BOSC

Ladies and gentlemen, thank you for joining us today. My name is Claude, and I will be leading today’s presentation. Following the prepared remarks, Eyal Cohen, Chief Executive Officer, and Moshe Zeltzer, Chief Financial Officer, will be available to take your questions. Before we begin, a brief reminder that this call contains forward-looking statements relating to Eyal Cohen. 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. With that said, let’s get started. B.O.S. is a company 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. 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. How we grow. Now, when we talk about growth at B.O.S., we think about it in two ways: organic growth, building on what we have, and strategic acquisitions that expand our reach. Over the past four years, the story has been primarily organic, and the numbers speak for themselves. Revenue grew from $33.6 million in 2021 to $51 million in 2025.

That is meaningful, sustained growth built on real demand from real clients. We believe that demand is only accelerating. Three tailwinds in particular give us confidence. The first is the global increase in defense budgets. This is not a short-term cycle. It is a structural long-term shift in how governments around the world are prioritizing security. B.O.S. is well-positioned to benefit from this trend for years to come. The second is closer to home. The replenishment and expansion of the Israel Defense Forces inventory, driven by the conflict that began in October 2023, has created significant and ongoing demand that directly supports our business. The third is newer and very promising. India is rapidly emerging as a major subcontracting hub for global defense programs. The numbers are already telling that story.

In the first quarter of 2026 alone, we received $3.3 million in orders from Indian customers, compared to just $172,000 in the same quarter last year. To capture this momentum and build on it, we appointed an Indian representative company in March 2026 to establish a dedicated presence in that market. We are only at the beginning of what we believe is a significant long-term opportunity. Alongside organic growth, we are actively building our acquisition pipeline, and we have the financial strength to act on it. Our balance sheet is solid. Shareholders’ equity stands at $29 million, and we hold $9.5 million in cash net of loans. That gives us real flexibility. We are targeting companies valued at up to $20 million with two non-negotiable criteria. First, financial strength, a proven track record of profitability and consistent growth. Second, strategic fit.

Companies that deepen and expand what we can offer to our existing clients. On the financing side, approximately half of each acquisition will be funded through long-term bank loans, with the remainder coming from our own resources. I want to be clear on one point. No shareholder dilution is expected. Let me now turn to where we stand heading into the rest of 2026, and the picture is an encouraging one. When you combine our backlog of $31 million as of March 31st, 2026, with Q1 revenues, we are already at ILS 42.4 million, 83% of our full-year target after just one quarter. As a result, we now expect to exceed our previously announced annual revenue target of $ 51 million. The depreciation of the US dollar against the new Israeli shekel`` is creating pressure on our profitability.

As a result, we are maintaining our net income target of $3.6 million for the full year at this stage. We are responding on two fronts, accelerating revenue growth and actively working to improve our gross profit margins. Both of these efforts are already showing up in our Q1 results. Our gross profit margin reached 24.9%, up from 23.9% in the same quarter last year, and our backlog grew 29% during the first quarter, from $24 million to $31 million. As we monitor the progress of these initiatives, we will reassess our net income outlook for the full year and update accordingly. I want to close with something that we believe deserves your attention. 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.

Yet, B.O.S. currently trades at book value. The Russell 2000, the index of small-cap companies we are measured against, trades at approximately 2.6 times book value. Our price-to-earnings ratio stands at roughly 11 times, compared to 22 times for the index. We believe this gap exists primarily because not enough investors know our story yet. That is what we are working to change, calls like this one are part of that effort. Ladies and gentlemen, that concludes the prepared remarks. We will now open the floor for questions. Eyal Cohen and Moshe Zeltzer are ready to take your questions. Please unmute yourself to begin.

Okay. I hope you enjoyed our new presentation format. My only concern is that his English and his voice are much better than my voice in English, and yours as well. Let's open the floor for discussion. Ready to take your question.

Good morning, Eyal. This is Todd Felte. Good morning, Moshe. Just wanted to ask on the devaluation of the U.S. dollar with the NIS, are you doing anything to hedge or compensate on that aspect?

Yes. I think the most efficient way to handle this long-term trend, I believe, of strong Shekel, is to increase the efficiency of the business, because any hedging, any kind of hedging, has a limited period. Although we are doing hedging on the balance sheet, not on the P&L, because we are doing hedging on the balance sheet, we see the fluctuation in the currency differences in the financial expenses or income. For the long term, we have to increase the efficiency of the business. We are doing it based on two pillars. The first one is to increase the sales price. Even though it's quoted in dollar, but to increase the gross profit margin to compensate our operational expenses, which are quoted in NIS. This is the first one. The second one is to grow our business.

