10-Q · May 14, 2026
ReposiTrak, Inc. reported a slight decrease in revenue for Q3 2026 compared to the previous year, with total revenue of $5,883,198, reflecting a 1% decline. However, the company saw an increase in earnings per share…
Earnings analysis · 10-K
TRAK earnings analysis
Filed September 28, 2026 · Our reading of the company's report
The latest report
ReposiTrak delivered modest 3% revenue growth but improved profitability substantially, with operating margin rising to approximately 33.7%, diluted EPS increasing to $0.39 and recurring revenue reaching $23.1 million.…
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ReposiTrak delivered modest 3% revenue growth but improved profitability substantially, with operating margin rising to approximately 33.7%, diluted EPS increasing to $0.39 and recurring revenue reaching $23.1 million. Liquidity remains strong at $27.3 million of cash with no bank debt, supported by $8.2 million of operating cash flow and continued dividends and repurchases. However, the newly expanded SPAR investment and associated unsecured debt introduce material execution, valuation and credit risks, while the FSMA 204 delay could defer traceability demand.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.39
- Segment
- One operating segment; fiscal 2026 revenue was $23,287,319, including $23,098,359 of recurring subscription and support revenue and $188,960 of non-recurring setup and training revenue. All revenue was generated in North America.
What stood out
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Recurring Hub-and-Spoke SaaS Strategy
ReposiTrak describes a hub-and-spoke SaaS model connecting retail and wholesale “Hubs” with supplier “Spokes,” across Compliance, Traceability and Supply Chain application suites. Management is emphasizing recurring subscription services over non-recurring transactions.
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Revenue Growth Continued
Revenue increased 3% to $23.3 million in fiscal 2026 from $22.6 million in fiscal 2025, primarily due to growth in recurring subscription revenue across compliance, supply chain and traceability solutions.
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Mix Shift Toward Recurring Revenue
Recurring subscription and support revenue rose 4% to $23.1 million from $22.3 million, while non-recurring setup and training revenue declined 38% to $188,960 from $305,226, indicating a favorable mix shift toward recurring revenue.
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Material Margin Expansion
Gross margin improved to approximately 85.8% as cost of services fell to $3.3 million, or 14% of revenue, from 16% in fiscal 2025. Operating margin increased to approximately 33.7%, with operating income rising to $7.84 million from $6.23 million.
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Earnings and Cash Generation Improved
Diluted EPS increased to $0.39 from $0.35, while net income rose to $7.57 million from $6.98 million. Operating cash flow remained strong at $8.22 million, compared with $8.42 million in fiscal 2025.
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Strong Liquidity and Shareholder Returns
The company reported $27.3 million of cash and no bank debt at June 30, 2026. It repurchased 143,904 common shares for $1.80 million, paid $1.64 million of dividends, and has $5.99 million remaining under its repurchase authorization.
What to watch
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New SPAR Investment and Debt Exposure
The company’s SPAR exposure materially increased after year-end: on July 1, 2026 it acquired 4,709,837 SPAR shares, bringing beneficial ownership to approximately 31%, and issued a $2,571,885 unsecured note bearing 6% interest and maturing July 1, 2030. Management states that it does not control SPAR and that the investment may decline in value while note payments remain due regardless of SPAR’s performance.
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Regulatory Delay Could Slow Traceability Adoption
FSMA 204 compliance was delayed by 30 months to July 20, 2028, versus the prior January 20, 2026 deadline. The filing warns that further delays, reduced penalties or slower industry adoption could materially slow demand for the company’s traceability technology.
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Capital Deployment and Working Capital Pressure
Fiscal 2026 cash used in investing was $4.12 million, including a $3.0 million advance under the SPAR note receivable and $1.0 million of capitalized software development costs. Working capital declined to $24.2 million from $28.2 million, while current liabilities increased 54% to $8.5 million, increasing exposure to investment execution, development spending and liquidity variability.
Management's outlook
The 10-K provides no quantitative annual revenue or EPS guidance; management states that existing cash, short-term investments and expected operating cash flow should fund requirements for at least the next twelve months.
Earlier filings 4
10-Q · February 17, 2026
ReposiTrak reported Q2 revenue of $5,856,811, up $365,903 (6.7%) versus $5,490,908 in the prior-year quarter, driven by recurring subscription revenue of $5,715,651. Operating income rose to $1,816,933 (operating margin…
10-Q · February 12, 2025
ReposiTrak reported quarterly revenue of $5,490,908 (up $365,157 or ~7.1% vs. $5,125,751 year-ago) and diluted/basic EPS of $0.08 (up $0.01 vs. $0.07). Operating income rose to $1,352,051 (operating margin ~24.6%) and…
10-K · September 30, 2024
ReposiTrak, Inc. reported strong performance in their fiscal year 2024, with net income increasing to $5,958,290 from $5,590,289 in 2023. The company's focus on compliance and traceability within the food supply chain…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.