SPAR Group (SGRP) 2026 年第二季法說會：EBITDA 大增 63%，重置財測指引

SPAR Group (SGRP) 於 2026 年第二季恢復獲利，主因成本削減以及業務重心轉向經常性、高毛利的商品展售服務，抵銷了店面改裝活動放緩的影響。

重點摘要

• 第二季淨營收年減 4.5% 至 3,690 萬美元，主因店面改裝業務量減少。
• 歸屬於 SPAR Group 的 GAAP 淨利為 40.9 萬美元，或稀釋後每股盈餘 0.02 美元，為公司自 2025 年第一季以來首次實現單季獲利。
• 調整後 EBITDA 年增 63% 至 210 萬美元，調整後淨利升至 83.8 萬美元，或稀釋後每股盈餘 0.04 美元。
• 毛利率保持在 22% 以上，達 22.8%。管理層認為，隨著營收組合、生產力及規模效益改善，長期毛利率有望逐步朝 25% 左右邁進。
• SPAR 將 2026 全年營收展望修正為 1.3 億美元至 1.38 億美元，反映店面改裝預估放緩以及持續強調商品展售業務。
• 在收到 Nasdaq 下市通知後，該公司於 7 月下旬開始在 OTCQB 櫃買市場交易，股票代碼為 SGRP。

核心財務數據

業務與營運表現

核心美國商品展售業務與加拿大業務均在該季度實現銷售成長。以商品展售為主的加拿大業務，仍是 SPAR 北美平台的重要貢獻者。

管理層表示，整體營收下滑完全歸因於店面改裝業務。SPAR 已減少對改裝市場及回報無法合理化所需營運資金客戶的曝險。公司轉而優先發展可支持更高毛利與更持久營收的經常性商品展售計畫。

SPAR 也正在與 ReposiTrak 開發掃描即售交易 (scan-based trading) 方案，並利用該零售科技公司的專業知識重構其技術平台。管理層預期這些舉措將提升可擴充性、庫存透明度及公司的市場推廣方案。

管理層指引

SPAR 修正了 2026 全年展望，反映店面改裝活動減少以及商品展售業務持續成長的努力：

管理層表示，隨著公司接近年底並邁入 2027 年，SG&A 費用正趨向 2026 年指引範圍的低端。在特定重組措施完成全年度效應後，SPAR 預計其基礎年度 SG&A 經常性費用將朝約 2,000 萬美元邁進。

長期來看，管理層相信，在更佳的營收組合、成熟的生產力舉措及規模擴展的支持下，毛利率可朝 25% 靠攏。

風險與關注焦點

儘管獲利能力改善，但店面改裝活動減少正在拉低營收。該策略亦要求 SPAR 在毛利率品質與支持客戶計畫所需的營運資金之間取得平衡。

第二季營業活動使用了 870 萬美元現金，管理層將此主要歸因於與商品展售成長相關的營運資金時間差。

SPAR 從 Nasdaq 轉至 OTCQB 可能仍是股東關注的焦點。管理層表示，公司上訴下市的理由有限，考慮到其規模與合規要求，將 OTCQB 視為次佳市場。

分析師問答重點

管理層確認，營收展望下修僅反映店面改裝活動減少，而非商品展售業務流失。商品展售業務在第二季及 2026 年上半年均實現成長，加拿大業務亦錄得成長。

被問及與 ReposiTrak 的協議時，管理層表示 SPAR 正與該零售科技公司合作重構其系統平台，並預計該舉措將帶來顯著效益。

關於涉及 Robert Brown 的持續法律訴訟，管理層拒絕提供細節，但表示認為該事項對 SPAR 的營運不構成重大影響。

法說會逐字稿全文

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.