Eltek Ltd. Reports Full Year and Fourth Quarter 2026 Financial Results

Rhea-AI Summary

Eltek (NASDAQ: ELTK) reported full-year 2025 revenues of $51.8M, up 11% year-over-year, with GAAP net income of $0.8M ($0.12 diluted) and EBITDA of $4.5M (9% of revenues). Q4 revenue was $13.2M with a $0.3M loss. The company cited a manufacturing transition, new plating-line investments, workforce ramping, and a ~13% USD depreciation vs. NIS (about $2.2M impact) as drivers of lower 2025 profitability, while citing strong demand in defense and medical PCB segments and capacity-expanding capex to support higher-complexity products.

Positive

• Revenue +11% in 2025 to $51.8M
• Q4 revenue increased to $13.2M
• EBITDA of $4.5M (9% of revenues) supporting positive operating cash generation
• Capital investments in new plating lines to expand capacity and capabilities

Negative

• Net income declined from $4.2M in 2024 to $0.8M in 2025
• EBITDA fell from $5.9M to $4.5M year-over-year
• Gross margin compressed to 15% from 22%, reflecting margin pressure
• ~$2.2M adverse impact from ~13% USD depreciation versus NIS

News Market Reaction – ELTK

-0.51%

1 alert

-0.51% News Effect

On the day this news was published, ELTK declined 0.51%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 Revenue: $51.8 million 2025 Net Profit: $0.8 million 2025 EBITDA: $4.5 million (9% of revenues) +5 more

8 metrics

2025 Revenue $51.8 million Full year 2025 vs $46.5 million in 2024

2025 Net Profit $0.8 million Full year 2025 vs $4.2 million in 2024

2025 EBITDA $4.5 million (9% of revenues) Full year 2025 vs $5.9 million (13%) in 2024

Q4 2025 Revenue $13.2 million Quarter vs $10.8 million in Q4 2024

Q4 2025 Net Result $0.3 million loss Quarter vs $23 thousand profit in Q4 2024

2025 Gross Profit $8.0 million (15% of revenues) Full year 2025 vs $10.3 million (22%) in 2024

Currency Impact $2.2 million increase Higher NIS-based operating expenses from USD depreciation in 2025

Diluted EPS 2025 $0.12 per share Full year 2025 vs $0.63 per share in 2024

Market Reality Check

Price: $9.14 Vol: Volume 7,512 is well belo...

low vol

$9.14 Last Close

Volume Volume 7,512 is well below 20-day average of 47,518, suggesting limited pre-news positioning. low

Technical Shares at $9.20 are trading below the 200-day MA of $9.91, indicating a weaker longer-term trend pre-release.

Peers on Argus

ELTK was up 2.51% while only one close peer (DSWL) showed modest upside and seve...

1 Up

ELTK was up 2.51% while only one close peer (DSWL) showed modest upside and several others (OPTX, WBX, NEON, LINK) were down, pointing to stock-specific rather than sector-driven factors.

Previous Earnings Reports

5 past events · Latest: Nov 18 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 18	Q3 2025 earnings	Negative	-20.0%	Revenue growth but sharp margin compression and net loss amid FX headwinds.
May 20	Q1 2025 earnings	Neutral	-0.3%	Revenue and profit growth offset by lower gross margin from ramp-up effects.
Mar 11	FY 2024 earnings	Negative	-23.2%	Flat revenues and lower net income while launching large expansion program.
Nov 19	Q3 2024 earnings	Positive	+3.6%	Strong revenue growth, healthy margins, solid cash and new dividend policy.
Aug 15	Q2 2024 earnings	Negative	-10.7%	Revenue and profit declines as mix shifted to lower-margin PCB products.

Pattern Detected

Earnings releases often triggered significant moves, with an average move of -10.1% and reactions generally aligning with the fundamental tone of each report.

