B.O.S.（BOSC）2026年第2四半期決算説明会：売上高は29%増、受注残高は3,100万ドル

主要なポイント

• B.O.S.（NASDAQ: BOSC）が発表した2026年第2四半期売上高は前年同期比29%増となり、2026年第1四半期比では30%増加しました。
• 前四半期比での増収にもかかわらず、四半期末の受注残高は過去最高の3,100万ドルを維持しました。このうち約2,000万ドルが年内に納品される予定です。
• 経営陣は、2026年通期の売上高が2025年の5,100万ドルを超え、純利益も2025年の360万ドルを上回ると見込んでいます。
• イスラエルの民間市場の回復に伴い、上半期のRFID部門売上高は前年同期比17%増加しました。経営陣は同部門の2026年の見通しに強気な姿勢を示しています。
• 米ドル安の影響により、上半期の営業費用は約60万ドル増加しました。これは年換算で約120万ドルに相当します。
• 現金残高は約1,000万ドル近くを維持し、株主資本は3,090万ドルとなりました。同社はAI関連企業を含め、いくつかの買収案件を検討しています。

主要財務データ

事業および業績ハイライト

防衛需要は引き続き好調で、サプライチェーン部門における過去最高の受注残高の大半を占めました。経営陣によると、ロボティクス部門も新たな防衛工場へと展開を拡大しています。

第2四半期のサプライチェーン部門売上高は前年同期比で約5%〜6%減少しました。経営陣はこれを顧客の消費タイミングによるものとし、同部門では四半期ごとに大きな変動が生じる可能性があると強調しました。連結売上高が前四半期比30%増加した後も、受注残高は3,100万ドルを維持しました。

RFID部門はイスラエル民間市場での需要改善の恩恵を受けました。以前赤字だったRFID事業ユニットは改善しており、運用の課題は残るものの、経営陣は2026年の黒字化を見込んでいます。

B.O.S.は防衛顧客や病院をターゲットとすることで、RFID部門のイスラエル民間市場への依存度を低減させようとしています。同社は防衛市場への浸透に向けた取り組みを支援するため、コンサルティング会社を起用しました。

インド市場について、経営陣は現地チームがこれまで接点のなかった顧客にアプローチしていると述べました。同社はこうした活動が2027年のインドでの成長を支えると期待しています。

また、B.O.S.は業務効率向上のため社内でAIツールを活用しているほか、商業販売向けのソフトウェア開発にも導入しています。

業績予想（ガイダンス）

経営陣は、2026年通期の売上高が2025年の実績レベルである5,100万ドルを超えると見込んでいます。また、2026年の純利益も2025年に達成した360万ドルを上回ると予想しています。

この見通しは、売上高の伸び、販売価格の値上げ、売上総利益率の改善、およびAI活用による業務効率化が米ドル安による圧力を相殺することを前提としています。経営陣は売上総利益率の向上を見込んでいますが、サプライチェーン部門の大規模取引は利益率が低い場合があり、特定四半期のプロダクトミックスに重大な影響を与える可能性があると警告しました。

リスクおよび注視事項

• 為替圧力は依然として重大です。米ドル安により上半期の営業費用は約60万ドル増加しており、効率化策だけで年換算の影響を完全に相殺することは困難であると経営陣は述べています。
• サプライチェーン部門の売上高は、B.O.S.が管理できない防衛顧客の消費スケジュールに基づいて変動する可能性があります。
• 150万ドルから200万ドル規模のサプライチェーン部門の大額注文は、売上総利益率が低くなり、四半期の収益性に影響を与える可能性があります。
• 同社は防衛関連顧客や病院顧客を開拓しているものの、RFID部門は依然としてイスラエルの民間市場および関連する地政学的混乱に大きく晒されています。
• 買収の実施に関しては不確実性が残ります。買収候補企業が同社の収益性や見通しの基準を満たさなかったため、近年は契約を完了させていないと経営陣は述べています。

アナリスト質疑応答のハイライト

経営陣は、最近発表された半導体受注が必ずしも一回限りの取引ではないと説明しました。B.O.S.は通常、顧客の製品が量産に入る前にコンポーネントの設計作業を完了させるため、製品のライフサイクルを通じて追加受注が継続する可能性があります。

M&Aに関して、B.O.S.は数社を評価しており、買収金額の上限を2,000万ドルに設定しています。対象企業は中核事業とのシナジーがあり、3〜5年連続で黒字を計上し、好調な見通しを維持している必要があります。現在の協議では、EBITDA評価倍率で約5〜6倍が想定されています。経営陣は、株式の希薄化を避け、手元資金および必要に応じて銀行融資を活用する予定です。

利益率について、経営陣は営業チームが2026年初めから値上げを行っていると述べました。同社は毎月価格設定をモニタリングしており、取引ミックスに左右されるものの、売上総利益率は上昇すると見込んでいます。

決算説明会（トランスクリプト）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Unknown Attendee

Ladies and gentlemen, welcome to B.O.S. Q2 Investor Summit. Thank you for joining us today. Before we begin, a brief reminder that this call contains forward-looking statements relating to B.O.S.' 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. 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.

