BOS Better Online Solutions Ltd (BOSC) 2025 Q3 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，感謝你們的耐心等待。歡迎參加BOS電話會議。（操作員說明）提醒各位，本次電話會議正在錄音，錄音將於明日起在 BOS 網站上提供。在將電話交給科恩先生之前，我想提醒大家，有關各公司業務、財務狀況和經營業績的前瞻性陳述存在風險和不確定性，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、不斷變化的經濟狀況、風險以及產品和技術發展，以及公司會計政策的影響以及某些其他風險因素，這些風險因素會不時在公司向各證券監管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.

現在我將把電話交給執行長埃亞爾·科恩先生。科恩先生，請繼續。

Thank you. Good morning, and thank you for making the time to meet with us today. Joining me is Mr. Moshe Zeltzer, our Chief Financial Officer. BOS integrate cutting edge technologies to streamline and enhance supply chain operation.

謝謝。早安，感謝您今天抽出時間和我們見面。與我一同出席的還有我們的財務長莫舍‧澤爾策先生。BOS整合尖端技術，以簡化和提升供應鏈營運。

We delivered strong growth in the first nine months of this year. Revenue grew year over year by 28% to $38 million, continuing our record performance this year. We are strategically expanding overseas by partnering with international subcontractors of our Israeli defense clients. This market -- these markets are relatively untapped by BOS and represent potential growth for BOS. We see India as a major target market because it is a global hub for wire and connector assembly where we have a competitive advantage.

今年前九個月，我們實現了強勁成長。營收年增 28% 至 3,800 萬美元，延續了我們今年的創紀錄業績。我們正透過與以色列國防客戶的國際分包商合作，進行海外戰略擴張。這個市場－這些市場對於BOS來說相對尚未開發，代表著BOS的潛在成長。我們認為印度是一個重要的目標市場，因為它是全球電線和連接器組裝中心，而我們在這一領域具有競爭優勢。

Through this approach, our international revenues grew by 24% year over year, demonstrating the growth potential in international market. Our net income grew year over year by 54% to $2.8 million, while our revenues grew by 28%, showing our ability to convert revenue into bottom-line results plus profit leverage as we scale the operating base of the business.

透過這種方式，我們的國際收入年增了 24%，證明了國際市場的成長潛力。我們的淨收入年增 54% 至 280 萬美元，而我們的收入成長了 28%，這表明我們有能力將收入轉化為淨利潤，並在擴大業務營運規模的同時實現利潤槓桿效應。

We have demonstrated consistent profitability with steady net income growth, achieving a compound annual growth rate of 51% from year '21 through the year 2025. These results underscore the strength of our defense focused strategy, reflecting use of delivery investment in product diversification and operational excellence that position us to capitalize on the defense sector to robust growth trajectory. Given our strong execution and stable backlog exceeding $24 million, we are raising our full year 2025 financial guidance.

我們已證明公司獲利能力持續穩定成長，淨收入穩定成長，從 2021 年到 2025 年實現了 51% 的複合年增長率。這些結果凸顯了我們以國防為中心的策略的優勢，反映了我們在產品多樣化和卓越營運方面的交付投資，使我們能夠利用國防領域實現強勁的成長軌跡。鑑於我們強勁的執行力和超過 2400 萬美元的穩定積壓訂單，我們提高了 2025 年全年財務預期。

We now expect to meet the high end of our previous guidance range of $45 million to $48 million in revenue and $2.6 million to $3.1 million in net income. There are several tailwinds that have accelerated our growth momentum, and we believe will support our long-term organic growth: first, as you know, the global increase in defense budgets; second, replenishment and expansion of Israeli Defense Forces inventory and equipment and vehicles; third, the potential stabilization and improving geopolitical conditions in the Middle East, which is a pivotal tailwind for the growth of the Israeli civil market and will positively impact the growth of our RFID division.

