BOS Reports Third Quarter of the Year 2022 Financial Results

Growth of 13% in Revenues as compared to the Third Quarter of 2021

RISHON LE ZION, Israel, November 30, 2022 – BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) reported its financial results for the third quarter of the year 2022.

Revenues for the third quarter of 2022 grew by 13% to $9 million from $8 million in the comparable quarter last year.

Gross profit margin for the third quarter of 2022 improved to 22.1%, compared to 19.6% in the comparable quarter last year. 

Operating profit for the third quarter amounted to $235,000 compared to an operating profit of $96,000 in the comparable quarter last year. 

EBITDA for the third quarter amounted to $352,000 compared to $178,000 in the comparable quarter last year. 

Net income for the third quarter of 2022 amounted to $274,000 or $0.05 per basic share compared to $87,000 or $0.02 per basic share in the comparable quarter last year.

Eyal Cohen, BOS’s CEO stated: “We concluded the first nine months of 2022 with $30 million of revenues, EBITDA of $1.6 million and net income of $745,000. Financial expenses during that period included a cost of $342,000 that was attributed to foreign exchange differences between the Israeli NIS and the US dollar. 

These results are in line with our financial targets for the year 2022, which are revenues of over $39 million (compared to $33.6 million in the year 2021) and net income in excess of $1 million (compared to a net income of $451,000 in the year 2021.)”  

Ziv Dekel, BOS’s Chairman stated: “During the first nine months of 2022, the Company continued the execution of its turnaround process, which has led to encouraging financial results. Led by Eyal, BOS’ management is focused on growth initiatives, and is working diligently towards realizing its potential.”

BOS will host a conference call on Wednesday, November 30, 2022, at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow management’s presentation. 

To access the conference call, please dial one of the following numbers:
US: +1-888-281-1167, International: +972-3-9180644.
For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: www.boscom.com

About BOS

BOS provides services and systems for inventory production and management in three channels:

  •     Services – The Supply Chain division provides inventory procurement and kitting.
  •     Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  •     Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes.

Contact:
Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Use of Non-GAAP Financial Information
BOS reports financial results in accordance with US GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and of Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS to Release Financial Results for the Third Quarter of 2022

BOS to Release Financial Results for the Third Quarter of 2022 and Host a Conference Call on November 30, 2022

RISHON LEZION, Israel, October 27, 2022– B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), announced today that it will release its financial results for the third quarter of 2022 before the market opens on Wednesday, November 30, 2022.

BOS will host a conference call on November 30, 2022 at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow management’s presentation.

 To access the conference call, please dial one of the following numbers:
US: +1-888-281-1167, International: +972-3-9180644.

For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: http://www.boscorporate.com

About BOS
BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes.

Contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

BOS Increases its Revenues Outlook for the Year 2022

RISHON LE ZION, Israel, October 24, 2022 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) announced today an increase in its outlook for the year 2022 revenues, from $35 million to over $39 million.

Eyal Cohen, BOS’ CEO, stated: ”We are updating our outlook based on the revenues for the first half of the year 2022, which amounted to $21.1 million, and the current backlog. This is an increase of more than 16% as compared to the year 2021 revenues. This reflects the growing demand for electronic components, mainly in the defense industry (our Supply Chain division), and investments in inventory tracking equipment for logistic centers (our RFID division).”

About BOS
BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes.

Contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

 

Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS’ Supply Chain Division Receives an Order in the amount of $2.7 million

RISHON LE ZION, Israel, September 14, 2022 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) announced today that its Supply Chain Division has received an order for an amount of $2.7 million from an Israeli defense-industry customer.

Avidan Zelicovski, BOS’ President, stated: “This is an order from an existing Israeli customer for delivery through the year 2023. It is an addition  to orders totaling $1.1 million that this client has placed since the beginning of the year. This order demonstrates the strong added value of our supply chain services to manufacturers from the defense industry.  The Supply Chain division’s backlog has now increased to a record level of $20.2 million, as compared to a backlog of $8.9 million in September 2021.”

About BOS

BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for the industrial and logistic processes.

Contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS Reports Second Quarter of the Year 2022 Financial Results

Growth of 12% in Revenues as compared to Second Quarter of 2021

RISHON LE ZION, Israel, August 23, 2022 – BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) reported its financial results for the second quarter of the year 2022. 

Revenues for the second quarter of 2022 grew by 12% to $10.3 million from $9.2 million in the comparable quarter last year.

