BOS Better Online Solutions Ltd (BOSC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the BOS conference call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow. Before I turn the call over to Mr. Cohen, I would like to remind everyone that forward-looking statements for the respective company's business, financial condition and results of its operations are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated.

女士們、先生們，感謝你們的支持。歡迎參加 BOS 電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，並將於明天在 BOS 網站上發布。在我將電話轉給科恩先生之前，我想提醒大家，有關各自公司業務、財務狀況和經營業績的前瞻性陳述受風險和不確定性的影響，這可能導致實際結果與預期結果有重大差異。

Such forward-looking statements include, but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks and product and technology development and the effect of the company's accounting policies as well as certain other risk factors, which are detailed from time to time in the company's filings with the various securities authorities.

此類前瞻性陳述包括但不限於產品需求、定價、市場接受度、不斷變化的經濟條件、風險、產品和技術開發、公司會計政策的影響以及某些其他風險因素，這些因素在公司不時向各證券機構提交的文件中詳細說明。

I would now like to turn the call over to Mr. Eyal Cohen, CEO. Mr. Cohen, please go ahead.

現在我想將電話轉給執行長 Eyal Cohen 先生。科恩先生，請繼續。

Good morning, everyone, and welcome to BOS Second Quarter 2025 Earnings Call. I am joined today by our CFO, Mr. Moshe Zeltzer. On our previous calls, I emphasized our focus on the defense sector while diversifying our customer base. That strategy is paying off. I'm excited to share what has been another exceptional quarter for BOS as the momentum from our record-setting first quarter continued in the second. We have delivered our strongest revenue growth in recent years with sales jumping 36% year-over-year to $11.5 million this quarter. This growth is being driven primarily by the exceptional performance of our Supply Chain division, which increased revenues by 57% to $8.3 million this quarter.

大家早安，歡迎參加 BOS 2025 年第二季財報電話會議。今天和我一起出席的還有我們的財務長 Moshe Zeltzer 先生。在我們之前的電話會議中，我強調了我們對國防部門的關注，同時使我們的客戶群多樣化。這項策略正在取得成效。我很高興與大家分享 BOS 的另一個非凡季度，我們創紀錄的第一季的勢頭在第二季度得以延續。我們實現了近年來最強勁的營收成長，本季銷售額年增 36%，達到 1,150 萬美元。這一成長主要得益於我們供應鏈部門的出色表現，該部門本季營收成長了 57%，達到 830 萬美元。

While we are addressing some temporary challenges in our RFID division, the overall trajectory gives us confidence for the remainder of 2025. Profitability, our net income surged 53% to $765,000 compared to the same quarter last year. That is $0.13 of earnings per share just in the second quarter.

雖然我們正在應對 RFID 部門的一些暫時挑戰，但整體發展軌跡讓我們對 2025 年剩餘時間充滿信心。在獲利能力方面，我們的淨收入與去年同期相比飆升53%，達到765,000美元。光是第二季每股收益就達到 0.13 美元。

This outpaced our revenue growth, which tells you we are not just chasing top line numbers, we are building a more efficient operation and leveraging our scale to drive profit efficiency. Our EBITDA increased to $900,000, up from about $800,000 in second quarter of 2024. This gives us the operational cash flow we need to invest in growth while maintaining financial stability.

這超過了我們的收入成長，這說明我們不僅僅追求營收數字，我們還在建立更有效率的運營，並利用我們的規模來提高利潤效率。我們的 EBITDA 從 2024 年第二季的約 80 萬美元增至 90 萬美元。這為我們提供了投資成長並維持財務穩定的營運現金流。

Now let's talk about our contracted backlog and what it tells us about business momentum. We ended 2024 with a record $27 million in contracted backlog. As expected, it declined to $22 million by March this year as we executed on those contracts and converted backlog to revenue for a record first quarter result. Our backlog has grown back to $24 million as of June 30 this year, giving us increasingly clear visibility into the back half of the year. Our financial foundation has never been stronger. Cash and equivalents grew to $5.2 million, up from $3.6 million at the year-end. Combined with $24 million in total equity, we have the resources to execute our expansion plans without compromising operational stability. We have the flexibility to capitalize on opportunities as they arise, whether that's supporting organic growth or pursuing strategic acquisitions.

