胜星科技 (SNT) 2026财年第二季度业绩电话会：激光雷达推动营收增长

核心要点

• Senstar Technologies公布2026财年第二季度营收为1040万美元，同比增长8%，这主要得益于亚太地区、EMEA地区以及激光雷达（LiDAR）销售的增长。
• 归属于Senstar股东的净利润为35.1万美元，即每股0.02美元。EBITDA转正至55.1万美元，较2026财年第一季度的40.3万美元亏损有所改善。
• 激光雷达综合销售额同比增长近100%，占全球总销售额的20%，高于第一季度的11%。Blickfeld在第二季度也实现了正向EBITDA。
• 亚太地区营收同比增长93%，EMEA地区增长14%。由于2025年底联邦政府停摆后矫正设施项目持续推迟，美国市场营收下降14%。
• 管理层预计美国矫正设施业务将在2026年下半年复苏，理由是已出现早期复苏迹象且没有重大项目取消。
• Senstar计划在第三季度末前推出其嵌入式光纤系列产品，并预计光纤平台和Symphony工作流引擎均将在2026年下半年推出。

核心财务数据

业务与运营业绩

激光雷达是本季度的主要增长动力。激光雷达综合销售额同比增长近一倍，占全球营收的20%。管理层将这一表现归因于Blickfeld现有团队和Senstar销售组织的共同贡献，同时拒绝单独拆分各自的营收贡献。

该公司表示，其激光雷达业务管线正在北美、拉丁美洲、EMEA以及亚太地区的安防、体积监测和交通应用领域不断拓展。管理层还认为这与Senstar现有的产品组合重叠有限，并将3D激光雷达描述为在周界和户外应用中主要与热成像摄像机竞争。

亚太地区是增长最快的区域，营收同比增长93%，年初至今增长21%。需求来自公用事业、数据中心、矫正设施和机场，日本和南亚市场的活跃度有所提升。该地区的激光雷达采用率仍处于早期阶段。

在公用事业、数据中心、机场和能源行业的带动下，EMEA地区营收同比增长14%，年初至今增长26%。Senstar最近在中东聘请了一位区域销售总监，以支持业务拓展和激光雷达业务增长。

北美地区营收下降12%，其中美国下降14%。美国矫正设施业务的疲软抵消了激光雷达的增长以及公用事业业务的持续强势。加拿大恢复增长，营收增长19%。

在Senstar的四大核心垂直领域中，销售额同比下降约18%，主要归因于美国矫正设施业务放缓。在数据中心、电信和太阳能电站的推动下，公用事业营收增长17%，交通运输领域也实现增长。

管理层业绩指引

管理层预计美国矫正设施业务将在2026年下半年复苏，不过具体时机仍只是一项预期而非已确认的复苏。公司表示已看到早期改善迹象，且未失去任何重大客户项目。

Senstar预计第二季度约130万美元的研发支出水平大致能代表合并后集团的整体水平。未来来自加拿大国家研究委员会工业研究援助计划（IRAP）的潜在资助或符合条件的德国补助金可能会降低未来的研发成本。

嵌入式光纤系列产品预计将在2026年第三季度末前全面发布。其具备人工智能功能的平台旨在提升入侵检测能力、减少虚警，并将基于光纤的周界防护扩展至较短距离的应用场景。

Symphony工作流引擎也预计将于2026年下半年推出。管理层希望该产品随着时间的推移能够推动软件销售并带来经常性收入。

风险与关注焦点

• 在联邦政府停摆后，美国矫正设施项目依然推迟，预计下半年的复苏时机仍存在不确定性。
• 受产品组合影响，毛利率同比有所下降，但实现环比改善。
• 与2025财年第二季度相比，Blickfeld的相关成本增加了运营支出，并降低了运营利润和EBITDA。
• 在完成以现金支付的Blickfeld收购案后，现金及短期存款降至800万美元，不过Senstar报告季度末无债务。
• 将公司多元化的项目管线转化为实际营收，仍是管理层明确的首要任务。

分析师问答环节要点

管理层表示，由于Senstar目前已将该业务作为一个整体公司运营，因此无法单独披露第二季度的增长中有多少来自Blickfeld。管理层强调，原Blickfeld团队和Senstar的销售团队均对激光雷达的增长做出了贡献。

Blickfeld约占第二季度研发支出的30万美元，占同比增加部分的大多数。管理层指出，如果考虑到可能获得的补助金，合并后集团目前每季度约130万美元的总研发支出是一个合理水平。

在谈及美国销售时，管理层重申了关于矫正设施业务将在下半年复苏的预期。Senstar还任命了一位新的美国及拉丁美洲销售副总裁，以巩固其在矫正设施领域的地位，同时加速在公用事业和数据中心领域的扩张。

管理层预计，通过向安防客户进行交叉销售以及拓展Blickfeld既有的体积监测和交通市场，激光雷达销售额将持续增长。公司未提供具体的激光雷达营收预测。

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

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.

分析师问答

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.