Gross profit margin for the second quarter of 2022 improved to 21.4%, compared to 17.3% in the comparable quarter last year.  

Operating profit for the second quarter grew by 315% to $537,000 compared to an operating profit of $129,000 in the comparable quarter last year. 

EBITDA for the second quarter increased to $652,000 from $207,000 in the comparable quarter last year. 

Financial expenses for the second quarter of 2022 increased to $378,000 compared to a financial income of $13,000 in the comparable quarter last year. This increase in expenses is attributed to foreign exchange differences between the Israeli NIS and the US dollar. 

 As of June 30, 2022, we had $3.2 million of net assets linked to the Israeli NIS. The devaluation of the Israeli NIS against the US dollar by 10.2% during the second quarter of 2022 caused expenses in the amount of $320,000. Conversely, this devaluation reduced our operating expenses by approximately $40,000. The devaluation of the US dollar against the Israeli NIS commencing July 1, 2022, is expected to generate income from foreign exchange differences in the third quarter of 2022. 

As a result of the above, net income for the second quarter of 2022 was $159,000 or $0.03 per basic share compared to a net income of $141,000 or $0.03 per basic share in the comparable quarter last year.

Eyal Cohen, BOS’s CEO stated: “I am encouraged by the growth of 27.6% in revenues and of 175% in operating profit in the first six months of the year 2022 as compared to the corresponding period last year. We have a relatively strong backlog that is expected to support this trend in the second half of 2022. This advances us towards meeting our financial targets for the year 2022, which are revenues of over $35 million (compared to $33.6 million in the year 2021) and net income in excess of $1 million (compared to a net income of $451,000 in the year 2021.)”  

Ziv Dekel, BOS’s Chairman stated: “During the first half of 2022, the Company continued the execution of its turnaround process, which has led to encouraging financial results. Led by Eyal, BOS’ management is focused on growth initiatives, and is working diligently towards realizing its potential.”

BOS will host a conference call on Tuesday, August 23, 2022, at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow management’s presentation. 

To access the conference call, please dial one of the following numbers:

US: +1-888-281-1167, International: +972-3-9180644.

For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: www.boscom.com

About BOS

BOS provides services and systems for inventory production and management in three channels:

  •     Services – The Supply Chain division provides inventory procurement and kitting.
  •     Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  •     Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes.

Contact:
Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Use of Non-GAAP Financial Information
BOS reports financial results in accordance with US GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and of Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands

 

   

Six months ended
June 30,

 

Three months ended
June 30,

   

2022

 

2021

 

2022

 

2021

   

(Unaudited)

 

(Unaudited)

         

Revenues

 

$       21,138

 

$       16,557

 

$      10,350

 

$      9,229

Cost of revenues

 

16,667

 

13,274

 

8,130

 

7,626

Gross profit

 

4,471

 

3,283

 

2,220

 

1,603

                 

Operating costs and expenses:

               

    Research and development

 

87

 

114

 

36

 

54

    Sales and marketing 

 

2,340

 

1,929

 

1,176

 

977

    General and administrative 

 

999

 

877

 

471

 

443

     Acquisition expenses

 

44

 

 

 

Total operating costs and expenses

 

3,470

 

2,920

 

1,683

 

1,474

                 

Operating income 

 

1,001

 

363

 

537

 

129

Financial income (expenses), net 

 

(529)

 

(98)

 

(378)

 

13

Income before taxes on income 

 

472

 

265

 

159

 

142

Taxes on income 

 

 

(1)

  

 

(1)

Net income 

 

$            472

 

$            264

 

$            159

 

$            141

Basic and diluted net income per share 

 

    $           0.09  

 

    $           0.05  

 

$       0.03

 

$       0.03

Weighted average number of shares used in computing basic net income per share

 

                5,395

 

                5,188

 

            5,538

 

            5,219

Weighted average number of shares used in computing diluted net income per share

 

                5,438

 

                5,216

 

            5,570

 

            5,252

                 

Number of outstanding shares as of June 30, 2022 and  2021

 

  5,702

 

  5,224

 

  5,702

 

  5,224

CONSOLIDATED BALANCE SHEETS

 (U.S. dollars in thousands)

   

  June 30, 2022

 

December 31, 2021

   

(Unaudited)

 

     (Audited)

ASSETS

       
         

CURRENT ASSETS:

       

Cash and cash equivalents 

 

$ 1,120

 

