Cuộc họp công bố kết quả kinh doanh Q2 2026 của Senstar Technologies (SNT): LiDAR thúc đẩy tăng trưởng doanh thu

Thông tin trọng tâm

• Senstar Technologies đã báo cáo doanh thu quý 2/2026 đạt 10,4 triệu USD, tăng 8% so với cùng kỳ năm ngoái, nhờ đà tăng trưởng tại khu vực APAC, EMEA và doanh số LiDAR.
• Lợi nhuận ròng phân bổ cho các cổ đông của Senstar đạt 351.000 USD, tương đương 0,02 USD trên mỗi cổ phiếu. EBITDA đã trở lại mức dương 551.000 USD, cải thiện so với khoản lỗ 403.000 USD trong quý 1/2026.
• Tổng doanh số LiDAR đã tăng gần 100% so với cùng kỳ năm ngoái và chiếm 20% tổng doanh số toàn cầu, tăng từ mức 11% trong quý 1. Blickfeld cũng đạt EBITDA dương trong quý 2.
• Doanh thu tại khu vực APAC tăng 93% so với cùng kỳ năm ngoái, trong khi EMEA tăng 14%. Doanh thu tại Mỹ giảm 14% do các dự án trại giam tiếp tục bị trì hoãn sau đợt đóng cửa chính phủ liên bang vào cuối năm 2025.
• Ban lãnh đạo dự kiến các hoạt động trại giam tại Mỹ sẽ khôi phục trong nửa cuối năm 2026, dẫn chứng bằng những dấu hiệu phục hồi sớm và không có dự án lớn nào bị hủy.
• Senstar có kế hoạch ra mắt dòng sản phẩm sợi quang tích hợp vào cuối quý 3 và dự kiến khởi chạy cả nền tảng sợi quang lẫn công cụ quy trình làm việc Symphony trong nửa cuối năm 2026.

Dữ liệu tài chính cốt lõi

Kết quả hoạt động và kinh doanh

LiDAR là động lực tăng trưởng chính trong quý. Tổng doanh số LiDAR đã tăng gần gấp đôi so với cùng kỳ năm ngoái và đạt 20% doanh thu toàn cầu. Ban lãnh đạo cho rằng kết quả này có được là nhờ đóng góp từ cả đội ngũ hiện tại của Blickfeld và tổ chức bán hàng của Senstar, đồng thời từ chối tách biệt đóng góp doanh thu riêng của từng đơn vị.

Công ty cho biết danh mục dự án LiDAR tiềm năng đang mở rộng trên các ứng dụng an ninh, giám sát thể tích và giao thông tại Bắc Mỹ, Mỹ Latinh, EMEA và APAC. Ban lãnh đạo cũng nhận thấy mức độ trùng lặp hạn chế với danh mục hiện tại của Senstar, đồng thời mô tả LiDAR 3D chủ yếu cạnh tranh với camera nhiệt trong các ứng dụng ngoài trời và bảo vệ chu vi.

APAC là khu vực tăng trưởng nhanh nhất, với doanh thu tăng 93% so với cùng kỳ năm ngoái và tăng 21% từ đầu năm đến nay. Nhu cầu đến từ các ngành tiện ích, trung tâm dữ liệu, trại giam và sân bay, cùng với hoạt động được cải thiện ở Nhật Bản và Nam Á. Việc áp dụng LiDAR tại khu vực này vẫn đang ở giai đoạn đầu.

Doanh thu tại khu vực EMEA tăng 14% so với cùng kỳ năm ngoái và tăng 26% từ đầu năm đến nay, dẫn đầu bởi các ngành tiện ích, trung tâm dữ liệu, sân bay và năng lượng. Senstar gần đây đã bổ nhiệm một giám đốc bán hàng khu vực tại Trung Đông để hỗ trợ phát triển kinh doanh và tăng trưởng mảng LiDAR.

Doanh thu tại Bắc Mỹ giảm 12%, trong đó doanh thu tại Mỹ giảm 14%. Sự sụt giảm trong phân khúc trại giam tại Mỹ đã bù trừ cho đà tăng trưởng của LiDAR và sức mạnh duy trì liên tục ở ngành tiện ích. Canada đã tăng trưởng trở lại với doanh thu tăng 19%.

Tính trên bốn lĩnh vực cốt lõi của Senstar, doanh số đã giảm khoảng 18% so với cùng kỳ năm ngoái, chủ yếu do hoạt động trại giam tại Mỹ chậm lại. Doanh thu ngành tiện ích tăng 17%, nhờ động lực từ các trung tâm dữ liệu, viễn thông và trang trại điện mặt trời, trong khi ngành giao thông vận tải cũng tăng trưởng.

