Press Release

 

Eltek Ltd. Reports 2025 Third Quarter Financial Results

 

Petach Tikva, Israel (November 18, 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 quarter ended September 30, 2025.

 

Third Quarter 2025 Highlights

 

 

 

 

 

 

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

 

 

 

 

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.

 

 

Third Quarter 2025 Non-GAAP Financial Results

 

 

First Nine Months 2025 GAAP Financial Results

 

 

 

 

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.

 

 

First Nine Months 2025 Non-GAAP Financial Results

 

 

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.

 

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

 

(Tables follow)

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 September 30, 2025 and December 31, 2024; Issued and outstanding: 6,715,624 shares at September 30, 2025 and 6,714,040 shares at December 31, 2024			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