BOS Better Online Solutions Ltd (BOSC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us today. My name is Claude and I will be leading today's presentation. Following the prepared remarks, Eyal Cohen, Chief Executive Officer; and Moshe Zeltzer, Chief Financial Officer, will be available to take your questions. Before we begin, a brief reminder that this call contains forward-looking statements relating to BOS business, financial condition and results of operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

各位女士、先生，感謝各位今天加入我們。我叫 Claude，將主持今天的簡報。在預先準備的發言之後，執行長 Eyal Cohen 與財務長 Moshe Zeltzer 將會回答各位的提問。在開始之前，先簡要提醒：本次電話會議包含與 BOS 業務、財務狀況及營運結果相關的前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與預期存在重大差異。

Such statements include, but are not limited to, matters relating to product demand, pricing, market acceptance, economic conditions and technology development as further detailed in the company's filings with the various securities authorities.

此類陳述包括但不限於與產品需求、定價、市場接受度、經濟狀況及技術發展相關之事項，詳情請參閱公司向各證券主管機關提交之文件。

With that said, let's get started. BOS is a company built around one idea: that supply chains can be smarter, faster and more efficient, and that the right technology makes that possible. We pursue that idea through three specialized divisions. Our Robotics division replaces manual labor with automated solutions, transforming how inventory is handled.

話不多說，我們開始。BOS 是一家圍繞一個理念建立的公司：供應鏈可以更智慧、更快速、更有效率，而合適的技術能讓這一切成真。我們透過三個專業事業部來實現這個理念。我們的機器人事業部以自動化解決方案取代人工勞動，改變庫存處理方式。

Our RFID division brings precision to tracking and end-of-line automation, from sorting to packing across the supply chain. And our Supply Chain division works even closer to our clients, integrating our franchised electromechanical components directly into their products.

我們的 RFID 事業部為追蹤與產線末端自動化帶來精準度，涵蓋從分揀到包裝的整個供應鏈流程。而我們的供應鏈事業部則更貼近客戶，將我們經銷的機電元件直接整合到客戶產品中。

Together, these three divisions give BOS a broad and complementary platform, one that allows us to serve clients across multiple touch points in their operations. How we grow. Now when we talk about growth at BOS, we think about it in two ways: organic growth, building on what we have and strategic acquisitions that expand our reach.

這三個事業部共同為 BOS 提供廣泛且互補的平台，使我們能在客戶營運的多個接觸點提供服務。我們如何成長。談到 BOS 的成長，我們從兩個面向思考：有機成長——在既有基礎上持續建設；以及策略性併購——擴大我們的觸及範圍。

Over the past four years, the story has been primarily organic and the numbers speak for themselves. Revenue grew from $33.6 million in 2021 to $51 million in 2025. That is meaningful, sustained growth built on real demand from real clients. And we believe that demand is only accelerating. Three tailwinds, in particular, give us confidence.

過去四年來，故事主要是有機成長，而數字已充分說明一切。營收從 2021 年的 3,360 萬美元成長至 2025 年的 5,100 萬美元。這是建立在真實客戶、真實需求之上的重要且持續的成長。我們相信這股需求只會加速。尤其有三股順風讓我們更有信心。

The first is the global increase in defense budgets. This is not a short-term cycle. It is a structural long-term shift in how governments around the world are prioritizing security. BOS is well positioned to benefit from this trend for years to come. The second is closer to home.

第一是全球國防預算的增加。這不是短期循環，而是各國政府在安全優先順序上的結構性長期轉變。BOS 已做好準備，未來多年可望受惠於此趨勢。第二則更貼近我們的本土市場。

The replenishment and expansion of the Israeli Defense Forces inventory, driven by the conflict that began in October 2023, has created significant and ongoing demand that directly supports our business. The third is newer and very promising.

自 2023 年 10 月爆發的衝突所帶動，以色列國防軍庫存的補充與擴充，已創造出顯著且持續的需求，並直接支撐我們的業務。第三股順風則較新且非常具前景。

India is rapidly emerging as a major subcontracting hub for global defense programs, and the numbers are already telling that story. In the first quarter of 2026 alone, we received $3.3 million in orders from Indian customers compared to just $172,000 in the same quarter last year. To capture this momentum and build on it, we appointed an Indian representative company in March 2026 to establish a dedicated presence in that market.