Recent Company History

Recent history shows ELTK in a multi-year transition. Earlier earnings like Q3 2024 delivered strong growth and profitability, but subsequent quarters in 2024–2025 highlighted margin compression, currency headwinds and periods of net loss despite solid demand. Management has repeatedly tied these pressures to a capacity-expansion and modernization program through mid-2026. Today’s full-year 2025 results continue that theme: higher revenues alongside reduced profitability during an investment and operational ramp-up phase.

Historical Comparison

-10.1% avg move · Historically, ELTK earnings headlines moved the stock by an average of -10.1%, with reactions closel...

earnings

-10.1%

Average Historical Move earnings

Historically, ELTK earnings headlines moved the stock by an average of -10.1%, with reactions closely tracking whether results showed margin strength or compression.

Earnings updates show a shift from strong 2024 profitability toward 2025 margin pressure and occasional losses as Eltek executes a mid-2026 expansion and modernization program under challenging FX conditions.

Market Pulse Summary

This announcement highlights full-year 2025 revenue growth to $51.8 million alongside significantly ...

Analysis

This announcement highlights full-year 2025 revenue growth to $51.8 million alongside significantly lower net income and margins, reflecting operational disruption from major capacity investments and adverse currency moves adding about $2.2 million of expenses. Historical earnings releases show sensitivity to profitability swings during the ongoing modernization plan. Investors may watch upcoming quarters for gross margin recovery, EBITDA trends, and how effectively new plating lines support higher-value defense and medical PCB demand.

Key Terms

printed circuit boards (pcbs), ebitda, operating profit, rigid-flex, +3 more

7 terms

printed circuit boards (pcbs) technical

"a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs)"

Printed circuit boards (PCBs) are flat boards that physically hold and electrically connect electronic parts, acting like the wiring and foundation inside devices such as phones, cars, and industrial machines. Investors care because PCBs are a core manufacturing component whose cost, supply constraints, quality, and technological complexity affect product pricing, production schedules and company margins; shortages or innovations in PCB supply can quickly change revenue and profit outlooks.

ebitda financial

"EBITDA reached $4.5 million compared to $5.9 million in 2024."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

operating profit financial

"Operating profit for 2025 was $2.3 million compared to operating profit of $4.4 million"

Operating profit is the amount of money a company makes from its core business activities after subtracting the costs directly related to running those activities, such as wages and supplies. It shows how efficiently a company is generating profit from its main operations, serving as a key indicator for investors to assess its financial health and profitability before considering other expenses like taxes or interest.

rigid-flex technical

"driving sustained demand for advanced HDI and rigid-flex solutions."

Rigid-flex describes a single electronic circuit that combines both hard, inflexible sections and thin, bendable sections in one piece, like a notebook with a stiff cover and flexible pages. Investors care because this design saves space, reduces the number of parts and connectors, and can improve reliability in compact devices, which affects manufacturing complexity, production cost, supply-chain risk and potential product differentiation.

net profit financial

"Net profit for 2025 was $0.8 million or $0.12 per fully diluted share"

Net profit is the amount of money a company keeps after paying every operating cost, interest, taxes and any one-time charges out of its total sales. Think of it as the cash left in your wallet after you settle all your bills; it tells investors whether the business truly earned money during a period and helps assess profitability, how much can be returned to shareholders or reinvested, and the company’s financial health.

fully diluted share financial

"Net profit for 2025 was $0.8 million or $0.12 per fully diluted share"

The fully diluted share count is the total number of a company's shares if every potential share that could exist — from stock options, warrants, convertible bonds and other convertible securities — were converted into common stock. Investors use this number like counting every possible slice of a pizza before dividing it: it shows how much each share could be worth or how much ownership and voting power could be reduced if all those potential shares become real.

financial expenses financial

"Financial expenses for 2025 were $1.3 million compared to financial income of $0.7 million"

Financial expenses are the costs a company pays to borrow and manage money — for example interest on loans, bank fees, and charges tied to issuing debt or managing foreign currency. For investors, these costs lower reported profits and cash available for dividends or reinvestment, much like rent reduces the income a homeowner can spend; rising financial expenses can signal higher borrowing risk or tighter profit margins.

AI-generated analysis. Not financial advice.

