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6-K 1 zk2532843.htm 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


F O R M  6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2025

Commission file number 000-28884

Eltek Ltd.
(Name of Registrant)

Sgoola Industrial Zone, Petach Tikva, Israel
 (Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐



Eltek Ltd.
 
EXPLANATORY NOTE
 
 On March 11, 2025 Eltek issued a press release reporting full year and fourth quarter 2024 financial results. A copy of this press release is furnished herewith as Exhibit 99.1.
 


EXHIBIT INDEX



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
          ELTEK LTD.
 
          (Registrant)
   
 
By: /s/Ron Freund
 
Ron Freund
 
Chief Financial Officer

Date:  March 11, 2025
EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1


Press Release
 
Eltek Ltd. Reports Full Year and Fourth Quarter 2024 Financial Results
 
Petach Tikva, Israel (March 11, 2025) 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 full year and fourth quarter ended December 31, 2024.
 
Full Year and Fourth Quarter 2024 Highlights
 

 ◾
Revenues: Revenues for 2024 were $46.5 million, a slight decline of $0.2 million compared to 2023.
 

 ◾
Profitability: Net income reached $4.2 million in 2024 compared to $6.4 million in 2023. EBITDA reached $5.9 million compared to $8.6 million in 2023.
 

 ◾
Earnings per share (EPS): Diluted EPS was $0.63 in 2024 compared to $1.07 in 2023.
 

 ◾
Q4 Highlights: Revenue for the fourth quarter amounted to $10.8 million, compared to $12.3 million in the corresponding period of the previous year. Net income for the quarter was $0 million, while EBITDA totaled $0.7 million.

Transition Period and Future Growth Outlook:
 
Eltek is currently undergoing a strategic transition, expected to continue through the mid of 2026. This process was initiated with the launch of an accelerated $15 million investment plan, while the company’s annual revenues ranged below $40 million. The primary objective of this initiative was to establish advanced manufacturing capabilities, enhance technological proficiency, and expand annual production capacity to a range of $55 million to $65 million.
 
The investment plan includes the installation of equipment and production lines, while maintaining ongoing production. Conducting these enhancements within the existing facility has introduced spatial constraints, and logistical complexities, leading to temporary disruptions and inefficiencies which impacted the fourth quarter of 2024. In addition to this plan Eltek is implementing infrastructure upgrades to support the forecasted capacity and beyond.
 
Eltek remains fully committed to its strategic growth objectives and anticipates improved operational performance as the investment program progresses.
 


Market Trends and Outlook:
 
The global PCB industry, particularly in high-end applications such as Defense, Aerospace, Medical, and high-tech industrial markets, continues to experience dynamic shifts driven by geopolitical and economic factors. The ongoing trade tensions between the United States and China have led to supply chain realignments, as companies seek to reduce dependency on Chinese manufacturing. The US administration’s new customs regulations and tariffs on Chinese electronic components have further accelerated the trend of reshoring production to North America and US allied countries, creating opportunities for manufacturers with relevant capabilities.
 
Additionally, the continued geopolitical instability in Eastern Europe due to the Russia-Ukraine conflict and ongoing tensions in the Middle East have heightened demand for defense-related PCBs. Governments worldwide are increasing defense budgets, driving the need for high-reliability PCBs used in advanced military equipment, aerospace systems, and secure communication infrastructure.
 
Eltek is strategically positioned to leverage these industry trends by enhancing its manufacturing capabilities and strengthening its supply chain resilience. With its continued investments in cutting-edge technology and production efficiency, Eltek remains committed to meeting the growing needs of its defense, medical, and industrial customers while capitalizing on market opportunities arising from global economic shifts.
 
Management Statement:
 
Eli Yaffe, CEO of Eltek, stated, "We continue to witness sustained demand, reflected by the tenders issued in recent months for significant quantities of PCBs. We expect these tenders to have a positive long-term impact on the company. Our strategic investments in advanced manufacturing capabilities are aimed at driving operational efficiency and innovation, increasing our capacity and strengthening our ability to serve our customers. While these investments, along with ongoing facility expansion, may introduce some short-term fluctuations in profitability, we remain confident in their long-term value. We anticipate that the benefits of these initiatives will become increasingly evident in the coming quarters.”
 


2024 Full Year GAAP Financial Results
 
Revenues for 2024 were $46.5 million compared to $46.7 million in 2023.
 
Gross profit for 2024 was $10.3 million (22% of revenues) compared to $13.1 million (28% of revenues) in 2023.
 
Operating profit for 2024 was $4.4 million compared to operating profit of $7.3 million in 2023.
 
Financial income for 2024 was $0.7 million compared to financial income of $0.4 million in 2023.
 
