Bel Reports Third Quarter 2026 Results

Cash reached $333.122 million and long-term debt fell to zero, while nine-month earnings attributable to shareholders declined.

Rhea-AI Summary

Bel Fuse (BELFA, BELFB) reported preliminary third-quarter 2026 sales of $220.5 million, with higher earnings attributable to shareholders. Sales rose 23.2% from Q3-25, while gross margin increased to 40.9% from 39.7%. GAAP earnings attributable to Bel shareholders reached $26.290 million versus $22.250 million; diluted Class B earnings per share were $1.83 versus $1.77.

Industrial Technology & Data Solutions sales grew 37.8%, while Aerospace, Defense & Rugged Solutions sales rose 10.7% but its gross margin declined. Bel expects Q4 sales of $220 million to $240 million and gross margin of 40.0% to 42.0%. At September 30, cash totaled $333.122 million and long-term debt was zero, following $441.643 million in net common-stock issuance proceeds during the first nine months. Nine-month earnings attributable to Bel shareholders fell to $63.149 million from $66.985 million.

23 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCommon-stock issuance generated $441.643 million in net proceeds during the first nine months of 2026. 17% of market cap
• Moderate pointQ3 sales rose 23.2% year over year to $220.510 million.
• Moderate pointQ3 gross margin increased to 40.9% from 39.7% in Q3-25.
• Moderate pointQ3 GAAP earnings attributable to Bel shareholders increased to $26.290 million from $22.250 million.
• Moderate pointQ3 operating income increased to $39.553 million from $30.337 million; margin rose to 17.9% from 16.9%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Bel expects Q4-26 sales of $220 million to $240 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Bel expects Q4-26 gross margin of 40.0% to 42.0%.
• Moderate pointNine-month operating cash flow increased to $65.956 million from $51.044 million.
• Moderate pointSeptember 30 cash reached $333.122 million, versus $57.800 million at December 31, 2025.
• Moderate pointLong-term debt fell to zero at September 30, from $197.500 million at December 31, 2025.

13 minor points

• Minor pointQ3 diluted earnings per share rose to $1.74 Class A and $1.83 Class B, versus $1.68 and $1.77.
• Minor pointQ3 adjusted EBITDA increased to $52.5 million, or 23.8% of sales, versus $39.2 million and 21.9%.
• Minor pointIndustrial Technology & Data Solutions Q3 sales rose 37.8% to $113.914 million.
• Minor pointIndustrial Technology & Data Solutions Q3 gross margin increased to 42.7% from 38.0%.
• Minor pointAerospace, Defense & Rugged Solutions Q3 sales increased 10.7% to $106.596 million.
• Minor pointNine-month sales increased 22.1% to $609.686 million; gross margin rose to 40.0% from 39.0%.
• Minor pointIndustrial Technology & Data Solutions nine-month sales rose 28.3% to $292.812 million.
• Minor pointIndustrial Technology & Data Solutions nine-month gross margin increased to 39.7% from 37.3%.
• Minor pointAerospace, Defense & Rugged Solutions nine-month sales increased 16.8% to $316.874 million.
• Minor pointNine-month operating income rose to $101.638 million from $85.220 million, although margin fell to 16.7% from 17.1%.
• Minor pointQ3 interest expense fell to $71,000 from $3.630 million; nine-month expense fell to $4.403 million from $11.775 million.
• Minor pointQ3 interest income increased to $2.740 million from $238,000.
• Minor pointEffective tax rates fell to 17.7% for Q3 and 14.5% for nine months, versus 19.5% and 20.8%.

Negative

• Major pointClass B weighted-average diluted shares increased to 12.324 million in Q3 from 10.548 million.
• Moderate pointNine-month earnings attributable to Bel shareholders declined to $63.149 million from $66.985 million.
• Moderate pointNoncontrolling-interest redemption adjustments reduced earnings attributable to Bel shareholders by $11.823 million in Q3 and $21.194 million year-to-date.
• Minor pointNine-month diluted EPS fell to $4.45 Class A and $4.69 Class B, from $5.07 and $5.35.
• Minor pointAerospace, Defense & Rugged Solutions Q3 gross margin declined to 39.6% from 41.1%.