我們現在預計營收將達到先前預期範圍的高端，即 4,500 萬美元至 4,800 萬美元，淨利潤將達到 260 萬美元至 310 萬美元。有幾個有利因素加速了我們的成長勢頭，我們相信這些因素將支持我們的長期內生成長：首先，正如您所知，全球國防預算增加；其次，以色列國防軍的庫存、裝備和車輛得到補充和擴充；第三，中東地緣政治局勢可能趨於穩定和改善，這對以色列民用市場的成長至關重要，並將對我們RFID部門的成長產生積極影響。

These drivers support our continued organic growth in conjunction with our outbound sales efforts. We continue to look for opportunities to enhance our organic growth with strategic actions that fit our business and diligent pricing parameters. Through the combination of this effort, we intend to grow both over the coming years.

這些因素與我們積極進行的對外銷售工作共同支撐著我們持續的內生成長。我們將繼續尋找機會，透過符合我們業務的策略舉措和嚴謹的定價策略來增強我們的內生成長。透過這兩項努力的結合，我們計劃在未來幾年內實現兩者的成長。

With that overview, I will turn the call over to Moshe Zeltzer, our CFO, to discuss our financial position. Please, Moshe.

概述完畢後，我將把電話交給我們的財務長 Moshe Zeltzer，讓他來討論我們的財務狀況。拜託了，莫舍。

Thank you, Eyal. Our financial consolidation has never been stronger. Cash and equivalents grew to $7.3 million, up from $3.6 million at year-end. Our shareholders' equity amount to $25 million, which account for 66% of our balance sheet. We have positive working capital of $18 million and $1.1 million in long-term loans secured by real estate we are using for our own operations.

謝謝你，埃亞爾。我們的財務狀況從未如此穩健。現金及現金等價物增至 730 萬美元，高於年末的 360 萬美元。我們的股東權益總額為 2,500 萬美元，占我們資產負債表的 66%。我們擁有 1800 萬美元的營運資金，以及 110 萬美元的長期貸款，這些貸款以我們用於自身營運的房地產作為抵押。

This strong balance sheet give us the flexibility to capitalize on opportunities as they arise, supporting organic growth and strategic acquisitions. Our valuation offers attractive upside compared to Russell 2000 Index multiples. Price-to-earnings ratio Russell 2000 is 20 versus BOS at 11, price to book ratio Russell 2000 at 2.2% versus BOS at 1.7%.

強勁的資產負債表使我們能夠靈活地抓住機遇，支持內生成長和策略性收購。與羅素2000指數的估值倍數相比，我們的估值具有有吸引力的上漲空間。羅素 2000 指數的本益比為 20，而波士頓證券交易所的本益比為 11；羅素 2000 指數的本益比為 2.2%，而波士頓證券交易所的市淨率為 1.7%。

Thank you for your time and attention. We are happy to take your questions.

感謝您抽出寶貴時間關注。我們很樂意回答您的問題。

This is Scott White at [CIMCO] Capital. Great quarter. Terrific quarter. I have a few questions, and if it's okay, I'd like to ask them one at a time. In the press release, you highlighted that you're excited about your expanding opportunities with new and existing customers. Can you highlight a couple that you're particularly enthusiastic about and specifically new customers?

這是 CIMCO Capital 的 Scott White。很棒的季度。非常棒的一個季度。我有一些問題，如果可以的話，我想一個一個地問。在新聞稿中，您強調您對與新舊客戶拓展合作機會感到興奮。您能否重點介紹一下您特別熱衷的幾位新客戶？

Yeah. The main customer that we are joining to our portfolio, mainly overseas clients, mainly from India. And I can tell you that in the recent week, there was a huge dedication here from -- in Israel from India, including ministers from Indira, and we were happy to meet with many, many companies from India and those are the major clients that we are joining our group.

是的。我們新增的主要客戶群主要是海外客戶，主要來自印度。我可以告訴大家，最近一周，以色列和印度方面都給予了我們極大的支持，其中包括英迪拉甘地的部長們。我們很高興與許多印度公司會面，這些公司是我們集團的主要客戶。

Okay. When would you expect revenues to hit the bottom line, to impact your P&L?

好的。您預計收入何時才能真正轉化為利潤，對您的損益表產生影響？

What do you mean?

你是什​​麼意思？

When do you expect revenues from this new Indian customer to impact your P&L?

