0001628280-26-051066
SEC filing营收增长23%但净亏损收窄，time and attendance业务驱动，盈利质量改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $37,113K | $30,124K | +23% |
| Gross Profit | $25,055K | $19,911K | +26% |
| Gross Margin | 68% | 66% | +200bps |
| Operating Income | -$2,396K | -$4,652K | +48% |
| Operating Margin | -6.5% | -15.4% | +890bps |
| Net Income | -$4,443K | -$6,123K | +27% |
| Diluted EPS | -$0.15 | -$0.22 | +32% |
| Operating Cash Flow | $7,180K | $5,151K | +39% |
| Free Cash Flow | $391K | -$1,319K | +130% |
Q2营收$37.1M同比+23%，主要受time and attendance业务增长驱动。Recurring revenue $33.96M同比+19%，占总营收91%；Professional services, hardware and other revenue $3.16M同比+106%，主要来自time and attendance硬件销售。Gross margin提升至68%（+200bps），同样归因于time and attendance业务增长。
Operating loss收窄至$2.4M，Operating margin改善890bps至-6.5%，主要得益于营收增长和费用率下降。Sales and marketing费用率降至25%（-200bps），G&A费用率降至33%（-300bps）。Net loss收窄至$4.4M，亏损率降至12%（去年同期20%）。
盈利质量方面，Operating cash flow $7.18M同比+39%，主要受非现金调整（depreciation, amortization, share-based compensation）驱动。Free cash flow转正至$0.39M，去年同期为-$1.32M。剔除一次性项目后，run-rate盈利能力持续改善。
公司为单一报告分部，无分部披露。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $19,679K | $25,244K (-22%) |
| Total Debt | $71,395K | $70,775K (+1%) |
| Inventory | $2,048K | $2,826K (-28%) |
| Deferred Revenue | $7,915K | $13,531K (-42%) |
| Operating Cash Flow | $7,180K | $5,151K (+39%) |
| Capex | $472K | $393K (+20%) |
| Free Cash Flow | $391K | -$1,319K (+130%) |
Net Debt = Total Debt - Cash = $71,395K - $19,679K = $51,716K。Net Debt/EBITDA未披露，无法计算。
资本配置：Q2无回购、无分红。完成一项客户关系资产收购，总价$6.18M（现金$4.73M+票据$0.88M+股票$0.45M）。Total debt $71.4M，其中MidCap Senior Credit Facility $60M（利率8.99%），符合Total Leverage Ratio ≤5.50x和最低流动性$10M的契约要求。
前瞻指引：未提供具体财务指引。
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