印度正迅速崛起為全球國防計畫的重要分包樞紐，而數據已在說明這個趨勢。僅 2026 年第一季，我們就收到來自印度客戶 330 萬美元的訂單，而去年同期僅為 17.2 萬美元。為了掌握並延續這股動能，我們於 2026 年 3 月委任一家印度代表公司，在當地建立專責據點。

We are only at the beginning of what we believe is a significant long-term opportunity. Alongside organic growth, we are actively building our acquisition pipeline, and we have the financial strength to act on it. Our balance sheet is solid. Shareholders' equity stands at $29 million, and we hold $9.5 million in cash net of loans. That gives us real flexibility.

我們相信這只是重大長期機會的起點。除了有機成長之外，我們也正積極建立併購案源管道，且具備採取行動的財務實力。我們的資產負債表穩健：股東權益為 2,900 萬美元，扣除借款後的現金為 950 萬美元，這讓我們具備真正的彈性。

We are targeting companies valued at up to $20 million with two nonnegotiable criteria. First, financial strength, a proven track record of profitability and consistent growth; second, strategic fit, companies that deepen and expand what we can offer to our existing clients. On the financing side, approximately half of each acquisition will be funded through long-term bank loans with the remainder coming from our own resources. I want to be clear on one point. No shareholder dilution is expected.

我們鎖定估值最高至 2,000 萬美元的公司，並有兩項不可妥協的標準。第一，財務實力：具備已驗證的獲利紀錄與持續成長；第二，策略契合度：能深化並擴展我們對既有客戶的價值主張。在資金安排方面，每筆併購約有一半將以長期銀行貸款支應，其餘由公司自有資源支付。我想就一點說清楚：預期不會發生股東稀釋。

Let me now turn to where we stand heading into the rest of 2026, and the picture is an encouraging one. When you combine our backlog of $31 million as of March 31, 2026, with Q1 revenues, we are already at $42.4 million, 83% of our full year target after just one quarter. As a result, we now expect to exceed our previously announced annual revenue target of $51 million. The depreciation of the US dollar against the new Israeli shekel is creating pressure on our profitability.

接下來談談我們在 2026 年剩餘期間的現況，整體圖像令人鼓舞。將截至 2026 年 3 月 31 日的 3,100 萬美元在手訂單（backlog）與第一季營收合計，我們已達 4,240 萬美元，僅一季就完成全年目標的 83%。因此，我們現在預期將超越先前公布的 5,100 萬美元年度營收目標。美元兌新以色列謝克爾（NIS）的貶值，正對我們的獲利能力造成壓力。

And as a result, we are maintaining our net income target of $3.6 million for the full year at this stage. We are responding on two fronts: accelerating revenue growth and actively working to improve our gross profit margins. Both of these efforts are already showing up in our Q1 results.

因此，在目前階段，我們維持全年 360 萬美元的淨利目標。我們從兩個面向因應：加速營收成長，以及積極改善毛利率。這兩項努力都已反映在我們第一季的結果中。

Our gross profit margin reached 24.9%, up from 23.9% in the same quarter last year, and our backlog grew 29% during the first quarter from $24 million to $31 million. As we monitor the progress of these initiatives, we will reassess our net income outlook for the full year and update accordingly.

我們的毛利率達到 24.9%，高於去年同期的 23.9%；而在手訂單於第一季成長 29%，由 2,400 萬美元增至 3,100 萬美元。隨著我們持續追蹤這些措施的進展，我們將重新評估全年淨利展望並適時更新。

I want to close with something that we believe deserves your attention. BOS is a company with a growing backlog, accelerating revenues, a clean balance sheet and exposure to some of the strongest structural trends in the global economy, defense spending, automation and supply chain modernization. And yet, BOS currently trades at book value.

最後我想以一點作結，我們認為值得各位關注。BOS 擁有持續成長的在手訂單、加速的營收、乾淨的資產負債表，並受惠於全球經濟中最強勁的一些結構性趨勢：國防支出、自動化，以及供應鏈現代化。然而，BOS 目前的交易價格僅相當於帳面價值。

The Russell 2000, the index of small-cap companies we are measured against, trades at approximately 2.6x book value. Our price-to-earnings ratio stands at roughly 11 times compared to 22 times for the index.

羅素 2000 指數（我們對標的小型股指數）的交易價格約為帳面價值的 2.6 倍。我們的本益比約為 11 倍，而該指數約為 22 倍。

We believe this gap exists primarily because not enough investors know our story yet. That is what we are working to change and calls like this one are part of that effort. Ladies and gentlemen, that concludes the prepared remarks. We will now open the floor for questions. Eyal Cohen and Moshe Zeltzer are ready to take your questions.

