Q1 2026 BOS Better Online Solutions Ltd Earnings Call

May 28, 2026

Speaker #1: 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.

Operator: 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 BOS 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. BOS 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.

Speaker #1: Before we begin, a brief reminder that this call contains forward-looking statements relating to BOS 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.

Speaker #1: 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.

Speaker #1: With that said, let's get started. BOS 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.

Speaker #1: 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.

Operator: 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 BOS a broad and complementary platform, one that allows us to serve clients across multiple touch points in their operations. How we grow. When we talk about growth at BOS, 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.

Speaker #1: And our supply chain division works even closer with our clients, integrating our franchised electromechanical components directly into their products. Together, these three divisions give BOS a broad and complementary platform—one that allows us to serve clients across multiple touchpoints in their operations.

Speaker #1: How we grow. Now, when we talk about growth at BOS, we think about it in two ways. Organic growth: building on what we have, and strategic acquisitions that expand our reach.

Speaker #1: Over the past four years, the story has been primarily organic. And the numbers speak for themselves. Revenue grew from 33.6 million dollars in 2021 to 51 million dollars in 2025.

Speaker #1: That is meaningful, sustained growth, built on real demand from real clients. And we believe that demand is only accelerating. Three tailwinds, in particular, give us confidence.

Speaker #1: 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.

Operator: 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. BOS 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.

Speaker #1: BOS is well-positioned to benefit from this trend for years to come. The second is closer to home. The replenishment and expansion of the Israeli Defense Forces inventory driven by the conflict that began in October 2023 has created significant and ongoing demand that directly supports our business.

Speaker #1: The third is newer and very promising. India is rapidly emerging as a major subcontracting hub for global defense programs. And the numbers are already telling that story.

Speaker #1: In the first quarter of 2026 alone, we received 3.3 million dollars in orders from Indian customers, compared to just 172,000 dollars in the same quarter last year.

Speaker #1: 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.

Speaker #1: 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.

Operator: In Q1 2026 alone, we received NIS 3.3 million in orders from Indian customers, compared to just NIS 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 NIS 29 million, and we hold NIS 9.5 million in cash net of loans. That gives us real flexibility. We are targeting companies valued at up to NIS 20 million with two non-negotiable criteria. First, financial strength, a proven track record of profitability, and consistent growth. Second, strategic fit.

Speaker #1: Our balance sheet is solid, shareholders' equity stands at 29 million dollars, and we hold 9.5 million dollars in cash net of loans. That gives us a real flexibility.

Speaker #1: We are targeting companies valued at up to 20 million dollars with two non-negotiable criteria: first, financial strength, a proven track record of profitability, and consistent growth.

Speaker #1: Second, strategic fit. Companies that deepen and expand 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.

Speaker #1: 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.

Speaker #1: And the picture is an encouraging one. When you combine our backlog of 31 million dollars as of March 31, 2026, with Q1 revenues, we are already at 42.4 million dollars.

Operator: 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. The picture is an encouraging one. When you combine our backlog of NIS 31 million as of 31 March 2026, with Q1 revenues, we are already at NIS 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 NIS 51 million. The depreciation of the US dollar against the new Israeli shekel is creating pressure on our profitability.

Speaker #1: 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 dollars.

Speaker #1: 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.

Speaker #1: 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.

Speaker #1: 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 dollars to 31 million dollars.

Operator: 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 Q1 from $24 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. BOS 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.

Speaker #1: As we monitor the progress of these initiatives, we will reassess our net income outlook for the full year and update it accordingly. I want to close with something that we believe deserves your attention.

Speaker #1: BOS 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.

Speaker #1: Defense spending, automation, and supply chain modernization. And yet, BOS 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.

Speaker #1: 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.

Speaker #1: That is what we are working to change, and calls like this one are part of that effort. Ladies and gentlemen, that concludes the prepared remarks.

Speaker #1: We will now open the floor for questions. Eyal Cohen and Moshe Zeltzer are ready to take your questions. Please unmute yourself to begin.

Operator: Yet, BOS 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, and 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.

Speaker #2: Okay, I'll appear you enjoyed our new presentation format. my only concern is that is, in Galician is, voice, much better than my voice in English.

