At B.O.S., we are built around one idea: that supply chains can be smarter, faster, and more efficient, and that the right technology makes that possible. We pursue that idea through three specialized divisions, each one tackling a different layer of the supply chain challenge. Our robotics division replaces manual labor with automated solutions, transforming how inventory is handled. Our RFID Division brings precision to tracking and end-of-line automation, from sorting to packing, across the entire supply chain. Our Supply Chain Division works even closer to our clients, integrating our franchised electromechanical components directly into their products. Together, these three divisions give B.O.S. a broad and complementary platform, one that allows us to serve clients across multiple touchpoints in their operations. Our Supply Chain Division integrates franchised electromechanical components directly into the products of leading defense and high-tech companies. Our engineers work hand in hand with our clients' R&D teams, ensuring seamless integration that generates long-term OEM revenue as those products move into production. The growth driver here is simple. The more components we embed, the more we grow. That is why over the past two years, we have doubled our engineering team and tripled the number of manufacturers we represent. We are proud to serve global defense leaders Israel Aerospace Industries, Elbit Systems, and Rafael, along with their hundreds of subcontractors across the U.S.A., India, and Europe. This network is our launchpad for global expansion without the need for costly overseas offices. Our RFID Division delivers end-to-end supply chain automation for logistics centers and production lines, covering inventory tracking and end-of-line automation. We create real-time inventory visibility by connecting warehouse operations directly to our clients' ERP, WMS, and MES systems. Our integrated platform combines ruggedized industrial hardware from tier one manufacturers like Zebra and Honeywell with our own proprietary middleware software. Beyond tracking, we deploy complete end-of-line automation. This includes autonomous mobile robots, AMRs, used in logistics centers in place of driver-operated forklifts and on production floors to shuttle components, subassemblies, and finished parts between stations. We also deploy automatic sorters, carton packing machines, robotic palletizing, and pallet wrapping, enabling fully integrated order fulfillment. Our business model is built for predictability and scale, recurring revenue from annual service contracts, ongoing consumables sales, and expansion revenue as clients grow to new facilities. We serve top-tier enterprises across Israel, including Shufersal, IKEA, and Teva. Our robotics division designs and deploys custom automation solutions, replacing labor-intensive processes with precision robotics and automated machinery. Our engineers evaluate client production lines, identify automation opportunities, and deliver a complete proposal from concept design and cost breakdown to ROI projections. Each robotic cell we build is fully integrated: robotic arms, custom grippers, proprietary peripheral machines, and end-to-end electrical and software systems. Over the past two years, we have strategically focused on the defense industry, a sector that still relies heavily on manual labor, yet faces growing pressure for speed and quality. That is a powerful tailwind for automation. Our flagship client is Elbit Systems, one of Israel's largest defense manufacturers. We have successfully developed and installed robotic production lines at their Israeli facilities, though, due to confidentiality, we are unable to share footage of those systems. B.O.S. is led by an experienced executive team of eight and a board of four, including a former head of procurement for the Israeli Ministry of Defense. Given our technology focus, we have two dedicated CTOs, one for robotics, one for RFID. In total, we are a team of 80 professionals, with 30% being engineers and technicians. Thank you for watching. 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.'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, and 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. Good morning. Great to see you again in our quarterly conference. Joining me today is Moshe. Hi. Our Chief Financial Officer. I am pleased to see strong participation today, including many new names following the recent virtual conferences we participated in during May, June, and July. Let me start by sharing a few thoughts on how the business is progressing. I am 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 the 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 within 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. On the financial front, despite 30% growth in the total revenue between Q1 2026 and Q2 2026, 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 opportunities on the table that we have been evaluating carefully. On the IR side, in May, we presented at the MicroCapClub Virtual Summit, and 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 three announcements on a major contract. In recent months, we have become active online on Facebook, LinkedIn, X, and via email, 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. We will now be happy to open the call for questions. Please unmute yourself if you want to ask a question. Good morning, Eyal. Good morning, Moshe. Congratulations on a fantastic quarter. Regarding one of your recent orders that was in the semiconductor industry, is that kind of a one-time order, or do you see more orders occurring from that industry? 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 component into the client's product that is in development process. Actually, we work on that order a year ago. Once the product 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. Okay. Can you 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? Yeah. We are very pleased with the progress of our team in India. They are doing a very good job, and 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 2027. 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? That's correct, Todd. Actually, we are planning to do an M&A, but as you know, in the recent two or three years, we have not succeeded to close a deal because it doesn't match to our criteria, especially for the first criteria, that it should be a company with a solid history of profits and a positive outlook. We have several opportunities on the table. We are checking it, and we are in negotiations with several companies. Hopefully, one of them will be closed, and of course, we have the financial policy how to finance those deals. As I mentioned before, we have $10 million in the cash in hand, so if we are buying a profitable company, there is no reason why the bank won't participate at 50% of the financing, so we actually can reach to maximum acquisition value of $20 million. So we are set. Well, thank you. I'll hop back in the queue. Congratulations again on a great quarter. Thank you. Thank you, Todd, and looking forward to meet you in Israel. Thank you. Good morning, Eyal. It's [Scott Weis]. How are you? Fine. Thank you. How are you, Scott? Good, thanks. Nice quarter. Thank you. 