我們認為這個落差主要是因為目前仍有不少投資人尚未了解我們的故事。我們正努力改變這一點，而像今天這樣的電話會議正是其中一部分。各位女士、先生，以上為預先準備的發言內容。接下來我們將開放提問。Eyal Cohen 與 Moshe Zeltzer 已準備好回答各位問題。

Please unmute yourself to begin.

請解除靜音後開始。

Okay. I hope you enjoyed our new presentation format. My only concern is that his English and his voice much better than my voice and English. And yours as well. So let's open the floor for discussion.

好的。希望各位喜歡我們新的簡報形式。我唯一的擔心是，他的英文和聲音都比我的聲音和英文好很多，你的也是。所以我們開放討論吧。

Ready to take your questions.

準備好回答各位的問題。

Good morning, Eyal. This is Todd Felte. Just wanted to ask on the devaluation of the dollar with the NIS. Are you doing anything to hedge or compensate on that aspect?

早安，Eyal。我是 Todd Felte。想請教一下關於美元兌新以色列謝克爾（NIS）貶值的問題。你們是否有做任何避險或在這方面進行補償？

Yes. We are I think the most efficient way to handle this long-term trend, I believe, of strong shekel is to increase the efficiency of the business. Because any hedging, any kind of hedging, has a limited period. Although we are doing hedging on the balance sheet, not on the P&L because we are doing hedging on the balance sheet, we see the fluctuation in the currency differences in the financial expenses or income. But for the long term, we have to increase the efficiency of the business.

有的。我認為，面對我所相信的這個長期趨勢——謝克爾走強——最有效的處理方式，是提升企業營運效率。因為任何避險、任何形式的避險，都有其期限。雖然我們有針對資產負債表進行避險，而不是針對損益表（P&L），因為我們是在資產負債表做避險，所以匯率差異的波動會反映在財務費用或收益中。但就長期而言，我們必須提升企業效率。

And we are doing it based on two pillars. The first one is to increase the sales price, even though it's quoted in dollar, but to increase the gross profit margin to compensate our operational expenses, which are quoted in NIS. So this is in the first one. Second one is to grow our business. And as you saw, our backlog is in this trend, we saw a 30% growth in the first quarter in the backlog and also saw a growth in the gross profit margin by 1 point from 33.9% to 24.9%.

我們是以兩大支柱來做。第一是提高銷售價格，即使報價是以美元計價，也要提高毛利率，以補償我們以新以色列謝克爾（NIS）計價的營運費用。這是第一點。第二點是擴大業務規模。正如各位所見，我們的在手訂單呈現這個趨勢，第一季在手訂單成長了 30%，同時毛利率也提升了 1 個百分點，從 33.9% 提升到 24.9%。

So we are in the right direction. On top of that, we plan to we are working on acquisitions on good acquisition or as Trump says, beautiful acquisitions. So beautiful acquisition based on the criteria we just illustrated in the video, history of solid history of profit and high synergy. And this is the long-term solution for the devaluation of the dollar.

所以我們正朝著正確的方向前進。除此之外，我們也計畫並正在推動併購，進行好的併購，或者如川普所說，漂亮的併購。也就是依據我們剛在影片中說明的標準來做漂亮的併購：具備穩健的獲利歷史，以及高度協同效益。而這是因應美元貶值的長期解方。

Okay, thank you. That's helpful. I know your components are used a lot in the aero and Iron Dome systems as well as missiles and fighter jets. Are any of your components used in drones, which seem to be kind of the weapon or defense tool of choice these days?

好的，謝謝。這很有幫助。我知道你們的元件大量用於航太與鐵穹系統，以及飛彈與戰鬥機。你們是否有任何元件用於無人機？無人機近來似乎成為首選的武器或防禦工具。

Not yet. We are on it. Hopefully, we will find the right manufacturers to represent his product to embed in our clients' product. Hopefully, it will come.

目前還沒有。我們正在著手進行。希望我們能找到合適的製造商來代理這項產品，並嵌入到我們客戶的產品中。希望很快就會有成果。

And my final question. In the past, you had spoke about the expansion of RFID to different sectors and that you were excited about the expansion of RFID to the health care sector. How is that progressing?

我最後一個問題。過去你曾談到將 RFID 擴展到不同產業，並且你對 RFID 擴展到醫療保健領域感到興奮。進展如何？

So first, we put a team in place with the defense to extend the RFID business to the defense. As we announced, we hired a company, external company to escort us through this very complicated process and to short the time line of the success. So we have team in place to penetrate to the defense to expand the business of the RFID to the defense. In the hospitals, we are part of the team in place, not we have not signed yet. I have to gather together all the ingredients of the team.