Net profit for 2024 was $4.2 million or $0.63 per fully diluted share compared to net profit of $6.4 million or $1.07 per fully diluted share in 2023.
 
2024 Full Year Non-GAAP Financial Results
 
EBITDA for 2024 was a $5.9 million (13% of revenues) compared to EBITDA of $8.6 million (18% of revenues) in 2023.
 
Fourth Quarter 2024 GAAP Financial Results
 
Revenues for the fourth quarter of 2024 were $10.8 million compared to $12.3 million in the fourth quarter of 2023.
 
Gross profit for the fourth quarter of 2024 was $1.9 million (18% of revenues) compared to $3.5 million (28% of revenues) in the fourth quarter of 2023.
 
Operating profit for the fourth quarter of 2024 was $0.4 million compared to operating profit of $2.0 million in the fourth quarter of 2023.
 
Financial expenses for the fourth quarter of 2024 were $0.3 million, the same as in the fourth quarter of 2023. The financial expenses in the fourth quarter of 2024, derive primarily from the erosion of the US Dollar against the NIS during the quarter.
 
Net profit for the fourth quarter of 2024 was $0 million compared to net profit of $1.3 million or $0.22 per fully diluted share in the fourth quarter of 2023.
 
Fourth Quarter 2024 Non-GAAP Financial Results
 
EBITDA for the fourth quarter of 2024 was $0.8 million (7% of revenues) compared to EBITDA of $2.4 million (19% of revenues) in the fourth quarter of 2023.
 


About our Non-GAAP Financial Information
 
The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures 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, March 11, 2025, at 9:30am Eastern Time (15:30pm Israel Time, 6:30am 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 Statements
 
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 Israel’s continuing war against Hamas and Hezbollah, 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
Investor-Contact@nisteceltek.com
+972-3-939-5023

(Tables follow)



Eltek Ltd.
Consolidated Statements of Income
(In thousands US$, except per share data)

   
Three months ended
    
Twelve months ended
  
   
December 31,
    
December 31,
  
   
2024
    
2023
    
2024
    
2023
  
                         
Revenues
    
10,758
      
12,321
      
46,527
      
46,695
  
Costs of revenues
    
(8,824
)
    
(8,865
)
    
(36,188
)
    
(33,593
)
                                 
Gross profit
    
1,934
      
3,456
      
10,339
      
13,102
  
                                 
Research and development expenses, net
    
(108
)
    
(49
)
    
(187
)
    
(85
)
Selling, general and administrative expenses
    
(1,468
)
    
(1,405
)
    
(5,760
)
    
(5,722
)
                                 
Operating profit
    
358
      
2,002
      
4,392
      
7,295
  
                                 
Financial income (expenses), net
    
(271
)
    
(334
)
    
705
      
422
  
                                 
Income before income taxes
    
87
      
1,668
      
5,097
      
7,717
  
                                 
Income tax expenses
    
64
      
337
      
873
      
1,364
  
                                 
Net income
    
23
      
1,331
      
4,224
      
6,353
  
                                 
Earnings per share:
                                
Basic net income per ordinary share
    
-
      
0.22
      
0.64
      
1.08
  
                                 
Diluted net income per ordinary share
    
-
      
0.22
      
0.63
      
1.07
  
                                 
Weighted average number of ordinary shares used to compute
                  
basic net income per ordinary share (in thousands)
    
6,713
      
5,977
      
6,626
      
5,902
  
                                 
Weighted average number of ordinary shares used to compute
                  
diluted net income per ordinary share (in thousands)
    
6,782
      
6,074
      
6,701
      
5,956
  



Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)


             
   
December 31,
    
December 31,
  
   
2024
    
2023
  
             
Assets
            
             
Current assets:
            
Cash and cash equivalents
    
7,575
      
9,278
  
Short-term bank deposits
    
9,663
      
2,862
  
Trade receivables (net of allowance for credit losses)
    
11,786
      
10,898
  
Inventories
    
9,488
      
6,135
  
Other accounts receivable and prepaid expenses
    
602
      
934
  
                 
Total current assets
    
39,114
      
30,107
  
                 
Long term assets:
                
Severance pay fund
    
56
      
57
  
Deferred tax assets, net
    
496
      
1,098
  
Operating lease right-of-use assets
    
5,911
      
6,555
  
Total long term assets
    
6,463
      
7,710
  
                 
Property and equipment, net
    
14,578
      
9,354
  
                 
Total Assets
    
60,155
      
47,171
  
                 
Liabilities and Shareholder's equity
                
                 
Current liabilities:
                
Trade payables
    
7,367
      
7,503
  
Other accounts payable and accrued expenses
    
5,136
      
5,689
  
Short-term operating lease liabilities
    
827
      
789
  
                 
Total current liabilities
    
13,330
      
13,981
  
                 
Long-term liabilities:
                