$    1,875

Restricted bank deposits 

 

130

 

                242

Trade receivables 

 

10,039

 

9,209

Other accounts receivable and prepaid expenses 

 

1,324

 

977

Inventories 

 

5,618

 

5,567

         

Total current assets

 

18,231

 

17,870

         

LONG-TERM ASSETS

 

160

 

150

         

PROPERTY AND EQUIPMENT, NET

 

1,373

 

1,097

         

OPERATING LEASE RIGHT-OF-USE ASSETS, NET

 

721

 

944

         

OTHER INTANGIBLE ASSETS, NET 

 

548

 

20

         

GOODWILL 

 

4,895

 

4,676

         

Total assets

 

      $ 25,928

 

$      24,757

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

   

June 30, 

2022

 

December 31, 2021

   

(Unaudited)

 

(Audited)

         

LIABILITIES AND SHAREHOLDERS’ EQUITY

       
         

CURRENT LIABILITIES:

       

Current maturities of long term loans

 

$ 573

 

$        740

Operating lease liabilities, current

 

352

 

538

Trade payables 

 

6,031

 

5,200

Employees and payroll accruals

 

992

 

996

Deferred revenues

 

422

 

917

Advances net of inventory in process

 

144

 

249

Accrued expenses and other liabilities 

 

335

 

112

         

Total current liabilities

 

8,849

 

8,752

         

LONG-TERM LIABILITIES:

       

Long-term loans, net of current maturities 

 

317

 

681

Operating lease liabilities, non-current

 

403

 

565

Long term deferred revenues

 

327

 

132

Accrued severance pay

 

249

 

280

         

Total long-term liabilities

 

1,296

 

1,658

         
         

TOTAL SHAREHOLDERS’ EQUITY

 

15,783

 

14,347

         
         

Total liabilities and shareholders’ equity

 

$   25, 928

 

$ 24,757

CONDENSED CONSOLIDATED EBITDA

 (U.S. dollars in thousands)

   

Six months ended
June 30,

 

Three months ended
June 30,

   

2022

 

2021

 

2022

 

2021

                 

Operating income 

 

$      1,001

 

$      363

 

$     537

 

$     129

  Add:

               

Amortization of intangible assets 

 

45

 

10

 

31

 

5

Stock-based compensation

 

50

 

31

 

25

 

16

Depreciation

 

118

 

111

 

60

 

57

EBITDA

 

$            1,214

 

$            515

 

  $              653

 

  $             207

 

SEGMENT INFORMATION

(U.S. dollars in thousands)

   

RFID

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated

 
       

Six months ended June 30,

2022

 
                       
                       

Revenues 

 

$ 7,693

 

$ 12,873

 

$         572

 

$

 

$ 21,138

 
                       
                       

Gross profit (loss)

 

1,915

 

2,575

 

        (19)

 

            –     

 

4,471

 
                       

Allocated operating expenses

 

1,209

 

1,585

 

        271

 

            –     

 

3,065

 
                       

Acquisition expenses

 

44

 

 

 

 

44

 
                       

Unallocated operating expenses*

 

 

 

     

361

 
                       

Income (loss) from operations

 

$ 662

 

$ 990

 

$ (290)

 

            –     

 

1,001

 
                       

Financial expenses and tax on income 

(529)

 

Net income

                 

$ 472

 
   

RFID

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated

 
       

Six months ended June 30,

2021

 

Revenues 

 

$ 6,322

 

$ 9,249

 

$         1,036

 

$           (50)

 

$ 16,557

 

Gross profit

 

1,553

 

1,699

 

        31

 

            –     

 

3,283

 

Allocated operating expenses

 

1,112

 

1,148

 

        336

 

            –     

 

2,596

 

Unallocated operating expenses*

                 

324

 

Income (loss) from operations

 

$ 441

 

$ 551

 

$ (305)

     

363

 

Financial expenses and tax on income 

                 

(99)

 

Net income

                 

$ 264

 

 

* Unallocated operating expenses include costs not specific to a particular segment but are general to the group, such as expenses incurred for insurance of directors and officers, public company fees, legal fees, and other similar corporate costs. 