11 minor points

• Minor pointAerospace, Defense & Rugged Solutions nine-month gross margin declined to 40.7% from 40.9%.
• Minor pointQ3 selling, general and administrative expenses rose to $39.437 million from $32.804 million.
• Minor pointQ3 research and development costs increased to $8.795 million from $7.549 million.
• Minor pointQ3 earnout liability adjustment charges increased to $2.439 million from $1.857 million.
• Minor pointInventory increases used $56.495 million of nine-month operating cash, versus $1.656 million a year earlier.
• Minor pointAccounts receivable increases used $32.603 million of nine-month operating cash, versus $13.141 million a year earlier.
• Minor pointNine-month inventory impairment totaled $1.186 million, versus none in the prior-year period.
• Minor pointBusiness acquisition spending totaled $16.224 million, net of cash acquired, during the first nine months.
• Minor pointNine-month acquisition-related costs totaled $1.806 million, versus none a year earlier.
• Minor pointContingent consideration payments used $3.531 million during the first nine months.
• Minor point2026 financial information remains preliminary and subject to change before the upcoming Form 10-Q filing.

News Explained

Bel’s Q3 financial tables are still preliminary: the company says they may change before the upcoming quarterly Form 10-Q is filed, so the figures in this release are not yet the final filed results.

Key Figures

Net sales: $220.5 million vs. $179.0 million Gross profit margin: 40.9% vs. 39.7% GAAP net earnings attributable to Bel shareholders: $26.3 million vs. $22.3 million +4 more

Net sales

$220.5 million vs. $179.0 million

Q3 2026 vs. Q3 2025

Gross profit margin

40.9% vs. 39.7%

Q3 2026 vs. Q3 2025

GAAP net earnings attributable to Bel shareholders

$26.3 million vs. $22.3 million

Q3 2026 vs. Q3 2025

Non-GAAP net earnings attributable to Bel shareholders

$44.0 million vs. $26.3 million

Q3 2026 vs. Q3 2025

Adjusted EBITDA

$52.5 million vs. $39.2 million

Q3 2026 vs. Q3 2025

Q4 net sales guidance

$220 million to $240 million

Fourth quarter 2026 outlook

Q4 gross margin guidance

40.0% to 42.0%

Fourth quarter 2026 outlook

Previous Earnings Reports

2 past events · Latest: Apr 29

Same Type 2 events

1. Apr 29

   Quarterly earnings

   24h Move

   +6.0%

   Sales rose year over year, with higher gross margin and adjusted EBITDA.

2. Oct 29

   Quarterly earnings

   24h Move

   -3.1%

   Reported higher year-over-year sales, gross margin, shareholder earnings, and adjusted EBITDA.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, adjusted ebitda, regulation fd

4 terms

gaap financial

"GAAP net earnings attributable to Bel shareholders"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Non-GAAP net earnings attributable to Bel shareholders"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA of $52.5 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

regulation fd regulatory

"complying with our disclosure obligations under Regulation FD"

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Provides Q4-26 Sales and Gross Margin Guidance

WEST ORANGE, N.J., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company” ) today announced preliminary financial results for the third quarter of 2026.

Third Quarter 2026 Highlights

•	Net sales of $220.5 million compared to $179.0 million in Q3-25. Up 23.2% from Q3-25
•	Gross profit margin of 40.9%, up from 39.7% in Q3-25
•	GAAP net earnings attributable to Bel shareholders of $26.3 million in Q3-26, compared to net earnings of $22.3 million in Q3-25. Non-GAAP net earnings attributable to Bel shareholders of $44.0 million in Q3-26, versus $26.3 million in Q3-25
•	Adjusted EBITDA of $52.5 million (23.8% of sales), compared to $39.2 million (21.9% of sales) in Q3-25

Farouq Tuweiq, President and CEO of Bel, said, “We are pleased with our strong third quarter results, with performance led by our Data Solutions sector, Industrials end market, and across our distribution partners. The quarter reflects momentum across key end markets, supported by focused execution across our global organization.”