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? Yeah, we see a positive change. We were expecting for that, and it happened, a little bit silent here in Israel, and it comes. 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 three years of like to be in a halt position. So for year 2026, I'm bullish on year 2026 for the RFID Division. The same question for the Supply Chain Division segment. Revenues were down 6% or so. Is there any insight you can give us as to why it was down? 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. Here in the second quarter, we succeeded 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 am 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. Consolidated? Yeah, consolidated. Sure. Out of the $31 million, we have $20 million for delivery by the year-end. We did a calculation, and based on that, we provided positive outlook that we will exceed the $51 million in year 2026. Okay, great. Thank you. Thank you, Scott. Hi, this is. You can go ahead. It's okay. Okay. [inaudible] Who's going to be the first one? Kevin? Yes, please. I think Kevin was the one. Okay. Hi, this is Kevin from Alliance Global Partners. Thanks for taking our questions. 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? I am not sure I got your question. Can you repeat? Because the line is not so clear. Can you repeat, please? Yeah, 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? 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 a 50% synergy, 100%, full synergy? We have a 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 three to five years, the company presented consecutive profits, and there is positive outlook going forward. Regarding the multiple, the valuation, the thing that we have on the table, the multiple on the EBITDA is between 5x to 6x. This is the range of valuation we are talking about. Got it. Thanks. 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. 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 ILS in the mix? Specifically, what has to change? Would that be FX pricing or mix for this momentum to break through to the bottom line in 2027? Yeah. In this PR, in 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 are doing in the revenue, that we'll 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. Yeah. It is a- Effective. Yeah, it increased the operational expenses by $600,000. On annual basis, it's like $1.2 million. We have to find way to compensate it in order to generate profits 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, and we are increasing our revenues. If you increase the revenues and you walk with all those point together, this is a assumption for our outlook for exceeding the $3.6 million. Got it. Thanks a lot. Thank you, Kevin. Hi, Eyal. Hello. Hi. [James Khan] 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. I have been working on this and giving it some thought and consulting with people, and I believe the best solution is an organic one, something that you are already known by. I suggest BOSC, your symbol, as the name for the company. I totally agree with you. You know why BOSC? Because it is also BOScoin. It is okay. It is great. I agree. All the investors know the name BOSC. They know the ticket. I totally agree with you, and if I will not get any other recommendation from our shareholders that can send me emails and other suggestions, I think we will go for it, on it. Thank you. Great idea. Thank you. Any further questions? Hi, this is [Igor Novgorodtsev], and nice talking to you again, especially after a strong quarter. I want to touch upon the gross margins. 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 as affected by FX. Do you think your gross margins can improve while your revenue is growing? 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. So 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 sales person, all the sales team, increasing prices in order to compensate it. I am following, we are following month by month. So 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 matter of negotiation with a client. I hope it won't decrease, it won't lower the average of the gross profit margin that we expecting. So in general, we are expecting higher gross profit margins. Does it apply to just supply chain, or it also equally applies to RFID? 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 transaction are much lower, could be like $250,000, $100,000, $500,000 maximum. Because of that, I mentioned just the effect of certain transaction of the supply chain. For RFID Division, apart from obviously the issues that Israel has been in various stages of war in last few years, you had specific company issues. 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? It was improved. It is not a company under the RFID, it is a unit under the RFID. Right. We have been doing a great work there and great progress. Absolutely, the performance now are much better than we had in the comparable period last year. But still we have work to do, but this unit will be profitable in year 2026 as opposed to year 2025. There is a certain unit in the RFID, the RFID in general is a profitable division. The certain specific unit that caused us some losses, decreased our net income in the RFID Division. I think now the situation is much, much more better. Is RFID more or less a function of if Israel in a state of war or that Israel went quiet, because obviously RFID has done much better in Q2 than in Q1, or there are other significant factors? 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. We hired a consulting company special for that mission. We also working to penetrate to hospitals, 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 is very tough. We are not finding, we do not even have an opportunity on the table. The other option is to set a team to build it from zero, from scratch. By that, to reduce the exposure of the RFID Division to a geopolitical event that put on hold the commercial segment in Israel. Okay. Thank you very much. I do not have any more questions. Thank you, Igor. Thank you. Next. 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 pleasure to see you again today. Thank you. Have a good day.