SEGMENT INFORMATION

(U.S. dollars in thousands)

     

RFID 

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated 

         

Three months ended  June 30,

 2022

                       
                       

Revenues 

   

$ 3,590

 

$ 6,366

 

$ 394

 

$           –

 

$ 10,350

                       
                       

Gross profit 

   

885

 

1,332

 

3

 

            –     

 

2,220

                       

Allocated operating expenses

   

566

 

809

 

    129

 

            –     

 

1,504

Unallocated operating expenses*

               

 

179

                       

Income (loss) from operations

   

$ 319

 

$ 523

 

$ (126)

 

            –     

 

537

                       

Financial expenses and tax on income

                   

378

                       

Net income

                   

$ 159

 

     

RFID 

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated 

         

Three months ended  June 30,

 2021

                       
                       

Revenues 

   

$ 3,374

 

$ 5,295

 

$ 582

 

$           (22)

 

$ 9,229

                       
                       

Gross profit (loss)

   

706

 

1,050

 

      (153)     

 

            –     

 

1,603

                       

Allocated operating expenses

   

567

 

612

 

    138

 

            –     

 

1,319

                       

Unallocated operating expenses*

                   

155

     

 

 

       

Income (loss) from operations

   

$ 139

 

$ 438

 

$ (291)

 

            –     

 

129

                       

Financial income and tax on income

                   

12

Net income

                   

$ 141

 

* Unallocated operating expenses include costs not specific to a particular segment but are general to the group, such as expenses incurred for insurance of directors and officers, public company fees, legal fees, and other similar corporate costs. 

BOS to Release Financial Results for the Second Quarter of 2022 and Host Conference Call on August 23, 2022

RISHON LEZION, Israel, August 1, 2022– B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), announced today that it will release its financial results for the second quarter of 2022 before the market opens on Tuesday, August 23, 2022.

BOS will host a conference call on August 23, 2022 at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow management’s presentation.

To access the conference call, please dial one of the following numbers:

US: +1-888-281-1167, International: +972-3-9180644.

For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: http://www.boscorporate.com

About BOS:
BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting – www. BOSSupplyChain.com.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse – www.BOSRFID.com.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes – www.BOSRobotics.com.

Contact:
Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Intelligent Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd.,  inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus, the continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS’ Intelligent Robotics Division Receives a $300,000 Order from an Israeli Customer

RISHON LE ZION, Israel, June 2, 2022 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) announced today that its Intelligent Robotics Division had received a $300,000 order.

Eyal Cohen, BOS’s CEO, stated: “This order from an existing customer demonstrates the clear added value of our Robotics systems to industrial automation. We focus on recurring sales to existing customers and also target new customers with ongoing extensive automation needs. We carefully choose the projects we undertake in order to reduce the development risks inherent to custom-made robotics and automation systems.” 

About BOS

BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting – www. BOSSupplyChain.com.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse – www.BOSRFID.com.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for industrial and logistic processes – www.BOSRobotics.com.

Contact 

Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Intelligent Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd.,  inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus, the continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS Reports First Quarter of the Year 2022 Financial Results

47% growth in revenues

RISHON LE ZION, Israel, May 31, 2022 – BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) reported its financial results for the first quarter of the year 2022.

Revenues for the first quarter of 2022 increased by 47% to $10.8 million compared to $7.3 million in the comparable quarter of last year.

Operating income for the first quarter of 2022 increased by 98% to $465,000 compared to $234,000 in the comparable quarter of last year.

Net income for the first quarter of 2022 increased by 155% to $314,000 or $0.06 per basic share compared to a net income of $123,000 or $0.02 per basic share in the comparable quarter of 2021.

Eyal Cohen, BOS’s CEO stated: “I am encouraged by the strong opening of the first quarter of the year 2022. The globally increasing demand for electronic components and the military conflict in Europe were  catalysts for the growth of the Supply Chain division. In addition, the increase in the number of logistic centers in Israel and the return of the retail stores to work on a full scale supported the growth of the RFID division. Looking forward, I anticipate that the shortage of workers for production and the logistics operations will be a growth engine for our Intelligent Robotic division”. 

BOS will host a conference call on Tuesday, May 31, 2022 at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow the management’s presentation. 

To access the conference call, please dial one of the following numbers:

US: +1-888-281-1167, International: +972-3-9180644.

For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: www.boscom.com

 

About BOS

BOS provides services and systems for inventory production and management in three channels:

  •     Services – The Supply Chain division provides inventory procurement and kitting.
  •     Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  •     Development – the Intelligent Robotics division develops and builds custom-made robotic cells for the industrial and logistic processes.

Contact:
Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Use of Non-GAAP Financial Information
BOS reports financial results in accordance with US GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and of Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.


CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands

   

Three months ended
March 31,

 

Year ended
December 31,

   

2022

 

2021

 

2021

   

(Unaudited)

 

(Audited)

             

Revenues

 

              $10,789

 

            $7,328

 

              $33,634

Cost of revenues

 

8,537

 

5,648

 

27,048

Gross profit 

 

2,252

 

1,680

 

6,586

             

Operating costs and expenses:

           

    Research and development

 

51

 

60

 

208

    Sales and marketing 

 

1,150

 

952

 

3,955

    General and administrative 

 

527

 

434

 

1,906

  Acquisition expenses

 

59

 

 

Total operating costs and expenses

 

1,787

 

1,446

 

6,069

             

Operating Income 

 

465

 

234

 

517

Financial expenses, net

 

(151)

 

(111)

 

(105)

Income before taxes on income 

 

314

 

123

 

412

Taxes on income

 

 

 

39

Net income 

 

$                314

 

$               123

 

$              451

             

Basic net income per share

 

    $             0.06 

 

$          0.02

 

$             0.09

Diluted net income  per share

 

    $             0.06 

 

$          0.02

 

$            0.08

Weighted average number of shares used in computing basic net income per share

 

5,251

 

            5,157

 

                  5,212

Weighted average number of shares used in computing diluted net income per share

 

            5,291

 

            5,185

 

                  5,424

Number of outstanding shares as of March 31, 2022 and 2021 and December 31, 2021

 

            5,251

 

        5,185

 

                  5,251

CONSOLIDATED BALANCE SHEETS

 (U.S. dollars in thousands)

   

  March 31, 2022

 

December 31, 2021

   

(Unaudited)

 

     (Audited)

ASSETS

       
         

CURRENT ASSETS:

       

Cash and cash equivalents 

 

$ 1,300

 

$    1,875

Restricted bank deposits 

 

239

 

                242

Trade receivables 

 

10,552

 

9,209

Other accounts receivable and prepaid expenses 

 

1,408

 

977

Inventories 

 

5,541

 

5,567

         

Total current assets

 

19,040

 

17,870

         

LONG-TERM ASSETS

 

135

 

150

         

PROPERTY AND EQUIPMENT, NET

 

1,073

 

1,097

         

OPERATING LEASE RIGHT-OF-USE ASSETS, NET

 

858

 

944

         

OTHER INTANGIBLE ASSETS, NET 

 

580

 

20

         

GOODWILL 

 

4,895

 

4,676

         

Total assets

 

      $ 26,581

 

$      24,757


CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

   

March 31, 2022

 

December 31, 2021

   

(Unaudited)

 

(Audited)

         

LIABILITIES AND SHAREHOLDERS’ EQUITY

       
         

CURRENT LIABILITIES:

       

Current maturities of long term loans

 

$ 670

 

$        740

Operating lease liabilities, current

 

475

 

538

Trade payables 

 

6,711

 

5,200

Employees and payroll accruals

 

1,118

 

996

Deferred revenues

 

455

 

917

Advances net of inventory in process

 

371

 

249

Accrued expenses and other liabilities 

 

333

 

112

         

Total current liabilities

 

10,133

 

8,752

         

LONG-TERM LIABILITIES:

       

Long-term loans, net of current maturities 

 

505

 

681

Operating lease liabilities, non-current

 

518

 

565

Long term deferred revenues

 

465

 

132

Accrued severance pay

 

273

 

280

         

Total long-term liabilities

 

1,761

 

1,658

         
         

TOTAL SHAREHOLDERS’ EQUITY

 

14,687

 

14,347

         
         

Total liabilities and shareholders’ equity

 

$   26,581

 

$ 24,757


CONDENSED CONSOLIDATED EBITDA

 (U.S. dollars in thousands)

   

Three months ended 

March 31,

 

Year ended December 31,

   

2022

 

2021

 

2021

 
             

Operating income 

 

                                                                                                                      $          465

 

                                                                                                                      $          234

 

$        517 

 

  Add:

           

Amortization of intangible assets 

 

14

 

5

 

20

 

Stock-based compensation

 

25

 

15

 

67

 

Depreciation

 

58

 

54

 

238

 

EBITDA

 

$        562

 

$        308

 

$    842

 
               

SEGMENT INFORMATION

(U.S. dollars in thousands)



   

RFID

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated

 
       

