Bel Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Bel (Nasdaq: BELFA) reported strong fourth-quarter and full-year 2025 results: Q4 net sales $175.9M (+17.4% YoY) and full-year net sales $675.5M (+26.3% YoY). GAAP Q4 net loss was $5.4M (includes $13.1M impairment); full-year GAAP net earnings were $61.5M. Adjusted EBITDA was $37.6M in Q4 and $142.9M for 2025. Q1 2026 guidance: net sales $165–180M and gross margin 37–39%.
Positive
- Net sales +26.3% full year to $675.5M
- Adjusted EBITDA +40% year (to $142.9M) with 21.2% margin
- Gross margin expansion to 39.1% for full year
Negative
- GAAP Q4 net loss of $5.4M driven by $13.1M impairment
- Q4 GAAP results include significant non-cash equity investment impairment
News Market Reaction
On the day this news was published, BELFA gained 0.36%, reflecting a mild positive market reaction. Argus tracked a trough of -10.2% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $10M to the company's valuation, bringing the market cap to $2.87B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BELFA was up 1.71% pre-release. Peers showed mixed moves: BELFB +1.18%, KN +3.45%, OUST +3.64%, BHE +1.25%, while ROG was down 0.85%. With only one peer in the momentum scanner and mixed directions, the setup appears more company-specific than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 29 | Q3 2025 earnings | Positive | -2.2% | Strong Q3 growth, margin expansion, and upbeat Q4 guidance. |
| Jul 24 | Q2 2025 earnings | Positive | +20.2% | Solid sales growth, high margins, strong Adjusted EBITDA and guidance. |
| Apr 24 | Q1 2025 earnings | Positive | +0.3% | Higher sales, improved margins, and rising Adjusted EBITDA with guidance. |
| Feb 18 | Q4/FY 2024 earnings | Neutral | -2.1% | Lower sales but better margins and Enercon-driven end-market shift. |
| Jul 24 | Q2 2024 earnings | Negative | +9.1% | Revenue decline and earnings drop despite margin improvement and guidance. |
Earnings releases have often been positive fundamentally, but price reactions have been mixed, with both strong rallies and selloffs around results.
Across the last five earnings releases since Jul 2024, Bel has moved from revenue declines with margin expansion to strong top-line and profit growth in 2025. Q2 and Q3 2025 showed robust sales, gross margin near 39–40%, and rising Adjusted EBITDA. Earlier, full-year 2024 results featured lower sales but higher margins after the Enercon acquisition. Guidance has consistently called for net sales in the mid‑$100M range and gross margins in the high‑30s, framing today’s Q4/FY25 update as part of a continuing profitability-focused trajectory.
Historical Comparison
Over the last 5 earnings releases, BELFA moved an average of 5.08% on the following session, with both strong rallies and selloffs, highlighting that earnings days have historically brought elevated volatility.
Earnings releases show a progression from 2024 revenue contraction with margin gains to 2025 quarters delivering solid sales growth, margins near 38–40%, and steadily higher Adjusted EBITDA, supported by guidance in the mid‑$100M sales range.
Market Pulse Summary
This announcement highlights strong Q4 and full-year 2025 performance, with net sales and gross margins advancing alongside higher Adjusted EBITDA, while a non‑cash $13.1M impairment drove a GAAP loss in Q4. Guidance for Q1 2026 calls for net sales in the $165–$180M range and gross margin of 37–39%, consistent with recent levels. Investors may watch how non‑GAAP results track against GAAP earnings, the impact of aerospace and defense growth, and management’s ability to sustain margins near the high‑30s.
Key Terms
non-gaap financial
adjusted ebitda financial
equity method investment financial
stock-based compensation financial
amortization of intangibles financial
foreign currency exchange financial
AI-generated analysis. Not financial advice.
Provides Q1-26 Sales and Gross Margin Guidance
WEST ORANGE, N.J., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2025.