Dự báo của ban lãnh đạo

Ban lãnh đạo kỳ vọng hoạt động trại giam tại Mỹ sẽ phục hồi trong nửa cuối năm 2026, mặc dù thời điểm chính xác vẫn là một kỳ vọng thay vì sự phục hồi chắc chắn được xác nhận. Công ty cho biết họ đã nhận thấy những dấu hiệu cải thiện ban đầu và không bị mất các dự án lớn của khách hàng.

Senstar dự kiến mức chi phí nghiên cứu và phát triển (R&D) trong quý 2 khoảng 1,3 triệu USD sẽ đại diện chung cho toàn tập đoàn hợp nhất. Nguồn tài trợ tiềm năng từ IRAP của Canada hoặc các khoản tài trợ đủ điều kiện của Đức có thể làm giảm chi phí R&D trong tương lai.

Dòng sản phẩm sợi quang tích hợp dự kiến sẽ được phát hành hoàn tất vào cuối quý 3/2026. Nền tảng tích hợp AI của hãng được thiết kế nhằm nâng cao khả năng phát hiện xâm nhập, giảm thiểu cảnh báo giả và mở rộng phạm vi bảo vệ chu vi dựa trên sợi quang sang các ứng dụng khoảng cách ngắn hơn.

Công cụ quy trình làm việc Symphony cũng dự kiến sẽ ra mắt trong nửa cuối năm 2026. Ban lãnh đạo có kế hoạch sử dụng sản phẩm này để hỗ trợ doanh số phần mềm và doanh thu định kỳ theo thời gian.

Rủi ro và các điểm cần theo dõi

• Các dự án trại giam tại Mỹ tiếp tục bị trì hoãn sau đợt đóng cửa chính phủ liên bang, và thời điểm phục hồi dự kiến trong nửa cuối năm vẫn chưa chắc chắn.
• Biên lợi nhuận gộp giảm so với cùng kỳ năm ngoái do cơ cấu sản phẩm, mặc dù đã cải thiện so với quý trước.
• Các chi phí liên quan đến Blickfeld làm tăng chi phí hoạt động và giảm lợi nhuận từ hoạt động kinh doanh cũng như EBITDA so với quý 2/2025.
• Tiền và tiền gửi ngắn hạn giảm xuống còn 8,0 triệu USD sau thương vụ thâu tóm Blickfeld bằng tiền mặt, mặc dù Senstar báo cáo không có nợ vào cuối quý.
• Chuyển đổi danh mục dự án tiềm năng đa dạng của công ty thành doanh thu vẫn là ưu tiên hàng đầu được ban lãnh đạo đề ra.

Nội dung nổi bật trong phần Q&A với chuyên gia phân tích

Ban lãnh đạo cho biết họ không thể tiết lộ riêng mức tăng trưởng trong quý 2 đến từ Blickfeld là bao nhiêu vì Senstar hiện điều hành doanh nghiệp như một công ty duy nhất. Công ty nhấn mạnh rằng cả bộ máy Blickfeld trước đây và lực lượng bán hàng của Senstar đều đóng góp vào đà tăng trưởng của LiDAR.

Blickfeld chiếm khoảng 300.000 USD trong chi phí R&D quý 2, đại diện cho phần lớn mức tăng so với cùng kỳ năm ngoái. Ban lãnh đạo chỉ ra rằng tổng chi tiêu R&D hàng quý khoảng 1,3 triệu USD là mức hợp lý hiện tại cho tập đoàn hợp nhất, tùy thuộc vào các khoản tài trợ có thể nhận được.

Về doanh số tại Mỹ, ban lãnh đạo nhắc lại kỳ vọng rằng hoạt động trại giam sẽ phục hồi trong nửa cuối năm. Senstar cũng đã bổ nhiệm Phó Chủ tịch bán hàng mới phụ trách khu vực Mỹ và Mỹ Latinh nhằm củng cố vị thế trong mảng trại giam, đồng thời đẩy nhanh việc mở rộng sang mảng tiện ích và trung tâm dữ liệu.

Ban lãnh đạo dự kiến doanh số LiDAR sẽ tiếp tục tăng trưởng thông qua việc bán chéo cho các khách hàng an ninh và mở rộng sang các thị trường giao thông và giám sát thể tích đã được thiết lập của Blickfeld. Công ty không đưa ra dự báo doanh thu cụ thể cho mảng LiDAR.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.