Senstar Technologies (SNT) 2026 年第二季法說會：LiDAR 驅動營收成長

重點摘要

• Senstar Technologies 公佈 2026 年第二季營收為 1,040 萬美元，受惠於亞太地區 (APAC)、歐美非地區 (EMEA) 及光學雷達 (LiDAR) 銷售成長，年增 8%。
• 歸屬於 Senstar 股東的淨利為 35.1 萬美元，即每股盈餘 0.02 美元。EBITDA 轉正至 55.1 萬美元，相較 2026 年第一季虧損 40.3 萬美元有所改善。
• 光學雷達 (LiDAR) 合併銷售額年增近 100%，占全球總銷售額的 20%，高於第一季的 11%。Blickfeld 也在第二季實現正向 EBITDA。
• 亞太地區營收年增 93%，歐美非地區成長 14%。美國營收則下滑 14%，主因 2025 年底聯邦政府停擺後，矯正設施專案持續延宕。
• 管理層預計美國矯正設施業務將在 2026 年下半年復甦，理由是已出現早期復甦跡象且無重大專案取消。
• Senstar 計劃在第三季末前推出嵌入式光纖系列產品，並預計光纖平台與 Symphony 工作流引擎都將於 2026 年下半年推出。

核心財務數據

業務與營運表現

光學雷達 (LiDAR) 為本季主要成長動力。合併光學雷達銷售額年增近一倍，占全球營收的 20%。管理層將此表現歸功於 Blickfeld 原有團隊與 Senstar 銷售組織的共同貢獻，同時拒絕單獨拆分各自的營收貢獻。

該公司表示，其光學雷達業務管道正在北美、拉丁美洲、歐美非地區及亞太地區拓展，涵蓋安防、體積監測與交通應用。管理層亦認為其與 Senstar 現有產品線重疊有限，並指出 3D 光學雷達主要在周界及戶外應用中與熱影像攝影機競爭。

亞太地區為成長最快的區域，營收年增 93%，今年以來累計成長 21%。需求主要來自公用事業、資料中心、矯正設施及機場，日本與南亞活動有所改善。光學雷達在該區域的採用仍處於早期階段。

歐美非地區營收年增 14%，今年以來累計成長 26%，由公用事業、資料中心、機場及能源領域領軍。Senstar 最近在中東聘請了一名區域銷售總監，以支援業務拓展與光學雷達的成長。

北美營收下滑 12%，其中美國下降 14%。美國矯正設施業務的疲軟抵銷了光學雷達的成長及公用事業的持續強勁表現。加拿大恢復成長，營收增加 19%。

在 Senstar 的四大核心垂直領域中，銷售額年減約 18%，主要受美國矯正設施業務放緩影響。在資料中心、電信與太陽能電廠帶動下，公用事業營收成長 17%，交通運輸領域亦有所成長。

管理層指引

管理層預計美國矯正設施業務將在 2026 年下半年復甦，不過具體時間仍屬預期而非確定的復甦。公司表示已看到早期改善跡象，且並未失去重大客戶專案。

Senstar 預計第二季約 130 萬美元研發費用可大致代表合併集團的常態水準。未來潛在的加拿大 IRAP 資助或符合資格的德國補助金可能會降低研發成本。

嵌入式光纖系列預計將於 2026 年第三季末全面推出。其支援 AI 的平台旨在提高入侵檢測能力、減少誤報，並將基於光纖的周界防護延伸至短距離應用。

Symphony 工作流引擎亦預計於 2026 年下半年推出。管理層希望該產品隨著時間推移能推動軟體銷售與經常性營收。

風險與關注焦點

• 聯邦政府停擺後，美國矯正設施專案仍處於延宕狀態，預期下半年復甦的時間點仍具不確定性。
• 受產品組合影響，毛利率年減，但呈現季增改善。
• 與 2025 年第二季相比，Blickfeld 相關費用推升了營業費用，並削弱了營業利益與 EBITDA。
• 在以現金完成 Blickfeld 收購後，現金及短期存款降至 800 萬美元，不過 Senstar 報告季末並無負債。
• 將公司多元化的潛在業務管道轉化為實際營收，仍是管理層明定的優先事項。

分析師問答亮點

管理層表示，由於 Senstar 目前將業務作為單一公司營運，因此無法單獨揭露第二季成長中有多少來自 Blickfeld。管理層強調，原 Blickfeld 團隊與 Senstar 的銷售團隊均對光學雷達的成長有所貢獻。

Blickfeld 約占第二季研發費用的 30 萬美元，佔年增幅的大部分。管理層指出，在考慮可能的補助金情況下，合併集團目前單季總研發支出約 130 萬美元屬於合理水準。

在美國銷售方面，管理層重申其對矯正設施業務將在下半年復甦的預期。Senstar 還任命了新的美國及拉丁美洲銷售副總裁，以鞏固其在矯正設施領域的地位，同時加速在公用事業和資料中心領域的拓展。

管理層預計光學雷達銷售將透過向安防客戶進行交叉銷售，以及拓展 Blickfeld 既有的體積監測與交通市場繼續成長。公司未提供具體的光學雷達營收預測。

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管理層陳述

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.

分析師問答

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.