Fourth Quarter 2025 Highlights
- Net sales of
$175.9 million compared to$149.9 million in Q4-24. Up17.4% from Q4-24 - Gross profit margin of
39.4% , up from37.5% in Q4-24 - GAAP net loss attributable to Bel shareholders of
$5.4 million in Q4-25, compared to net loss of$1.8 million in Q4-24. Q4-25 results include a$13.1 million non-cash impairment of our equity method investment and related loans in Innolectric, as previously disclosed. Non-GAAP net earnings attributable to Bel shareholders of$24.9 million in Q4-25, versus$19.0 million in Q4-24. - Adjusted EBITDA of
$37.6 million (21.4% of sales), compared to$30.3 million (20.2% of sales) in Q4-24
Full Year 2025 Highlights
- Net sales of
$675.5 million compared to$534.8 million in 2024. Up26.3% from 2024 - Gross profit margin of
39.1% , up from37.8% in 2024 - GAAP net earnings attributable to Bel shareholders of
$61.5 million in 2025, compared to net earnings of$41.0 million in 2024. Non-GAAP net earnings attributable to Bel shareholders of$89.0 million versus$72.1 million in 2024 - Adjusted EBITDA of
$142.9 million (21.2% of sales), compared to$101.9 million (19.0% of sales) in 2024
"Bel delivered a strong fourth quarter, with sales and gross margin percentage at the high end of our guidance," said Farouq Tuweiq, President and CEO. "This achievement reflects strong demand across commercial aerospace and defense, and a continued recovery in our networking and distribution channels.
“As we look to the future, we are excited to welcome Tom Smelker to the leadership team as Pete Bittner transitions into retirement. Tom brings a fresh perspective and extensive experience in the aerospace and defense sectors, which are central to our growth strategy. His leadership will help us further align our organization with evolving customer needs and industry trends.
“Looking ahead to the first quarter of 2026, which generally reflects seasonality due to the Chinese New Year holiday, based on information available today we estimate net sales of
Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges (credits), gains/losses on sales of businesses and properties, acquisition related costs, earnout adjustments, impairment charges, noncontrolling interest ("NCI") adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.
Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 18, 2026 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13757242 after 12:30 pm ET, also for 30 days.
About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.
Company Contact:
Lynn Hutkin
Chief Financial Officer
ir@belf.com
Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2026; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2026 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, and gross margin, and as to our products, product groups, customers, and end markets; statements about demand among certain categories of customers or end markets, recovery in networking and distribution channels, and views on the effects on the Company’s overall future performance; statements about additions to the leadership team and expectations regarding further alignment of the organization with customer needs and industry trends; statements about growth strategy and growth initiatives, teamwork, exploration of new opportunities, and the Company’s evolution; and statements regarding our expectations and beliefs regarding trends in the Company's business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company's positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel's November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining
Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP"). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.
Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
[Financial tables follow]