“Looking ahead, we expect a strong fourth quarter, guiding net sales of $220 million to $240 million and gross margin of 40.0% to 42.0%. We are excited about how the year is shaping up and remain focused on serving our customers, executing our growth strategy, and creating long-term value for our shareholders,” concluded Mr. Tuweiq.

---

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, October 29, 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 13762729 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures, and markets critical electronic components, systems and solutions for customers in aerospace, defense, industrial, and data-driven markets. Understanding that our customers face increasingly complex technical challenges, Bel delivers a comprehensive portfolio of solutions including power systems, high-reliability connectors and cable assemblies, circuit protection, and networking products that enable Original Equipment Manufacturers (OEMs) to bring their innovations to market. Bel partners closely with customers to deliver both customized and standard solutions tailored to their specific applications and performance requirements. With manufacturing facilities and technical support teams worldwide, Bel serves as a strategic partner to customers who require proven reliability in demanding end markets.

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. 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, the following: risks related to the protection of our intellectual property rights; difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures; the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary; trends in demand which can affect Bel’s products and results; the market concerns facing Bel’s customers, and risks for its business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry specifically; the effects of energy and other input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including its substantial manufacturing operations in China and Israel; risks related to Bel’s indebtedness; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties (including risks relating to artificial intelligence); the regulatory and trade environment of the countries in which Bel transacts business or that may otherwise impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of Bel’s products and competitive responses to those products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and other risks detailed in Bel’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in subsequent reports filed by Bel with the Securities and Exchange Commission (the “SEC”). The forward-looking statements included in this press release represent Bel’s views only as of the date of this press release, and except as required by law, Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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, Non-GAAP Provision for Income Taxes 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, provision for income taxes, 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. With these measures we present results adjusted to exclude the effects of certain unusual or special items that occur outside the ordinary course of business and are not used by management for evaluating operating performance, as well their related tax impact, all of which would otherwise be included under U.S. GAAP. 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. Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income, Non-GAAP Provision for Income Taxes 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 as discussed above, such as stock-based compensation, amortization of  inventory step-up, amortization of intangibles (which primarily related to the amortization of finite-lived customer relationships and technology associated with the company's historical acquisitions), unrealized foreign currency exchange (gains) losses, restructuring charges (credits), gains/losses on sales of businesses and properties (including both non-operational properties in Hong Kong and operational properties elsewhere), acquisition related costs (for proposed or completed transactions), earnout liability adjustments, impairment charges, noncontrolling interest ("NCI") adjustments from fair value to redemption value, write-off of deferred financing costs, and certain litigation costs. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We may 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, 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								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Net sales		$	220,510			$	178,980			$	609,686			$	499,517
Cost of sales			130,229				107,840				365,840				304,475
Gross profit			90,281				71,140				243,846				195,042
As a % of net sales			40.9	%			39.7	%			40.0	%			39.0	%
Research and development costs			8,795				7,549				26,308				22,875
Selling, general and administrative expenses			39,437				32,804				112,452				93,225
As a % of net sales			17.9	%			18.3	%			18.4	%			18.7	%
Restructuring charges (credits)			57				219				157				(2,434	)
Gain on sale of properties			-				(1,626	)			-				(5,701	)
Earnout liability adjustments			2,439				1,857				3,291				1,857
Income from operations			39,553				30,337				101,638				85,220
As a % of net sales			17.9	%			16.9	%			16.7	%			17.1	%
Interest expense			(71	)			(3,630	)			(4,403	)			(11,775	)
Interest income			2,740				238				4,170				777
Other income, net			4,419				1,058				788				11,265
Earnings before income taxes			46,641				28,003				102,193				85,487
Provision for income taxes			8,252				5,448				14,845				17,817
Effective tax rate			17.7	%			19.5	%			14.5	%			20.8	%
Net earnings			38,389				22,555				87,348				67,670
As a % of net sales			17.4	%			12.6	%			14.3	%			13.5	%
Less: Net earnings attributable to noncontrolling interest			276				620				3,005				2,280
Redemption value adjustment attributable to noncontrolling interest			11,823				(315	)			21,194				(1,595	)
Net earnings attributable to Bel Fuse shareholders		$	26,290			$	22,250			$	63,149			$	66,985
Weighted average number of shares outstanding:
Class A common shares - basic			2,115				2,115				2,115				2,115
Class A common shares - diluted			2,115				2,115				2,115				2,115
Class B common shares - basic			12,312				10,548				11,455				10,519
Class B common shares - diluted			12,324				10,548				11,465				10,519
Net earnings per common share:
Class A common shares - basic		$	1.74			$	1.68			$	4.45			$	5.07
Class A common shares - diluted		$	1.74			$	1.68			$	4.45			$	5.07
Class B common shares - basic		$	1.84			$	1.77			$	4.69			$	5.35
Class B common shares - diluted		$	1.83			$	1.77			$	4.69			$	5.35