Before I turn things over to management, I would like to give a brief recap of the results we just released. The growth momentum continued. Second quarter 2026 revenue grew 29% year-over-year, helping offset a softer first quarter of 2026 and bringing trailing 12-month revenue to the same level as our record 2025 revenue. We anticipate that full year 2026 revenue will exceed full year 2025 revenue. Our backlog remained at a record $31 million as of the end of the second quarter of 2026. Approximately $20 million of the backlog is scheduled for delivery by year-end. Together with first half revenue, this amount represents approximately 91% of our full year 2025 revenue.

Despite the increase in our operating expenses due to the dollar's devaluation, we believe we will offset this through revenue growth and improved gross profit margins. As a result, we expect net income for full year 2026 to exceed $3.6 million we achieved in year 2025. Our balance sheet is solid. Shareholders' equity stands at $30.9 million and cash stands at $10 million. That gives us the flexibility to capitalize on organic and M&A opportunities.

B.O.S. 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, B.O.S. currently has a market capitalization of approximately $31 million and its enterprise value, market cap less cash is approximately $21 million. For comparison, the Russell Microcap Index trades at approximately 2x book value versus B.O.S. trades 1x book value. Russell Microcap Index price-to-earnings ratio of roughly 16x compared to our roughly 9x. Thank you for watching.

Now I will turn the call over to Eyal Cohen, CEO.

Eyal Cohen

Good morning. Great to see you again in our quarterly conference. Joining me today is Moshe, our Chief Financial Officer. I'm pleased to see strong participation today, including many new names following the recent virtual conferences we participated during May, June and July.

Let me start by sharing a few thoughts on how the business is progressing. I'm very pleased with our financial performance, financial position, management team, Board members and the growth opportunities in front of us. This has given us the confidence to grow year after year, and we remain focused on continuing that trend. I am pleased that the commercial market in Israel has recovered as reflected in a 17% growth in the RFID revenue in the first half of the year as compared to the comparable period.

Demand in the Defense segment continues to be strong as reflected in our record backlog, most of which relates to our Supply Chain division. The penetration of our Robotics division into more factories in the Defense segment is going very well. We are successfully implementing AI good in B.O.S. for internal use to improve our operational efficiency and in software development for commercial use, commercial sale. I believe these steps will yield improved operational margins and support our revenue growth.

Moshe Zeltzer

On the financial front, despite 30% growth in the total revenue between Q1 '26 and Q2 '26, cash remained roughly unchanged at $10 million. We grew without needing to burn cash, which is a strong indication of highly efficient cash management with our vendors helping to finance our clients. We will deploy this cash to support our external growth through M&A. On the M&A front, we have several AI opportunities on the table that we have been evaluating carefully.

Eyal Cohen

On the IR side, in May, we presented at the MicroCapClub Virtual Summit. In June, we participated in the iAccess Alpha Virtual Summit. In July, we hosted our first investor webinar. We are going to participate in the Sidoti conference scheduled for the end of September. In September, we will also join a Non-Deal Roadshow to ThinkEquity clients. During July and August, we released 3 announcements on a major contract.

In recent [ process ] we have became active online on Facebook, LinkedIn, X and via e-mail, and we plan to increase our investment in those channels. I will send you the link to our pages, and you are welcome to follow and share. We are hopeful those activities will help close the gap in our valuation. With that, I want to thank you again for your continued confidence and support in B.O.S. as we carry this momentum into the second half of the year. Thank you for listening.

I will now -- we will now be happy to open the call for questions.

質疑応答

Unknown Analyst

Congratulations on a fantastic quarter. Regarding one of your recent orders, it was in the semiconductor industry. Is that kind of a onetime order? Or do you see more orders occurring from that industry?

Eyal Cohen

We have to understand that once we announce on a contract that relates to the Supply Chain division, on the back of it, there is a design work of embedding our components into the client's product that is in development process. Actually, we work on that order a year ago. So on this the products start the mass production, then we start to get the orders. So we expect as long as the product is alive, the orders will follow.

Unknown Analyst

Okay. And can you kind of give an update on your progress in India? I know that's becoming a large part of your revenues. And where do you see that progressing over the next year?