| Bel Fuse Inc. Supplementary Information(1) Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 175,938 | $ | 149,859 | $ | 675,455 | $ | 534,792 | |||||||
| Cost of sales | 106,562 | 93,652 | 411,037 | 332,434 | |||||||||||
| Gross profit | 69,376 | 56,207 | 264,418 | 202,358 | |||||||||||
| As a % of net sales | 39.4 | % | 37.5 | % | 39.1 | % | 37.8 | % | |||||||
| Research and development costs | 7,992 | 6,934 | 30,867 | 23,586 | |||||||||||
| Selling, general and administrative expenses | 32,603 | 34,831 | 125,828 | 110,616 | |||||||||||
| As a % of net sales | 18.5 | % | 23.2 | % | 18.6 | % | 20.7 | % | |||||||
| Impairment of CUI tradename | - | 400 | - | 400 | |||||||||||
| Restructuring charges (credits) | 1,757 | 1,669 | (677 | ) | 3,459 | ||||||||||
| Gain on sale of properties | - | - | (5,701 | ) | - | ||||||||||
| Earnout liability adjustments | 1,248 | - | 3,105 | - | |||||||||||
| Income from operations | 25,776 | 12,373 | 110,996 | 64,297 | |||||||||||
| As a % of net sales | 14.7 | % | 8.3 | % | 16.4 | % | 12.0 | % | |||||||
| Interest expense | (2,976 | ) | (2,815 | ) | (14,751 | ) | (4,078 | ) | |||||||
| Interest income | 258 | 1,013 | 1,035 | 4,754 | |||||||||||
| Impairment of equity method investment and related party notes | (13,087 | ) | - | (13,087 | ) | - | |||||||||
| Other (expense) income, net | (408 | ) | (3,186 | ) | 10,857 | (3,165 | ) | ||||||||
| Earnings before income taxes | 9,563 | 7,385 | 95,050 | 61,808 | |||||||||||
| Provision for income taxes | 3,122 | 953 | 20,939 | 12,616 | |||||||||||
| Effective tax rate | 32.6 | % | 12.9 | % | 22.0 | % | 20.4 | % | |||||||
| Net earnings | 6,441 | 6,432 | 74,111 | 49,192 | |||||||||||
| As a % of net sales | 3.7 | % | 4.3 | % | 11.0 | % | 9.2 | % | |||||||
| Less: Net earnings attributable to noncontrolling interest | 1,172 | 484 | 3,452 | 484 | |||||||||||
| Redemption value adjustment attributable to noncontrolling interest | 10,718 | 7,748 | 9,123 | 7,748 | |||||||||||
| Net (loss) earnings attributable to Bel Fuse shareholders | $ | (5,449 | ) | $ | (1,800 | ) | $ | 61,536 | $ | 40,960 | |||||
| Weighted average number of shares outstanding: | |||||||||||||||
| Class A common shares - basic and diluted | 2,115 | 2,115 | 2,115 | 2,124 | |||||||||||
| Class B common shares - basic | 10,543 | 10,429 | 10,525 | 10,491 | |||||||||||
| Class B common shares - diluted | 10,579 | 10,429 | 10,546 | 10,491 | |||||||||||
| Net (loss) earnings per common share: | |||||||||||||||
| Class A common shares - basic and diluted | $ | (0.42 | ) | $ | (0.14 | ) | $ | 4.65 | $ | 3.09 | |||||
| Class B common shares - basic | $ | (0.43 | ) | $ | (0.14 | ) | $ | 4.91 | $ | 3.28 | |||||
| Class B common shares - diluted | $ | (0.43 | ) | $ | (0.14 | ) | $ | 4.90 | $ | 3.28 | |||||
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
| Bel Fuse Inc. Supplementary Information(1) Condensed Consolidated Balance Sheets (in thousands, unaudited) | |||||
| December 31, 2025 | December 31, 2024 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 57,800 | $ | 68,253 | |
| Held to maturity U.S. Treasury securities | - | 950 | |||
| Accounts receivable, net | 121,490 | 111,376 | |||
| Inventories | 167,270 | 161,370 | |||
| Other current assets | 38,201 | 31,581 | |||
| Total current assets | 384,761 | 373,530 | |||
| Property, plant and equipment, net | 48,428 | 47,879 | |||
| Right-of-use assets | 22,868 | 25,125 | |||
| Related-party note receivable | - | 2,937 | |||
| Equity method investment | - | 9,265 | |||
| Goodwill and other intangible assets, net | 432,787 | 439,984 | |||
| Other assets | 46,356 | 51,069 | |||
| Total assets | $ | 935,200 | $ | 949,789 | |
| Liabilities, redeemable noncontrolling interest and shareholders' equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 52,990 | $ | 49,182 | |