首先，我們已與國防相關單位建立一個團隊，將 RFID 業務延伸到國防領域。如我們所公告的，我們聘請了一家外部公司協助我們走完這個非常複雜的流程，並縮短成功所需的時間。因此，我們已建立團隊以切入國防領域，將 RFID 的業務擴展到國防。在醫院方面，我們是團隊的一部分，但我們尚未簽約。我還需要把團隊的所有要素都整合到位。

And once it will be ready, I will sign the contract and start the penetration. I know exactly what kind of person what how the team should look like, what is his experience. And once I will have it, we'll start the expansion. I believe it will be this year.

一旦準備就緒，我就會簽約並開始切入。我非常清楚需要什麼樣的人、團隊應該長什麼樣子、需要具備哪些經驗。一旦到位，我們就會開始擴張。我相信會在今年。

Thank you.

謝謝。

Hi, this is Kevin from AGP. So backlog increased 29% sequentially to $31 million. Can you break down which of these divisions which of your divisions contributed most to that growth?

嗨，我是 AGP 的 Kevin。積壓訂單（backlog）較前一季增加 29%，達到 3,100 萬美元。你能否拆解一下，是哪些事業部門對這個成長貢獻最大？

The most of the backlog related to the Supply Chain division because it has a long-term orders. So this is a primarily a portion.

大部分的積壓訂單與供應鏈事業部有關，因為該部門有長期訂單。因此主要是這一部分。

Okay. Thank you. And then what do you attribute some of the early success in the Indian market to?

好的，謝謝。那麼，你把印度市場一些早期成功歸因於哪些因素？

The success that we saw in the first quarter in regarding with the amount of orders?

你指的是第一季在訂單量方面看到的成功嗎？

Yes.

是的。

I think it's this is an initial yield of the work on the field of the work we did in the field, we have done in the field in India made by our Israeli team. And I believe once we have a local team in place in India, it will urge the process of participating in more bids with more clients to expand our client base there. So the result you saw in the first quarter was made by our local team in Israel.

我認為這是我們在第一線所做工作的初步成果，也就是由我們以色列團隊在印度當地所完成的工作。我相信一旦我們在印度建立本地團隊，將會加速參與更多投標、接觸更多客戶，並擴大我們在當地的客戶基礎。因此你在第一季看到的成果，是由我們在以色列的團隊所促成的。

Hello, this is [Igor Nagorski]. I would like to ask you questions now. So first, a comment. I think it's actually a very good quarter given all the circumstances. I think there was a lot of investor caution and you could see it in your stock price, given your prior comments.

你好，我是 [Igor Nagorski]。我現在想提幾個問題。首先是一個評論：我認為在各種情況下，這其實是一個非常好的季度。我覺得投資人之前相當謹慎，從你們先前的評論以及股價表現也看得出來。

So I think everybody feels that this was a positive result. My question is this, I'm looking at your RFID results, and I see that the profitability is still relatively low. Was it, first of all, impacted by the war and the situation business Hezbollah and Persian Gulf and so on in this quarter? Or was it something else? And how do you expect the RFID division to perform, hopefully, assuming that the situation remained relatively quiet for the remainder of the year? Or how do you model it?

我想大家都覺得這是正面的結果。我的問題是：我在看你們 RFID 的表現，看到獲利能力仍然相對偏低。首先，這一季是否受到戰爭與局勢（例如真主黨、波斯灣等）影響？還是有其他原因？另外，假設今年剩餘時間局勢相對平靜，你預期 RFID 事業部的表現會如何？你們是怎麼建模的？

Thank you for the question. Regarding the RFID, in the first quarter, during the month of March, the division was it worked partially. So it's damaged the gross profit margin. We had a fixed cost with low revenues during March. Another effect on the gross profit margin was the devaluation of the dollar because our cost of goods includes a lot of workforce, all the lab team, all the warehouse team.

謝謝你的問題。關於 RFID，在第一季的 3 月，該事業部是部分運作，因此影響了毛利率。我們在 3 月有固定成本，但營收偏低。另一個影響毛利率的因素是美元貶值，因為我們的銷貨成本包含大量人力成本，包括實驗室團隊與倉儲團隊。

So it increased the labor cost in dollar. But we are working as I mentioned before, we are working to increase the gross profit margin of the product we are selling. And I believe we will start to see this result in the second quarter of the year. So it will compensate on the devaluation of the dollar. And in the second quarter of the year, hopefully, until now, there is no resumption of the conflict of the war.

