DHI Group, Inc.

Second-quarter revenue was not stated as a consolidated figure in the transcript, but segment revenue totaled $15.6 million for ClearanceJobs, up 14% year over year, and $15.8 million for Dice, down 14% year over year. Net income was $2.6 million, or $0.06 per diluted share, versus a net loss of $800,000, or $0.02 per diluted share, in the prior-year quarter; non-GAAP EPS was $0.09 versus $0.07. Adjusted EBITDA was $8.3 million with a 27% margin, unchanged from a year ago. Gross margin was discussed qualitatively as roughly an 80% run rate on ClearanceJobs, and management said the lower margin was related to the PSG acquisition. For the full year, DHI expects revenue of $124 million to $128 million and third-quarter revenue of $30 million to $32 million. Full-year segment revenue guidance is $62 million to $64 million for both ClearanceJobs and Dice, and adjusted EBITDA margin targets remain 25% for DHI, 40% for CJ, and 24% for Dice; free cash flow is expected to average at or above 10% of revenue.

Art Zeile framed the business as positioned at the intersection of defense spending and demand for specialized technology talent, with ClearanceJobs as the growth engine and Dice as a recovery story. He emphasized that ClearanceJobs is seeing broader demand from nontraditional defense-tech companies, highlighted record new-customer activity, and said the company is still investing in product innovation and adjacent services. His tone was confident and constructive, repeatedly pointing to long-term secular trends and a growing addressable market.

Greg Schippers focused on the improved profitability profile and capital returns. He cited $27.5 million of operating expenses, down 17% from $33.3 million a year ago, $2.6 million of net income, $8.3 million of adjusted EBITDA, $6.1 million of operating cash flow, and $4.5 million of free cash flow. He also noted $3.8 million of cash, $32 million of debt, leverage of 0.89x adjusted EBITDA, $2 million of share repurchases in the quarter, $600,000 of debt refinancing costs, and $4.5 million remaining on the $10 million repurchase authorization.

Analysts pressed on why CJ retention hit 110%, and management said it was a mix of more seats and upsells, with profile views carrying the most weight. They also asked whether CJ organic bookings could accelerate further; Greg said there is a path to double-digit revenue growth on an organic basis. On Dice, management said 2026 bookings growth is not expected, but Art said the business could be flat to marginally up next year as staffing conditions improve and renewals roll through late in the year. Questions on AI interfaces and Dice’s self-serve model drew the answer that the MCP server is not monetizable yet, while self-serve had no meaningful Q2 impact because marketing spend had only recently ramped.