您預計這位印度新客戶的收入何時會對您的損益表產生影響？

Yeah. It already impacted the year -- these nine months, we already see the growth in revenues from international market by 24% as compared to the comparable period last year, and this has mainly come from the Indian market. And it poses and gradually, we are taking -- we are increasing our market share in this territory.

是的。這已經對今年產生了影響——在過去的九個月裡，我們看到國際市場的收入比去年同期增長了 24%，而這主要來自印度市場。它提出了挑戰，我們正在逐步進行——我們正在提高我們在這一地區的市場份額。

Okay. Thank you. Second question, can you expand on the loss in the RFID division and exactly what you mean by logistics center slowdown in Israel?

好的。謝謝。第二個問題，您能否詳細說明RFID部門的虧損情況，以及您所說的以色列物流中心放緩究竟是什麼意思？

Yeah. The RFID division engagement in the civil market, not in the defense market segment. This segment had a very challenging time in the recent two years because of the conflict in the Middle East. And it adversely affect the business. And in the recent two quarters, we also saw the effect of the US dollar devalued against the Israeli shekel that also adversely affected the business. But in the fourth quarter, because of some measure we took operationally and in the business model as well and the change in the environment in Israel, especially in the geopolitical environment, we see a rebound in the demand, and we are optimistic about returning back to profit in the fourth quarter.

是的。RFID部門的業務主要集中在民用市場，而非國防市場。由於中東衝突，這一領域在近兩年經歷了非常艱難的時期。這會對企業造成不利影響。最近兩個季度，我們也看到了美元對以色列新謝克爾貶值的影響，這對業務也產生了不利影響。但在第四季度，由於我們在營運和商業模式方面採取了一些措施，以及以色列環境的變化，特別是地緣政治環境的變化，我們看到需求反彈，我們對第四季度恢復盈利持樂觀態度。

Okay. Great. And then that was my next question. Can you expand on the currency impact? And how much can you quantity the effect it had on your P&L? And do you hedge? And if not, are you going to start hedging?

好的。偉大的。於是，我的下一個問題就是這個。能詳細談談匯率的影響嗎？那麼，你能量化它對你的損益表造成的影響嗎？你會進行對沖交易嗎？如果不是，你會開始對沖嗎？

Yes. So the US dollar devaluate, again, the Israeli shekel by about 11% in the six months has ended the September 30 this year, the second and the third quarter. And since most of our operational expenses are denominated in shekels accounts, while our revenues are primarily in dollars, this currency movement created approximately (inaudible) additional cost pressure on operating income during this period or roughly about [$0.25 million] per quarter. So as I mentioned before, we are proactively addressing this headwind through strategic sales price adjustment initiated in the fourth quarter and operational efficiency improvements.

是的。因此，美元再次貶值，以色列謝克爾在截至今年9月30日的六個月內（即第二季和第三季）貶值了約11%。由於我們的營運支出大多以謝克爾計價，而我們的收入主要以美元計價，因此，這一匯率波動在此期間給營業收入帶來了大約（聽不清楚）額外的成本壓力，或大約每季[0.25 百萬美元]。正如我之前提到的，我們正在積極應對這一不利因素，透過在第四季度啟動的策略性銷售價格調整和營運效率提升來實現。

And having the hedging, we are hedging the balance sheet exposure. And for every hedging -- each hedging has a mutation period. And we don't believe that it's temporary exchange rate. I think it will be with us for the long term. So any kind of hedging on the dollar is temporary. And we are trying [to build], to find a solution for the long term. And because of that, we are in the process of a sub price adjustment and operational efficiency improvements.

透過對沖，我們可以對沖資產負債表風險。對於每一種對沖策略－每一種對沖策略都有一個突變期。我們並不認為這是暫時的匯率。我認為它將長期與我們共存。因此，任何形式的美元對沖都是暫時的。我們正在努力尋找長期的解決方案。因此，我們正在進行分包價格調整和營運效率提升。

Okay. One more question, and then I'll jump back in the queue. One of the potential concerns on your P&L and continued growth is the impact of the end of the war in Gaza. Can you address this? And how should we think about the end of the war and its impact?

