Ladies and gentlemen, thank you for standing by. Welcome to the B.O.S. Conference Call. All participants are present in listen-only mode. As a reminder, this conference call is being recorded and will be available on the B.O.S. website as of tomorrow. Before I turn the call over to Mr. Cohen, I would like to remind everyone that forward-looking statements for the respective company's business, financial condition, and results of its operations are subject to risk and uncertainties, which could cause actual results to differ materially from those contemplated. Such forward-looking statements include, but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, and the effect of the company's accounting policy. [crosstalk] This meeting is being recorded. Certain other risk factors, which are detailed from time to time in the company's filings with the various securities authorities. I would now like to turn the call over to Mr. Eyal Cohen, CEO, Mr. Cohen, please go ahead. Good morning, everyone, and welcome to B.O.S. First Quarter 2025 Earning Call. I am joined today by our CFO, Mr. Moshe Zelter. We delivered exceptional results this quarter with record revenues and record net income that underscore the strength of our defense-focused strategy. The results reflect years of deliberate investment in product diversification and operational excellence, positioning us to capitalize on the defense sector's robust growth trajectory. With our strong Q1 performance and a healthy $22 million backlog, we are raising our confidence in exceeding our full-year 2025 targets of $44 million in revenues and $2.5 million in net income. Our outlook remains grounded in the organic opportunities we see today and maintaining our conservative approach. Our growth strategy rests on two foundational pillars. First, deepened client relationships. We are expanding our value proposition to our defense customer through complementary offering, exemplified by our successful launch of a new cabling line that leverages existing client relationships. Second, international expansion. We are strategically expanding overseas by partnering with our Israeli defense clients' global subcontractors. This approach generated $4 million in overseas sales in year 2024 through our Supply Chain Division. Our Robotic Division will install its first European Production Line this year, marking a significant milestone in our international growth. B.O.S. presents a compelling investment opportunity built on four key strengths. First, we hold a strong and expanding position in the global defense industry during a period of accelerating market growth. The defense sector fundamentals continue to strengthen globally. Israel's defense budget increased 73% year- over- year, while Europe's rose 16%. This creates a sustained demand environment that directly benefits our business. Second, we have demonstrated consistent profitability with steady net income growth year after year, with a compounded annual growth of 49% through the years between the years 2021 and 2025. Third, our balance sheet provides flexibility for strategic growth. With $23 million in equity, zero bank debt, and $4 million in cash, we have the financial foundation to execute our expansion plans while maintaining operational stability. Fourth, B.O.S. is traded just at 10 times on net income and price-to-book value ratio of one. Our valuation offers attractive upside compared to broader market multiples. Thank you for your time and attention. Moshe and I are now happy to take your question. Hey, guys. Congratulations on a great quarter. It was nice to see the margin improvement. Can you talk about margins moving forward as the company continues to grow and expand? Yeah. First, the gross margin presents the average margin that we have and we had. We do not see any change in the future. This is a market that we are in. We are expanding our offering to our client, and as our offering is wider, the prices that we can take are higher and the margin as well. Thank you. Do you see the continued growth coming from the defense sector? I know you brought on the former procurement officer from the IDF, Ivy Dudan. Do you think you'll see some larger contracts come from defense? Do you see your future growth as being a mix of organic and inorganic, as in M&A activity, or do you just see organic growth? I think in the current market, in the defense market especially, our hands are full of work with organic growth. There are opportunities in the Israeli market and overseas as well, especially in India. We have to put all our focus and effort to capitalize on those opportunities. In parallel, we are checking opportunities for acquisition of companies that have a synergy to our business, whether it's for the civil market with the RFID Division, whether it's for the defense market with the Supply Chain Division. Okay. Thank you. I'll hop back in the queue. Congratulations on an outstanding quarter again. Thank you, Todd. Eyal, can you hear me? Yes. Congrats on the great quarter. Could you address the backlog, please? The backlog? The backlog dropped to $22 million. Yes. Yeah. The backlog was in a record number in December last year. It was on the amount of $27 million. This was part of the confidence that we had to provide a positive outlook for year 2025 with a 10% growth. We are in a very hot market, and the demands are hot. Sometimes there are peaks, like we had in this quarter. Okay. Thank you. Also, last question. Can you share with us if there was any specific defense program that drove the defense side of the business, or was it broad-based? Sorry, can you repeat the question? I'm not sure I understand. Was there a specific defense program that drove that side of the business in this quarter, or was it broader-based? Yes. Component to one of the leading munitions of Israel. Our components are embedded inside. Okay. Thank you very much. You're welcome. Any further questions? I have another question, Eyal. Are you guys going to be in the United States anytime soon to do investor relations conferences, anything like that? Yeah. First, we plan to participate in a virtual conference in the coming months. Matt, our IR firm person, arranged it. Of course, we plan a visit in the U.S. this year. Okay. Your $4 million in cash, any plans for that? Yes. First, the transaction in the defense market is relatively big, and we need working capital to execute it. We use this cash to do it. We also will use it for a future M&A. Okay. Scott? Yep. Thank you. You're welcome. Hi. Eyal, do you hear me? Yes. Shuki, how are you? I'm fine. How are you? I want to ask about the backlog. The backlog is for nine months, six months, 12 months. For how long is the backlog? Besides that, how do you see the second quarter, what you can say, which we are two-thirds of it finished? You have kind of visibility if you can say some words about it, because it seems like your prospect for the year is a bit conservative. I want to hear some comments about that if you can. First, about the backlog. Yeah. The backlog is for it will be spread along year 2025. And the $22 million covers like 50% of our annual revenues, so it's relatively high. I remember our call last year when some of the deals moved to year 2025, if you remember. You see the effect in this quarter. It's a supply chain business. The timing of the purchase of the order affects the time of the delivery and the billing and the revenue recognition. We feel confident with this level of backlog that we will exceed our outlook for year 2025 of $44 million revenues and $2.5 million net income that already reflects a 10% growth. Okay. You said that it's too early to predict now, so you prefer to wait maybe one or two more quarters. Yeah, yeah. I think that in the second quarter that will be released in August, we will have much more information to give a more accurate outlook. Okay. And you can say any comment about the second quarter, or you prefer just to talk after the results? Yeah. Usually, we give an outlook for a year, not for a quarter, so. Okay. Yeah. You can try. You try it every quarter. Try again next quarter to ask. Okay. Great result. I hope you will continue the same way because it is a magnificent quarter. You have to repeat on it. We will try. Yeah. There are peaks. It's a very hot market. We are trying to do the best to capitalize all those opportunities that we have on the table with our defense client that we have a great relationship. We are trying to do the best. Okay. Thank you very much, Eyal. Thank you. Thank you, Shuki. Thank you. Any further questions? Okay. To conclude, B.O.S. is strategically positioned for continued success. Our focused approach, strong execution, and solid financial foundation create a platform for delivering sustained shareholder value in the years ahead. Thank you for joining us today. Please do not hesitate to reach out if you need additional information or would like to schedule a follow-up discussion. Have a great day. Thank you. Bye-bye.