As you saw, our backlog is in this trend. You saw a 30% growth in the first quarter in the backlog, and you also saw a growth in the gross profit margin by 1 point from 33.9% to 24.9%. We are in the right direction. On top of that, we are working on acquisitions, on good acquisition or, as Trump says, beautiful acquisitions. A beautiful acquisition based on the criteria we just illustrated in the video. Its solid history of profit and high synergy, and this is the long-term solution for the devaluation of the dollar.

Okay. Thank you. That's helpful. I know your components are used a lot in the Arrow and Iron Dome systems, as well as missiles and fighter jets. Are any of your components used in drones, which seem to be the weapon or defense tool of choice these days?

Not yet. We are on it. Hopefully, we will find the right manufacturers to represent this product to embed in our client's products. Hopefully, it will come.

My final question. In the past, you had spoken about the expansion of RFID to different sectors and that you were excited about the expansion of RFID to the healthcare sector. How is that progressing?

First, we put a team in place with the defense to extend the RFID business to the defense. As we announced, we hire a company, external company, to escort us through this very complicated process and to short the timeline of the success. We have team in place to penetrate to the defense, to expand the business of RFID to the defense. In the hospitals, we are part of the team in place. We have not signed yet. I have to gather together all the ingredients of the team, and once it will be ready, I will sign the contract and start the penetration. I know exactly what kind of person, how the team should look like, what is his experience, and once I will have it, we'll start the expansion. I believe it will be this year.

Thank you.

Hi, this is Kevin from A.G.P. Thanks for taking our questions, by the way. Backlog increased 29% sequentially to NIS 31 million. Can you break down which of your divisions contributed most to that growth?

Most of the backlog related to the supply chain division because it has long-term orders. This is a primary portion.

Okay. Thank you. What do you attribute some of the early success in the India market to?

The success that we saw in the first quarter in regarding with the amount of orders?

Yes.

I think this is the initial yield of the work we did in the field. We have done in the field in India by our Israeli team. I believe once we have a local team in place in India, it will urge the process of participating in more bids with more clients to extend our client base there. The result you saw in the first quarter was made by our local team in Israel.

Great. Thank you.

Thank you.

Hello, this is Igor Novikov. I would like to ask a few questions now. First a comment. I think it's actually a very good quarter given all the circumstance. I think there was a lot of investor caution, and you could see it in your stock price, given your prior comments, so I think everybody feels that this was a positive result. My question is this. I'm looking at your RFID results, and I see that the profitability is still relatively low. Was it, first of all, impacted by the war and the situation with Hezbollah and Persian Gulf and so on in this quarter, or was it something else? And how do you expect the RFID division to perform, hopefully assuming that the situation remain relatively quiet for the remainder of the year? Or how do you evaluate it?

Thank you for the question. Regarding the RFID, in the first quarter, during the month of March, the division worked partially. It's damaged the gross profit margin. We had a fixed cost with low revenues during March. Another effect on the gross profit margin was the devaluation of the dollar because our cost of goods includes a lot of workforce, all the lab team, all the warehouse team. It increased the labor cost in total. We are working, as I mentioned before, we are working to increase the gross profit margin of the product we are selling, and I believe we will start to see this result in the second quarter of the year. It will compensate on the devaluation of the dollar and in the second quarter of the year.

Hopefully, until now, there is no resumption of the conflict of the war. It looks like we will be in a good shape in the second quarter related to the RFID division. It will represent improved results.

Thank you. My other question is, first of all, obviously, you have tremendous expansion in India now with some more meaningful revenue from there. Do you think you can repeat the many other countries because of the Israeli defense sector now is highly valued and has customers in many other countries, and do you think you can have meaningful revenues abroad from other countries than India?

Yeah. We have a connection with the two subcontractors in the U.S., we got revenues from them during this year. I assume we announced during this year on two major contracts, I believe that the revenue will continue to grow there. We are checking now additional area in the East, where the local defense clients here in Israel does business over there. Not just in India. There are many places in the Far East that, for example, IAI and Elbit has business over there. We are following their tracks there, and hopefully we can duplicate the business model that we have in India to other territories. There is a potential, yes.