好的。最後一個問題，問完我就重新排隊。貴公司損益表和持續成長可能面臨的潛在問題之一是加薩戰爭結束的影響。您能解答一下這個問題嗎？我們該如何看待戰爭的結束及其影響？

I think there are two coins -- two sides of the coin. On one side, we are in the Defense segment. The Supply Chain division, the biggest division in BOS 90% of its business is in the Defense. And its customers are the major client in Israel. So there is a direct impact of the tension.

我認為這件事就像一枚硬幣的兩面。一方面，我們身處國防領域。供應鏈部門是 BOS 最大的部門，其 90% 的業務都集中在國防領域。而它的客戶是以色列的主要客戶。因此，緊張局勢會產生直接影響。

On the other hand, we have the RFID division, which is in the civil market. The civil market doesn't benefit from the war. But because the biggest -- we have the big exposure to the defense because of that, we are growing in the top line and in the bottom line.

另一方面，我們還有面向民用市場的 RFID 部門。戰爭對民用市場沒有好處。但正因為我們在防守方面投入巨大，所以我們的收入和利潤都在成長。

Historically, have you grown faster on the defense side in a time of war or time of peace?

從歷史上看，你是在戰爭時期國防發展得更快，還是在和平時期發展得更快？

Over the years, the growth -- the main growth came from the supply chain because even in time of peace, those three clients are the biggest exporter in Israel. And they're growing year by year. And also, the defense budget of Israel is growing year by year even before the war.

多年來，成長－主要成長來自供應鏈，因為即使在和平時期，這三家客戶也是以色列最大的出口商。而且它們還在逐年增長。而且，早在戰爭爆發前，以色列的國防預算就逐年增加。

So I'm not sure about the number, but I think the average growth rate of the defense market in Israel along the years were about 7%. So it's growing. In sometimes, in some period in a sharp way, like in the recent two years, about 17% each year or more, and in normal years, about 10%.

我不太確定具體數字，但我認為以色列國防市場這些年來的平均成長率約為 7%。所以它正在增長。有時，在某些時期，會以急劇的方式增長，例如最近兩年，每年增長約 17% 或更多，而在正常年份，增長約 10%。

Congratulations on another great quarter. I see that you have a $7.3 million in cash, and I assume that amount is rising in the current quarter. You've talked about M&A possibilities. Will you have to use raise equity? Or will you be able to use cash for any M&A activity?

恭喜你們又一個季度取得了優異成績。我看到您有 730 萬美元的現金，我估計這個數字在本季還會增加。您談到了併購的可能性。是否需要透過增發股權來實現？或者，您是否能夠使用現金進行任何併購活動？

Yes, our cash position was strong at the end of the third quarter with over $7 million and 0 bank debt. That's continued to grow in the fourth quarter. So for M&A, we are targeting profitable Israeli defense sector companies. We complementary products, serving our major clients and their subcontractors.

是的，截至第三季末，我們的現金狀況良好，擁有超過 700 萬美元的現金，並且沒有銀行債務。這一趨勢在第四季度繼續保持。因此，在併購方面，我們的目標是獲利的以色列國防企業。我們提供互補產品，服務我們的主要客戶及其分包商。

So with acquisition targets of up to $10 million and bank financing typically available for approximately 50% because it's a profitable company, 50% of the purchase price we can execute this transaction using our existing cash on hand without acquiring equity raising, while maintaining sufficient working capital for operational organic growth.

因此，由於該公司是一家盈利公司，收購目標最高可達 1000 萬美元，並且通常可以獲得約 50% 的銀行融資，因此我們可以用現有的現金支付 50% 的收購價格來完成這筆交易，而無需進行股權融資，同時保持足夠的營運資金以實現營運的有機增長。

That's great. Also, can you kind of give us some clarity on the amount of the percentage of your defense business, which is in Israel and the amount that's in internationally and how that how you expect that to change? I've seen a lot of contracts from India and Europe, and I was hoping you could kind of quantify that for us.