現在讓我們來談談我們的合約積壓情況以及它告訴我們有關業務發展勢頭的信息。截至 2024 年，我們的合約積壓訂單量達到創紀錄的 2,700 萬美元。正如預期的那樣，由於我們執行了這些合約並將積壓訂單轉化為收入，創下了第一季的業績記錄，到今年 3 月，這一數字下降至 2,200 萬美元。截至今年 6 月 30 日，我們的積壓訂單已回升至 2,400 萬美元，這使我們對下半年的前景越來越清晰。我們的財務基礎從未如此強大。現金及等價物從年底的 360 萬美元成長至 520 萬美元。加上 2,400 萬美元的總股本，我們擁有足夠的資源來執行我們的擴張計劃，而不會影響營運穩定性。我們可以靈活地利用出現的機會，無論是支持有機成長還是進行策略性收購。

Based on that, we are seeing in our business and our contracted activity for the second half, we are raising our full year guidance. We now expect revenue between $45 million and $48 million. That's up from our previous guidance of $44 million. At the midpoint, it's about 16% year-over-year, and that is entirely organic growth from our business initiatives before any additional benefit of possible strategic initiatives. More importantly, we are raising our net income guidance up from $2.5 million to between $2.6 million and $3.1 million. At the midpoint, it's about 24% year-over-year. This reflects not just stronger revenue expectations, but our confidence in our ability to convert that revenue into bottom line results, plus profit leverage as we scale the operating base of our business. Our guidance is based on concrete contracted activity with both existing and new customers, diligent execution and commitment to deliver the best results for our stakeholders.

基於此，我們看到了下半年的業務和合約活動，因此我們提高了全年業績預期。我們現在預計收入在 4500 萬美元至 4800 萬美元之間。這高於我們之前預測的 4400 萬美元。中間值年增約 16%，這完全是來自我們業務計劃的有機成長，尚未考慮任何可能的策略舉措帶來的額外利益。更重要的是，我們將淨收入預期從 250 萬美元上調至 260 萬美元至 310 萬美元之間。中間值年增約 24%。這不僅反映了更強的收入預期，也反映了我們對將收入轉化為底線業績的能力的信心，以及隨著我們擴大業務營運基礎而產生的利潤槓桿。我們的指導是基於與現有和新客戶的具體合約活動、勤勉的執行以及為利害關係人提供最佳結果的承諾。

With that, I will turn the call over to Moshe to cover the financials.

說完這些，我將把電話轉給 Moshe 來處理財務事宜。

Thank you, Eyal. I'd like to focus on some of the operational dynamics that are driving these results and address a few specific items that deserve your attention. While we are thrilled with our revenue growth and our net income, we see additional opportunity in our margin performance. That is an area we are focused to improve and deliver even better bottom line performance in the future. Our overall gross profit margin was 23% compared to 26% in the same quarter last year. This quarter's margins were a little lower than target, while last year was higher than typical.

謝謝你，埃亞爾。我想重點介紹推動這些結果的一些營運動態，並討論一些值得您關注的具體事項。雖然我們對收入成長和淨收入感到非常興奮，但我們在利潤率表現中看到了更多機會。這是我們未來重點改善並實現更好獲利表現的領域。我們的整體毛利率為 23%，而去年同期為 26%。本季的利潤率略低於目標，而去年的利潤率高於正常水平。

We are aiming to achieve a balance in the middle where we can deliver sustained performance. Let me break this down by division so we can understand how we can drive even better performance down the road. Our RFID division saw a gross profit margin temporarily decreased to 19.1% from 21.1%. This was primarily due to certain service line challenges that we have already identified and addressed. We have implemented restructuring initiatives, and we expect this division to return to normalized performance levels by Q4 2025. Our Supply Chain division delivered a 24% gross profit margin, which is within our expected parameters.

