C#, 1040 bytes

using System;using System.Drawing;class _{static Bitmap i;static bool b(int x,int y)=>i.GetPixel(x,y).GetBrightness()<.4;static char l(int x,int y){if(y<45)return b(x+5,145)?((b(x+30,100)||b(x+30,50))?(b(x+68,94)?(b(x+40,50)?'D':b(x+40,120)?(b(x+45,80)?'M':'N'):'H'):b(x,97)?(b(x+30,140)?'E':b(x+60,70)?(b(x+50,140)?'R':'P'):'F'):b(x+65,45)?(b(x+5,100)?'K':b(x+30,145)?'Z':'X'):'B'):b(x+30,140)?'L':'1'):b(x+30,55)?(b(x+60,70)?'7':'T'):b(x+2,100)?'U':b(x+30,70)?'W':b(x+15,100)?'V':'Y';if(y<70)return b(x+50,110)?(b(x+50,70)?(b(x+10,110)?(b(x+30,100)?(b(x+55,80)?'8':'6'):b(x+55,80)?'0':'G'):b(x+10,70)?(b(x+60,80)?'9':'S'):b(x+60,120)?'3':'2'):'G'):b(x+30,125)?'Q':'C';if(y>150)return'A';if(y>120)return'J';if(y>95)return b(x+10,135)?'5':'4';return'-';}static void Main(string[]z){i=new Bitmap(Console.ReadLine());bool s=true;int w=int.MinValue;for(int x=100;x<800;++x){for(int y=40;y<160;++y)if(s){if(b(x,y)){if(w>50)Console.Write(' ');Console.Write(l(x,y));s=false;goto e;}}else if(b(x,y))goto e;if(!s){s=true;w=0;}else++w;e:continue;}}}

Ungolfed:

using System;
using System.Drawing;

class _
{
    static Bitmap bmp;
    static bool b(int x, int y) => bmp.GetPixel(x, y).GetBrightness() < .4;
    static char l(int x, int y)
    {
        if (y < 45)
            return b(x + 5, 145) ? ((b(x + 30, 100) || b(x + 30, 50)) ? (b(x + 68, 94) ? (b(x + 40, 50) ? 'D' : b(x + 40, 120) ? (b(x + 45, 80) ? 'M' : 'N') : 'H') : b(x, 97) ? (b(x + 30, 140) ? 'E' : b(x + 60, 70) ? (b(x + 50, 140) ? 'R' : 'P') : 'F') : b(x + 65, 45) ? (b(x + 5, 100) ? 'K' : b(x + 30, 145) ? 'Z' : 'X') : 'B') : b(x + 30, 140) ? 'L' : '1') : b(x + 30, 55) ? (b(x + 60, 70) ? '7' : 'T') : b(x + 2, 100) ? 'U' : b(x + 30, 70) ? 'W' : b(x + 15, 100) ? 'V' : 'Y';
        if (y < 70)
            return b(x + 50, 110) ? (b(x + 50, 70) ? (b(x + 10, 110) ? (b(x + 30, 100) ? (b(x + 55, 80) ? '8' : '6') : b(x + 55, 80) ? '0' : 'G') : b(x + 10, 70) ? (b(x + 60, 80) ? '9' : 'S') : b(x + 60, 120) ? '3' : '2') : 'G') : b(x + 30, 125) ? 'Q' : 'C';
        if (y > 150)
            return 'A';
        if (y > 120)
            return 'J';
        if (y > 95)
            return b(x + 10, 135) ? '5' : '4';
        return '-';
    }
    static void Main(string[] args)
    {
        bmp = new Bitmap(Console.ReadLine());
        bool state = true;
        int space = int.MinValue;
        for (int x = 100; x < 800; ++x)
        {
            for (int y = 40; y < 160; ++y)
                if (state)
                {
                    if (b(x, y))
                    {
                        if (space > 50)
                            Console.Write(' ');
                        Console.Write(l(x, y));
                        state = false;
                        goto bad;
                    }
                }
                else if (b(x, y))
                    goto bad;
            if (!state)
            {
                state = true;
                space = 0;
            }
            else
                ++space;
            bad:
            continue;
        }
    }
}

Basically I found some specific reference points to check yellow/black to determine the identity of each character.