PETACH TIKVA, Israel, Nov. 18, 2025 /PRNewswire/ -- Eltek Ltd. (NASDAQ:ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
- Revenues were $13.3 million compared to $13.5 million in Q3 2024
- Operating income was $0.05 million compared to $1.9 million in Q3 2024
- Net loss was $0.2 million, or $0.03 per fully diluted share
- As of September 30, 2025, cash, cash equivalents and short-term deposits amounted $11.6 million
"The Company reported third-quarter sales of $13.3 million and nine-month sales of $38.6 million for the period ended September 30, 2025," said Eli Yaffe, Chief Executive Officer of Eltek. "Revenues for the third quarter increased by 6% compared to the second quarter of this year reflecting the Company's ongoing organic growth, driven by strong demand from defense customers and a gradual recovery in the high-end industrial sector. Sales to the defense market represented approximately 63% of total quarterly revenues."
Mr. Yaffe continued: "Gross profit for the quarter was $1.6 million. Our profitability was significantly impacted by the sharp depreciation of the U.S. dollar against the NIS that occurred toward the end of the second quarter of 2025, which increased the reported dollar value of our NIS-denominated expenses. The Company continues to invest significant effort in improving manufacturing efficiency and achieving its targeted gross margin."
Mr. Yaffe concluded: "We are in the final stages of preparing the new production hall for the installation and commissioning of the coating lines—an important milestone in expanding our manufacturing infrastructure and supporting Eltek's long-term growth objectives."
Third Quarter 2025 GAAP Financial Results
Revenues for the third quarter of 2025 were $13.3 million, compared to $13.5 million in the third quarter of 2024;
Gross profit for the third quarter of 2025 was $1.6 million (12% of revenues) compared to $3.5 million (26% of revenues) in the third quarter of 2024.
Operating income for the third quarter of 2025 was $0.05 million compared to operating income of $1.9 million in the third quarter of 2024;
Financial expenses for the third quarter of 2025 were $0.3 million compared to financial income of $0.1 million in the third quarter of 2024. Financial expenses primarily resulted from the erosion of the U.S. dollar against the Israeli Shekel during the quarter.
Net loss for the third quarter of 2025 was $0.2 million, or $0.03 per fully diluted share, compared to net income of $1.7 million, or $0.25 per fully diluted share, in the third quarter of 2024.
Third Quarter 2025 Non-GAAP Financial Results
EBITDA for the third quarter of 2025 was $0.6 million (5% of revenues) compared to EBITDA of $2.3 million (17% of revenues) in the third quarter of 2024.
First Nine Months 2025 GAAP Financial Results
Revenues for the first nine months of 2025 were $38.6 million compared to $35.8 million in the first nine months of 2024;
Gross profit for the first nine months of 2025 was $6.8 million (18% of revenues) compared to $8.4 million (23% of revenues) in the first nine months of 2024;
Operating profit for the first nine months of 2025 was $2.2 million compared to operating profit of $4.0 million in the first nine months of 2024;
Financial expenses for the first nine months of 2025 were $0.8 million compared to financial income of $1.0 million in the first nine months of 2024. The difference is mainly due to the erosion of the US Dollar exchange rate against the Israeli Shekel.
Net profit for the first nine months of 2025 was $1.1 million, or $0.17 per fully diluted share, compared to net profit of $4.2 million, or $0.63 per fully diluted share, in the first nine months of 2024.
First Nine Months 2025 Non-GAAP Financial Results
EBITDA for the first nine months of 2025 was a $3.8 million (10% of revenues) compared to EBITDA of $5.2 million (14% of revenues) in the first nine months of 2024.
About our Non-GAAP Financial Information
The Company reports financial results in accordance with U.S. GAAP and herein provides EBITDA, a non-GAAP measure. This non-GAAP measure is not in accordance with, nor is it a substitute for, GAAP measures. This non-GAAP measure is intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measure 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. Reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below.
Conference Call
Today, Tuesday, November 18, 2025, at 9:00am Eastern Time (16:00pm Israel Time, 6:00am Pacific Time), Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer.