我們的目標是實現中間平衡，以便能夠提供持續的績效。讓我按部門來細分一下，這樣我們就能了解如何在未來達到更好的績效。我們的 RFID 部門毛利率暫時從 21.1% 下降至 19.1%。這主要是由於我們已經發現並解決了某些服務線挑戰。我們已經實施了重組計劃，預計該部門到 2025 年第四季將恢復正常績效水準。我們的供應鏈部門實現了 24% 的毛利率，這符合我們的預期。

The 28% margin in Q2 2024 benefited from a particularly favorable product mix that quarter. So the current level represents a more sustainable baseline. As part of the RFID restructuring, we recorded a noncash goodwill charge of $700,000 this quarter. This charge was largely offset by $696,000 in favorable currency fluctuation between the U.S. dollar and the Israeli new shekel. Our cash position improvement to $5.2 million reflects strong operational cash generation, supplemented by $400,000 from warrant and option exercises in the second quarter. We are managing working capital efficiently while supporting our growth trajectory. The increase in deferred revenue to $3.2 million from $2 million at year-end indicates strong advanced booking and provides additional confidence in our near-term revenue visibility.

2024 年第二季 28% 的利潤率得益於該季度特別有利的產品組合。因此，當前水準代表了更永續的基線。作為 RFID 重組的一部分，我們本季記錄了 70 萬美元的非現金商譽費用。這筆費用大部分被美元和以色列新謝克爾之間 696,000 美元的有利貨幣波動所抵消。我們的現金狀況改善至 520 萬美元，反映了強勁的營運現金產生，再加上第二季認股權證和選擇權行使帶來的 40 萬美元。我們在支持成長軌蹟的同時，有效管理營運資金。遞延收入從年底的 200 萬美元增加到 320 萬美元，顯示預訂量強勁，並增強了我們對近期收入可見性的信心。

Thank you. And now let's open it up for your questions.

謝謝。現在讓我們來回答你們的問題。

Hey, good morning, guys. This is Todd Felte from StoneX Wealth Management. Congratulations on a great quarter and raising the guidance and the strong outlook. Just had a couple of quick questions. What percent of your revenue is now defense based?

嘿，大家早安。我是 StoneX Wealth Management 的 Todd Felte。恭喜您取得了出色的季度業績、提高了指導值並展望了強勁前景。我只想問幾個簡單的問題。您現在的收入中有多少百分比用於國防？

It's more than 60% of our total, the consolidated revenues, and we anticipate that it will grow in year '26 because of the growing demand in this Defense segment.

它占我們總收入的 60% 以上，由於國防領域的需求不斷增長，我們預計它在 26 年還會增長。

Okay. And is that Defense business, is it mostly directly with the IDF? Or is it through other companies like Rafael or Elbit?

好的。這是國防業務嗎？它主要與以色列國防軍直接相關嗎？還是透過 Rafael 或 Elbit 等其他公司？

Yes, it's mostly through Rafael, Elbit and the Israeli aircraft industry. And recently, we are bidding directly with the IDF. As you know, our new director, new Board member has a good record in the IDF and he is helping us to open the gate there.

是的，主要是透過拉斐爾、埃爾比特和以色列飛機工業。最近，我們正在與以色列國防軍直接競標。如你所知，我們的新主任、新董事會成員在以色列國防軍中有著良好的記錄，他正在幫助我們在那裡打開大門。

Okay. And your tax loss carryforward is still around $60 million, but only an Israeli-based company could take advantage of that if they acquired you. Is that correct?

好的。您的稅務虧損結轉仍約為 6000 萬美元，但只有以色列公司在收購您時才能利用這一點。對嗎？

I think even if a foreign company will acquire the control on BOS, still the company is registered in Israel. And if it continue to generate profit, it won't pay taxes regardless the holder of the company.

