Senstar Technologies spent most of its cash in February buying Blickfeld, a Munich maker of three-dimensional LiDAR sensors that already sat in the partner channel. The second-quarter print is the first period that looks like that check bought a growth engine rather than just a thinner treasury. Revenue rose and the combined company returned to a thin profit, while management said Blickfeld itself delivered positive EBITDA. LiDAR now represents about twenty percent of global sales after nearly doubling on a combined basis.
The rebound is real and still incomplete. Cash and short-term deposits fell to $8.0 million. That compares with $22.5 million at year-end, almost entirely because the Blickfeld close was funded in cash. The first half remains a net loss, and the United States corrections franchise is still waiting on delayed federal projects. Growth arrived from Asia Pacific, Europe, utilities, data centers, and airports rather than from the historical North American prison book. Gross margin slipped on mix and the Blickfeld consolidation, and operating expenses rose on deal costs plus the added Munich engineering bench.
What the next two quarters decide is whether LiDAR stays a material slice of the mix while those delayed projects convert and the mid-sixties gross margin holds. The equity already trades as a stalled micro-cap rather than as a successful platform expansion. The live debate is which of those two descriptions the second half confirms.