B.O.S.(BOSC) 2026년 2분기 실적 발표 콘퍼런스 콜: 매출 29% 증가, 수주 잔고 3,100만 달러

핵심 요약

• B.O.S.(NASDAQ: BOSC)는 2026년 2분기 매출이 전년 동기 대비 29% 증가했으며, 2026년 1분기 대비로는 30% 증가했다고 발표했다.
• 직전 분기 대비 매출 증가에도 불구하고 분기 말 수주잔고는 사상 최대치인 3100만 달러를 유지했다. 이 중 약 2000만 달러 규모는 연말까지 인도될 예정이다.
• 경영진은 2026년 전체 매출이 2025년에 기록한 5100만 달러를 상회하고, 순이익은 2025년의 360만 달러를 넘어설 것으로 전망하고 있다.
• 이스라엘 상업 시장의 회복에 힘입어 상반기 RFID 매출은 전년 동기 대비 17% 증가했다. 경영진은 해당 부문의 2026년 전망에 대해 긍정적으로 평가하고 있다고 밝혔다.
• 미 달러화 가치 하락으로 인해 상반기 영업비용이 약 60만 달러 증가했으며, 이는 연환산 기준 약 120만 달러에 해당한다.
• 현금성 자산은 1000만 달러 안팎을 유지했으며, 자본총계는 3090만 달러를 기록했다. 회사는 AI 관련 기업을 포함한 여러 인수 기회를 검토하고 있다.

주요 재무 데이터

사업 및 영업 실적

방산 수요는 견조세를 유지하며 공급망 부문의 사상 최대 수주잔고 중 대부분을 차지했다. 경영진은 로보틱스 부문 역시 방산 공장으로의 확장을 진행 중이라고 밝혔다.

공급망 부문의 2분기 매출은 전년 동기 대비 약 5%~6% 감소했다. 경영진은 이러한 변화가 고객사의 소모 시점에 따른 것이라고 설명하며, 해당 부문이 분기별로 큰 변동성을 보일 수 있음을 강조했다. 연결 매출이 직전 분기 대비 30% 증가했음에도 수주잔고는 3100만 달러를 유지했다.

RFID 부문은 이스라엘 상업 시장의 수요 개선 덕을 보았다. 기존에 적자를 내던 RFID 사업 단위가 개선되었으며, 추가적인 영업 개선 작업이 남아있기는 하지만 경영진은 2026년에 흑자 전환할 것으로 전망하고 있다.

B.O.S.는 방산 고객 및 병원을 공략함으로써 RFID 사업의 이스라엘 상업 시장 의존도를 낮추고자 노력하고 있다. 회사는 방산 시장 침투 노력을 지원받기 위해 컨설팅 업체를 선정했다.

인도 시장과 관련해 경영진은 현지 팀이 이전에 B.O.S.와 접점이 없던 고객사들과 접촉하고 있다고 밝혔다. 회사는 이러한 활동이 2027년 인도에서의 성장을 뒷받침할 것으로 기대하고 있다.

B.O.S.는 또한 운영 효율성을 높이기 위해 내부적으로 AI 도구를 도입하고 있으며, 상업용 판매를 위한 소프트웨어 개발에도 이를 적용하고 있다.

경영진 가이던스

경영진은 2026년 전체 매출이 2025년 매출 수준인 5100만 달러를 넘어설 것으로 예상하고 있다. 또한 2026년 순이익도 2025년에 달성한 360만 달러를 상회할 것으로 전망한다.

이러한 전망은 매출 성장, 판매가 인상, 매출총이익률 개선, AI 기반 운영 효율화가 미 달러화 가치 하락에 따른 압력을 상쇄할 것이라는 가정을 바탕으로 한다. 경영진은 매출총이익률이 개선될 것으로 예상하고 있으나, 대규모 공급망 거래는 이익률이 낮아 특정 분기의 제품 조합(믹스)에 실질적인 영향을 줄 수 있다고 경고했다.

리스크 및 주요 관전 포인트

• 통화 관련 압력이 여전히 실질적인 리스크로 남아있다. 미 달러화 가치 하락으로 상반기 영업비용이 약 60만 달러 증가했으며, 경영진은 효율화 조치만으로는 연환산 영향액을 완전히 상쇄하기 어려울 것이라고 밝혔다.
• 공급망 부문 매출은 B.O.S.가 통제할 수 없는 방산 고객의 소모 일정에 따라 변동될 수 있다.
• 150만~200만 달러 규모의 대형 공급망 주문은 매출총이익률이 낮아 분기 수익성에 영향을 미칠 수 있다.
• 회사가 방산 및 병원 고객을 발굴하고 있음에도 불구하고, RFID 부문은 이스라엘 상업 시장과 관련 지정학적 리스크에 크게 노출되어 있다.
• 인수합병 실행 여부는 여전히 불확실하다. 경영진은 인수 대상 후보들이 수익성 및 전망 기준에 미달해 최근 몇 년간 거래를 성사시키지 못했다고 설명했다.

애널리스트 Q&A 주요 내용

경영진은 최근 발표된 반도체 주문이 반드시 일회성 거래는 아니라고 밝혔다. B.O.S.는 일반적으로 고객사 제품의 양산 전 부품 설계 작업을 완료하며, 이후 제품의 수명 주기 동안 후속 주문이 지속될 수 있다.

M&A와 관련하여 B.O.S.는 여러 기업을 검토하고 있으며 최대 인수 가치 한도를 2000만 달러로 설정했다. 대상 기업은 주력 사업과의 시너지를 창출하고 3~5년 연속 흑자를 기록했으며 긍정적인 전망을 유지해야 한다. 현재 논의는 약 5배~6배 수준의 EBITDA 평가 배수에서 이루어지고 있다. 경영진은 주주 가치 희석을 피하고 보유 현금과 은행 대출을 활용할 수 있을 것으로 예상한다.

마진과 관련해 경영진은 영업팀이 2026년 초부터 가격을 인상해 왔다고 전했다. 회사는 매월 가격 체계를 모니터링하고 있으며, 거래 조합에 따라 매출총이익률이 상승할 것으로 기대하고 있다.

실적발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.