(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.   

Bel Fuse Inc. Supplementary Information(1) Condensed Consolidated Balance Sheets (in thousands, unaudited)
		September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	333,122			$	57,800
Accounts receivable, net			156,178				121,490
Inventories			224,712				167,270
Other current assets			32,777				38,201
Total current assets			746,789				384,761
Property, plant and equipment, net			50,320				48,428
Right-of-use assets			31,579				22,868
Goodwill and other intangible assets, net			431,187				432,787
Other assets			49,564				46,356
Total assets		$	1,309,439			$	935,200
Liabilities, redeemable noncontrolling interest and shareholders' equity
Current liabilities:
Accounts payable		$	92,490			$	52,990
Operating lease liabilities, current			8,689				8,029
Other current liabilities			67,381				66,426
Total current liabilities			168,560				127,445
Long-term debt			-				197,500
Operating lease liabilities long-term			23,575				15,867
Other liabilities			69,895				75,714
Total liabilities			262,030				416,526
Redeemable noncontrolling interest			114,038				93,161
Shareholders' equity			933,371				425,513
Total liabilities, redeemable noncontrolling interest and shareholders' equity		$	1,309,439			$	935,200

(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.  

Bel Fuse Inc. Supplementary Information(1) Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)
		Nine Months Ended
		September 30,
		2026				2025
Cash flows from operating activities:
Net earnings		$	87,348			$	67,670
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			20,806				19,936
Stock-based compensation			8,158				4,661
Amortization of deferred financing costs			1,090				1,124
Deferred income taxes (benefit)			(5,331	)			1,722
Unrealized losses (gains) on foreign currency revaluation			2,557				(13,203	)
Gain on sale/disposal of properties			(976	)			(5,701	)
Inventory impairment			1,186				-
Change in fair value of contingent consideration liabilities			3,291				-
Other, net			(3,641	)			1,794
Changes in operating assets and liabilities:
Increase in accounts receivable			(32,603	)			(13,141	)
Decrease (increase) in unbilled receivables			1,513				(4,097	)
Increase in inventories			(56,495	)			(1,656	)
Increase in other current assets			(1,757	)			(3,232	)
(Increase) decrease in other assets			(2,698	)			880
Increase in accounts payable			37,650				4,030
Increase (decrease) in accrued expenses			1,528				(3,357	)
Decrease in accrued restructuring costs			(435	)			(5,010	)
Increase (decrease) in income taxes payable			5,654				(3,142	)
(Decrease) increase in other liabilities			(889	)			1,766
Net cash provided by operating activities			65,956				51,044
Cash flows from investing activities:
Purchases of property, plant and equipment			(11,036	)			(8,578	)
Proceeds from held to maturity securities			-				950
Investment in related party notes receivable			-				(985	)
Proceeds from disposal/sale of property, plant and equipment			1,192				7,763
Acquisition of business, net of cash acquired			(16,224	)			-
Net cash used in investing activities			(26,068	)			(850	)
Cash flows from financing activities:
Dividends paid to common shareholders			(2,651	)			(2,494	)
Dividends paid to noncontrolling interest			(3,324	)			-
Payment for contingent consideration			(3,531	)			-
Deferred financing costs			-				(681	)
Repayments under revolving line of credit			(217,500	)			(70,500	)
Borrowings under revolving line of credit			20,000				8,000
Proceeds from issuance of common stock, net			441,643				-
Net cash provided by (used in) financing activities			234,637				(65,675	)
Effect of exchange rate changes on cash			797				4,971
Net increase (decrease) in cash and cash equivalents			275,322				(10,510	)
Cash and cash equivalents - beginning of year			57,800				68,253
Cash and cash equivalents - end of year		$	333,122			$	57,743
Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received		$	15,601			$	19,426
Interest payments		$	3,816			$	11,831
ROU assets obtained in exchange for lease obligations		$	15,130			$	1,784