To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:
United States: 1-866-860-9642
Israel: 03-918-0691
International: +972-3-918-0691
To Access a Replay of the Call
A replay of the call will be available for 30 days on the Investor Info section on Eltek's corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed.
About Eltek
Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high-quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.
Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.
For more information, visit Eltek's web site at www.nisteceltek.com
Forward Looking Statement
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of currency movements between the US Dollar exchange rate against the Israeli Shekel, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
Investor Contact
Ron Freund
Chief Financial Officer
[email protected]
+972-3-939-5023
Eltek Ltd. | ||||||||||
Consolidated Statements of Income | ||||||||||
U.S dollars in thousands (except per share data) | ||||||||||
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2025 | 2024 | 2025 | 2024 | |||||||
Revenues | 13,267 | 13,520 | 38,552 | 35,769 | ||||||
Costs of revenues | (11,671) | (10,003) | (31,725) | (27,364) | ||||||
Gross profit | 1,596 | 3,517 | 6,827 | 8,405 | ||||||
Research and development expenses, net | - | (17) | (50) | (79) | ||||||
Selling, general and administrative expenses | 1,546 | (1,592) | (4,546) | (4,292) | ||||||
Operating income | 50 | 1,908 | 2,231 | 4,034 | ||||||
Financial income (expense), net | (287) | 137 | (795) | 976 | ||||||
Income (loss) before income tax | (237) | 2,045 | 1,436 | 5,010 | ||||||
Income tax expenses (tax benefit) | (6) | 333 | 300 | 808 | ||||||
Net income (loss) | (231) | 1,712 | 1,136 | 4,202 | ||||||
Earnings per share: | ||||||||||
Basic net income (loss) per ordinary share | (0.03) | 0.26 | 0.17 | 0.64 | ||||||
Diluted net income (loss) per ordinary share | (0.03) | 0.25 | 0.17 | 0.63 | ||||||
Weighted average number of ordinary shares used to compute | ||||||||||
basic net income (loss) per ordinary share (in thousands) | 6,719 | 6,710 | 6,716 | 6,597 | ||||||
Weighted average number of ordinary shares used to compute | ||||||||||
diluted net income (loss) per ordinary share (in thousands) | 6,796 | 6,768 | 6,789 | 6,675 | ||||||
Eltek Ltd. | ||||||||||
Consolidated Balance Sheets | ||||||||||
U.S dollars in thousands | ||||||||||
September 30, | December 31, | |||||||||
2025 | 2024 | |||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 2,124 | 7,575 | ||||||||
Short-term bank deposits | 9,514 | 9,663 | ||||||||
Trade receivables (net of allowance for credit losses) | 14,196 | 11,786 | ||||||||
Inventories | 12,358 | 9,488 | ||||||||
Other accounts receivable and prepaid expenses | 405 | 602 | ||||||||
Total current assets | 38,597 | 39,114 | ||||||||
Long term assets: | ||||||||||
Severance pay fund | 62 | 56 | ||||||||
Deferred tax assets, net | 288 | 496 | ||||||||
Operating lease right of use assets | 6,304 | 5,911 | ||||||||
Total long term assets | 6,654 | 6,463 | ||||||||
Property and equipment, net | 19,805 | 14,578 | ||||||||
Total Assets | 65,056 | 60,155 | ||||||||
Liabilities and Shareholder's equity | ||||||||||
Current liabilities: | ||||||||||
Trade payables | 6,843 | 7,367 | ||||||||
Other accounts payable and accrued expenses | 5,779 | 5,136 | ||||||||
Short-term operating lease liabilities | 1,070 | 827 | ||||||||
Total current liabilities | 13,692 | 13,330 | ||||||||
Long-term liabilities: | ||||||||||
Accrued severance pay | 559 | 443 | ||||||||