Speaker #2: And yours as well. So let's open the floor for discussion. Ready to take your question.

Speaker #3: Good morning, Eyal. This is Todd Felty. Good morning, Moshe. I just wanted to ask, regarding the devaluation of the dollar against the NIS, are you doing anything to hedge or compensate on that aspect?

Speaker #2: yes. we are, I think the, most efficient way to, to handle this, long-term trend, I believe, of, of this, of stronger shekel, is to increase the efficiency of the business.

Eyal Cohen: 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.

Speaker #2: 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, we see the fluctuation in the, country differences in the financial expenses of income.

Todd Felte: Good morning, Eyal. This is Todd Felte. Good morning, Moshe. Just wanted to ask, on the devaluation of the US dollar with the new Israeli shekel, are you doing anything to hedge or compensate on that aspect?

[Analyst 1]: Good morning, Eyal. This is Todd Felte. Good morning, Moshe. Just wanted to ask, on the devaluation of the US dollar with the new Israeli shekel, are you doing anything to hedge or compensate on that aspect?

Speaker #2: But for the long term, we have to increase the efficiency of the business. And we are doing it based on two pillars.

Eyal Cohen: Yes. I think the most efficient way to handle this long-term trend, I believe, of stronger shekel, is to increase 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 US dollar, but to increase the gross profit margin to compensate our operational expenses, which are quoted in NIS. This is the first one. Second one is to grow our business. As you saw, our backlog is in this trend.

Speaker #2: The first one is the, to increase the sales price. Even though it's not normal, but to increase the gross profit margin to compensate our operational expenses, which are quoted in, in NIS.

Speaker #2: so this is, the first one. The second one is to, to grow our business. And, as we, as we saw, our backlog i-is in this trend, in this trend, we saw, 30% growth in the first quarter in the backlog.

Speaker #2: And we also saw, growth in the gross profit margin by 1 point from, 33 to 33.9% to 24.9%. So we are in the right direction.

Speaker #2: On top of that, on top of that, we plan to, we are working on acquisitions and, on good acquisition or as Trump says, beautiful acquisitions.

Speaker #2: So, a beautiful acquisition based on the criteria we just illustrated in the video is a history of solid profit and high synergy. And this is the long-term solution for the devaluation of the dollar.

Eyal Cohen: We saw a 30% growth in Q1 in the backlog, and we 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, is solid history of profit and high synergy. This is the long-term solution for the devaluation of the dollar.

Speaker #3: 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.

Speaker #3: Are any of your components used in, in drones? It seemed to be kind of the, weapon or defense, tool of choice these days.

Speaker #2: not yet. We are on it. hopefully we will, find the right, manufacturers to represent his, products to, to, to embed in our clients, products.

Speaker #2: hopefully, it, it will come.

Speaker #3: And my final question, in the past you had s-spoke about the expansion of RFID to different sectors and that you were excited about the expansion of, RFID to the healthcare, sector.

Todd Felte: 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?

[Analyst 1]: 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?

Speaker #3: how has that progressing?

Speaker #2: So first, we put a team in place with a difference to extend our difference to the difference. We, as we announced, we hired a company.

Speaker #2: external company to escort us through this, very complicated, process and to, to short the, the timeline of, success. So we have a team in place, to, to penetrate to the difference, to expand the business on the FAT, to the difference.

Eyal Cohen: Not yet. We are on it. Hopefully, we will find the right manufacturers to represent his product to embed in our clients' products. Hopefully, it will come.

Speaker #2: In the, in the, hospitals, we are part of the team in place, not we have not signed yet. I have to, to gather together all the ingredients of, of the team and once it will be ready, I will sign the contract and, start the penetration and I know exactly what kind of, person, what, what how the team should look like.

Todd Felte: My final question. In the past, you had spoke 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?

[Analyst 1]: My final question. In the past, you had spoke 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?

Speaker #2: What is the experience and, once I will have it, we'll start the, expansion. I believe it will be this year.

