核心要點

• 2026財年第二季度營收按年增長2%至1270萬美元，上半年營收增長6%至2290萬美元。
• 第二季度經常性收入增長14%至670萬美元，前六個月增長21%至1330萬美元，增速超過整體營收增速。
• 在部署效率提升以及高毛利軟件與經常性收入佔比增加的推動下，第二季度調整後毛利率從50%擴大至56%。
• 調整後EBITDA虧損按年收窄79%至約120萬美元。本季度運營現金消耗下降至240萬美元。
• 管理層預計將在2026財年下半年實現調整後EBITDA盈利，前提是保持持續的執行力和成本控制。
• 公司旨在2026財年第三季度與Go Secure首批合作伙伴敲定初始商業條款，同時繼續擴大道路數據經常性收入。

關鍵財務數據

與去年同期相比，涵蓋一般及行政費用、銷售與營銷費用以及研發費用的運營費用在第二季度減少了400萬美元，上半年減少了430萬美元。

本季度包含因租賃負債重新計量而產生的280萬美元非現金收益。管理層表示，這一一次性項目與營收增長、調整後毛利增加以及成本削減共同推動了財報顯示的營業利潤。

業務與運營表現

經常性收入仍是主要增長驅動力。管理層表示，收入結構正向按合同履行的、可重複且毛利率更高的收入轉變。第二季度的增長並不依賴於大型非經常性軟件交易。

公司於6月推出了Go Secure視頻產品。該產品在採集時對視頻進行密碼學簽名，並逐幀檢測內容是否被篡改。這一真實性驗證框架現已擴展至已錄製音頻，包括檢測拼接、刪除和合成替換。

管理層表示，正與潛在的Go Secure首批合作伙伴進行積極洽談，並在商業條款方面採取審慎態度。公司認為該技術有望拓展至其初始推廣市場之外。

在交通領域，管理層指出，隨着客戶逐步淘汰路面傳感器，相關機構對非侵入式AI驅動系統的需求持續增加。數據即服務模式正在支持經常性收入增長。與南卡羅來納州簽署的合同預計將擴大公司現有的業務覆蓋範圍，並為在該州開展更多業務創造機會。

管理層業績指引

管理層預計，上半年實施的大部分降本措施將在2026財年第三和第四季度發揮更充分的效益。

公司還確定了其他非人力相關的降本增效舉措，預計每年可節省數百萬美元。管理層計劃在第三季度執行這些措施，預計在2026財年第四季度及2027財年產生明顯效果。

基於經常性收入的持續增長、更精簡的費用基礎和資本紀律，管理層預計將在2026財年下半年實現調整後EBITDA盈利。該目標的實現仍取決於持續的執行力和成本控制。

針對Go Secure，管理層的目標是在2026財年第三季度敲定首批合作伙伴的初始商業條款，並在適當情況下籤署正式協議。

風險與關注領域

自動車牌識別（ALPR）市場正面臨更嚴格的公衆審查、關於數據留存、共享和訪問的更為收緊的規定，以及更活躍的訴訟環境。管理層表示，這些問題拉長了整個行業的銷售周期。

政府採購時間仍存在不確定性。儘管公司正在就其Command項目管線與多個交通部門及其他行政轄區進行溝通，但管理層指出，合同簽署的具體時間難以預測。

調整後EBITDA盈利目標取決於持續的執行力、經常性收入增長和成本控制。公司還在評估針對現有收入分成債務的再孖展方案，但電話會議中未提供明確的最新進展。

分析師問答環節要點

關於南卡羅來納州，管理層表示新合同擴大了公司目前的業務版圖，並提供了一個在該州爭取更多業務的平台，類似於其在佐治亞州採取的做法。

關於Command項目管線，管理層表示在本日曆年內有可能贏得新項目。公司保持着項目儲備，並繼續與多個交通部門和行政轄區保持溝通，不過政府簽約的時間線難以預測。

關於ALPR隱私顧慮，管理層表示客戶和監管機構仍處於探索階段，即如何在不造成過度監控的前提下使用基於人工智能的公共安全技術。公司認為，隨着合規要求的完善，其長期以來對隱私保護、客戶自主權和負責任數據使用的重視可能會成為一項競爭優勢。

業績電話會議完整文字記錄

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完整財報電話會議逐字稿

管理層陳述

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.]

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