因此以美元計算的人力成本上升。但如我先前提到的，我們正在努力提高我們所銷售產品的毛利率。我相信我們會在今年第二季開始看到成果，從而抵消美元貶值的影響。而在今年第二季，直到目前為止，希望衝突與戰事沒有再度升溫。

So we are in it looks like we will be in a good shape in the second quarter related to the RFID division, and it will represent improved results.

因此就 RFID 事業部而言，看起來我們在第二季會處於良好狀態，並將呈現改善的結果。

Thank you. My other question is, first of all, obviously, you have tremendous expansion in India and now it's a very meaningful revenue from there. Do you think you can repeat it in any other countries because obviously, Israeli defense sector now is highly valued and has customers in many other countries. And do you think you can have meaningful revenues abroad from other countries than India?

謝謝。我另一個問題是：很明顯你們在印度有非常顯著的擴張，現在那裡的營收已相當可觀。你認為你們能在其他國家複製這種成果嗎？因為以色列國防產業目前估值很高，且在許多國家都有客戶。你認為除了印度之外，你們能在其他國家取得具規模的海外營收嗎？

Yes. We have a connection with the two subcontractors in the US and we got revenues from them during this year. I assume we announced during this year on two major contracts, and I believe that the revenue will continue to grow over there. And we are checking now additional area in the East where the local defense client here in Israel does business over there, not just in India.

可以。我們與美國的兩家分包商有合作，並且今年已從他們那裡取得營收。我假設我們今年會公告兩個重大合約，我相信那邊的營收會持續成長。此外，我們也正在評估東方的其他區域；以色列本地的國防客戶在那裡也有業務，不僅僅是在印度。

There are many places in the Far East that, for example, IAI and Elbit has business over there. So we are tracking we are following their tracks there. And hopefully, we can duplicate the business model that we have in India to other territories. So there is a potential, yes.

遠東有很多地方，例如 IAI 與 Elbit 在那裡都有業務。因此我們正在追蹤並跟隨他們在那裡的足跡。希望我們能把在印度的商業模式複製到其他地區。所以是有潛力的，沒錯。

And my last sort of question or comment. Any thoughts of renaming your company? Because I think your name is rather now silly given what you do has nothing to do Better Online Solutions just really confuses a lot of people.

我最後一個算是問題或評論：你們有沒有想過改公司名稱？因為以你們現在做的事情來看，你們的名字有點可笑，因為 Better Online Solutions 跟你們的業務完全無關，反而讓很多人困惑。

Yeah, it's a good question. Do you think, do you have a better name?

是的，這是個好問題。你覺得，你有更好的名字嗎？

I can come up with a few. I'm sure ChatGPT can, but it's just it sounds like a late '90s Internet company.

我可以想出幾個。我相信 ChatGPT 也可以，但這名字聽起來就像 90 年代末的網路公司。

Okay. I know we talked about it many times, but it's a lot of headache to change a name for a company. But I believe after several acquisitions that we'll do, we'll have to rebrand our business. So it will come.

好的。我知道我們談過很多次，但更改公司名稱很麻煩。不過我相信在我們完成幾次併購之後，我們就必須為業務重新品牌化。所以會有那一天。

Right. I think it would help to during the especially if you go to conference and doing presentations because I think a lot of people are dismiss of your business, they have no idea that you have anything to do with defense industry and looking at your name. So it might be a great idea.

對。我覺得這會有幫助，尤其是你們去參加會議、做簡報時。因為我認為很多人看到你們的名字就先入為主而忽視你們的業務，他們根本不知道你們與國防產業有關。從名字看起來確實如此。所以這可能是個很棒的主意。

Okay, but if you have a good recommendation, send me.

好的，但如果你有好的建議，傳給我。

I'll send this one. Okay, thank you. I don't have anything else, and thank you for taking my questions.

我會傳這個。好的，謝謝。我沒有其他問題了，也謝謝你回答我的問題。

Okay, thank you. I think Scott is missing today. Any further questions? Okay. So on behalf of the Board of Directors and management team, thank you for participation in our Q1 2026 conference call in the new format. I hope you liked it.

好的，謝謝。我想 Scott 今天缺席。還有其他問題嗎？好的。那麼我代表董事會與管理團隊，感謝各位參與我們以新形式舉行的 2026 年第一季法說會電話會議。希望你們喜歡。

And if you need more details or would like to follow up, please feel free to reach out. Thank you. Have a great day.

如果你需要更多細節或想進一步跟進，歡迎隨時聯繫。謝謝，祝你有美好的一天。