Hello, everyone, and thank you for joining Better Online Solutions, or B.O.S., for our presentation today. With me is Eyal Cohen, our Chief Executive Officer, and today we will provide an overview presentation and then address questions from the audience. You can submit those through the online platform. B.O.S. is a leading integrator of supply chain technologies, especially in the defense and aerospace industries. The company is traded on the NASDAQ under the symbol BOSC. Eyal, with that, I'll turn it over to you for the presentation. Thank you, Matt. Good afternoon, and thank you for making the time to meet with me today. B.O.S. integrates cutting-edge technologies to streamline and enhance supply chain operations across three specialized divisions. Our Robotic Division automates inventory processes by replacing manual labor with robotic solutions. The RFID Division covers inventory tracking and end-of-line automation, particularly off-the-shelf automated sorting and packing systems throughout the supply chain, and the Supply Chain Division integrates our franchised electromechanical components directly into our clients' products. Let's explore each division in more detail. Our Supply Chain Division is dedicated to integrating franchised electromechanical components into the products of leading defense and high-tech companies. Our engineering team works hand in hand with our customer R&D department to ensure seamless integration of our franchise components into their innovative designs, generating for us long-term OEM revenues as client products with our embedded components move into production. The primary growth driver here is the number of components we embed into clients' products. That's why expanding our integration capabilities is central to our strategy. Over the last two years, we have doubled our engineering team and tripled the number of manufacturers we represent, strengthening our market position and growth trajectory. We are proud to serve global defense leaders such as Israel Aerospace Industries, Elbit Systems, and Rafael, and their hundreds of subcontractors around the world. Our network extends both directly to these clients in Israel and indirectly via their subcontractors across the USA, India, and Europe. This network serves as our launchpad for global expansion without the need for costly overseas sales offices. RFID Division. It delivers end-to-end supply chain automation technologies for logistics centers, covering inventory tracking, automated sorting, and automatic packing solutions. It recreates real-time inventory visibility by connecting warehouse floor operations directly to the client ERP, WMS, or MES systems. Our integrated platform combines ruggedized industrial hardware with our proprietary software. The ruggedized hardware includes handheld computers, forklift-mounted tablets, scanners, RFID readers, and thermal printers from top-tier manufacturers like Zebra and Honeywell. Beyond tracking, we deploy turnkey automation systems, including automatic sorters, carton packing machines, robotic palletizing, and pallet wrapping, enabling fully integrated order fulfillment workflows. For new warehouse projects, we design and install complete wireless infrastructure, positioning us as a major provider for connectivity and automation from the ground up. The business model of the RFID division combines current revenues from annual service contracts for hardware and software maintenance, ongoing sales of consumables like barcode labels, RFID tags, and supplies, and expansion revenue in case of existing clients expand to additional facilities. This combination of recurrent revenue, consumables, and expansion opportunities creates a highly predictable and scalable business model. We're proud to serve top-tier enterprises across Israel, like Shufersal in the food retail, IKEA in non-food retail, and Teva in the industrial sector. Robotic Division. Our Robotic Division designs and deploys custom-made automation solutions that streamline labor-intensive industrial and logistics processes through robotics and automated machinery. Our engineering team works directly with the clients that face labor shortage or high-cost manual processes. We evaluate their production lines, determine which tasks can be fully or partly automated, and deliver a comprehensive proposal, including concept design, cost breakdown, and ROI projection. Our robotic sales consist of several integrated components: robotic arms purchased or developed in-house, custom-designed grippers, proprietary peripheral automation machines tailored to each client's unique requirements, and comprehensive electrical design and software development for the complete system. Our team includes mechanical engineers, control engineers, software programmers, and production crew specializing in mechanical assembly, enabling us to handle projects from concept through installation. Over the past two years, we have strategically transitioned our business focus to the defense industry. Currently, 90% of our backlog is concentrated in this sector. The defense manufacturing sector remains heavily reliant on manual labor while facing increasing