| Operating lease liabilities, current | 8,029 | 7,954 | |||
| Other current liabilities | 66,426 | 70,933 | |||
| Total current liabilities | 127,445 | 128,069 | |||
| Long-term debt | 197,500 | 287,500 | |||
| Operating lease liabilities long-term | 15,867 | 17,763 | |||
| Other liabilities | 75,714 | 75,295 | |||
| Total liabilities | 416,526 | 508,627 | |||
| Redeemable noncontrolling interest | 93,162 | 80,586 | |||
| Shareholders' equity | 425,512 | 360,576 | |||
| Total liabilities, redeemable noncontrolling interest and shareholders' equity | $ | 935,200 | $ | 949,789 | |
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
| Bel Fuse Inc. Supplementary Information(1) Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) | |||||||
| Year Ended | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net earnings | $ | 74,111 | $ | 49,192 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Impairment of equity method investment and related party notes | 13,087 | - | |||||
| Depreciation and amortization | 26,592 | 16,457 | |||||
| Stock-based compensation | 6,813 | 3,740 | |||||
| Amortization of deferred financing costs | 1,547 | 151 | |||||
| Deferred income taxes | 1,379 | (6,267 | ) | ||||
| Net unrealized (gains)/loss on foreign currency revaluation | (12,703 | ) | 1,456 | ||||
| Gain on sale/disposal of property | (5,701 | ) | - | ||||
| Other, net | 2,219 | 2,345 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (8,609 | ) | (6,817 | ) | |||
| Unbilled receivables | (4,753 | ) | 7,800 | ||||
| Inventories | (2,415 | ) | 15,121 | ||||
| Other current assets | (1,636 | ) | (2,357 | ) | |||
| Other assets | (1,604 | ) | 5,972 | ||||
| Accounts payable | 2,441 | 139 | |||||
| Accrued expenses | 195 | (7,068 | ) | ||||
| Accrued restructuring costs | (5,078 | ) | 215 | ||||
| Income taxes payable | (3,656 | ) | (1,009 | ) | |||
| Other liabilities | (1,617 | ) | (5,006 | ) | |||
| Net cash provided by operating activities | 80,612 | 74,064 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment | (12,002 | ) | (14,108 | ) | |||
| Purchases of held to maturity U.S. Treasury securities | - | (131,309 | ) | ||||
| Proceeds from held to maturity securities | 950 | 167,907 | |||||
| Investment in related party notes receivable | - | (785 | ) | ||||
| Proceeds from disposal/sale of property, plant and equipment | 7,804 | 883 | |||||
| Acquisition of business, net of cash acquired | - | (320,481 | ) | ||||
| Net cash used in investing activities | (3,248 | ) | (297,893 | ) | |||
| Cash flows from financing activities: | |||||||
| Dividends paid to common shareholders | (3,465 | ) | (3,453 | ) | |||
| Purchase of treasury stock | - | (16,053 | ) | ||||
| Deferred financing costs | (681 | ) | (1,736 | ) | |||
| Repayments under revolving line of credit | (98,000 | ) | (15,000 | ) | |||
| Borrowings under revolving line of credit | 8,000 | 242,500 | |||||
| Net cash (used in) provided by financing activities | (94,146 | ) | 206,258 | ||||
| Effect of exchange rate changes on cash | 6,329 | (3,547 | ) | ||||
| Net decrease in cash and cash equivalents | (10,453 | ) | (21,118 | ) | |||
| Cash and cash equivalents - beginning of year | 68,253 | 89,371 | |||||
| Cash and cash equivalents - end of year | $ | 57,800 | $ | 68,253 | |||
| Supplementary information: | |||||||
| Cash paid during the period for: | |||||||
| Income taxes, net of refunds received | $ | 23,731 | $ | 22,952 | |||
| Interest payments | $ | 14,792 | $ | 5,795 | |||
| ROU assets obtained in exchange for lease obligations | $ | 4,763 | $ | 6,870 | |||
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
| Bel Fuse Inc. Supplementary Information(1) Product Group Highlights (dollars in thousands, unaudited) | |||||||||||||||||
| Sales | Gross Margin | ||||||||||||||||