Right. My last sort of question or comment, any thoughts of renaming your company? I think your name is rather now silly given what you do, has nothing to do. Better Online Solutions just really confuses a lot of people.

Yeah. It's a good question. Do you have a better name?

I can come up with a few. I'm sure ChatGPT can, but it sounds like a late 1990s internet company.

Okay. I know. We talked about it many times, but it's a lot of headache to change a name for a company. I believe after several acquisitions that we'll do, we'll have to rebrand our business, so it will come.

Right.I think it would help especially if you go to conferences and doing presentations, because I think a lot of people are dismissive of your business. They have no idea that you have anything to do with this defense industry looking at your name. It might be a great idea.

Okay. If you have a good recommendation, send me.

I'll send you some. Okay. Thank you. I don't have anything else. Thank you for taking my questions.

Okay. Thank you. I think Scott is missing today. Any further questions? Okay. On behalf of the board of directors and management team, thank you for your participation in our Q1 2026 conference call in the new format. I hope you liked it. If you need more details or would like to follow up, please feel free to reach out. Thank you. Have a great day

Good morning, and thank you for making the time to join our full year 2025 results call. Joining me is Mr. Moshe Zeltzer our Chief Financial Officer. I am pleased to report that 2025 was an outstanding year for B.O.S. on multiple metrics, and I am grateful to our team for the hard work and commitment in achieving these results. We delivered strong revenue growth throughout the year, setting multiple record quarters and increasing our outlook three times. Ultimately, we completed the year 2025, growing 27% year-over-year to a record $51 million in revenues, and our net income grew year-over-year by 57% to a record $3.6 million, demonstrating our ability to drive profitable growth leverage in our model. Even with this growth, we exited the year with a substantial contracted backlog of $24 million, giving us good visibility into the year ahead.

Looking forward, I want to share the key theme that will shape our trajectory in 2026. Demand in the defense sector remains robust and is expected to continue driving growth in our supply chain and Robotics Division throughout the year. We maintain strong backlog visibility and healthy customer relationships across this segment. Alongside that, we are taking steps to extend our geographic reach. In March 2026, we appointed an Indian company to represent B.O.S. in the Indian market. As India is emerging as a growing subcontracting hub for global defense programs. This is a meaningful step in our global expansion strategy. On the product side, our organic growth model is built around continuously broadening the portfolio of manufacturers we represent and embracing the new technologies they develop.

Because our manufacturing partners invest heavily in next-generation solutions, we benefit from self-replenishing flow of innovative products to bring our clients. Turning to our RFID Division, the ongoing geopolitical tension in Israel since October 2023 have continued to weigh on the Israeli commercial market, which represent the primary revenue base for this division. Therefore, we recorded goodwill impairment charges of $700,000 in 2024, and an additional $1.2 million in 2025. To reduce our exposure to geopolitical, geopolitically sensitive Israeli civilian market, our 2026 strategic plan focuses on growing our business, the RFID business, by entering the hospital segment, more stable and higher growth vertical within Israel. Successful penetration of this segment will require broadening our product offering, hiring personnel with relevant domain expertise, and establishing new customer relationships.

We expect to make this investment throughout 2026, with revenue contribution expected to begin in 2027.

On the currency front, the USD to Israeli shekel exchange rate opened 2026 at ILS 3.18 per dollar, reflecting an approximately 13% devaluation of the dollar against the Israeli shekel compared to start of 2025. As a result, we expect our Israeli shekel denominated operating expenses to increase by approximately $600,000 in 2026 compared to 2025. Another effect of the dollar's weakness in 2025 was $800,000 in non-recurring currency exchange income we recognized that year, which arose from the revaluation of the Israeli shekel denominated balance sheet items following the sharp dollar decline. The gain is not expected to repeat in 2026, assuming the rate remains at approximately ILS 3.18 per dollar.

Combined, these two currency related items represent approximately $1.4 million in headwinds going into 2026. Separately, the $1.2 million goodwill impairment charge taken in 2025 is not expected to recur in 2026, which partially offsets the impact, leaving a net year-over-year drag of approximately $200,000. Our financial foundation has never been stronger. Cash and equivalents have grown to $11.8 million, up from $3.6 million at year-end 2024. Shareholders' equity amounts to almost $29 million, up from $21 million at year-end 2024. We have positive working capital of more than $22 million, and bank debt amounted to only $1.7 million.