PETACH TIKVA, Israel, March 9, 2026 /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 full year and fourth quarter ended December 31, 2025.

Full Year and Fourth Quarter 2025 Highlights

• Revenues: Revenues for 2025 were $51.8 million, an increase of 11% ($5.3 million) compared to 2024.
• Profitability: Net income reached $0.8 million in 2025 compared to $4.2 million in 2024. EBITDA reached $4.5 million compared to $5.9 million in 2024.
• Q4 Highlights: Revenue for the fourth quarter amounted to $13.2 million, compared to $10.8 million in the corresponding period of the previous year. Loss for the quarter was $0.3 million, while EBITDA totaled $0.7 million. 

Transition Period and Future Growth Outlook:

2025 was a challenging year, during which the Company's manufacturing operations underwent significant transformation as part of the Company's preparation for the integration of its new plating lines. As part of this process, entire production systems were relocated to new facility space, accompanied by the replacement and upgrading of machinery.

These extensive operational changes, while strategically important for the Company's long-term growth, led at times to complex operational challenges that were reflected in lower profitability during the year. In parallel, the Company experienced workforce-related challenges, including the recruitment and training of personnel required to operate and support the new equipment, as well as the retention of skilled employees with critical expertise.

In addition, the sharp depreciation of the U.S. dollar against the Israeli shekel—from NIS 3.65 per dollar to NIS 3.19 per dollar, representing a decline of approximately 13% - had a material impact on the Company's operating results. This currency movement increased the Company's shekel-denominated expenses when translated into U.S. dollars, resulting in an increase of approximately $2.2 million in reported NIS-based operating expenses.

Market Trends and Outlook:

Global demand for high-performance printed circuit boards (PCBs) continues to strengthen, particularly in the defense and medical technology sectors, where reliability and multi-layer complexity are mission critical. Elevated global defense budgets, modernization of electronic warfare and radar systems, and increasing deployment of unmanned and autonomous platforms are driving sustained demand for advanced HDI and rigid-flex solutions. The medical market is expanding rapidly, fueled by growth in diagnostic imaging, minimally invasive systems, implantable devices and wearable technologies, all of which require compact, high-reliability PCB architectures.

The Company's strategic capital expenditures program is directly aligned with these market dynamics. Investments in new plating lines and upgraded production infrastructure are designed to expand capacity, enhance technological capabilities and support increasingly complex product families required by customers in these high-growth segments.

Management Statement:

Eli Yaffe, CEO of Eltek, stated, "Our investment program over the past year reflects our strong conviction in the long-term growth of the high-performance PCB market, particularly in the defense, medical and high-end industrial sectors. These industries require advanced technological capabilities, uncompromising quality standards and increasing production sophistication — areas in which we are strategically strengthening our position.

The expansion and modernization of our manufacturing infrastructure are designed not only to increase capacity, but also to support more complex, higher-value product families aligned with evolving customer requirements. While the transition period presents ongoing operational challenges, we view these investments as foundational to our next phase of growth." 

2025 Full Year GAAP Financial Results

Revenues for 2025 were $51.8 million compared to $46.5 million in 2024.

Gross profit for 2025 was $8.0 million (15 % of revenues) compared to $10.3 million (22% of revenues) in 2024.

Operating profit for 2025 was $2.3 million compared to operating profit of $4.4 million in 2024.

Financial expenses for 2025 were $1.3 million compared to financial income of $0.7 million in 2024. The financial expenses derive primarily from the erosion of the U.S. Dollar against the NIS during the year.

Net profit for 2025 was $0.8 million or $0.12 per fully diluted share compared to net profit of $4.2 million or $0.63 per fully diluted share in 2024.

2025 Full Year Non-GAAP Financial Results

EBITDA for 2025 was a $4.5 million (9% of revenues) compared to EBITDA of $5.9 million (13% of revenues) in 2024.

Fourth Quarter 2025 GAAP Financial Results

Revenues for the fourth quarter of 2025 were $13.2 million compared to $10.8 million in the fourth quarter of 2024.

