BOS Increases its Revenues Outlook for the Year 2022

Rhea-AI Summary

BOS Better Online Solutions Ltd. (NASDAQ: BOSC) has revised its 2022 revenue outlook, increasing it from $35 million to over $39 million. CEO Eyal Cohen noted that the first half of 2022 generated $21.1 million in revenue, reflecting over a 16% growth compared to 2021. This growth is attributed to the rising demand for electronic components, especially in the defense sector via the Supply Chain division, and advancements in inventory tracking technology in the RFID division. The company operates in three main areas: services, integration, and development.

Positive

• Revenue outlook for 2022 increased from $35 million to over $39 million.
• First half 2022 revenues reached $21.1 million, indicating over 16% growth compared to 2021.
• Strong demand for electronic components in the defense industry is driving growth.

Negative

• Risk of dependency on one or few major customers impacting sales.
• Challenges in maintaining current gross profit margins amidst competition.
• Integration of newly acquired operations may not yield expected benefits.

RISHON LE ZION, Israel, Oct. 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.

FAQ

What is BOSC's updated revenue outlook for 2022?

BOSC has updated its revenue outlook for 2022 to over $39 million, up from $35 million.

How much revenue did BOSC generate in the first half of 2022?

BOSC generated $21.1 million in revenue during the first half of 2022.

What factors are contributing to BOSC's revenue growth?

The revenue growth is driven by increased demand for electronic components in the defense industry and inventory tracking technology.

What are the main business areas of BOS Better Online Solutions?

BOS operates in three main areas: inventory services, RFID integration, and development of robotic systems.

What risks does BOS face regarding customer sales?

BOS faces risks related to dependency on one or few major customers, which could impact sales.