This strong balance sheet gives us the flexibility to capitalize on opportunities. As they arise, supporting both organic growth and strategic acquisitions. We are actively evaluating a range of acquisition opportunities, each of which must meet our strict criteria, including a proven track record of profitability and high revenue visibility. Turning to our outlook, consistent with our established policy of issuing conservative initial guidance with updates provided as the year progresses, we are projecting revenues of approximately $51 million, a net income of approximately $3.6 million for 2026. We look forward to updating you as the year progresses and our momentum becomes clearer. On the investor relations front, in 2025, I conducted an on-the-road show comprising 44 one-on-one meetings with potential investors and presented at two investor summits.

Our stock appreciated 42% during that year 2025, yet a significant valuation gap remains relative to our benchmark index, Russell 2000. Over the past four years, B.O.S. delivered compounded annual earnings per share growth of 60% compared to 12% of the Russell 2000, 5x the rate of the index. Despite this performance, we trade near book value, while Russell 2000 trade at roughly 2.4x book value. Our price-to-earnings ratio stands at approximately 9x compared to 20x for the index. We attribute much of this discount to limited market awareness. To address this, we will shift our IR strategy toward digital marketing starting this April, engaging Aly Communications, an investor relations firm specializing in digital investor outreach.

We believe this approach will meaningfully expand our investor reach and visibility in a significantly shorter timeframe rather than the traditional IR method. With that, we are happy to take your question, and if you have any question, please unmute yourself.

Hey, guys. Congratulations on a really good year. This is Todd Felte. Was wondering if you could talk about the current conditions over there and how you expect your business impacted if the war, let's say, lasts another 30 days compared to, you know, what happens if it drags on for another six months with your various divisions.

Yeah. Thank you, Todd. First, most of our business related, linked to the defense segment, as you know, the supply chain, which is a primary growth driver of B.O.S., most of its business related to the defense segment and the Robotics Division as well. In that aspect, if the war will continue, it will positively affect the growth of those two divisions. With regard to the RFID Division, currently it is very sensitive to the geopolitical tension, and if the war will continue, it will negatively impact its business.

As I mentioned before, we are working to shift our sales resources and business development resources toward a new segment, which are less sensitive or even the opposite, are growing in such period, like the hospitals in Israel, defense as well, but we'll focus on the hospital segment in Israel. In addition, as you know, if the war will continue, we learn how to work with that. The economy will gradually return to its normal course of business despite several attacks a day. It's not new for us. We are in this situation for three years, and still we are doing good. Hopefully, it will be ended.

Okay. There was a gentleman who asked a question in the chat, which is, I thought a good question. He spoke about the, you know, the growth rate you've achieved and why there is no growth anticipated in the guidance. I think your guidance is for $51 million, and that's basically what you did last year. Can you kind of give us some insight on that?

Yeah. First, we reached to a record level of revenues. $51 million revenues, compared to $40 million revenues in the previous year, it's phenomenal. Our revenue growth depends on the consumption of our components by the different segments, mainly Rafael, and the Israeli aircraft industry, and there are hundreds of subcontractors around the world. I believe that there is high potential for continuing growth because the warehouses are empty. We currently have and at the end of year 2025, we have, like, $24 million backlog, which covers 50% of our outlook for year 2026. So we have to be, as we did all the time, to be conservative. We will update, I believe, we will upgrade the outlook quarter by quarter according to the progress.

We have to remember that we are in a very sensitive period in geopolitical tension. Every day there are news, and we have to be a little bit conservative. I think that still, with $51 million revenues and a $3.6 million net income and all the ratios that I illustrated before, compared to the Russell 2000 index, there is no need for any growth to justify this current valuation. I think we are undervalued with the $51 million revenues and $3.6 million net income, and there is a great upside here.

Okay. Thank you. My last question is just on the M&A front. I see your cash position is up to $11.8 million. Can you just kind of go over your M&A strategy? I believe in the past, you planned there would be no dilution on any M&A that you did, and that any acquisitions you did would be immediately accretive to revenue and earnings. Is that still the case? And do you plan on investing some of that cash maybe in short-term notes or securities if there's no M&A on the immediate horizon?

Yeah. First, as we have the $12 million cash on hand, I think the opportunities of M&A are increasing because we can acquire a larger company that can move the needle. It's great, it's a great tool to have on hand, and we have several acquisitions that we are evaluating. Hopefully, we will close an acquisition during 2026. Until then, we invest the cash on hand on securities funds and that bear like 4%, 4% or 5% interest per year, something like that. The money is working and waiting for utilization.

