스파 그룹(SGRP) 2026년 2분기 실적발표 컨퍼런스 콜: EBITDA 63% 증가, 가이던스 재조정

SPAR 그룹(SGRP)은 리모델링 활동 둔화를 비용 절감과 마진이 높은 반복적 머천다이징 서비스 중심으로의 전환으로 상쇄하며 2026년 2분기에 흑자 전환에 성공했습니다.

핵심 요약

• 2분기 순매출은 주로 리모델링 물량 감소로 인해 전년 동기 대비 4.5% 감소한 3,690만 달러를 기록했습니다.
• SPAR 그룹의 GAAP 기준 귀속 순이익은 40만 9,000달러(희석 주당 0.02달러)를 기록해 2025년 1분기 이후 첫 분기 흑자를 기록했습니다.
• 조정 EBITDA는 전년 동기 대비 63% 증가한 210만 달러를 기록했고, 조정 순이익은 83만 8,000달러(희석 주당 0.04달러)로 증가했습니다.
• 매출총이익률은 22.8%로 22% 상회를 유지했습니다. 경영진은 매출 믹스, 생산성 및 규모의 경제가 개선됨에 따라 향후 약 25% 수준에 도달할 것으로 전망하고 있습니다.
• SPAR는 예상보다 저조한 리모델링 활동과 머천다이징 사업에 대한 지속적인 집중을 반영해 2026년 전체 매출 전망치를 1억 3,000만~1억 3,800만 달러로 수정했습니다.
• 회사는 나스닥 상장 폐지 통보 이후 7월 말부터 티커명 SGRP로 OTCQB 시장에서 거래되기 시작했습니다.

핵심 재무 데이터

사업 및 운영 실적

이번 분기 동안 주력 사업인 미국 머천다이징 부문과 캐나다 법인 모두 매출 성장을 기록했습니다. 머천다이징 중심의 캐나다 사업은 SPAR의 북미 플랫폼 성장에 계속해서 크게 기여했습니다.

경영진은 전체 매출 감소가 전적으로 리모델링 사업 둔화에 기인한다고 설명했습니다. SPAR는 투입되는 운전자본 대비 수익성이 낮아진 리모델링 시장 및 고객사에 대한 노출을 줄였습니다. 대신 높은 마진과 지속 가능한 매출을 창출할 수 있는 반복적 머천다이징 프로그램을 우선시하고 있습니다.

또한 SPAR는 리포지트랙(ReposiTrak)과 함께 스캔 기반 거래(Scan-based trading) 방식을 개발하고 있으며, 이 리테일 테크 기업의 전문성을 활용해 자사의 기술 역량을 재구축하고 있습니다. 경영진은 이러한 노력을 통해 확장성, 재고 가시성 및 시장 진입(Go-To-Market) 역량이 향상될 것으로 기대하고 있습니다.

경영진 가이던스

SPAR는 리모델링 사업 둔화와 머천다이징 분야의 지속적인 성장 노력을 반영하여 2026년 전체 실적 전망을 다음과 같이 수정했습니다.

경영진은 연말이 다가오고 2027년으로 넘어가면서 판매관리비가 2026년 예상 범위의 하단에 가까워지고 있다고 말했습니다. 특정 구조조정 조치의 효과가 연간 기준으로 완전히 반영되면, SPAR는 근본적인 연간 판매관리비 집행률(run rate)이 약 2,000만 달러 수준으로 감소할 것으로 예상합니다.

장기적으로 경영진은 매출 믹스 개선, 생산성 향상 이니셔티브의 결실, 규모의 경제 확대를 바탕으로 매출총이익률이 25%에 근접할 수 있을 것으로 보고 있습니다.

리스크 및 주요 관전 포인트

수익성 개선에도 불구하고 리모델링 활동 감소로 인해 매출이 줄어들고 있습니다. 또한 이 전략을 추진하려면 고객 프로그램을 지원하는 데 필요한 운전자본과 마진 품질 간의 균형을 맞춰야 합니다.

2분기 중 영업활동에서 870만 달러의 현금이 사용되었으며, 경영진은 이것이 주로 머천다이징 성장에 따른 운전자본 집행 시점 차이 때문이라고 설명했습니다.

SPAR가 나스닥에서 OTCQB로 이전한 것은 주주들의 주된 관심사로 남아 있을 수 있습니다. 경영진은 상장 폐지에 항소할 근거가 부족했으며, 회사의 규모와 규제 준수 요건을 고려할 때 OTCQB가 차선책의 시장이라고 판단했다고 밝혔습니다.

애널리스트 Q&A 주요 내용

경영진은 매출 전망 하향 조정이 머천다이징 사업의 이탈이 아니라 단지 리모델링 활동 둔화만을 반영한 것임을 확인했습니다. 머천다이징 부문은 2026년 2분기와 상반기 모두 성장했으며, 캐나다 사업도 성장을 기록했습니다.

리포지트랙(ReposiTrak)과의 계약에 대한 질문에, 경영진은 SPAR가 이 리테일 테크 기업과 협력하여 시스템을 재구축하고 있으며 이 구상을 통해 상당한 혜택을 기대하고 있다고 답했습니다.

로버트 브라운(Robert Brown)과 관련된 진행 중인 법적 문제에 대해 경영진은 구체적인 답변을 거부했으나, 해당 사안이 SPAR의 운영에 중대한 영향을 미치지는 않을 것으로 본다고 말했습니다.

실적 발표 전화회의 전체 녹취록

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.