Gross profit for the fourth quarter of 2025 was $1.2 million (9% of revenues) compared to $1.9 million (18% of revenues) in the fourth quarter of 2024.

Operating profit for the fourth quarter of 2025 was $0.1 million compared to operating profit of $0.4 million in the fourth quarter of 2024.

Financial expenses for the fourth quarter of 2025 were $0.5 million, compared to financial expenses of $0.3 million in the fourth quarter of 2024. The financial expenses derive primarily from the erosion of the U.S. Dollar against the NIS during the quarter.

Net loss for the fourth quarter of 2025 was $0.3 million compared to net profit of $23 thousand in the fourth quarter of 2024.

Fourth Quarter 2025 Non-GAAP Financial Results

EBITDA for the fourth quarter of 2025 was $0.7 million (5% of revenues) compared to EBITDA of $0.8 million (7% of revenues) in the fourth quarter of 2024.

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, Monday, March 9, 2026, at 9:30am Eastern Time (15:30pm Israel Time, 6:30am Pacific Time), Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

United States:	1-866-860-9642
Israel:	03-918-0691
International:	+972-3-918-0691

To Access a Replay of the Call

A replay of the call will be available for 30 days on the Investor Info section on Eltek's corporate website at http://www.nisteceltek.com  approximately 24 hours after the conference call is completed.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high-quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com 

Forward Looking Statements

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of 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

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023

(Tables follow)

 

Eltek Ltd.
Consolidated Statements of Income
(In thousands US$, except per share data)
		Three months ended				Twelve months ended
		December  31,				December  31,
		2025		2024		2025		2024
Revenues		13,238		10,758		51,790		46,527
Costs of revenues		(12,081)		(8,824)		(43,806)		(36,188)
Gross profit		1,157		1,934		7,984		10,339
Research and development expenses, net		-		(108)		(50)		(187)
Selling, general and administrative expenses		(1,041)		(1,468)		(5,587)		(5,760)
Operating income		116		358		2,347		4,392
Financial income (expenses), net		(479)		(271)		(1,274)		705
Income (loss) before income taxes		(363)		87		1,073		5,097
Income tax expenses (tax benefit)		(53)		64		247		873
Net income (loss)		(310)		23		826		4,224
Earnings per share:
Basic net income (loss) per ordinary share		(0.05)		-		0.12		0.64
Diluted net income (loss) per ordinary share		(0.05)		-		0.12		0.63
Weighted average number of ordinary shares used to compute
basic net income (loss) per ordinary share (in thousands)		6,720		6,713		6,716		6,626
Weighted average number of ordinary shares used to compute
diluted net income (loss) per ordinary share (in thousands)		6,796		6,782		6,789		6,701

 

 

Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)
		December  31,		December  31,
		2025		2024
Assets
Current assets:
Cash and cash equivalents		2,481		7,575
Short-term bank deposits		9,643		9,663
Trade receivables (net of allowance for credit losses)		14,789		11,786
Inventories		11,154		9,488
Other accounts receivable and prepaid expenses		607		602
Total current assets		38,674		39,114
Long term assets:
Severance pay fund		65		56
Deferred tax assets, net		387		496
Operating lease right-of-use assets		6,272		5,911
Total long term assets		6,724		6,463
Property and equipment, net		20,862		14,578
Total Assets		66,260		60,155
Liabilities and Shareholder's equity
Current liabilities:
Trade payables		6,047		7,367
Other accounts payable and accrued expenses		6,565		5,136
Short-term operating lease liabilities		1,100		827
Total current liabilities		13,712		13,330
Long-term liabilities:
Accrued severance pay		515		443
Long-term operating lease liabilities		5,296		5,190
Total long-term liabilities		5,811		5,633
Shareholders' equity:
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 6,719,827 at December 31, 2025 and 6,714,040 at December 31, 2024		6,012		6,011
Additional paid-in capital		32,662		32,627
Foreign currency translation adjustments		6,111		664
Capital reserves		3,019		2,507
Accumulated deficit		(1,067)		(617)
Total shareholders' equity		46,737		41,192
Total liabilities and shareholders' equity		66,260		60,155