Thank you. That's all for me.

Regarding the dilution, it's not included in the plan. There is no plan for dilution. With $11 million to do an acquisition, it's a nice acquisition, and if we want to increase it, we can leverage it with the bank loans, long-term bank loans, if it's a profitable company, and together reach a significant amount of acquisition. It could be one, it could be two. I don't expect any dilution in that aspect, in M&A, and, by the way, in any other aspect as well.

Thank you. That's all for me.

Eyal, I have two questions. This is Scott Weiss. How are you?

Fine. Thank you, Scott. How are you?

Good. Thank you. Regarding India, can you comment on if you've seen revenue in India to date, and what kind of numbers are you expecting for 2026?

Yeah. We see flow of revenues from India. We saw flow of revenues in year 2023, in year 2024, in year 2025. We established the office there, the agency there, in order to urge it and to have more foot on the ground in India in order to increase this number. We didn't provide any outlook for how many revenues, but hopefully it will increase significantly during the year. It's not a investment for one year, it's for long-term investment, and we will expand our investment in India as it progress, according to the progress. This is our addressable market overseas.

Can you share one or two of the larger customers from the Indian markets?

Yes. Our client, I believe, the biggest, one of the biggest, one of the top five subcontractors of assembly subcontractors of electronic systems. They are working with Rafael, they are working with the IAI, they are working with Boeing, they are working with a global organization. Among the names are Sasmos, Vinyas, DCX, and I believe there is a long list of subcontractors that we have not reached yet, and this is a primary reason for having put on the ground in India in order to go to visit more manufacturers, more assembly company, and to start to do business with them.

If we have a good offering for one for their competitors, so I believe we can increase our sales, we can increase our client base in India with the same offering.

Okay. Thank you. My second question is regarding the RFID investment. What kind of investment spend are you expecting to enter the hospital market?

In what amount or what kind of investment?

Both.

Okay. According to the initial plan, I believe it won't be a significant amount in the size of both, but it will be significant amount for the RFID Division. It could be around 800. It could be in shekel like $200,000 in 2026. In 2027, this new segment will be in break-even, and in 2028, it will start to be profitable. It is for the long term, because in the RFID Division, every time there is a geopolitical tension, it got impacted directly and immediately. We have to.

Because we don't believe that, going forward, there will be a long-term peace period, so we have to be ready for that, and we have to do this move.

Do you have existing relationships in the hospital segment?

Currently, no. We have several people, several candidates that we can hire with the related connections. By the way, it could be also through a M&A of company that already in that field, and to use our system to support the sales and the sourcing of the product to this segment.

Okay. My last question is regarding the guidance. I realize how conservative you've historically been, but the guidance suggests that you've seen a slowdown, and I just want you to flesh that out a little bit. Have you seen any changes from Q4 to Q1 to where we are today?

No. The opposite. I see that the backlog increased. The backlog of the group increased in the first quarter.

Okay. Thank you very much.

You're welcome, and hope to see you soon in Israel, Scott.

Hello, this is Igor Novgorodsev. Good afternoon and good morning from me. I have a question, and I think somebody else had the same question about your guidance. You're projecting the same revenue and the same net income as you had this year. I understand the revenue part. The net income was affected by two things this year. One was the impairment charge, which I assume will not be going forward, or maybe it will be. The second part, you paid no taxes. Are you going to pay the taxes next year? Maybe you can just walk me through and say, on the $51 million, how do you get to exactly the same net income when you had two significant items affecting it this year?

Yes. Thank you for your question. I think that Moshe described that we had two point that was impacted 2026 report. Maybe Moshe can comment on what you just said regarding the currency exchange, the weakness of the dollar, and what was the impact in year 2025, and what do we expect in year 2026.

In the financial income in 2025, we expect that our Israeli shekel-denominated operating expenses to increase by approximately $600,000 in 2026 compared to 2025. Another effect of the dollar weakness in 2025 was $800,000 in non-recurring currency exchange income we recognized last year, which arose from the revaluation of the Israeli shekel-denominated balance sheet items following the sharp dollar decline. This gain is not expected to repeat in 2026. About the impairment of the goodwill, it will offset by the impact of the Israeli shekels.

Against the dollar, which is not supposed to impact in 2026 like it was in 2025.