Accrued severance pay
    
443
      
447
  
Long-term operating lease liabilities
    
5,190
      
5,871
  
                 
Total long-term liabilities
    
5,633
      
6,318
  
                 
Shareholders' equity:
                
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 6,714,040 at December 31, 2024 and 6,020,693 at December 31, 2023
    
6,011
      
5,443
  
Additional paid-in capital
    
32,627
      
23,587
  
Foreign currency translation adjustments
    
664
      
783
  
Capital reserves
    
2,507
      
1,900
  
Accumulated deficit
    
(617
)
    
(4,841
)
Total shareholders' equity
    
41,192
      
26,872
  
Total liabilities and shareholders' equity
    
60,155
      
47,171
  



Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliation
(In thousands US$)

   
Three months ended
    
Twelve months ended
  
   
December 31,
    
December 31,
  
   
2024
    
2023
    
2024
    
2023
  
                         
GAAP Net Income
    
23
      
1,331
      
4,224
      
6,353
  
Add back items:
                                
                                 
Financial expenses (income), net
    
271
      
334
      
(705
)
    
(422
)
Income tax expenses
    
64
      
337
      
873
      
1,364
  
Depreciation and amortization
    
405
      
388
      
1,546
      
1,317
  
Non-GAAP EBITDA
    
763
      
2,390
      
5,938
      
8,612
  



Eltek Ltd.
Consolidated Statements of  Cash Flows
(In thousands US$)

   
Three months ended
    
Twelve months ended
  
   
December 31,
    
December 31,
  
   
2024
    
2023
    
2024
    
2023
  
                         
Cash flows from operating activities:
                        
                         
Net Income
    
23
      
1,331
      
4,224
      
6,353
  
Adjustments to reconcile net income to net cash flows
                          
provided by operating activities:
                                
Depreciation
    
405
      
388
      
1,546
      
1,317
  
Accrued interest, net
    
(392
)
    
-
      
(463
)
    
-
  
Share-based compensation
    
161
      
147
      
607
      
363
  
Decrease in deferred tax assets
    
217
      
304
      
621
      
1,302
  
     
391
      
839
      
2,311
      
2,982
  
                                 
Decrease (increase) in operating lease right-of-use assets, net
    
(2
)
    
(1
)
    
2
      
(23
)
Decrease (increase) in trade receivables
    
1,230
      
(211
)
    
(988
)
    
(1,010
)
Decrease (increase) in other receivables and prepaid expenses
    
(260
)
    
55
      
341
      
(169
)
Decrease (increase) in inventories
    
(2,711
)
    
(283
)
    
(3,532
)
    
(1,139
)
Increase (decrease) in trade payables
    
378
      
958
      
929
      
989
  
Increase (decrease) in other liabilities and accrued expenses
    
966
      
(507
)
    
1,255
      
707
  
Increase (decrease)  in employee severance benefits, net
    
(4
)
    
139
      
(2
)
    
172
  
     
(403
)
    
150
      
(1,995
)
    
(473
)
                                 
Net cash provided by operating activities
    
11
      
2,320
      
4,540
      
8,862
  
                                 
                                 
Cash flows from investing activities:
                                
Purchase of fixed assets
    
(1,592
)
    
(1,246
)
    
(9,506
)
    
(2,432
)
Insurance Proceeds
    
-
      
-
      
-
      
2,000
  
proceeds from (Investment in) short-term bank deposits, net
    
303
      
(2,719
)
    
(6,365
)
    
(2,719
)
Restricted deposits
    
-
      
-
      
-
      
192
  
Net cash used in investing activities
    
(1,289
)
    
(3,965
)
    
(15,871
)
    
(2,959
)
                                 
                                 
Cash flows from financing activities:
                                
Exercise of options
    
18
      
535
      
296
      
863
  
Dividend distribution
    
-
      
(1,321
)
    
-
      
(1,321
)
Issuance of shares, net
    
-
      
-
      
9,312
          
Repayment of long-term loans from bank
    
-
      
-
      
-
      
(3,348
)
Net cash used in financing activities
    
18
      
(786
)
    
9,608
      
(3,806
)
                                 
Effect of translation adjustments
    
287
      
404
      
20
      
(185
)
                                 
Net increase (decrease) in cash and cash equivalents
    
(973
)
    
(2,027
)
    
(1,703
)
    
1,912
  
                                 
Cash and cash equivalents at the beginning of the period
    
8,548
      
11,305
      
9,278
      
7,366
  
                                 
Cash and cash equivalents at the end of the period
    
7,575
      
9,278
      
7,575
      
9,278