那太棒了。另外，您能否詳細說明一下貴公司國防業務中，以色列的業務佔比以及國際業務佔比，並說明您預計這些比例將如何變化？我看過很多來自印度和歐洲的合同，希望您能幫我們量化一下。

Yeah. As we saw in the chart like in the nine months, out of the $38 million, $3.6 million were sales overseas related to the supply chain, related to the defense. And we are taking measure to -- and we allocate resources to increase this number by being active with active approach, especially in India and they may be even to change our approach in how to operate the sales in India, and we see a lot of potential in this market. So I believe that this number of $3.6 million that reflects 24% increase in sales overseas will continue. We will see this trend continue in the fourth quarter and in year '26 as well.

是的。正如我們在圖表中看到的，在過去的九個月裡，3,800萬美元中，有360萬美元是與國防相關的供應鏈海外銷售額。我們正在採取措施——我們投入資源，透過積極主動的方式增加這個數字，尤其是在印度，我們甚至可能會改變我們在印度的銷售運作方式，我們看到了這個市場的巨大潛力。所以我相信，海外銷售額成長24%（360萬美元）的趨勢將會持續下去。預計這一趨勢將在第四季度以及 2026 年繼續保持。

Okay. I know you had talked about opening up kind of a branch office in India. I assume that's where a lot of the expansion is going to be? And is there any update to that office you're going to open over there?

好的。我知道你之前說過想在印度開一個分公司。我猜想大部分擴張工作都會在那裡進行吧？您計劃在那邊開設的辦事處有什麼最新進展嗎？

Yeah. We are checking various options on how to make it in the most efficient way. We are taking very conservative measures how to allocate our financial resources overseas and how to do it in a very lean way. And I believe that in next year, we will see the actual results of our plan.

是的。我們正在研究各種方案，以找到最有效的製作方法。我們在海外分配財政資源方面採取了非常保守的措施，並且力求以非常精簡的方式進行。我相信明年我們就能看到我們計劃的實際成果。

Okay. I'll hop back in the queue. Congratulations again on a great quarter.

好的。我重新排隊。再次恭喜你們本季取得佳績。

Thank you, Todd.

謝謝你，托德。

My name is Igor. This is my second call. Congratulations on a strong quarter. So my question is, Israel is expensive. Everything in Israel is expensive in your operations, and now it's getting more expensive with stronger shekel. Now that you're more -- becoming more and more of an international company with international sales, any thoughts of spreading the cost and moving some of the operations outside of Israel, given that it's so expensive to do anything in Israel?

我的名字叫伊戈爾。這是我第二次打電話。恭喜你們本季業績出色。所以我的問題是，以色列物價很高。在以色列，你們的營運成本很高，而且隨著謝克爾升值，現在成本更高了。既然你們公司越來越像一家國際公司，擁有國際銷售網絡，考慮到在以色列開展任何業務的成本都非常高，有沒有考慮過分攤成本，並將部分業務轉移到以色列境外？

It's a good idea, but -- maybe it's a good idea. We need to think about it. Actually, we don't -- I don't see any -- which units we can operate overseas. But one of the options, as I mentioned to Todd, is to instead of doing the sales to India from Israel to do the sale to India from India. So this is the first example how we can reduce our cost, but the main approach to do sales in India were not to save cost, but to increase sales, but we can get both of the things together.

這是個好主意，但是──也許這是個好主意。我們需要考慮一下。實際上，我們——我沒看到任何——我們可以在海外運營哪些部隊。但正如我跟托德所提到的，其中一個選擇是，與其從以色列向印度銷售產品，不如從印度向印度銷售產品。這是我們如何降低成本的第一個例子，但在印度進行銷售的主要方法不是為了節省成本，而是為了增加銷售額，但我們可以同時實現這兩個目標。

But it's a good idea. I need to be honest. I need to think about it, and I will keep you updated in the next call.

但這確實是個好主意。我需要實話實說。我需要考慮一下，下次通話時我會告訴你最新情況。

My other question is, so I know that the last years were sort of overshadowed by the Gaza war and Gaza people will refer to this. Historically, like if you take many, many years, the company is a bit of a cyclical company. So some periods of time, there's more demand, sometimes a little bit less demand. How do you intend to make a company a little bit less cyclical and more like a sustainable growth? Like what is your strategy like what do you see the company like five years down the road?