In summary, there was a charge of $1.2 million of goodwill in 2025.

Yeah

You're right, we don't expect it to recur in 2026. Okay. On the other hand

Yes

There were some benefits in year 2025 because of the weakness of the dollar. The operational expenses in year 2026 will be higher by $600,000 than it was in year 2025. Because we opened the year 2026 with a very low currency rate of NIS 3.18 per dollar, as compared to something like NIS 3.5 per dollar at the beginning of year 2025. We expect higher operational cost by $600,000.

Another thing that we recorded in year 2025, a financial income because of the weakness of the US dollar of $800,000, and as long as the currency exchange rate of 2026 will remain at 3.18, we don't expect to record the same income. The benefit in the currency exchanges in year 2025 and offset by the goodwill impairment in year 2025. You can easily compare the years 2025 and 2026. Okay?

Okay. My other question is, it's a little bit difficult to break down if you're paying any taxes, and I know you referred to that you have a tax carryforward ability and unrealized losses. Could you tell me what you expect your taxes are gonna be like this year and next year?

Yeah. We have a plan. The taxes are a little bit tricky because the taxes are. We are going to utilize all the tax loss carryforwards in both the parent company by the end of 2026, and all of it recorded as an asset in the balance sheet. We still have a lot of tax assets in tax loss carryforwards in the subsidiaries, the RFID Division, that we want to utilize, and we are considering different kind of tax solution for that in order to utilize it because, you know, so that all the profit of all the group will be offset by the carryforward tax losses of the RFID Division.

We don't expect to have any significant tax expenses in year 2026.

Okay. For year 2027, is it a little bit too early, or you're also saying that the taxes keep on carrying over into the next years?

Can you repeat please again?

For year 27 and going forward, do you see that you're gonna still have tax loss carryforwards in your divisions, or it's probably gonna expire?

No. There is no expiry date for those losses.

I mean used up, sorry. Used up.

If, if you-

It will expire.

Okay. If you will, Utilize them.

If you will execute the tax planning as we wish, I believe we won't have tax expenses in the several coming years.

Okay. My last sort of a comment, Eyal, you know, to have to take as a question, you referred to your stock being cheap, and I think everybody on this call agrees with this. I think there is no better way to demonstrate that your stock is cheap is to announce a small buyback or to have the executive buy some of your own stock, because I think it would benefit everybody. This is just a comment. You know, I don't know if you agree with this, but that would be, I think, on many people's minds.

Yeah. I think because we have just $11 million and we are a very small company, we have to invest this money by acquiring company in order to support the growth of the company and not to do an artificial financial act to support the stock. Personally, I don't believe in buy stock, in buyback stock. It didn't improve itself according to what I read. I have read during all the years. We are very small to activate such plan. You know, companies within big size that have hundreds of millions on cash on hand, they can do it. They can allocate part of it just for public relations. We don't have the space for it. We have to...

We worked very hard to gain this money, and we have a lot of opportunities for acquisitions, and I believe this is the best thing to do for the company for the long term. Regarding buying stocks by the officers of the company, I think I can tell you, I know what are the compensation package of those officers. I think they cannot afford to do buyback. They don't have compensation, huge compensation that they can allocate it. Part of their compensation, it's options instead of cash bonus. I think it's a sign of support from the officer that they believe in the company.

Okay. Thank you very much, and I don't have any more questions.

Thank you.

Thank you.

I have a question. It's James Khan in New York. You were talking about India, and I was a little unclear. You said that, if I understood it, there were revenues in 2023, 2024, and 2025, and you're expecting India to grow. Can you quantify how much of your revenue came from India in 2023, 2024, and 2025?

Yeah. It's several million dollars. It's around $3 million on average during that year, those years. We expect, following the trends in the market, and following our investment in India, to grow it significantly, gradually during the years.

Thanks.

You're welcome, James. Any further questions? Okay. Thank you all for your thoughtful questions today. They reflect exactly the kind of engaged dialogue we value with our investors. Let me close with a final thought. Year 2025 was a milestone for B.O.S. Record revenues, record net income, and record cash on the balance sheet. We enter 2026 with a strong foundation, a clear strategic roadmap, and a team that has demonstrated its ability to execute. We are committed to delivering long-term value for our shareholders, and I look forward to continuing that dialogue with you throughout the year. Thank you again for your participation, and please feel free to reach out at any time. Have a great day.