我認為即使一家外國公司獲得 BOS 的控制權，該公司仍然是在以色列註冊的。如果它繼續產生利潤，無論公司持有人是誰，它都不會納稅。

Okay. I know you've talked about M&A activity, but help me understand why someone like an Elbit Systems, which is Israeli-based and they're NASDAQ listed with a $450 stock price and a $20-plus billion market cap. Why wouldn't they acquire you for onetime sales or $8 a share or $48 million and then take advantage of the $60 million tax loss carryforward? Is there antitrust laws or something that I'm missing there?

好的。我知道您談到了併購活動，但請幫我理解為什麼像 Elbit Systems 這樣的公司，它是一家以色列公司，在納斯達克上市，股價為 450 美元，市值超過 200 億美元。為什麼他們不以一次性銷售或每股 8 美元或 4800 萬美元的價格收購你，然後利用 6000 萬美元的稅收虧損結轉？是否存在反壟斷法或我遺漏了什麼？

No, I don't think there is any limitation to do that. I think it's -- maybe it's their strategic move, which company to acquire. I don't think there is any obstacle to do it.

不，我認為這樣做沒有任何限制。我認為——也許這是他們的策略舉措，收購哪家公司。我認為這樣做沒有任何障礙。

Okay. And on you guys acquiring other companies, have you made any progress? Or are there any targets out there that you're willing to discuss at this point?

好的。在收購其他公司方面，你們取得了什麼進展嗎？或者您現在願意討論哪些目標？

Yeah. As I mentioned in previous quarters, we all the time have at least 2 opportunities on the table. We are checking. We are -- and we have all the tools to go ahead once we decided that the company is -- it is the one that we will acquire. But we are checking, negotiating. And once it will be -- once we see it's a good deal for our shareholders, we will do it.

是的。正如我在前幾個季度提到的那樣，我們始終至少有 2 個機會。我們正在檢查。一旦我們決定收購這家公司，我們就有一切工具可以繼續前進。但我們正在核實、協商。一旦我們認為這對我們的股東有利，我們就會這麼做。

Congratulations again on an outstanding quarter.

再次恭喜您本季取得的優異成績。

This is Scott White at [ CIMCO ]. Can I ask a question?

我是 Scott White，[ 西姆科 ]。我可以問一個問題嗎？

Yes, please.

是的，謝謝。

Congrats on the great quarter, first of all. Can you highlight any new major customers in this quarter that you got? Or did the bulk of the business come from your existing customer base?

首先，恭喜本季取得如此出色的成績。您能重點介紹本季獲得的新主要客戶嗎？或是大部分業務來自您現有的客戶群？

I think it's less new customers. We have new customers, but the more important is the -- expanding the offering to the existing customer base. And we are doing very well with the new line of products of the wiring for our clients in Israel and especially to our clients in India, and it's going very well, and it's one of the growth engine of the revenues in '25 and in '26 as well.

我認為新客戶較少。我們有新客戶，但更重要的是－擴大對現有客戶群的服務。我們為以色列客戶，特別是印度客戶提供的新型配線產品線做得非常好，而且進展順利，這也是 25 年和 26 年收入的成長引擎之一。

Okay. And then secondly and lastly, despite the raise on the guidance, it sounds like the second half is going to be down versus the first half of the year. Are there any seasonal headwinds? Can you flesh that out, please?

好的。其次，也是最後一點，儘管提高了預期，但聽起來下半年的業績與上半年相比將會下降。是否存在季節性不利因素？能詳細說明一下嗎？

Yes. I think we had an exceptional first quarter, as you remember, with record revenues, which were exceptional. And this is the reason why the second half of the year will be in a lower revenue rate and profit as compared to the first half of the year.

