실적분석 2026년 8월 4일

Hakkett Group ($HCKT) Q2 2026 Earnings Analysis — Adjusted Profit Meets Estimates, Revenue Slightly Misses, After-Hours Weakness

Earnings Scorecard

Revenue: $69.30 million (approximately -12% year-over-year; estimate $69.63 million) ❌ Miss

EPS (Earnings Per Share): $0.34 on an adjusted basis (vs. $0.38 year-over-year; estimate $0.34) In line

Guidance: Newly issued — Q3 revenue before reimbursements of $68 million–$70 million, adjusted diluted EPS of $0.37–$0.39

Stock reaction: After-hours -6.11% ($10.6) — as of 08-05 06:21 Korea Standard Time

The Positives

Adjusted profit met estimates: Adjusted diluted EPS of $0.34 landed at the midpoint of consensus and the company's own guidance

Cash generation & shareholder returns: $15.20 million in operating cash flow; $4.00 million in buybacks and $3.00 million in dividends

SAP growth & platform bookings: Expansion in SAP segment revenue; platform-led bookings exceeded $30 million

Hakkett Group, an artificial-intelligence strategy consulting and digital transformation firm, reported Q2 2026 (period ended June 26) adjusted diluted EPS of $0.34. This matched the consensus estimate of $0.34 and also corresponded to the midpoint of the guidance range the company had pre-announced. GAAP diluted EPS came in at $0.18, a significant increase from $0.06 in the year-ago period, and net income (total net income, same as attributable to common shareholders) was approximately $4.41 million.

Cash flow remained relatively solid. Q2 operating cash flow of $15.20 million reduced net debt by $6.10 million, and the company executed $4.00 million in share buybacks and $3.00 million in dividends. Cash at quarter-end stood at $14.20 million, with $81.00 million drawn on its credit facility; subsequently, the credit facility was upsized to $125.00 million and its maturity extended. The board also newly declared a quarterly dividend of $0.12 per share.

At the segment level, SAP Solutions pre-reimbursement revenue of approximately $17.44 million grew from roughly $13.52 million a year earlier, serving as a growth pillar. Management explained that platform-led bookings surpassed $30 million and that demand for AI-driven transformation was accelerating.

The Negatives

Sharp year-over-year revenue decline: Total revenue of $69.30 million, down about 12% from $78.89 million in the prior-year period

Adjusted profit retreat year-over-year: Adjusted EPS of $0.34, down from $0.38 in the year-ago quarter

Core segment weakness: Pre-reimbursement revenue in Global Strategy and Oracle declined sharply year-over-year

Total revenue of $69.30 million (pre-reimbursement revenue of $68.34 million) fell notably from $78.89 million in the prior-year period (pre-reimbursement of $77.63 million), and also came in slightly below the market's revenue estimate of $69.63 million. The company noted that its business-model transition is ongoing, and short-term revenue visibility therefore does not yet appear fully clear.

Adjusted EPS met expectations but trailed the year-ago $0.38, leaving "hitting the number" and "growth recovery" as separate issues. By segment, Global Strategy & Benchmarking & Transformation (SNBT) pre-reimbursement revenue came in at roughly $35.59 million, down from about $43.61 million a year earlier, while Oracle Solutions also declined to approximately $15.32 million from roughly $20.49 million in the prior-year period. SAP growth provided some offset but was not enough to prevent a company-wide revenue decline.

Interest expense also rose year-over-year (net interest expense of approximately $1.21 million), and restructuring charges of around $0.49 million flowed through the income statement, reflecting transition-related costs in the P&L. The market appears to have weighed revenue contraction and the recovery timeline more heavily than earnings defense.

What Management Said

Management characterized Q2 as another quarter of ongoing business-model transition while indicating that the Q3 outlook represents an important inflection point from both an operational and financial perspective. The tone is that, with recent platform-led bookings surpassing $30 million and rising demand for AI-driven transformation services, the company expects both sequential revenue growth and year-over-year growth in adjusted EPS in Q3.

The company's Q3 guidance calls for pre-reimbursement revenue of $68 million–$70 million and adjusted diluted EPS of $0.37–$0.39 (assuming a GAAP effective tax rate of 26.5%). Compared with Q2 pre-reimbursement revenue of $68.34 million, the midpoint implies only a modest rebound, while adjusted profit is projected to improve versus Q2. However, the market read the message as closer to an "inflection in transition" rather than "transition complete," and is likely to focus on how quickly bookings translate into actual revenue and margins.

Market Reaction and What to Watch Next

Even with adjusted EPS meeting expectations, the after-hours selloff suggests the market placed greater weight on the year-over-year revenue contraction and uncertainty around the business transition than on the earnings number itself. While Q3 guidance points to a sequential rebound and adjusted earnings recovery, the revenue recovery magnitude is not large enough to be viewed as a full-fledged rebound — that interpretation appears to be weighing on the stock. The platform-bookings and AI-transformation narrative remains valid as a medium-term story, but the market's view is that near-term results have yet to prove it out.

We will monitor where Q3 pre-reimbursement revenue lands within the guidance range and confirm the actual sequential rebound magnitude.

We will track the pace at which platform- and AI-related bookings are recognized as revenue, and whether the Global Strategy and Oracle segments stabilize.

We will check whether adjusted EPS comes in within the $0.37–$0.39 range and whether margin recovery accompanies it.