Cuộc họp công bố kết quả kinh doanh quý 2 năm 2026 của B.O.S. (BOSC): Doanh thu tăng 29%, đơn hàng tồn đọng đạt 31 triệu USD

Các điểm chính

• B.O.S. (NASDAQ: BOSC) đã báo cáo doanh thu quý 2 năm 2026 tăng 29% so với cùng kỳ năm ngoái, trong khi doanh thu tăng 30% so với quý 1 năm 2026.
• Giá trị đơn hàng tồn đọng (backlog) vẫn duy trì ở mức kỷ lục 31 triệu USD vào cuối quý bất chấp doanh thu tăng so với quý trước. Dự kiến khoảng 20 triệu USD sẽ được giao trước cuối năm.
• Ban lãnh đạo kỳ vọng doanh thu cả năm 2026 sẽ vượt mức 51 triệu USD ghi nhận vào năm 2025 và lợi nhuận ròng sẽ vượt mức 3,6 triệu USD của năm 2025.
• Doanh thu mảng RFID trong nửa đầu năm tăng 17% so với cùng kỳ năm ngoái nhờ thị trường thương mại của Israel phục hồi. Ban lãnh đạo cho biết họ rất lạc quan về triển vọng năm 2026 của bộ phận này.
• Sự mất giá của đồng USD đã làm tăng chi phí hoạt động nửa đầu năm khoảng 600.000 USD, tương đương khoảng 1,2 triệu USD tính trên cơ sở thường niên.
• Lượng tiền mặt vẫn duy trì ở mức gần 10 triệu USD, trong khi vốn chủ sở hữu đạt 30,9 triệu USD. Công ty đang đánh giá một số cơ hội thâu tóm, bao gồm các mục tiêu liên quan đến AI.

Dữ liệu tài chính chính

Kết quả kinh doanh và hoạt động

Nhu cầu quốc phòng vẫn duy trì mạnh mẽ và chiếm phần lớn đơn hàng tồn đọng kỷ lục của bộ phận Chuỗi cung ứng. Ban lãnh đạo cho biết bộ phận Rô-bốt cũng đang mở rộng sang các nhà máy quốc phòng bổ sung.

Doanh thu mảng Chuỗi cung ứng đã giảm khoảng 5%-6% so với cùng kỳ năm ngoái trong quý 2. Ban lãnh đạo giải thích biến động này là do thời điểm tiêu thụ của khách hàng và nhấn mạnh rằng bộ phận này có thể trải qua biến động lớn theo quý. Đơn hàng tồn đọng vẫn duy trì ở mức 31 triệu USD ngay cả sau khi doanh thu hợp nhất tăng 30% so với quý trước.

Mảng RFID đã hưởng lợi từ nhu cầu cải thiện trên thị trường thương mại Israel. Một đơn vị RFID từng bị thua lỗ trước đây đã cải thiện và được ban lãnh đạo kỳ vọng sẽ có lãi vào năm 2026, mặc dù vẫn còn nhiều công việc vận hành cần hoàn thiện.

B.O.S. đang tìm cách giảm sự phụ thuộc của mảng RFID vào thị trường thương mại Israel bằng cách hướng tới các khách hàng quốc phòng và bệnh viện. Công ty đã thuê một công ty tư vấn để hỗ trợ các nỗ lực thâm nhập thị trường quốc phòng.

Tại Ấn Độ, ban lãnh đạo cho biết đội ngũ địa phương đang tiếp cận những khách hàng mà B.O.S. chưa từng liên hệ trước đây. Công ty kỳ vọng hoạt động này sẽ hỗ trợ tăng trưởng tại Ấn Độ vào năm 2027.

B.O.S. cũng đang triển khai các công cụ AI nội bộ nhằm nâng cao hiệu quả hoạt động và trong phát triển phần mềm để bán thương mại.

Dự báo của Ban lãnh đạo

Ban lãnh đạo kỳ vọng doanh thu cả năm 2026 sẽ vượt mốc 51 triệu USD, tức mức doanh thu năm 2025 của công ty. Công ty cũng dự kiến lợi nhuận ròng năm 2026 sẽ vượt mốc 3,6 triệu USD đạt được trong năm 2025.

Triển vọng này dựa trên giả định rằng tăng trưởng doanh thu, giá bán cao hơn, biên lợi nhuận gộp cải thiện và hiệu quả vận hành nhờ hỗ trợ của AI sẽ bù đắp áp lực từ việc đồng USD mất giá. Ban lãnh đạo kỳ vọng biên lợi nhuận gộp sẽ cải thiện, nhưng cảnh báo rằng các giao dịch Chuỗi cung ứng lớn có thể có biên lợi nhuận thấp hơn và ảnh hưởng đáng kể đến cơ cấu của một quý riêng lẻ.

Rủi ro và các yếu tố cần theo dõi

• Áp lực tiền tệ vẫn ở mức đáng kể. Sự mất giá của đồng USD đã làm tăng chi phí hoạt động nửa đầu năm khoảng 600.000 USD và ban lãnh đạo cho biết việc bù đắp hoàn toàn tác động tính theo năm chỉ bằng các biện pháp nâng cao hiệu quả sẽ rất khó khăn.
• Doanh thu mảng Chuỗi cung ứng có thể biến động dựa trên tiến độ tiêu thụ của các khách hàng quốc phòng, điều mà B.O.S. không kiểm soát được.
• Các đơn hàng Chuỗi cung ứng lớn từ 1,5 triệu USD đến 2 triệu USD có thể có biên lợi nhuận gộp thấp hơn và ảnh hưởng đến lợi nhuận hàng quý.
• Mảng RFID vẫn chịu ảnh hưởng lớn từ thị trường thương mại của Israel và những gián đoạn địa chính trị liên quan, mặc dù công ty đang tiếp cận các khách hàng thuộc lĩnh vực quốc phòng và bệnh viện.
• Việc thực hiện các thương vụ thâu tóm vẫn chưa chắc chắn. Ban lãnh đạo cho biết họ chưa hoàn tất giao dịch nào trong những năm gần đây do các mục tiêu tiềm năng không đáp ứng được các tiêu chí về khả năng sinh lời và triển vọng.

Những điểm nổi bật trong phần Hỏi & Đáp với chuyên gia phân tích

Ban lãnh đạo cho biết đơn hàng bán dẫn mới được công bố gần đây không nhất thiết là giao dịch một lần. B.O.S. thường hoàn thành công việc thiết kế linh kiện trước khi sản phẩm của khách hàng bước vào giai đoạn sản xuất quy mô lớn, sau đó các đơn hàng tiếp theo có thể kéo dài suốt vòng đời sản phẩm.

Về M&A, B.O.S. đang đánh giá một số công ty và đặt mức giá trị thâu tóm tối đa là 20 triệu USD. Các mục tiêu phải mang lại hiệu ứng cộng hưởng với hoạt động kinh doanh cốt lõi, có từ 3 đến 5 năm có lãi liên tiếp và duy trì triển vọng tích cực. Các cuộc thảo luận hiện tại xoay quanh bội số định giá EBITDA khoảng 5x đến 6x. Ban lãnh đạo dự kiến sử dụng tiền mặt hiện có và có thể là huy động vốn bằng nợ từ ngân hàng, thay vì làm pha loãng cổ phiếu của cổ đông.

Về biên lợi nhuận, ban lãnh đạo cho biết các đội ngũ bán hàng đã tăng giá kể từ đầu năm 2026. Công ty đang theo dõi việc định giá hàng tháng và kỳ vọng biên lợi nhuận gộp sẽ tăng, tùy thuộc vào cơ cấu giao dịch.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.