是的。我認為，正如你們所記得的，我們第一季取得了非凡的成績，創下了創紀錄的收入。這也是為什麼下半年的營收和利潤會比上半年低的原因。

Second, we have to take some cautions because we have the backlog that they cover the year, the second half of the year, but we have to be cautious with the supply chain issue. Not all the time, we will be able to provide on time and to record the revenue on time as we had a store at the fourth quarter of year '24 when some major orders were pushed to the first quarter of year '25, and we saw the results. So this is the reason why we gave some conservative estimation for the second half of the year with the range that we will be in between.

其次，我們必須採取一些謹慎措施，因為我們有今年、下半年的積壓訂單，但我們必須對供應鏈問題保持謹慎。並非所有時候，我們都能夠按時供貨並按時記錄收入，因為我們在 24 年第四季度開設了一家商店，當時一些主要訂單被推遲到 25 年第一季度，我們看到了結果。因此，這就是我們對下半年做出保守估計的原因，範圍將介於兩者之間。

Any further questions, please?

還有其他問題嗎？

Sorry. Congratulations on a great quarter. I was just wondering if you can shed a little bit more light on your Robotics division and any new product road map that you may have?

對不起。恭喜您本季取得優異成績。我只是想知道您是否可以進一步介紹一下您的機器人部門以及您可能擁有的任何新產品路線圖？

Yes. We are -- the Robotics division is strategically focused on the defense clients in Israel. And the main client is Elbit Systems, which invest a huge amount of budget in establishing new factories, and those factories supposed to work by robotic systems, and we try to be involved in many systems as we can. The backlog of this division is about $3 million. Actually, we can deliver it by the second half of the year, but there are some delays from our client that their facility is not ready to install, but it will be ready in the second half of the year, so it will be a great year for the Robotic division.

是的。我們的機器人部門在戰略上專注於以色列的國防客戶。主要客戶是 Elbit Systems，該公司投入了大量預算建立新工廠，這些工廠應該由機器人系統運作，我們盡可能地參與系統。該部門的積壓訂單約為300萬美元。實際上，我們可以在下半年交付，但我們的客戶有一些延誤，他們的設施尚未準備好安裝，但它將在下半年準備就緒，因此對於機器人部門來說這將是偉大的一年。

Meanwhile, there is one system of robotic line, production line of Elbit system, which is on the road to one country, to a European country, and it will be the first installation of our line in Europe through our client. And we hope that there will be more sites like that through Elbit around the world.

同時，還有一套機器人生產線，Elbit 系統的生產線，正在運送到一個國家，一個歐洲國家，這將是我們透過客戶在歐洲首次安裝該生產線。我們希望透過 Elbit 在世界各地建立更多這樣的網站。

Just a quick follow-up. So currently, it's just so concentrated on one customer. I'm just wondering if you have a feel for potentially repurposing this technology into other industries. And especially, I'm interested in the US. Is -- do you have any feelers for what you could do for the US market?

只是一個快速的跟進。因此目前，它只是專注於一個客戶。我只是想知道您是否有將這項技術重新用於其他行業的可能性。尤其是我對美國很有興趣。您是否試探過自己能為美國市場做些什麼？

We can do for the US market, but through our clients because they are doing the cell, and we are -- we provide a turnkey solution for the automation line. And I think it's more safety for us to work on that way. But in Israel, we also work in the civil market, especially in logistics centers when we provide robotic cells for -- mainly for palletizing. But our major focus is the defense for -- at least for the coming 2 or 3 years. I think we can increase the business significantly once we grab more projects from Elbit. And there are projects, there are budget.

我們可以為美國市場提供服務，但透過我們的客戶，因為他們正在做單元，而我們——我們為自動化生產線提供交鑰匙解決方案。我認為這樣工作對我們來說比較安全。但在以色列，我們也在民用市場開展業務，特別是在物流中心，我們為碼垛作業提供機器人單元。但我們的主要重點是未來 2 到 3 年的防禦。我認為，一旦我們從 Elbit 獲得更多項目，我們的業務就能大幅成長。有項目，有預算。

I have one follow-up. From an Investor Relations perspective, you guys had previously indicated you're going to be in the United States doing some marketing. Have you firmed up those plans yet? And what dates and what cities will you be here?