Three months ended March 31,

2022

 
                       
                       

Revenues 

 

$ 4,103

 

$ 6,508

 

178

 

$

 

$ 10,789

 
                       
                       

Gross profit

 

1,031

 

1,244

 

        (23)

 

            –     

 

2,252

 
                       

Allocated operating expenses

 

627

 

776

 

        141

 

            –     

 

1,544

 
                       

Acquisition expenses

 

59

 

 

     

59

 
                       

Unallocated operating expenses*

 

 

 

     

184

 
                       

Income (loss) from operations

 

$ 345

 

$ 468

 

$ (164)

 

            –     

 

465

 
                       

Financial expenses 

                 

(151)

 
                       

Net income

                 

$ 314

 
                       
                       
                       

 

   

RFID

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated

 
       

Three months ended March 31,

2021

 
                       
                       

Revenues 

 

$ 2,948

 

$ 3,954

 

454

 

$ (28)

 

$ 7,328

 
                       
                       

Gross profit

 

848

 

648

 

184

 

            –     

 

1,680

 
                       

Allocated operating expenses

 

545

 

535

 

        198

 

            –     

 

1,278

 
                       

Unallocated operating expenses*

 

 

 

     

169

 
                       

Income (loss) from operations

 

$ 303

 

$ 113

 

$ (14)

 

            –     

 

234

 
                       

Financial expenses 

                 

(111)

 
                       

tax on income

                     
                       

Net income

                 

$ 123

 
                       
                       
                       

 

   

RFID

 

Supply

Chain Solutions

 

Intelligent Robotics

 

Intercompany

 

Consolidated

 
       

Year ended December 31,

2021

 
                       
                       

Revenues 

 

$ 13,192

 

$ 19,008

 

1,576

 

$           (142)

 

$ 33,634

 
                       
                       

Gross profit (loss)

 

3,338

 

3,708

 

        (460)

 

            –     

 

6,586

 
                       

Allocated operating expenses

 

2,300

 

2,497

 

        573

 

            –     

 

5,370

 
                       

Unallocated operating expenses*

 

 

 

     

699

 
                       

Income (loss) from operations

 

$ 1,038

 

$ 1,211

 

$ (1,033)

 

            –     

 

517

 
                       

Financial expenses 

                 

(105)

 
                       

tax on income

                 

39

 
                       

Net income

                 

$ 451

 
                       
                       
                       



BOS’ RFID Division Receives an Order in the amount of $330,000

RISHON LE ZION, Israel, May 23, 2022 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) announced today that its RFID Division has received an order for an amount of $330,000 from an Israeli defense-industry customer.

Uzi Parizat, VP of sales and marketing of the RFID Division, stated: “This is a significant order for warehouse management software and mobile equipment for tracing inventory. The order is for delivery through the year 2023”.

Eyal Cohen, BOS’ CEO, stated: “I am very pleased that this customer of our Supply Chain division has now placed an order with our RFID division. In the future, we hope to be able to provide this customer also with the customized robotic systems of our Intelligent Robotics division.”

About BOS

BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for the industrial and logistic processes.

Contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

BOS Purchases Warehouses and Office Space for Self-use

RISHON LE ZION, Israel, May 9, 2022 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC) announced today that it has purchased 546 sqm of offices, 495 sqm of warehouses and nine parking spots in Rishon Le Zion, Israel. The purchased real-estate is part of the facilities BOS has been leasing in Rishon Lezion. BOS shall pay for this acquisition NIS 6.5 million (approximately $1.9 million).

Eyal Cohen, BOS’ CEO, stated: “BOS leases 2,131 sqm in Rishon Lezion and 710 sqm in Rosh Hain, both in Israel. Our monthly lease expense for the facilities we acquired amounts to $10,000. This lease expense, and our expectation that it shall increase significantly upon lease renewal, led us to pursue the acquisition. 

We plan to finance the purchase by a long-term bank loan in the amount NIS 4.5 million (approximately $1.3 million) in addition to cash we have at hand.” 

About BOS

BOS provides services and systems for inventory production and management in three channels:

  • Services – The Supply Chain division provides inventory procurement and kitting.
  • Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
  • Development – the Intelligent Robotics division develops and builds custom-made robotic cells for the industrial and logistic processes.

Contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com


Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Robotics business line) and Dagesh Inventory Counting and Maintenance Ltd., inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, military and political upheavals,  the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness. Additional risks and uncertainties are detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.