Eyal Cohen: First, we put a team in place with the defense to extend the RFID business to the defense. As we announced, we hire external company to escort us through this very complicated process and to short the timeline of success. We have team in place to penetrate to the defense, to extend 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 they start the penetration. I know exactly what kind of person, how the team should look like, what is his experience. Once I will have it, we'll start the expansion. I believe it will be this year.

Speaker #3: Thank you.

Speaker #4: Hi, this is Kevin from ADP. so backlog incre thanks for taking our questions, by the way. so backlog increased 29%, sequentially to 31 million.

Speaker #4: Can you break down which of your divisions contributed most to that growth?

Speaker #2: the, the, the usual, most of the, the, the, the most of the backlog related to the supply chain division. Because it has a long-term, orders.

Speaker #2: so I, this is the primary, primary, portion.

Speaker #4: Okay, thank you. And how do you attribute some of the early success in the Indian market?

Speaker #2: In the success that we, we saw in the first quarter in regarding with the, amount of orders.

Speaker #4: Yes.

Speaker #2: I think it's, it's long, it's—this is the initial yield of the work on the field, of the work we did, we did in the field, we have done in the field in India.

Todd Felte: Thank you.

[Analyst 1]: Thank you.

Kevin Pimental: 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?

Speaker #2: by our Israel team. And, 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 expand our client base.

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

Speaker #2: So the result you saw in the first quarter is was made by our, local team in Israel.

Speaker #4: Great. Thank you.

Speaker #2: Thank you.

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

Speaker #3: hello. This is Leo Novero. What's up? I'd like to ask you a question, a few questions. now, so first a comment. I think it's a, a, a actually, very good quarter.

Eyal Cohen: The success that we saw in Q1 in regarding with the amount of orders?

Speaker #3: You know, the circumstance, I think there was a lot of investor questions. and you could see it in your stock price. given the prior comments, so I think everybody feels that this was a positive result.

Kevin Pimental: Yes.

Eyal Cohen: 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 expand our client base there. The result you saw in Q1 was made by our local team in Israel.

Speaker #3: my question is this. I looked 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 the Persian Gulf and so on in this quarter?

Speaker #3: Or was it something else? And how do you expect the RFID division to perform, hopefully assuming that it's, the situation remains relatively quiet? The remainder of the year, how do you evaluate it?

Speaker #2: thanks for the question. regarding the RFID, in the first quarter during the, the month of March, the division, was in, work partially. So it damaged the, gross profit margin we had, fixed cost with the low revenues during March.

Kevin Pimental: Great. Thank you.

Eyal Cohen: Thank you.

Igor Novorotskov: Hello, this is Igor Novorotskov. I would like to ask you questions now. First, a comment. I think it's actually a very good quarter, given all the circumstances. I think there was a lot of investor caution, and you could see it in your stock price, given your prior comments. 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? How do you expect the RFID division to perform? Hopefully, I'm assuming that the situation remains relatively quiet for the remainder of the year, or how do you model this?

[Analyst 2]: Hello, this is Igor Novorotskov. I would like to ask you questions now. First, a comment. I think it's actually a very good quarter, given all the circumstances. I think there was a lot of investor caution, and you could see it in your stock price, given your prior comments. 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? How do you expect the RFID division to perform? Hopefully, I'm assuming that the situation remains relatively quiet for the remainder of the year, or how do you model this?

Speaker #2: 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 lapses, all the LAP team, all the warehouse team.

Speaker #2: So, it increased the labor cost in total. But, as I mentioned before, we are working to increase the gross profit margin.

Speaker #2: of the product we are selling, and, I believe we will start to see this result, in the second quarter of the year. So to compensate on the devaluation of the dollar and in the second, quarter of the year, hopefully until now there is no, there is no, resumption of the, of the conflict of the war.

Eyal Cohen: Thank you for the question. Regarding the RFID, in Q1, during the month of March, the division worked partially, it 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 US 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. As I mentioned before, we are working to increase the gross profit margin of the product we are selling. I believe we will start to see this result in Q2 of the year. To compensate on the devaluation of the US dollar and in Q2 of the year, hopefully, until now, there is no resumption of the conflict, of the war.

