녹음된 오디오로 확장되어, 편집·삭제·합성 대체 여부 감지까지 지원한다.

경영진은 'Go Secure'의 잠재적 출시 파트너들과 활발히 논의 중이며 상업적 조건에 대해 신중한 접근 방식을 취하고 있다고 밝혔다. 또한 이 기술이 초기 출시 시장을 넘어 확장될 수 있다고 판단하고 있다.

교통 부문에서 경영진은 고객들이 도로 내 매립형 센서에서 벗어남에 따라 비침습형 AI 기반 시스템에 대한 기관 수요가 지속되고 있다고 언급했다. 서비스형 데이터(DaaS) 모델이 반복 매출 성장을 뒷받침하고 있다. 사우스캐롤라이나주와의 계약은 회사의 기존 입지를 확대하고 주 내 추가 수주 기회를 창출할 것으로 기대된다.

경영진 실적 전망(가이던스)

경영진은 상반기 중 시행된 비용 절감 조치의 대부분이 2026년 3분기와 4분기에 본격적인 효과를 나타낼 것으로 예상하고 있다.

또한 회사는 인력 외 분야에서 연간 수백만 달러의 비용 절감을 가져올 추가 효율화 방안을 발굴했다. 경영진은 3분기에 이러한 조치를 시행할 계획이며, 2026년 4분기부터 2027년까지 뚜렷한 효과가 나타날 것으로 기대하고 있다.

지속적인 반복 매출 성장, 정돈된 비용 구조, 자본 규율을 바탕으로 경영진은 2026년 하반기 중 조정 EBITDA 흑자를 달성할 것으로 전망한다. 다만 이 목표는 지속적인 실행력과 비용 통제가 전제되어야 한다.

'Go Secure'의 경우 경영진의 목표는 2026년 3분기 중 출시 파트너와의 초기 상업적 조건을 확정하고 적절한 경우 최종 본계약을 체결하는 것이다.

리스크 및 주요 점검 사항

자동 번호판 인식(ALPR) 시장은 대중의 검증 강화, 데이터 보유·공유·접근에 관한 규제 강화, 활발해진 소송 환경에 직면해 있다. 경영진은 이러한 요인들로 인해 업계 전반의 영업 주기가 길어졌다고 밝혔다.

정부 조달 시기는 여전히 불확실하다. 회사가 'Command' 파이프라인과 관련해 여러 교통부 및 지방자치단체와 소통하고 있지만, 경영진은 계약 체결 시점을 예측하기 어려울 수 있다고 언급했다.

조정 EBITDA 흑자 목표는 지속적인 실행력, 반복 매출 성장, 비용 통제에 달려 있다. 한편 회사는 기존 수익 공유 의무에 대한 리파이낸싱 방안도 검토 중이나, 이번 실적 발표 전화회의에서 구체적인 진행 상황은 밝히지 않았다.

애널리스트 Q&A 주요 내용

사우스캐롤라이나주 사업에 대해 경영진은 신규 계약이 회사의 기존 입지를 넓히고 조지아주에서의 접근 방식과 유사하게 주 내 추가 사업을 추진할 수 있는 기반을 제공한다고 밝혔다.

'Command' 파이프라인과 관련해 경영진은 해당 연도 내 신규 수주가 가능하다고 설명했다. 정부의 계약 일정은 예측하기 어렵지만, 회사는 파이프라인을 유지하며 여러 교통부 및 지방자치단체와 지속적으로 논의하고 있다.

ALPR 개인정보 보호 우려에 대해 경영진은 고객과 감독 기관이 과도한 감시를 유발하지 않으면서 AI 기반 공공안전 기술을 활용하는 방법을 여전히 모색 중이라고 언급했다. 회사는 개인정보 보호, 고객의 데이터 통제권, 책임 있는 데이터 사용에 오랫동안 집중해 온 점이 규제 준수 요건이 구체화됨에 따라 강점이 될 수 있다고 믿고 있다.

실적 발표 전화회의 녹취록 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.]