(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.

Bel Fuse Inc. Supplementary Information(1) Segment Highlights (dollars in thousands, unaudited)
		Sales												Gross Margin
		Q3-26				Q3-25				% Change				Q3-26				Q3-25				Basis Point Change
Aerospace, Defense & Rugged Solutions		$	106,596			$	96,298				10.7	%			39.6	%			41.1	%			(150	)
Industrial Technology & Data Solutions			113,914				82,682				37.8	%			42.7	%			38.0	%			470
Total		$	220,510			$	178,980				23.2	%			40.9	%			39.7	%			120

		Sales												Gross Margin
		YTD September 2026				YTD September 2025				% Change				YTD September 2026				YTD September 2025				Basis Point Change
Aerospace, Defense & Rugged Solutions		$	316,874				271,252				16.8	%			40.7	%			40.9	%			(20	)
Industrial Technology & Data Solutions			292,812				228,265				28.3	%			39.7	%			37.3	%			240
Total		$	609,686			$	499,517				22.1	%			40.0	%			39.0	%			100

(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.

  

Bel Fuse Inc. Supplementary Information(1) Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA (in thousands, unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
GAAP Net Earnings		$	38,389			$	22,555			$	87,348			$	67,670
Provision for income taxes			8,252				5,448				14,845				17,817
Other income, net			(4,419	)			(1,058	)			(788	)			(11,265	)
Interest income			(2,740	)			(238	)			(4,170	)			(777	)
Interest expense			71				3,630				4,403				11,775
GAAP Operating Income			39,553				30,337				101,638				85,220
Restructuring charges (credits)			57				219				157				(2,434	)
Earnout liability adjustments			2,439				1,857				3,291				1,857
Stock-based compensation			3,047				1,761				8,158				4,661
Acquisition related costs			143				-				1,806				-
Amortization of inventory step-up			-				-				-				1,757
Gain on sale of properties			-				(1,626	)			-				(5,701	)
Non-GAAP Operating Income			45,239				32,548				115,050				85,360
Depreciation and amortization			7,271				6,652				20,806				19,936
Adjusted EBITDA		$	52,510			$	39,200			$	135,856			$	105,296
% of net sales			23.8	%			21.9	%			22.3	%			21.1	%

(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s earnings before taxes, provision for income taxes, net earnings attributable to Bel Fuse Shareholders, and net earnings per common Class A and Class B basic shares (“EPS”), as well as the line items in which these items were included on the consolidated statements of operations.