Eyal Cohen

Yes. We are very pleased with the progress of our team in India. They are doing a very good job. They are reaching to a client that we have never been in contact with. I am sure that it will yield to additional -- it will support the growth of B.O.S. in India in year '27.

Unknown Analyst

Okay. And my final question is referring to M&A, you still plan to make any M&A activity non-dilutive to shareholders and finance that with existing cash and bank loans. Is that correct?

Eyal Cohen

That's correct. Actually, we are planning to do an M&A. But as you know, in the recent 2 or 3 years, we didn't -- we have not succeeded to close the deal because it doesn't match to our criteria, especially for the first criteria, that it should be a very -- a company with a solid history of profit and a positive outlook. We have several opportunities on the table. We are checking it. We are in negotiations with several companies.

Hopefully, one of them will be closed. Of course, we have the financial policy, how to finance -- we have the policy how to finance those deals, as I mentioned before. We have like $10 million in the cash in hand. If we are buying a profitable company, there is no reason why the bank won't participate at 50% of the financing. We actually can reach to maximum acquisition value of $20 million. So we are set.

Scott Weis

It's Scott Weis. Nice quarter. My question is on the RFID division. It was up a nice 17.5% year-over-year. It bounced back. Was that a function of the easy comp year-over-year? Or are you seeing some kind of a positive change there?

Eyal Cohen

Yes. We see a positive change. Actually, we expected -- we were expecting for that, and it's happened a little bit silent here in Israel and it camps. There is a rebound in the market. The demand starts very strong. We see a recovery. Hopefully, it will continue for a long time after 3 years of like to be in a hold position. So for year '26, it looks very -- I'm bullish on year '26 for the RFID division.

Scott Weis

And the same question for the Supply Chain segment. Revenues were down 6% or so. Can you -- is there any insight you can give us as to why it was down?

Eyal Cohen

No. As you saw, the fluctuation in this division are significantly high. As you remember, in the first quarter, we were below the comparable quarter last year and about -- if I remember correctly, it was like 17% less and then here in the second quarter, we succeed to close the gap. We know that our clients in the defense segment will buy our component, but we are not controlling on the rate of consumption.

There could be fluctuation because of that, I'm not giving importance to the 5% decrease. More than this, we have a very strong backlog that $31 million, which is a record backlog. By the way, despite of 30% growth in revenues from Q1 to Q2, the backlog still remain on the same level of $31 million as it was at the end of the first quarter.

Moshe Zeltzer

Consolidated.

Eyal Cohen

Yes, consolidated. Out of the $31 million, we have $20 million for delivery by the year-end. We did the calculation. Based on that, we provided positive outlook that we will exceed the $51 million in year '26.

Kevin Pimental

This is Kevin from Alliance Global Partners. As a follow-up on M&A, could you speak to what are kind of the gating factors in it? Would it be finding targets, price expectations or the financing capacities?

Eyal Cohen

I'm not sure I got your question. Can you repeat because the line is not so clear. Can you repeat, please?

Kevin Pimental

Yes, sure. As a follow-up to the earlier M&A question, could you kind of speak to what are some of the gating factors on kind of closing a deal? Would that be finding targets, price expectations or the financing capacity?

Eyal Cohen

Yes. The criteria are, as I mentioned, that the cap of acquisition of investment will be $20 million. The criteria that there should be a synergy to our core business. You know the synergy could be a range of synergy, how much is 50% synergy, 100% full synergy. We have flexibility on that issue, on that criteria.

Regarding the financial position, the financial performance or the performance of the company, we are checking that in the recent 3 to 5 years, the company presented consecutive profits. There is positive outlook going forward. Regarding the multiple, the valuation, we are -- the thing that we have on the table, the multiple on the EBITDA is between 5 to 6. This is the range of valuation we are talking about.

Kevin Pimental

Got it. And then as a follow-up, you've announced about $4.7 million in new orders since late July on top of the $7.1 million from India and the U.S. through May. And your guidance has stayed pinned around that $3.6 million range, which is flat to last year. Could you walk me through that bridge? Is it incremental revenue being absorbed by shekel and the mix? And then specifically, what has to change? Would that be FX pricing or mix for this momentum to break through to the bottom line in 2027?

Eyal Cohen

Yes. In this year, this press release, we just announced that we will exceed the $3.6 million. Usually, we don't provide exact percentage of growth. Usually, we use that we will exceed like we did -- like we are doing in the revenue that we will exceed the $51 million, and we will exceed the $3.6 million. But still, there is a challenge we are facing with the devaluation of the U.S. dollar. As you saw in the first half of the year, it increased our operational expenses by about $600,000. Yes, it increased the operational expenses by $600,000. On an annual basis, it's like $1.2 million.