pressure for faster production cycles and higher quality standards. This creates significant tailwinds for automation adoption. Our major defense client is Elbit Systems, one of Israel's larger defense contractors. We have successfully developed and installed a robotic production line at their Israeli facilities. In Q1 2026, we will install a robotic production line at one of Elbit's European factories, marking our first international defense deployment. This European expansion validates both our technology and our ability to scale beyond the domestic market. B.O.S. is led by a skilled executive team of eight and a board of four members. One board member previously served as the head of procurement of the Israeli Ministry of Defense. Given the importance of technology, we employ two dedicated CTOs, one for the robotics and one for the RFID. Our total team includes 80 professionals, with 30% being engineers and technicians. Competitive advantages. B.O.S. provides a comprehensive offering for industrial and logistics processes, and each expansion step of our offering strengthens our competitive advantage. Break down our competitive advantage by division. The supply chain division advantage is built on four fundamental pillars: specialization in electromechanical components, which connectors and cables, outright representation of global industry leaders, strategic partnership with Indian assembly manufacturers, and direct access to strategic clients. Robotics and RFID division. There is high synergy between our robotics and RFID division, which creates a powerful competitive advantage. Together, they provide a comprehensive suite of automation solutions to improve productivity in industrial and logistic processes across three integrated phases: Phase A, production automation through robotic cells. Phase B, inventory tagging and tracking via barcode or RFID, connecting the production flow or warehouse to client ERP systems. And Phase C, packing automation through robotic cells. Operational results and outlook. 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. These markets are relatively untapped by B.O.S. and represent potential growth. We see India as a major target market because it is a global hub for wire and connector assembly, where we have competitive advantages. Through this approach, our international revenue grew by 24% year over year, demonstrating the growth potential in international markets. Our net income grew year over year by 54% to $2.8 million, while our revenue 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. We demonstrated consistent profitability with steady net income growth, achieving a compound annual growth rate of 57% from year 2021 to year 2025. Our financial foundation has never been stronger. Cash and equivalents grew to $7.3 million, up from $3.6 million at year-end. Our shareholders' equity amounts to $25 million, which accounts for 66% of our balance sheet. We have positive working capital of $18 million and $1.1 million in long-term loans used to finance real estate we are using for our own use operation. This strong balance sheet gives us the flexibility to capitalize on opportunities as they arise, supporting organic growth and strategic acquisitions. The consistent growth in revenues and net income, strong financial position, and $24 million backlog, covering approximately 50% of our annual revenues, underscores the strength of our defense-focused strategy. This reflects years of deliberate investment in product diversification and operational excellence that positions us to capitalize on the defense sector's robust growth trajectory. Our financial outlook for 2025 has been upgraded for the third time this year. We now expect to meet the high end of our previous guidance range of $45-$48 million in revenue and $2.6-$3.1 million in net income. We will provide our outlook for 2026 during the first quarter next year. There are several tailwinds that have accelerated our growth momentum, and we believe will support our long-term organic growth. First, the global increase in defense budget, which seems like a long-term trend that will positively impact our growth in the coming years. Second, the replenishment and expansion of Israeli Defense Forces inventory. Third, expanding our presence in India's assembly subcontractor market. On top of it, the potential stabilization and improving geopolitical conditions in the Middle East is a pivotal tailwind for the growth of the Israeli civil market and will positively impact the growth of our RFID division. These drivers support our continued organic growth in conjunction with our outbound sales efforts. We continue to seek M&A opportunities to support our long-term growth. In this regard, we are targeting companies that meet four key criteria: strategic fit, companies that expand our offering to core defense segment clients, geographic focus, Israeli-based companies, financial strength, solid history of profitability and consistent growth, management depth, strong and experienced management teams. Size parameters. We are targeting acquisitions valued up to $10 million, and the financing strategy is, given the profitability