我有一個後續問題。從投資人關係的角度來看，你們之前曾表示將前往美國做一些行銷工作。你已經確定這些計劃了嗎？您將在什麼日期和哪些城市來這裡？

I think is on the call. And I think next week, we will let you know to all the investors that are interesting to meet me. So we will send the schedule. I believe it will be in October. And I will be happy to meet you, Scott.

我認為正在通話中。我想下週我們會通知所有有興趣與我見面的投資者。因此我們將發送時間表。我相信會在十月。我很高興見到你，斯科特。

Any further questions?

還有其他問題嗎？

Sorry, I'm not quite sure how to get in the queue. Could I ask a question now?

抱歉，我不太清楚該如何排隊。我現在可以問一個問題嗎？

Sorry?

對不起？

Could I ask a question? I'm not sure how to properly get in the queue. I apologize.

我可以問一個問題嗎？我不確定如何正確排隊。我很抱歉。

Yes.

是的。

I have a question about -- a little bit about the defense spending, which is this year is obviously the major part of your revenue. What do you think is going to -- how much of it is cyclicality? Obviously, there was a war with Iran. There is a war in Gaza, unfortunately, still ongoing, and the budget is elevated. I understand that the defense budget in Israel is higher than the previous years and probably continue growing.

我有一個關於國防開支的問題，這顯然是今年你們收入的主要部分。您認為其中有多少是週期性的？顯然，與伊朗發生了戰爭。不幸的是，加薩的戰爭仍在繼續，而且預算也在增加。據我了解，以色列的國防預算比前幾年還要高，而且可能還會繼續成長。

But how much of your business is actually due to replenishing of Elbit and Rafael of the exhaust stocks of the defense after especially the war with Iran and also the operations in Gaza. What do you think would happen like 1 or 2 years down the road if hopefully the peace will prevail? How will it impact your revenue?

但是，你們的業務中有多少實際上是由於埃爾比特和拉斐爾補充了國防庫存，特別是在與伊朗的戰爭以及加薩行動之後。如果和平能夠實現，您認為一兩年後會發生什麼事？它將如何影響您的收入？

I think that the Israeli defense industry is strong industry even before the war. The big exposure -- they are leaders in the world defense industry, and they will continue to do so for many, many years, and we are trying to touch to them. They are giant. We are small. So every piece of budget that we can grab, it has a fantastic and significant influence on us. But regardless this point, we see -- we feel that in the coming two years, there will be extensive budget expansion due to the level of ammunition in the warehouses and due to opening, establishing new production lines. By the way, most of it due to the embargo in Israel.

我認為，以色列國防工業在戰前就已經是強大的工業。巨大的曝光度——他們是世界國防工業的領導者，並且在未來很多年裡他們仍將保持這一地位，我們正試圖與他們聯繫。它們是巨人。我們很小。因此，我們所能獲得的每一筆預算都會對我們產生巨大而重大的影響。但無論這一點如何，我們都看到——我們感覺在未來兩年內，由於倉庫中的彈藥水平以及新生產線的開設和建立，預算將大幅增加。順便說一句，這大部分是由於以色列的禁運造成的。

So the decision of Israel government was to establish production line of ammunition that previously were both from Europe and from the US. So we believe that this situation will push the Israeli economy and the defense industry will be the leaders in the Israeli economy. And strategically, this is the place that we want to stick to.

因此，以色列政府決定建立以前來自歐洲和美國的彈藥生產線。因此我們相信這種情況將推動以色列經濟，國防工業將成為以色列經濟的主導。從戰略上來說，這是我們想要堅守的地方。

My other question that's also related to defense is about the international opportunities. So especially obviously encouraging sales to India. Do you see significant expanding of your opportunities given that, obviously, Israeli military showcased itself to be superior during the recent events? How do you see the future expanding in other countries? And is it a direct work with the companies or this is basically through your subcontracting with Rafael, Elbit and other Israeli companies?