We have to find a way to compensate it in order not to be -- in order to generate profit that will be higher than year 2025, higher than the $3.6 million. We can work on internal efficiency, and we are doing it mainly with the assistance of the AI tools to improve our operational efficiency. But to improve our operational efficiency by $1.2 million a year, it will be very tough.

We are doing it by operational efficiency, by increasing the gross profit margin of our products in order to compensate. We are increasing our revenues. If you increase the revenues and you increase -- you work with all those points together, this is the assumption for our outlook for exceeding the $3.6 million.

Unknown Analyst

James [ Chan ] here. In a previous conference call, you suggested that you were open to the possibility of a new name for your company because Better Online Solutions is awkward at best and a little inaccurate and a little bit silly. So I have been working on this and giving it some thought and consulting the people. And I believe the best solution is an organic one, something that you're already known by. So I suggest BOSC, your symbol as the name for the company.

Eyal Cohen

I totally agree with you. I think you know why? BOSC? because it's also BOScoin. So it's -- okay. It's great. Yes, but I agree, all the investors know the name BOSC, they know the ticket. I totally agree with you. If I won't get any other recommendation from our shareholders that can send me e-mails and other suggestion, I think we will go for it on it. Any further questions?

Unknown Analyst

This is [ Igor Nagorski ] and nice talking to you again, especially after a strong quarter. I want to touch upon gross margins. So the gross margins, I don't have it really in front of me right now, but they seem to be kind of being a little bit flat while your revenue is growing. Is gross margins affected by RFID versus supply chain mix? Maybe you can give us -- I know you don't disclose them exactly, but maybe you can walk us a little bit through that? Or are they affected by FX? Or do you think your gross margins can improve while your revenue is growing?

Eyal Cohen

I think the gross margin, we are working that the gross margin will improve because what I just mentioned before, because we have to compensate on the effect of the devaluation of the U.S. dollar. We are working extensively with our clients to increase the sales price. I have to tell you that since the beginning of the year, all the salesperson, all the sales team increasing prices in order to compensate it. I'm following, we are following month by month. Our expectations are that our gross profit margin go ahead will increase.

But in certain cases, when we have, there could be a huge transaction, especially in the supply chain for a certain kind of product that the gross profit margin could be lower. It's a price of -- it's a matter of negotiation with the client. I hope it won't decrease -- it won't lower the average of the gross profit margin that we're expecting. In general, we are expecting higher gross profit margins.

Unknown Analyst

Does it apply to just supply chain or it also equally applies to RFID?

Eyal Cohen

Yes. I mentioned the supply chain -- because in the supply chain, there are huge transactions. There could be a transaction like of $2 million, $1.5 million that can affect significantly on a specific quarter. In the RFID, the transactions are much lower. It could be like $0.25 million, $100,000, $0.5 million maximum. Because of that, I mentioned just the effect of certain transactions of the supply chain.

Unknown Analyst

For RFID division, apart from obviously the issues that Israel has been in various stages of for the last few years, you had specific company issue. I remember that last year, you were restructuring your RFID division. Is this restructuring over or we expect some significant further improvements? Or how much did it change from the last year?

Eyal Cohen

Yes, it was improved. It's not a company under the RFID, it's a unit under the RFID. We have been doing the great work there and great progress. It absolutely -- the performance now are much better than we had in the parallel in the comparable period last year. But still, we have work to do, but this unit will be profitable in year '26 as opposed to year '25. The certain unit in the RFID, the RFID in general is a profitable division. The certain specific unit that caused us such -- that caused us some losses decreased our net income in the RFID division, I think now the situation is much, much more better.

Unknown Analyst

Is RFID more or less a function of, if Israel in a state of war or that is relative quiet because obviously, RFID has done much better in Q2 than in Q1 or there are other significant factors?

Eyal Cohen

I think the RFID is 100% affected by the Israeli commercial market. As I mentioned before, we are in the process to penetrate with the RFID to the defense segment, and we hired a consulting company special for that mission. We're also working to penetrate to hospitals and which is a growing segment in Israel and very stable like in all other places in the world. We are searching acquisition in that field. It's very tough. We are not finding. We don't even have opportunity on the table. The other option is to set a team to build it from 0 from scratch. By that, you reduce the exposure of the RFID division to geopolitical events that put on hold the commercial segment in Israel.

Any other further questions? Okay. Thank you for your time and attention. Feel free to reach out if you would like to schedule with us a one-on-one session. Thank you very much. It was a pleasure to see you again today.

Moshe Zeltzer

Thank you. Have a good day.