of the target companies, 50% of the investment will be financed through long-term bank loans. Given our strong balance sheet, we will finance the rest of the investment by our internal resources. Our valuation offers attractive upside compared to Russell 2000 index multiples. Price to earnings of Russell is 20 versus B.O.S. at 9. Price to book value for Russell is 2.2, and B.O.S. 1.2 only. Thank you for your time and attention, and we are ready to take your question. Excellent. Thank you, Eyal. So we had some questions sent to us in advance by some of our stockholders. They emailed me and you in advance, and we've also had a few questions coming in during the presentation, so we'll get those included as well. Of course, the audience can submit through the screen with additional questions. Perhaps let's just start with one that we get quite often, which is, how do we explain the gap between B.O.S.'s valuation and the Russell 2000 index that you highlighted in that slide in the presentation? Yeah, yeah. As you saw in the presentation, B.O.S. valuation ratio is approximately half of those of Russell 2000. I'm convinced that the primary driver of this gap is limited market exposure, which is precisely why I am here today. Over the past year, we have made substantial progress on our investor relations strategy compared to virtually no activity in prior years. At the beginning of the year, we engaged Darrow, an IR firm that has been instrumental in our efforts. Thank you much for that. Their work includes weekly one-on-one investor meetings and participation in conferences. This is our fourth event that we are participating in this year alone, and I have to tell you that we already see meaningful results. Our average daily trading volume has increased to 130,000 shares, which is equivalent to approximately $600,000. I believe improved liquidity is a critical foundation for minding the valuation gap over time. Yeah, absolutely, and we had a couple of questions on financing the growth in the business, one on organic and one on acquisitions, actually, so let's start organic. You discussed the financing model for M&A, but how do you plan to finance the company's organic growth, which has been very strong over the last couple of years as well? Yes. As I mentioned, M&A will be financed through a combination of long-term bank loans and cash on hand that we have, $7 million. In the fourth quarter, we will see an increase in that level of cash. Organic growth, however, will be funded, if needed, through bank revolving credit facilities. We currently have like $1.5 million unused bank revolving credit capacity for many years. If needed to support our organic growth initiatives, we can draw on this bank facility, and we are confident that we can expand it further with our banking partners if necessary. Excellent. And then the other side of that, you mentioned for the M&A project opportunities, you have a balance sheet that allows you to do cash and debt for that. We get an additional question that was asking if you have an internal rate of return target or an IRR target that you're looking for in the acquisitions that you're considering. I think the minimum IRR should be around 15%-16% minimum. I have to tell you one of the challenges that we have, of course. We are targeting profitable companies with a solid history of profits in the defense segment, which is very tough because our valuation as a public company is very low, and it's very tough for me, hard for me to buy a private company in higher multiples, so it's a kind of challenge. But we are trying to bring the best company for the long term to the company, which will give a high yield to the group, promote us to our long-term target of being a $100 million revenues company, profitable, focusing on the segment market, and we are working on that. I hope that next year we will be able to complete an acquisition, of course, with no dilution. All the better. So speaking of the different divisions, we've got Supply Chain, RFID, Robotics divisions that we report. Which segment do you think is going to contribute the most incremental growth going forward? Yeah, I think we see growth in all the divisions for 2026. But rather than pointing to a single segment, I see significant tailwind across all three divisions that will drive our long-term organic growth. Of course, defense is the most robust growth because of the global increase in the defense budget and the replenishment and expansion of the Israeli defense inventory that represent a long-term trend that will positively impact both our Supply Chain Division and the Robotic Division as well, because 90% of the business of the Robotic Division currently is in the defense segment. But the potential stabilization and improving geopolitical conditions in the Middle East provide a significant tailwind for the Israeli civil market, which will particularly benefit our RFID division. So in short, we are well positioned for growth across our portfolio in year 26, with each segment capitalizing on distinct but complementary market dynamics. Excellent. And one of the questions we also got following up on that was, we previously