BOS undertakes no obligation to publicly update or revise any 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 OPERATIONSU.S.dollars in thousands Year ended December 31, Three months ended December 31, 2024 2023 2024 2023 (Unaudited) (Audited) (Unaudited) (Audited) Revenues$39,949 $44,179 $10,388 $10,886 Cost of revenues30,655 34,970 8,007 8,796 Gross profit9,294 9,209 2,381 2,090 Operating costs and expenses: Research and development175 158 50 44 Sales and marketing4,394 4,891 1,118 1,278 General and administrative2,113 1,762 656 420 Other income, net- (52) - (52) Impairment of intangible assets and Goodwill1,173 - 1,173 - Total operating costs and expenses7,855 6,759 2,997 1,690 Operating income (loss)1,439 2,450 (616) 400 Financial income (expenses), net(139) (441) 99 31 Income before taxes on income1,300 2,009 (517) 431 Income taxes benefits (expenses)1,000 (4) 1,002 (4) Net income$2,300 $2,005 $485 $427 Basic net income per share$0.40 $0.35 $0.08 $0.07 Diluted net income per share$0.39 $0.34 $0.08 $0.07 Weighted average number of shares used in computing basic net income per share5,756 5,727 5,776 5,748 Weighted average number of shares used in computing diluted net income per share5,887 5,905 5,975 5,856 Number of outstanding shares as of December 31, 2024 and 20235,793 5,748 5,793 5,748 CONSOLIDATED BALANCE SHEETS(U.S.dollars in thousands) December 31, 2024 December 31, 2023 (Unaudited) (Audited)ASSETS CURRENT ASSETS: Cash and cash equivalents$3,368 $2,344 Restricted bank deposits185 217 Trade receivables11,787 12,424 Other accounts receivable and prepaid expenses1,150 963 Inventories7,870 6,070 Total current assets24,360 22,018 LONG-TERM ASSETS177 196 PROPERTY AND EQUIPMENT, NET3,417 3,268 OPERATING LEASE RIGHT-OF-USE ASSETS, NET779 1,026 DEFERRED TAX ASSETS1,000 - OTHER INTANGIBLE ASSETS, NET422 1,078 GOODWILL4,188 4,895 Total assets$34,343 $32,481 CONSOLIDATED BALANCE SHEETS(U.S.dollars in thousands) December 31, 2024 December 31, 2023 (Unaudited) (Audited) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term loans$439 $170 Operating lease liabilities, current 176 235 Trade payables 6,362 7,710 Employees and payroll accruals 1,087 980 Deferred revenues 2,003 600 Advances net of inventory in progress - 137 Accrued expenses and other liabilities 598 1,072 Total current liabilities 10,665 10,904 LONG-TERM LIABILITIES: Long-term loans, net of current maturities 980 1,150 Operating lease liabilities, non-current 576 759 Long-term deferred revenues 293 339 Accrued severance pay 498 490 Total long-term liabilities 2,347 2,738 TOTAL SHAREHOLDERS' EQUITY 21,331 18,839 Total liabilities and shareholders' equity$34,343 $32,481 CONDENSED CONSOLIDATED EBITDA(U.S.dollars in thousands) Year endedDecember 31, Three months endedDecember 31, 2024 2023 2024 2023 Operating income (loss)$1,439 $2,450 $(616) $400 Add: Impairment of Goodwill and other intangible assets 1,173 - 1,173 - Amortization of intangible assets 190 168 47 48 Stock-based compensation 74 98 11 24 Depreciation 370 342 100 90 EBITDA$3,246 $3,058 $715 $562 SEGMENT INFORMATION(U.S.dollars in thousands) RFID SupplyChain Solutions Intelligent Robotics Intercompany Consolidated Year ended December 31, 2024 Revenues$12,877 $25,829 1,410 (167) $39,949Cost of revenues 9,344 19,763 1,079 (167) 30,019Allowance for slow inventory - 636 - - 636Gross profit 3,533 5,430 331 9,294 Allocated operating expenses 2,273 3,338 274 5,885 Impairment of goodwill and intangible assets 984 189 - 1,173 Unallocated operating expenses* - - 797 Operating income$276 $1,903 $57 1,439 Financial expenses and income tax benefits 861 Net income $2,300 RFID Supply ChainSolutions IntelligentRobotics Intercompany Consolidated Year ended December 31, 2023 Revenues$13,713 $28,845 1,742 (121) $44,179Cost of revenues10,534 22,830 1,557 (121) 34,800Allowance for slow inventory- 170 - - 170Gross profit3,179 5,845 185 9,209 Allocated operating expenses2,150 3,675 258 6,083 Unallocated operating expenses* - - 676 Operating income (loss)$1,029 $2,170 $(73) 2,450 Financial expenses and tax on income (445) Net income $2,005 *Unallocated operating expenses include costs not specific to a particular segment but are general to the group, such as expenses incurred for insurance of directors and officers, public company fees, legal fees, and other similar corporate costs.SEGMENT INFORMATION(U.S.dollars in thousands) RFID Supply Chain Solutions Intelligent Robotics Intercompany Consolidated Three months ended December 31, 2024 Revenues$ 3,445 $ 6,806 $ 171 (34) $ 10,388Cost of revenues2,294 5,170 127 (34) 7,557Allowance for slow inventory- 450 - - 450Gross profit1,151 1,186 44 - 2,381 Allocated operating expenses605 883 84 - 1,572 Impairment of goodwill and intangible assets984 189 - 1,173 Unallocated operating expenses* 252 Operating income (loss)$ (438) $ 114 $ (40) (616) Financial income and income tax benefits 1,101 Net income $ 485 RFID Supply Chain Solutions Intelligent Robotics Intercompany Consolidated Three months ended December 31, 2023 Revenues$ 3,622 $ 7,017 $ 279 (32) $ 10,886Cost of revenues2,897 5,797 171 (32) 8,833Allowance for slow inventory- (37) - - (37)Gross profit725 1,257 108 - 2,090 Allocated operating expenses513 974 72 - 1,559 Unallocated operating expenses* 131 Operating income$ 212 $ 283 $ 36 400 Financial income and tax on income 27 Net income $ 427 *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.
Operating loss amounted to $616,000 compared to an operating income of $400,000 in the fourth quarter of 2023, due to a $1.2 million non-cash impairment of goodwill and other intangible assets included in the results of the fourth quarter of 2024.
Net Income Rises 14.7% Year-Over-Year on Increased Gross Margin, Efficient Operations Provides Initial 2025 Outlook for Further 10% Growth in Sales and Net Income RISHON LE ZION, Israel, March 31, 2025 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd.("BOS" or the "Company") (NASDAQ: BOSC) reported its financial results for the fourth quarter and full year 2024.
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