 

 

Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliation
(In thousands US$)
		Three months ended				Twelve months ended
		December  31,				December  31,
		2025		2024		2025		2024
GAAP Net Income (loss)		(310)		23		826		4,224
Add back items:
Financial income (expenses), net		(479)		(271)		(1,274)		705
Income tax expenses (tax benefit)		(53)		64		247		873
Depreciation and amortization		574		405		2,104		1,546
Non-GAAP EBITDA		690		763		4,451		5,938

 

 

Eltek Ltd.
Consolidated Statements of  Cash Flows
(In thousands US$)
		Three months ended				Twelve months ended
		December  31,				December  31,
		2025		2024		2025		2024
Cash flows from operating activities:
Net Income (loss)		(310)		23		826		4,224
Adjustments to reconcile net income to net cash flows
provided by operating activities:
Depreciation		574		405		2,104		1,546
Accrued interest, net		269		(392)		746		(463)
Share-based compensation		111		161		512		607
Decrease (increase) in deferred tax assets		(63)		217		166		621
		891		391		3,528		2,311
Decrease (increase) in operating lease right-of-use assets, net		(16)		(2)		3		2
Decrease (increase) in trade receivables		(108)		1,230		(1,215)		(988)
Decrease (increase) in other receivables and prepaid expenses		(162)		(260)		75		341
Decrease (increase) in inventories		1,472		(2,711)		(283)		(3,532)
Increase (decrease) in trade payables		(814)		378		(2,951)		929
Increase (decrease) in other liabilities and accrued expenses		542		966		641		1,255
Increase (decrease)  in employee severance benefits, net		(57)		(4)		8		(2)
		857		(403)		(3,722)		(1,995)
Net cash provided by operating activities		1,438		11		632		4,540
Cash flows from investing activities:
Purchase of fixed assets		(1,085)		(1,592)		(5,351)		(9,506)
proceeds from (Investment in) short-term bank deposits, net		-		303		534		(6,365)
Net cash used in investing activities		(1,085)		(1,289)		(4,817)		(15,871)
Cash flows from financing activities:
Exercise of options		-		18		36		296
Dividend distribution		-		-		(1,276)		-
Issuance of shares, net		-		-		-		9,312
Net cash provided by (used in) financing activities		-		18		(1,240)		9,608
Effect of translation adjustments		4		287		331		20
Net increase (decrease) in cash and cash equivalents		357		(973)		(5,094)		(1,703)
Cash and cash equivalents at the beginning of the period		2,124		8,548		7,575		9,278
Cash and cash equivalents at the end of the period		2,481		7,575		2,481		7,575

 

 

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SOURCE Eltek Ltd.

FAQ

What were Eltek (ELTK) full-year 2025 revenues and net income?

Eltek reported full-year 2025 revenues of $51.8M and GAAP net income of $0.8M. According to the company, revenue rose 11% year-over-year while net income declined due to transition costs, margin compression, and currency-related operating expense increases.

Why did Eltek (ELTK) profitability decline in 2025 despite revenue growth?

Profitability fell due to manufacturing transition costs, workforce ramp and margin compression. According to the company, relocation, machinery upgrades and training reduced operating efficiency and, combined with currency effects, materially increased shekel-denominated expenses.

How did currency movements affect Eltek (ELTK) 2025 results?

A ~13% depreciation of the U.S. dollar versus the NIS raised reported operating expenses by about $2.2M. According to the company, that exchange move increased shekel-denominated costs when translated into U.S. dollars and drove higher financial expenses.

What is Eltek's outlook for capacity and market demand after the 2025 investments?

Eltek expects expanded capacity and higher technical capability from new plating lines aligned with defense and medical PCB demand. According to the company, investments are intended to support complex, higher-value products and future revenue growth in high-performance segments.

What were Eltek's fourth quarter (Q4 2025) financial results and margins?

Q4 2025 revenue was $13.2M with a net loss of $0.3M and gross margin of 9%. According to the company, Q4 profitability was pressured by transition-related costs, training and currency-driven financial expenses.