Ladies and gentlemen, thank you for standing by. Welcome to the BOS first quarter 2022 results conference call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow. With us on the line today are Mr. Ziv Dekel, Chairman, Mr. Eyal Cohen, CEO, and Mr. Moshe Zeltzer, CFO. Before I turn the call over to Mr. Dekel, I would like to remind everyone that forward-looking statements for the respective company's business, financial condition, and results of its operations are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated.
Such forward-looking statements included, but are not limited to, product demand, market acceptance, changing economic conditions, risks in product and technology development, and the effect of the company's accounting policies, as well as other risk factors, which are detailed from time to time in the company's filings with the various securities authorities. I would now like to turn the call over to Mr. Ziv Dekel, Chairman. Mr. Dekel, please go ahead.
Thank you for joining our earnings call. I'm encouraged by the strong opening of the first quarter of 2022. This result represents both a comprehensive enhancement process of the company's core capabilities, improvement of the market competitive position, all led by Eyal and the management team. As well as the favorable market trends like the global shortage of electronic components and the conflict in Europe, which catalyzed the Supply Chain Division, and the return of the Israeli economy to its full growth path, positively affecting the RFID Division. Looking forward, we can expect continuous improvements due to three aspects. The first aspect is the continuation of enhancement of the company core capabilities, processes, its market competitive position, wider product and service offering.
Two, the fruition of the acquisition of Dagesh in the RFID division. Three, the positive effect of the favorable global trends, of which specifically the Industry 4.0 and the shortage of workforce to catalyze the robotic division. I trust the management team led by Eyal's quality, powerful, and dedicated leadership to successfully carry the strategic and operative BOS challenges. I would like to turn the call over to Eyal Cohen, CEO.
Thank you. It was a quarter with significant developments. We received orders for $13.8 million, which reflects an increase of 60% over the comparable quarter last year. Most of the orders are for delivery this year. Among the significant orders were $2.4 million from an existing Israeli customer of the Supply Chain Division, belonging to the aviation industry. $600,000 order from a client, a current U.S. client of the Supply Chain Division, belongs to the defense industry. That order demonstrates a clear added value for our supply chain services to manufacturers worldwide. Our Intelligent Robotics Division received a $600,000 recurring order for an industrial robotics line. This order further support our focus on sales to customers with ongoing extensive automation needs.
On the M&A side, our RFID Division acquired one of its competitors, which we expect to create operational synergy, increase our market share, and strengthen our market position. On the operational side, we made a significant step to reduce our operating expenses as we acquired part of the facilities BOS has been leasing. In conclusion, this development advances us towards our financial targets for 2022, where our revenue is over $35 million, and net income to exceed $1 million compared to a net income of $450,000 in 2021. That completes my review. Thank you.
Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. If you have a question, please press star one. If you wish to decline from the polling process, please press star two. If you are using speaker equipment, kindly lift the handset before pressing the numbers. Your questions will be polled in the order they are received. Please stand by while we poll for your questions. The first question is from Todd Felte of Advisory Group Equity Services. Please go ahead.
Congratulations on a great quarter, Ziv and Eyal. I know our shareholders must be very happy with it. I had one question. Since March, you've announced two or three contracts with defense industry customers, and you spoke of the recent surge of orders from military contracts in Europe. I've also been reading how Germany and other countries are spending $ billions on missile defense systems from Israel. Have you been given any forecast or estimates from any of your defense industry customers on the upcoming pipeline of orders, and do you expect that pipeline to continue beyond 2022 into 2023 and further?
Hi, Ted. Thank you for your question. We are getting a positive indication from our client for growing demand for our components. There are more orders in the pipeline as we have in every year. This year it is in a greater amount. I believe that this trend will continue this year and hopefully next year as well.
Okay. It sounds like you're still sticking with your estimates for 2022 of over $35 million in revenue and $1 million plus in net income. Do you feel that there's a chance you could beat these numbers if the orders continue to come through?
Yes, there is a chance. As you see the revenue progress in the first quarter, we made revenues of more than $10 million, which is an annual rate of $40 million. The net income is about $300,000, which exceeds the $1 million forecast. Let's see the second quarter results, and then maybe we will update our forecast.
Okay, that's great to hear. I know the first quarter is usually a little softer for you. I think the previous high that I'd ever seen was only around $8 million in revenue.
Yeah.
The $10.8 million is extremely encouraging. Keep up the good work. Thank you.
Thank you, Ted.
If there are any additional questions, please press star one. If you wish to decline from the polling process, please press star two. If you're using speaker equipment, kindly lift the handset before pressing the numbers. Your questions will be polled in the order they are received. Please stand by while we poll for more questions. There are no more questions at this time. Before I ask Mr. Cohen to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available on the company's website, www.boscom.com, by tomorrow. Mr. Cohen, would you like to make your concluding statement?
Yes, thank you. Thank you for joining our call today. Looking forward to meet you on our next call. You are welcome to contact me anytime by phone or email. Thank you.
This concludes the BOS's first quarter 2022 results conference call. Thank you for your participation. You may go ahead and disconnect.