我的另一個問題是，我知道過去幾年加薩戰爭的陰影籠罩著一切，加薩人民也會提到這一點。從歷史角度來看，例如縱觀很多很多年，這家公司有點週期性波動。所以有些時期需求會比較大，有些時期需求會稍微減少一些。您打算如何使公司減少週期性波動，實現更永續的成長？例如，你們的戰略是什麼？你們認為公司五年後會發展成什麼樣子？

I think by going overseas to increase our sales overseas, we saw in the number like out of $38 million adjusted, $3.6 million of international sales. So if you increase it, we can reduce the cycling. And the growing by acquisition and adding more increase in the portfolio, our offering, and by that, we can eliminate the exposure that you mentioned. But the structure of BOS is that we have the supply chain in the defense, and we have the RFID, and we have the robotic in between.

我認為，透過進軍海外市場來增加海外銷售額，我們在調整後的 3,800 萬美元中看到了 360 萬美元的國際銷售額。所以，如果增加它，我們就可以減少循環次數。透過收購和增加產品組合，不斷擴大我們的業務範圍，從而消除您提到的風險敞口。但 BOS 的結構是這樣的：我們在國防領域擁有供應鏈，我們擁有 RFID 技術，而機器人技術則位於兩者之間。

So we are already spread. But I have to be honest with you, we are in the defense for many years, more than 10 years, and it's all the time growing. I don't remember a cycle of a slowdown in this segment. I'm sure that in three or four years, the demand will come back to normal after the situation in the Middle East and in Europe. But I believe it's the best segment to attach to.

所以我們已經分散開來了。但我必須坦白告訴你，我們從事國防工作已經很多年了，超過10年，而且情況還在不斷惡化。我不記得這個領域出現過放緩的周期。我相信，在中東和歐洲局勢穩定之後，三、四年內需求就會恢復正常。但我認為這是最適合加入的板塊。

Okay. And my last question about the potential for M&A. So obviously, you put $4.5 million at the market option now, and you have plenty of cash, you don't (inaudible) for any cash. So do you have -- are you looking at any specific opportunities right now? Or you just put it just in case? Like what is your thought about M&A for the next year or two years?

好的。我最後一個問題是關於併購的可能性。所以很明顯，你現在在市場選擇權上投入了 450 萬美元，而且你有很多現金，你不需要（聽不清楚）任何現金。那麼，你目前有沒有關注任何具體的機會？還是你只是以防萬一放的？您對未來一兩年內的併購市場有何看法？

I hope that in next year, we will close on M&A. This is a working plan. And my plan is to close one. And I hope that every two years, we will be able to close on M&A. And by that, with the organic growth to reach to the $100 million, this is a target. But those are our plans, and we are working to -- according to those plans.

我希望明年我們能完成併購交易。這是一個可行的方案。我的計劃是關閉其中一家。我希望我們每兩年都能完成一次併購交易。因此，透過自然成長達到 1 億美元，這就是我們的目標。但這些是我們的計劃，我們正在按照這些計劃努力。

Just curious, I understand it might be opportunistic, but why don't you look to borrow to do an M&A and potentially looking at the equity component, given that your stock is not particularly high? So that would be maybe a little bit suboptimal versus borrowing from a bank given that you're a pretty solid company with good cash flow and earnings.

我只是好奇，我知道這可能是投機取巧，但鑑於你們的股票價格並不高，為什麼不考慮借錢進行併購，並可能考慮股權部分呢？所以，考慮到你是一家現金流和盈利能力都相當不錯的公司，與向銀行貸款相比，這可能稍微遜色一些。

I didn't understand your --

我沒聽懂你的話--

So it looks like you put -- potentially for M&A, you have an option of $4.5 million equity. So obviously, I don't know now what the opportunity, M&A opportunity is going to look like. But I would hope that your first intent would be to borrow money from the bank to do an M&A versus issuing equity, given that your equity is relatively low given your valuation. So how you think about it?

所以看起來你投入了——可能用於併購，你有 450 萬美元的股權選擇權。所以很顯然，我現在還不知道併購機會會是什麼樣子。但我希望，鑑於您的估值下您的股權相對較低，您的首要目標是向銀行借錢進行併購，而不是發行股票。你覺得呢？

As I mentioned to Todd, in case of doing acquisition, even $10 million which is a frame of investment that we are targeting assuming 50% by bank loans because it will be a profitable target company. So for the rest, the $5 million, absolutely, we can -- we don't need to issue more stock. We have it on hand.