talked about the RFID segment having some challenges that are being worked through and the performance improving. How should investors think about the turnaround in RFID? And do you think that profits in that division could return to their 2024 levels from a couple of years ago? As I mentioned, we are seeing potential stabilization and improving geopolitical conditions in the Middle East, which is a significant tailwind for the civil market and for the RFID economy. We are now in the third month of Q4, and we are already experiencing this rebound firsthand. And second, we are continuing to—we have been aggressively expanding our RFID product offering with the end-of-the-line automation solutions supported by our robotic division as well. That includes off-the-shelf equipment such as sorters and various packing machines. This diversification strengthens our position and broadens our addressable market. So we are optimistic that it will return to track on the fourth quarter of this year. Excellent. And then another question we had come in, noting that foreign exchange headwinds had pressured our margins a bit this year. What pricing adjustments or operational changes are you implementing, and do you think those are enough to offset that pressure going into 2026? Yeah, and the U.S. dollar has depreciated approximately 11% against the Israeli shekel in the six months that ended in September, meaning the second quarter and the third quarter of this year, and since the majority of our operational expenses are in shekel-denominated, this creates roughly $500,000 in additional cost pressure on operating income during that period. We are proactively addressing this challenge that we see as a long-term trend. We don't see that the trend will be turned around, so we are addressing this challenge through two key measures: strategic sales price upgrade, which is not easy, but there is no other way to handle this kind of 11% depreciation, and we initiated this process in Q4, and gradually, I believe, we will see the result in Q4 and in 2026 as well. And of course, on the ongoing operational efficiency improvements, digitizing many operational activities using the AI also for internal users, using BI. We believe this combined action will sustainably mitigate the foreign exchange impact going forward and position us well for year 26. Okay. I think we have time for just maybe a couple more questions. We're getting some good ones on the inbound here. One of the questions kind of following up from the foreign exchange, your gross margins have moved up nicely over the last several quarters, reaching nearly 25% last quarter. How are you raising the margins? And this ties into your answer: is it higher pricing, cost-cutting? But most importantly, where do you think the margins can get to in the next 12 months for your business? I think we are supposed to be in the range of 25% to 30% since we are integrators, and this is, I think, the gross margin range of integrators, and there is a fluctuation between these points because of a different mix of products that we are selling between the quarters with different levels of profitability, so we are trying to improve our efficiency, but it won't move the needle significantly between the 25% and 30%. The mix of product has much more influence on the gross profit margin. Excellent, and it looks like we have just a couple of minutes left here. Oh, let's do this one, so you talked about in the presentation the strong growth opportunities in Israel and now in India, but what about growth opportunities in the US and European markets? Do you see opportunities in those large markets also? Yeah, absolutely. We see growth potential in both the U.S. and Europe by leveraging our relationship with the major clients like Elbit, Rafael, and IAI as they expand in those territories. As I mentioned earlier, once our supply chain division embeds its franchise component into this client and product, we supply those same components to their subcontractor worldwide, and by that, creating a natural expansion pathway. However, in India, our approach is a little bit different. It's a proactive approach. We are actively pursuing direct sales to local defense and aerospace subcontractors, and we believe India is well positioned as a global hub for electronic assembly. And with continuing strong demand from the defense clients, it represents significant growth potential that we intend to capitalize on during year 26. Excellent. I think we're bumping right up on time, but of course, for anyone that's listening and wants to request a meeting, you can reach out to myself through my emails listed on all of our press releases. We're happy to set up calls, as Eyal mentioned. We do them every single week with investors. We'd be happy to do so and discuss the business or answer additional questions. Any other closing comments for just 60 seconds, Eyal? No, it was a pleasure to participate in that summit. Thank you for your time. As you mentioned, if you need any more details or would like to follow up, please feel free to reach out. Outstanding. Thank you so much, and thank you, everyone, for joining us. Thank you.