我的另一個問題也與防禦有關，是關於國際機會。因此，這顯然會促進對印度的銷售。鑑於以色列軍隊在最近的事件中明顯展現出其優勢，您是否認為自己的機會將大大增加？您如何看待未來在其他國家的擴張？這是與這些公司直接合作嗎？還是基本上是透過與 Rafael、Elbit 和其他以色列公司簽訂分包合約？

Yes. I think the major country we are focusing on is India because it's a world hub for assembly that serve the defense industry. We see the -- I visited there recently, and I saw buildings of -- one building serving the Israeli aircraft industry, other building service Elbit, other building service, Boeing et cetera. So it's a hub. And this is a place that we want to expand our business regardless of the business that we are doing with the subcontractor of Rafael and Elbit in India. But to do a direct business, with the assembly industry in India. And we even consider -- we consider -- we are considering to open a local office in India to grab more business opportunities over there.

是的。我認為我們關注的主要國家是印度，因為它是服務國防工業的全球組裝中心。我們看到——我最近參觀了那裡，看到了——一座建築服務於以色列飛機工業，另一座建築服務於埃爾比特，另一座建築服務於波音等等。所以它是一個樞紐。無論我們與印度的拉斐爾和埃爾比特的分包商有何業務往來，我們都希望在這裡拓展業務。而是與印度的裝配業進行直接的生意往來。我們甚至考慮——我們考慮——我們正在考慮在印度開設當地辦事處，以便在那裡抓住更多的商機。

By the way, especially in the -- in our line of cabling, wiring.

順便說一句，特別是在我們的佈線、接線領域。

Any further questions? Okay. So thank you. As we look ahead, I'm optimistic about several key factors.

還有其他問題嗎？好的。所以謝謝你。展望未來，我對幾個關鍵因素感到樂觀。

First, market positioning. Our focus on the defense, industrial and retail sectors position us in markets with sustained demand for our supply chain optimization and automation solutions. Second, technology integration. The convergence of our three divisions, the Intelligent Robotics, the RFID, the Supply Chain division is creating a unique value proposition for customers who will need comprehensive solutions. Third, customer relationships. We are seeing deeper engagement with existing customers and successful expansion into new accounts. Our $24 million backlog reflects this growing confidence in our capabilities. And let's close with this that Q2 represents more than just strong quarterly results.

第一，市場定位。我們專注於國防、工業和零售領域，這使我們處於對我們的供應鏈優化和自動化解決方案持續需求的市場中。第二，技術融合。我們的三個部門（智慧機器人、RFID、供應鏈部門）的整合正在為需要全面解決方案的客戶創造獨特的價值主張。第三，客戶關係。我們與現有客戶的互動日益深入，新客戶的拓展也日趨成功。我們 2,400 萬美元的積壓訂單反映了人們對我們能力日益增長的信心。最後，我們要說的是，第二季不僅代表著強勁的季度業績。

It demonstrates the effectiveness of our strategic focus, the strength of our market position and the capabilities of our team. So we are building a sustainable profitable growth while maintaining the financial flexibility to capitalize on future opportunities. And with our raised guidance for 2025, we are confident in our trajectory. So thank you for joining us today, and please don't hesitate to reach out if you need additional information or would like to schedule a follow-up discussion. by phone or during my visit in the U.S. during October.

它證明了我們策略重點的有效性、我們市場地位的強大以及我們團隊的能力。因此，我們正在實現可持續的獲利成長，同時保持財務靈活性，以利用未來的機會。隨著我們提高 2025 年的指導方針，我們對我們的發展軌跡充滿信心。感謝您今天加入我們，如果您需要更多資訊或希望安排後續討論，請隨時透過電話或在我十月份訪問美國期間與我們聯繫。

So have a great day, and thank you again.

祝您有愉快的一天，再次感謝您。

Bye-bye. Thank you.

再見。謝謝。