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Eltek Ltd. Reports 2025 First Quarter Financial Results

PETACH TIKVA, Israel, May 20, 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 March 31, 2025. First Quarter 2025 Highlights Revenues were $12.8 million Operating profit was $0.7 million Net income was $1.0 million or $0.15 per fully diluted share Net cash provided by operating activities amounted to $0.1 million. "We ended the first quarter of 2025 with revenues of $12.8 million, an increase of approximately 8% compared to Q1 2024, and 18.5% higher than Q4 2024. Net income totalled $1.0 million. Our gross margin was impacted, compared to Q1 2024, due to increased labor costs and the ramp-up of new production equipment, which temporarily led to lower yields," said Eli Yaffe, CEO of Eltek. "Looking ahead to the remainder of the year, we continue to advance our investment program as planned. Our forecast that we will complete the accelerated investment plan by mid-2026 remains unchanged. We are undertaking all necessary preparations to ensure the swift and efficient integration of the new lines, with the goal of bringing them into full production," continued Mr. Yaffe. "On the revenue side, we continue to experience strong demand for the Company's products, and we are seeing lead times increase across all our relevant market sectors. As previously communicated, we are actively working to expand the scope of our commercial sales—an effort that we anticipate will bear fruit during the rest of 2025 and in the years to follow," concluded Mr. Yaffe. First Quarter 2025 GAAP Financial Results Revenues for the first quarter of 2025 were $12.8 million, compared to $11.8 million in the first quarter of 2024. Gross profit for the first quarter of 2025 was $2.2 million (17% of revenues) compared to $3.3 (28% of revenues) in the first quarter of 2024. Operating profit for the first quarter of 2025 was $0.7 million compared to operating profit of $1.7 million in the first quarter of 2024. Net income for the first quarter of 2025 was $1.0 million or $0.15 per fully diluted share compared to net income of $1.7 million or $0.27 per fully diluted share in the first quarter of 2024. Cash and short-term bank deposits amounted to $15.7 million as of March 31, 2025, with no outstanding debt. First Quarter 2025 Non-GAAP Financial Results EBITDA for the first quarter of 2025 was $1.2 million (9% of revenues) compared to EBITDA of $2.1 million (18% of revenues) in the first quarter of 2024. Conference Call Today, Tuesday, May 20, 2025, at 8:30am Eastern Time (15:30pm Israel Time, 5:30am 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: 1-866-860-9642Israel: 03-918-0691International: +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 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 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 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. 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. Investor Contact Ron FreundChief Financial OfficerInvestor-Contact@ Eltek Ltd. Consolidated Statements of Income U.S. dollars in thousands (except per share data) Three months ended March 31,20252024Revenues12,75611,783Costs of revenues(10,544)(8,531)Gross profit2,2123,252Research and development, expenses, net(50)(15)Selling, general and administrative expenses(1,437)(1,516)Operating income7251,721Financial income, net504350Income before income taxes1,2292,071Income tax expenses227332Net Income 1,0021,739Earnings per share:Basic net income per ordinary share0.150.27Diluted net income per ordinary share0.150.27Weighted average number of ordinary shares used to computebasic net income per ordinary share (in thousands)6,7146,376Weighted average number of ordinary shares used to computediluted net income per ordinary share (in thousands)6,7856,491 Eltek Ltd. Consolidated Balance Sheets U.S. dollars in thousands March 31, December 31, 20252024AssetsCurrent assets:Cash and cash equivalents6,4667,575Short-term bank deposits9,2579,663Trade receivables (net of allowance for credit losses)12,28411,786Inventories 9,9789,488Other accounts receivable and prepaid expenses726602Total current assets38,71139,114Long term assets:Severance pay fund5556Deferred tax assets, net322496Operating lease right of use assets5,9885,911Total long term assets6,3656,463Property and equipment, net15,99914,578Total Assets61,07560,155Liabilities and Shareholder's equityCurrent liabilities:Trade payables7,6157,367Other accounts payable and accrued expenses5,3895,136Short-term operating lease liabilities936827Total current liabilities13,94013,330Long-term liabilities:Accrued severance pay450443Long-term operating lease liabilities5,1575,190Total long-term liabilities5,6075,633Shareholders' equity:Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 6,714,040 at March 31, 2025 and 6,714,040 at December 31, 20246,0116,011Additional paid-in capital32,62732,627Foreign currency translation adjustments(140)664Capital reserve2,6452,507Retained earnings (accumulated deficit)385(617)Total shareholders' equity41,52841,192Total liabilities and shareholders' equity61,07560,155 Eltek Ltd. Unaudited Non-GAAP EBITDA Reconciliations U.S. dollars in thousandsThree months ended March 31, 20252024 GAAP net Income 1,0021,739 Add back items:Financial income, net (504)(350) Income tax expenses227332 Depreciation and amortization465365 Non-GAAP EBITDA1,1902,086 Eltek Ltd. Consolidated Statements of Cash Flows U.S. dollars in thousands Three months ended March 31,20252024Cash flows from operating activities:Net Income1,0021,739Adjustments to reconcile net income to net cash flowsprovided by operating activities:Depreciation465365Accrued interest, net(128)-Share-based compensation138132Decrease in deferred tax assets 82322557819Decrease (increase) in operating lease right-of-use assets11Decrease (increase) in trade receivables(355)736Decrease (increase) in other receivables and prepaid expenses(67)75Decrease (increase) in inventories(330)(396)Increase (decrease) in trade payables(862)(1,491)Increase (decrease) in other liabilities and accrued expenses173(201)Increase (decrease) in employee severance benefits, net718(1,433)(1,258)Net cash provided by operating activities1261,300Cash flows from investing activities:Purchase of fixed assets(1,137)(2,731)Withdrawal of (investment in) short-term bank deposits, net534(6,490)Net cash used in investing activities(603)(9,221)Cash flows from financing activities:Exercise of options-246Repayment of long-term loans from bank--Issuance of shares, net-9,180Net cash provided by (used in) financing activities-9,426Effect of translation adjustments(632)(173)Net increase (decrease) in cash and cash equivalents(1,109)1,332Cash and cash equivalents at the beginning of the period7,5759,278Cash and cash equivalents at the end of the period6,46610,610 Logo - View original content: SOURCE Eltek Ltd.