Long-term operating lease liabilities | 5,353 | 5,190 | ||||||||
Total long-term liabilities | 5,912 | 5,633 | ||||||||
Shareholders' equity: | ||||||||||
Ordinary shares of NIS 3.0 par value – Authorized: 10,000,000 shares at | 6,012 | 6,011 | ||||||||
Additional paid-in capital | 32,662 | 32,627 | ||||||||
Foreign currency translation adjustments | 4,627 | 664 | ||||||||
Capital reserve | 2,908 | 2,507 | ||||||||
Accumulated deficit | (757) | (617) | ||||||||
Total shareholders' equity | 45,452 | 41,192 | ||||||||
Total liabilities and shareholders' equity | 65,056 | 60,155 | ||||||||
Eltek Ltd. | |||||||||
Unaudited Non-GAAP EBITDA Reconciliations | |||||||||
U.S dollars in thousands | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
GAAP net income (loss) | (231) | 1,712 | 1,136 | 4,202 | |||||
Add back items: | |||||||||
Financial expenses (income), net | 287 | (137) | 795 | (976) | |||||
Income tax expenses (benefit) | (6) | 333 | 300 | 808 | |||||
Depreciation and amortization | 563 | 388 | 1,530 | 1,141 | |||||
Non-GAAP EBITDA | 613 | 2,296 | 3,761 | 5,175 | |||||
Eltek Ltd. | ||||||||||
Consolidated Statement of Cash flow | ||||||||||
U.S dollars in thousands | ||||||||||
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2025 | 2024 | 2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||||
Net Income (loss) | (231) | 1,712 | 1,136 | 4,202 | ||||||
Adjustments to reconcile net income to net cash flows | ||||||||||
provided by operating activities: | ||||||||||
Depreciation | 563 | 388 | 1,530 | 1,141 | ||||||
Unrealized financing expenses (income), net | 11 | 115 | 477 | (71) | ||||||
Share-based compensation | 131 | 160 | 401 | 446 | ||||||
Decrease in deferred tax assets | 27 | 313 | 229 | 404 | ||||||
732 | 976 | 2,637 | 1,920 | |||||||
Decrease (increase) in operating lease right-of-use assets | 19 | 1 | 19 | 4 | ||||||
Decrease (increase) in trade receivables | 626 | (2,735) | (1,107) | (2,218) | ||||||
Decrease (increase) in other receivables and prepaid expenses | (10) | 292 | 237 | 601 | ||||||
Decrease (increase) in inventories | 857 | (256) | (1,755) | (821) | ||||||
Increase (decrease) in trade payables | (137) | 1,087 | (2,137) | 551 | ||||||
Increase (decrease) in other liabilities and accrued expenses | 127 | 538 | 99 | 289 | ||||||
Increase (decrease) in employee severance benefits, net | 19 | 32 | 65 | 2 | ||||||
1,501 | (1,041) | (4,579) | (1,592) | |||||||
Net cash provided by (used in) operating activities | 2,002 | 1,647 | (806) | 4,530 | ||||||
Cash flows from investing activities: | ||||||||||
Purchase of fixed assets | (1,386) | (1,967) | (4,266) | (7,914) | ||||||
Withdrawal of (investment in) short-term bank deposits, net | - | (134) | 534 | (6,668) | ||||||
Net cash used in investing activities | (1,386) | (2,101) | (3,732) | (14,582) | ||||||
Cash flows from financing activities: | ||||||||||
Exercise of options | 28 | 17 | 36 | 278 | ||||||
Dividend distribution | - | - | (1,276) | - | ||||||
Issuance of shares, net | - | - | - | 9,312 | ||||||
Net cash provided by (used in) financing activities | 28 | 17 | (1,240) | 9,590 | ||||||
Effect of translation adjustments | (290) | 108 | 327 | (268) | ||||||
Net increase (decrease) in cash and cash equivalents | 354 | (329) | (5,451) | (730) | ||||||
Cash and cash equivalents at the beginning of the period | 1,770 | 8,877 | 7,575 | 9,278 | ||||||
Cash and cash equivalents at the end of the period | 2,124 | 8,548 | 2,124 | 8,548 | ||||||
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SOURCE Eltek Ltd.