Speaker #2: So, we are in, it looks like we are, we will be in good shape in the second quarter, related to the RFID division.

Speaker #2: And it will represent, improved results.

Speaker #3: Thank you. my other question is, first of all, obviously, you have tremendous, expansion in India and now it's very meaningful, revenue from there. do you think you can repeat it in any other countries because obviously Israel is tense right now with high volume and has customers in many other countries and you think you can, have, meaningful revenues, abroad from other countries than India?

Speaker #2: Yeah, we have connections with two subcontractors in the US, and we got revenues from them during this year. I assume we announced during this year on two major contracts, and I believe that the revenue will continue to grow over there.

Speaker #2: And we are checking now additional, area, in the east, where, where the local defense clients here in Israel does business over there. not just in India.

Speaker #2: There are many places in, in, in, in the, in the Far East that, for example, IAI and Elbit has, business orders. So we are tracking, we are following their tracks there and, hopefully we can, duplicate the business model that we are, that we have in India.

Eyal Cohen: It looks like we will be in a good shape in Q2 related to the RFID division, and it will represent improved results.

Igor Novorotskov: Thank you. My other question is, first of all, obviously, you have tremendous expansion in India now. It's already meaningful revenue from there. Do you think you can repeat it in any other countries? Because obviously 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?

[Analyst 2]: Thank you. My other question is, first of all, obviously, you have tremendous expansion in India now. It's already meaningful revenue from there. Do you think you can repeat it in any other countries? Because obviously 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?

Speaker #2: To other territories. So there is a potential, yes.

Speaker #3: Okay. And my last sort of question and comment. Any thoughts on renaming your company? Because I think your name is rather now silly given what you do has nothing to do, you know, parallel solutions, just, really confuse a lot of people.

Speaker #2: Yeah, it's a good question. Do you think—do you have a better name?

Speaker #3: I can come up with a few. I'm sure ChatGPT can, but it just sounds like a late '90s internet company.

Eyal Cohen: Yeah. We have a connection with the two subcontractors in the US, and we got revenues from them during this year. I assume we announced during this year on two major contracts, and I believe that the revenue will continue to grow there. We are tracking 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 tracking, 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.

Speaker #2: Okay. I know. I, we talked about it many times, but it's a lot of headache to change a name for a company. But I believe after several acquisitions that we will do, we will have to rebrand our business.

Speaker #2: So it will come.

Speaker #3: Right. I think it would help to, during the, especially if you go to conference and do presentations because I think a lot of people are dismissive of your business.

Speaker #3: They have no idea that you have anything to do with the defense industry, and looking at your name, so it might be a great idea.

Speaker #2: Okay, okay. But if you have a good recommendation, then.

Speaker #3: I'll send you some. Okay. Thank you. I don't have any else I think about taking my questions.

Speaker #2: Okay. Thank you. I think Scott is missing today. Any further questions? Okay. So on behalf of, the board of directors and management team, thank you for participation in our, Q1 2026 conference call in the new format.

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

[Analyst 2]: My last sort of question, comment. Any thoughts of renaming your company? Because I think your name is rather now silly, given what you do, has nothing to do, you know, Better Online Solutions just really confuses a lot of people.

Speaker #2: I hope you liked it. If you need more details, or would like to follow up, please feel free to reach out. Thank you.

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

Igor Novorotskov: I think I've got a few. I'm sure ChatGPT can, but it sounds like a late '90s internet company.

[Analyst 2]: I think I've got a few. I'm sure ChatGPT can, but it sounds like a late '90s internet company.

Eyal Cohen: 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 will do, we will have to rebrand our business, so it will come.

Igor Novorotskov: Right. I think it would help too, especially if you go to conference 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.

[Analyst 2]: Right. I think it would help too, especially if you go to conference 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.

Eyal Cohen: Okay. If you have a good recommendation, send me.

Igor Novorotskov: I'll send it. Okay. Thank you. I don't have anything else. Thank you for taking my questions.

[Analyst 2]: I'll send it. Okay. Thank you. I don't have anything else. Thank you for taking my questions.

Eyal Cohen: 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.

Kevin Pimental: You like about your name? It's a lovely name.