正如我跟托德所提到的，如果進行收購，即使是 1000 萬美元的投資額（這是我們的目標投資範圍），假設 50% 的資金來自銀行貸款，因為目標公司將會是一家盈利的公司。所以剩下的 500 萬美元，絕對可以——我們不需要發行更多股票。我們手頭上有現貨。

We have $7.5 million as of the end of September, and the cash continues to grow. And so I don't see any need to raise the equity to consume in M&A.

截至9月底，我們擁有750萬美元，而且現金還在持續成長。因此，我認為沒有必要透過增發股票來消耗併購資金。

So you just have a just in case a big opportunity comes up that you have a $4.5 million offering at the market?

所以你只是為了以防萬一出現重大機遇，準備在市場上發行價值 450 萬美元的股票？

We see it. We have tools like every public company should have like the shelf perspective that we have, and we haven't used for 4 years. Like the ATM that we have, and we haven't used since the day it was filed. And that unused credit line that we have in the bank are not used. So we have all the facilities which we have. And -- but actually, in order to consume $10 million M&A, we don't need to raise -- to use any BOS tool except for the unused credit lines, bank credit lines.

我們看到了。我們擁有像所有上市公司都應該擁有的工具，例如我們擁有的貨架視角，但我們已經 4 年沒有使用過了。就像我們家的那台自動櫃員機，自從報案那天起我們就沒用過。我們銀行帳戶裡那些未使用的信用額度也沒有被使用。所以我們擁有我們所有的設施。但實際上，為了消耗 1000 萬美元的併購資金，我們不需要籌集資金——除了未使用的信貸額度和銀行信貸額度之外，不需要使用任何 BOS 工具。

How much do you have available credit as of now, approximately?

您目前大約有多少可用信用額度？

Sorry?

對不起？

How much credit do you have unused as of now?

您目前還有多少未使用的信用額度？

$1 million for the RFID.

RFID計畫耗資100萬美元。

No, unused. Unused -- we have unused for ongoing years not for the acquisition. We are --

不，未使用過。未使用－我們多年來一直未使用，並非用於收購。我們是--

Oh, I see, okay. Yes. So that's capital. I understand.

哦，我明白了，好的。是的。這就是資本。我明白。

On $1.5 million to $2 million unused credit line for we've all been credited for organic growth. But when you already check with the banks in case of model of acquisition, a profitable company. And I believe we can get 50% financing from the bank to -- for the acquisition.

我們所有人都因有機增長而獲得了 150 萬至 200 萬美元的未使用信貸額度。但是，如果您已經向銀行諮詢過收購模式，那麼一家獲利的公司就值得考慮了。我相信我們可以從銀行獲得 50% 的收購融資。

Thank you.

謝謝。

Thank you.

謝謝。

From an Investor Relations perspective, have you finalized your dates as to when you're going to come to the US to meet investors?

從投資者關係的角度來看，您是否已經確定了來美國與投資者會面的日期？

Yeah. I think it will be April next year. In between, I will participate in the virtual summit. We will announce on it. And they will continue to do ongoing one-on-one weekly meetings with the potential investors. Scott?

是的。我想應該是明年四月吧。期間，我將參加線上高峰會。我們會就此發佈公告。他們將繼續與潛在投資者進行每週一次的一對一會面。史考特？

Yeah, I got it. Thank you very much.

是的，我明白了。非常感謝。

Any follow-up question?

還有其他問題嗎？

No, no follow-up. I'm good. I'd like to meet you when you come to the US for sure.

不，沒有後續行動。我很好。我非常希望你來美國的時候能見到你。

Yeah. We will meet in April. So thank you again for your participation. And if you need more details or would like to follow up, please feel free to reach out to us. Thank you.

是的。我們四月會見面。再次感謝您的參與。如果您需要更多詳情或想跟進，請隨時與我們聯繫。謝謝。

Thank you. Bye-bye.

謝謝。再見。