REKR 2026财年第二季度业绩电话会：经常性收入增长与下半年盈利目标

核心要点

• 2026财年第二季度营收同比增长2%至1270万美元，上半年营收增长6%至2290万美元。
• 第二季度经常性收入增长14%至670万美元，前六个月增长21%至1330万美元，增速超过整体营收增速。
• 在部署效率提升以及高毛利软件与经常性收入占比增加的推动下，第二季度调整后毛利率从50%扩大至56%。
• 调整后EBITDA亏损同比收窄79%至约120万美元。本季度运营现金消耗下降至240万美元。
• 管理层预计将在2026财年下半年实现调整后EBITDA盈利，前提是保持持续的执行力和成本控制。
• 公司旨在2026财年第三季度与Go Secure首批合作伙伴敲定初始商业条款，同时继续扩大道路数据经常性收入。

关键财务数据

与去年同期相比，涵盖一般及行政费用、销售与营销费用以及研发费用的运营费用在第二季度减少了400万美元，上半年减少了430万美元。

本季度包含因租赁负债重新计量而产生的280万美元非现金收益。管理层表示，这一一次性项目与营收增长、调整后毛利增加以及成本削减共同推动了财报显示的营业利润。

业务与运营表现

经常性收入仍是主要增长驱动力。管理层表示，收入结构正向按合同履行的、可重复且毛利率更高的收入转变。第二季度的增长并不依赖于大型非经常性软件交易。

公司于6月推出了Go Secure视频产品。该产品在采集时对视频进行密码学签名，并逐帧检测内容是否被篡改。这一真实性验证框架现已扩展至已录制音频，包括检测拼接、删除和合成替换。

管理层表示，正与潜在的Go Secure首批合作伙伴进行积极洽谈，并在商业条款方面采取审慎态度。公司认为该技术有望拓展至其初始推广市场之外。

在交通领域，管理层指出，随着客户逐步淘汰路面传感器，相关机构对非侵入式AI驱动系统的需求持续增加。数据即服务模式正在支持经常性收入增长。与南卡罗来纳州签署的合同预计将扩大公司现有的业务覆盖范围，并为在该州开展更多业务创造机会。

管理层业绩指引

管理层预计，上半年实施的大部分降本措施将在2026财年第三和第四季度发挥更充分的效益。

公司还确定了其他非人力相关的降本增效举措，预计每年可节省数百万美元。管理层计划在第三季度执行这些措施，预计在2026财年第四季度及2027财年产生明显效果。

基于经常性收入的持续增长、更精简的费用基础和资本纪律，管理层预计将在2026财年下半年实现调整后EBITDA盈利。该目标的实现仍取决于持续的执行力和成本控制。

针对Go Secure，管理层的目标是在2026财年第三季度敲定首批合作伙伴的初始商业条款，并在适当情况下签署正式协议。

风险与关注领域

自动车牌识别（ALPR）市场正面临更严格的公众审查、关于数据留存、共享和访问的更为收紧的规定，以及更活跃的诉讼环境。管理层表示，这些问题拉长了整个行业的销售周期。

政府采购时间仍存在不确定性。尽管公司正在就其Command项目管线与多个交通部门及其他行政辖区进行沟通，但管理层指出，合同签署的具体时间难以预测。

调整后EBITDA盈利目标取决于持续的执行力、经常性收入增长和成本控制。公司还在评估针对现有收入分成债务的再融资方案，但电话会议中未提供明确的最新进展。

分析师问答环节要点

关于南卡罗来纳州，管理层表示新合同扩大了公司目前的业务版图，并提供了一个在该州争取更多业务的平台，类似于其在佐治亚州采取的做法。

关于Command项目管线，管理层表示在本日历年内有可能赢得新项目。公司保持着项目储备，并继续与多个交通部门和行政辖区保持沟通，不过政府签约的时间线难以预测。

关于ALPR隐私顾虑，管理层表示客户和监管机构仍处于探索阶段，即如何在不造成过度监控的前提下使用基于人工智能的公共安全技术。公司认为，随着合规要求的完善，其长期以来对隐私保护、客户自主权和负责任数据使用的重视可能会成为一项竞争优势。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.]