| Q4-25 | Q4-24 | % Change | Q4-25 | Q4-24 | Basis Point Change | ||||||||||||
| Power Solutions and Protection | $ | 92,546 | $ | 78,073 | 18.5 | % | 44.5 | % | 40.6 | % | 390 | ||||||
| Connectivity Solutions | 60,484 | 52,548 | 15.1 | % | 37.2 | % | 36.6 | % | 60 | ||||||||
| Magnetic Solutions | 22,908 | 19,238 | 19.1 | % | 27.3 | % | 29.1 | % | (180 | ) | |||||||
| Total | $ | 175,938 | $ | 149,859 | 17.4 | % | 39.4 | % | 37.5 | % | 190 | ||||||
| Sales | Gross Margin | |||||||||||||||
| FY 2025 | FY 2024 | % Change | FY 2025 | FY 2024 | Basis Point Change | |||||||||||
| Power Solutions and Protection | $ | 356,805 | 245,551 | 45.3 | % | 42.7 | % | 42.4 | % | 30 | ||||||
| Connectivity Solutions | 232,286 | 220,370 | 5.4 | % | 38.7 | % | 37.1 | % | 160 | |||||||
| Magnetic Solutions | 86,364 | 68,871 | 25.4 | % | 27.6 | % | 25.3 | % | 230 | |||||||
| Total | $ | 675,455 | $ | 534,792 | 26.3 | % | 39.1 | % | 37.8 | % | 130 | |||||
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
| Bel Fuse Inc. Supplementary Information(1) Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3) (in thousands, unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP Net earnings | $ | 6,441 | $ | 6,432 | $ | 74,111 | $ | 49,192 | |||||||
| Provision for income taxes | 3,122 | 953 | 20,939 | 12,616 | |||||||||||
| Other expense/income, net | 408 | 3,186 | (10,857 | ) | 3,165 | ||||||||||
| Impairment of equity method investment and related party notes | 13,087 | - | 13,087 | - | |||||||||||
| Interest income | (258 | ) | (1,013 | ) | (1,035 | ) | (4,754 | ) | |||||||
| Interest expense | 2,976 | 2,815 | 14,751 | 4,078 | |||||||||||
| GAAP Operating Income | 25,776 | 12,373 | 110,996 | 64,297 | |||||||||||
| Restructuring charges (credits) | 1,757 | 1,669 | (677 | ) | 3,459 | ||||||||||
| Gain on sale of properties | - | - | (5,701 | ) | - | ||||||||||
| Earnout liability adjustments | 1,248 | - | 3,105 | - | |||||||||||
| Stock-based compensation | 2,152 | 956 | 6,813 | 3,740 | |||||||||||
| Acquisition related costs | - | 8,592 | - | 12,884 | |||||||||||
| Amortization of inventory step-up | - | 639 | 1,757 | 639 | |||||||||||
| Impairment of CUI tradename | - | 400 | - | 400 | |||||||||||
| Non-GAAP Operating Income | 30,933 | 24,629 | 116,293 | 85,419 | |||||||||||
| Depreciation and amortization | 6,656 | 5,698 | 26,592 | 16,457 | |||||||||||
| Adjusted EBITDA | $ | 37,589 | $ | 30,327 | $ | 142,885 | $ | 101,876 | |||||||
| % of net sales | 21.4 | % | 20.2 | % | 21.2 | % | 19.0 | % | |||||||
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
(in thousands, except per share data) (unaudited)
The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic shares ("EPS") and the line items in which these items were included on the consolidated statements of operations.
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Reconciling Items | Earnings before taxes | Provision for income taxes | Net Earnings Attributable to Bel Fuse Shareholders | Basic Class A EPS(3) | Basic Class B EPS(3) | Earnings before taxes | Provision for income taxes | Net Earnings Attributable to Bel Fuse Shareholders | Basic Class A EPS(3) | Basic Class B EPS(3) | ||||||||||||||||||||||||||
| GAAP measures | $ | 9,563 | $ | 3,122 | $ | (5,449 | ) | $ | (0.42 | ) | $ | (0.43 | ) | $ | 7,385 | $ | 953 | $ | (1,800 | ) | $ | (0.14 | ) | $ | (0.14 | ) | ||||||||||
| Impairment of equity method investment and related party notes | 13,087 | 957 | 12,130 | 0.92 | 0.97 | - | - | - | - | - | ||||||||||||||||||||||||||
| Restructuring charges | 1,757 | 426 | 1,331 | 0.10 | 0.11 | 1,669 | 270 | 1,399 | 0.11 | 0.11 | ||||||||||||||||||||||||||
| Earnout liability adjustments | 1,248 | 200 | 1,048 | 0.08 | 0.08 | - | - | - | - | - | ||||||||||||||||||||||||||