		Three Months Ended September 30, 2026																						Three Months Ended September 30, 2025
Reconciling Items		Earnings before taxes				Provision for income taxes				Net Earnings Attributable to Bel Fuse Shareholders				Basic Class A EPS(2)				Basic Class B EPS(2)						Earnings before taxes				Provision for income taxes				Net Earnings Attributable to Bel Fuse Shareholders				Basic Class A EPS(2)				Basic Class B EPS(2)
GAAP measures		$	46,641			$	8,252			$	26,290			$	1.74			$	1.84					$	28,003			$	5,448			$	22,250			$	1.68			$	1.77
Restructuring charges			57				14				43				0.00				0.00						219				36				183				0.01				0.01
Earnout liability adjustments			2,439				390				2,049				0.14				0.14						1,857				297				1,560				0.12				0.12
Stock-based compensation			3,047				679				2,368				0.16				0.17						1,761				363				1,398				0.11				0.11
Acquisition related costs			143				33				110				0.01				0.01						-				-				-				-				-
Redemption value adjustment on redeemable NCI			-				-				11,823				0.79				0.83						-				-				(315	)			(0.02	)			(0.02		)
Amortization of intangibles			3,875				694				3,181				0.21				0.22						3,700				647				3,053				0.23				0.24
Unrealized foreign currency exchange gains			(1,229	)			(333	)			(896	)			(0.06	)			(0.06		)				(291	)			(81	)			(210	)			(0.02	)			(0.02		)
Gain on sale of Hong Kong property			(976	)			-				(976	)			(0.06	)			(0.07		)				-				-				-				-				-
Gain on sale of properties			-				-				-				-				-						(1,626	)			-				(1,626	)			(0.12	)			(0.13		)
Non-GAAP measures		$	53,997			$	9,729			$	43,992			$	2.92			$	3.07					$	33,623			$	6,710			$	26,293			$	1.99			$	2.09

		Nine Months Ended September 30, 2026																											Nine Months Ended September 30, 2025
Reconciling Items		Earnings before taxes				Provision for income taxes				Net Earnings Attributable to Bel Fuse Shareholders				Basic Class A EPS(2)						Basic Class B EPS(2)									Earnings before taxes								Provision for income taxes							Net Earnings Attributable to Bel Fuse Shareholders							Basic Class A EPS(2)							Basic Class B EPS(2)
GAAP measures		$	102,193			$	14,845			$	63,149			$	4.45					$		4.69							$			85,487					$		17,817					$		66,985					$		5.07					$		5.35
Restructuring charges/(credits)			157				29				128				0.01							0.01										(2,434	)						(287	)						(2,147	)						(0.16	)						(0.17	)
Earnout liability adjustments			3,291				526				2,765				0.20							0.21										1,857							297							1,560							0.12							0.12
Stock-based compensation			8,158				1,819				6,339				0.45							0.47										4,661							960							3,701							0.28							0.30
Acquisition related costs			1,806				415				1,391				0.10							0.10										-							-							-							-							-
Redemption value adjustment on redeemable NCI			-				-				21,194				1.50							1.57										-							-							(1,595	)						(0.12	)						(0.13	)
Amortization of intangibles			11,516				2,051				9,465				0.67							0.70										11,083							1,942							9,141							0.69							0.73
Unrealized foreign currency exchange losses/(gains)			2,557				605				1,952				0.14							0.14										(13,204	)						(3,076	)						(10,128	)						(0.77	)						(0.81	)
Deferred financing cost write-off			640				147				493				0.04							0.04										-							-							-							-							-
Amortization of inventory step-up			-				-				-				-							-										1,757							404							1,353							0.10							0.11
Gain on sale of Hong Kong property			(976	)			-				(976	)			(0.07	)						(0.07	)									-							-							-							-							-
Gain on sale of properties			-				-				-				-							-										(5,701	)						(937	)						(4,764	)						(0.36	)						(0.38	)
Non-GAAP measures		$	129,342			$	20,437			$	105,900			$	7.48					$		7.86							$			83,506					$		17,120					$		64,106					$		4.85					$		5.12

⁽¹⁾ The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
⁽²⁾ Individual amounts of earnings per share may not agree to the total due to rounding.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Bel Fuse's third-quarter 2026 sales and earnings?

Bel Fuse reported preliminary Q3-26 sales of $220.510 million and GAAP earnings attributable to Bel shareholders of $26.290 million. The comparable Q3-25 figures were $178.980 million and $22.250 million. Diluted earnings per share were $1.74 for Class A and $1.83 for Class B.

What is Bel Fuse's fourth-quarter 2026 guidance?

Bel expects Q4-26 net sales of $220 million to $240 million and gross margin of 40.0% to 42.0%.