| Stock-based compensation | 2,152 | 443 | 1,709 | 0.13 | 0.14 | 956 | 197 | 759 | 0.06 | 0.06 | ||||||||||||||||||||||||||
| Acquisition related costs | - | - | - | - | - | 8,592 | 1,516 | 7,076 | 0.54 | 0.57 | ||||||||||||||||||||||||||
| Redemption value adjustment on redeemable NCI | - | - | 10,718 | 0.81 | 0.85 | - | - | 7,748 | 0.59 | 0.62 | ||||||||||||||||||||||||||
| Amortization of inventory step-up | - | - | - | - | - | 639 | 147 | 492 | 0.04 | 0.04 | ||||||||||||||||||||||||||
| Impairment of CUI tradename | - | - | - | - | - | 400 | 92 | 308 | 0.02 | 0.02 | ||||||||||||||||||||||||||
| Amortization of intangibles | 3,699 | 647 | 3,052 | 0.23 | 0.24 | 2,843 | 493 | 2,349 | 0.18 | 0.18 | ||||||||||||||||||||||||||
| Unrealized foreign currency exchange losses | 500 | 142 | 358 | 0.03 | 0.03 | 908 | 201 | 707 | 0.05 | 0.06 | ||||||||||||||||||||||||||
| Non-GAAP measures | $ | 32,006 | $ | 5,937 | $ | 24,897 | $ | 1.88 | $ | 1.98 | $ | 23,392 | $ | 3,869 | $ | 19,039 | $ | 1.45 | $ | 1.53 | ||||||||||||||||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Reconciling Items | Earnings before taxes | Provision for income taxes | Net Earnings Attributable to Bel Fuse Shareholders | Basic Class A EPS(3) | Basic Class B EPS(3) | Earnings before taxes | Provision for income taxes | Net Earnings Attributable to Bel Fuse Shareholders | Basic Class A EPS(3) | Basic Class B EPS(3) | |||||||||||||||||||||||||
| GAAP measures | $ | 95,050 | $ | 20,939 | $ | 61,536 | $ | 4.65 | $ | 4.91 | $ | 61,808 | $ | 12,616 | $ | 40,960 | $ | 3.09 | $ | 3.28 | |||||||||||||||
| Impairment of equity method investment and related party notes | 13,087 | 957 | 12,130 | 0.92 | 0.97 | - | - | - | - | - | |||||||||||||||||||||||||
| Restructuring (credits) charges | (677 | ) | 139 | (816 | ) | (0.06 | ) | (0.07 | ) | 3,459 | 587 | 2,872 | 0.22 | 0.23 | |||||||||||||||||||||
| Gain on sale of properties | (5,701 | ) | (937 | ) | (4,764 | ) | (0.36 | ) | (0.38 | ) | - | - | - | - | - | ||||||||||||||||||||
| Earnout liability adjustments | 3,105 | 497 | 2,608 | 0.20 | 0.21 | - | - | - | - | - | |||||||||||||||||||||||||
| Stock-based compensation | 6,813 | 1,403 | 5,410 | 0.41 | 0.43 | 3,738 | 770 | 2,968 | 0.23 | 0.24 | |||||||||||||||||||||||||
| Acquisition related costs | - | - | - | - | - | 12,884 | 2,503 | 10,381 | 0.79 | 0.83 | |||||||||||||||||||||||||
| Redemption value adjustment on redeemable NCI | - | - | 9,123 | 0.69 | 0.73 | - | - | 7,748 | 0.59 | 0.62 | |||||||||||||||||||||||||
| Amortization of inventory step-up | 1,757 | 404 | 1,353 | 0.10 | 0.11 | 639 | 147 | 492 | 0.04 | 0.04 | |||||||||||||||||||||||||
| Impairment of CUI tradename | - | - | - | - | - | 400 | 92 | 308 | 0.02 | 0.02 | |||||||||||||||||||||||||
| Amortization of intangibles | 14,782 | 2,589 | 12,193 | 0.93 | 0.97 | 6,537 | 1,236 | 5,301 | 0.40 | 0.42 | |||||||||||||||||||||||||
| Unrealized foreign currency exchange (gains) losses | (12,704 | ) | (2,934 | ) | (9,770 | ) | (0.74 | ) | (0.78 | ) | 1,455 | 340 | 1,115 | 0.08 | 0.09 | ||||||||||||||||||||
| Non-GAAP measures | $ | 115,512 | $ | 23,057 | $ | 89,003 | $ | 6.74 | $ | 7.10 | $ | 90,919 | $ | 18,291 | $ | 72,144 | $ | 5.47 | $ | 5.77 | |||||||||||||||
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
(3) Individual amounts of earnings per share may not agree to the total due to rounding.
(4) In the fourth quarter of 2024 we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
FAQ
What were BELFA's key Q4 2025 financial results?
How did BELFA perform for the full year 2025 (BELFA)?
Why did BELFA report a Q4 2025 GAAP loss despite sales growth?
What guidance did BELFA provide for Q1 2026 and key assumptions?
How did BELFA's margins change in 2025 and why does that matter?
Are BELFA's 2025 non-GAAP results different from GAAP and why?
