Bel Fuse Inc SEC Filings

Bel Fuse Inc. filed an amended report to update details on its change of independent auditor. The Company confirms that Grant Thornton LLP, which audited the consolidated financial statements for the year ended December 31, 2025, was formally dismissed effective February 24, 2026, when the 2025 Form 10-K was filed.

The filing states there were no disagreements with Grant Thornton on accounting principles, financial disclosures, or audit procedures, and no reportable events for 2024, 2025, or the interim period through February 24, 2026. Grant Thornton’s opinions for 2024 and 2025 contained no adverse or qualified opinions.

The Company reiterates that, as previously disclosed, Deloitte & Touche LLP was appointed on December 4, 2025 as the new independent registered public accounting firm for the fiscal year ending December 31, 2026 and related interim periods, and that Bel Fuse did not consult with Deloitte on accounting or auditing issues before the appointment.

Bel Fuse Inc. files its annual report describing a diversified electronics business serving defense, aerospace, networking, telecommunications, industrial and transportation markets. In 2024 Bel acquired an 80% stake in Enercon Technologies for approximately $325.6 million, funded by $85.6 million of cash and about $240 million of new borrowings under its revolving credit facility. Enercon expands Bel’s customized power and networking solutions for global defense and aerospace customers, though future growth synergies and the planned purchase of the remaining 20% interest by early 2027 are described as uncertain and subject to conditions. In 2025 total product bookings reached $732.9 million, up 75.8% from 2024, and backlog was about $452.2 million as of January 31, 2026, with management expecting most of it to ship by year-end. Revenue is broadly spread across Power Solutions & Protection, Connectivity Solutions and Magnetic Solutions, which together support a wide mix of end markets and reduce dependence on any single customer. The report highlights significant risk exposures, including heavy manufacturing and workforce concentration in the PRC, geopolitical and security risks tied to Enercon’s Israeli operations, cyclical defense spending that drives Enercon demand, trade and tariff uncertainty, environmental and ESG regulation, and cybersecurity threats. Bel also records a $13.1 million impairment on its minority investment in innolectric and related notes, and discloses total debt of $197.5 million with a leverage ratio of 1.4x under its credit agreement, which requires leverage to stay below 3.50x.

Bel Fuse Inc. files its annual report describing a diversified electronics business serving defense, aerospace, networking, telecommunications, industrial and transportation markets. In 2024 Bel acquired an 80% stake in Enercon Technologies for approximately $325.6 million, funded by $85.6 million of cash and about $240 million of new borrowings under its revolving credit facility. Enercon expands Bel’s customized power and networking solutions for global defense and aerospace customers, though future growth synergies and the planned purchase of the remaining 20% interest by early 2027 are described as uncertain and subject to conditions. In 2025 total product bookings reached $732.9 million, up 75.8% from 2024, and backlog was about $452.2 million as of January 31, 2026, with management expecting most of it to ship by year-end. Revenue is broadly spread across Power Solutions & Protection, Connectivity Solutions and Magnetic Solutions, which together support a wide mix of end markets and reduce dependence on any single customer. The report highlights significant risk exposures, including heavy manufacturing and workforce concentration in the PRC, geopolitical and security risks tied to Enercon’s Israeli operations, cyclical defense spending that drives Enercon demand, trade and tariff uncertainty, environmental and ESG regulation, and cybersecurity threats. Bel also records a $13.1 million impairment on its minority investment in innolectric and related notes, and discloses total debt of $197.5 million with a leverage ratio of 1.4x under its credit agreement, which requires leverage to stay below 3.50x.

Bel Fuse Inc. reported strong growth for 2025, with net sales rising to $675.5 million from $534.8 million, a 26.3% increase, and gross margin improving to 39.1% from 37.8%. Adjusted EBITDA grew to $142.9 million, or 21.2% of sales, up from $101.9 million and 19.0%.

In the fourth quarter of 2025, net sales were $175.9 million, up 17.4% year over year, with gross margin at 39.4%. GAAP results showed a $5.4 million net loss attributable to shareholders, driven by a $13.1 million non-cash impairment on an equity method investment and related loans, while Non-GAAP net earnings were $24.9 million and Adjusted EBITDA was $37.6 million.

Growth was broad-based, led by Power Solutions and Protection, where full-year sales increased 45.3%. Management highlighted strong demand in commercial aerospace and defense and recovering networking and distribution channels. For the first quarter of 2026, Bel estimates net sales of $165–$180 million and expects gross margin of 37–39%.

Bel Fuse Inc. reported strong growth for 2025, with net sales rising to $675.5 million from $534.8 million, a 26.3% increase, and gross margin improving to 39.1% from 37.8%. Adjusted EBITDA grew to $142.9 million, or 21.2% of sales, up from $101.9 million and 19.0%.

In the fourth quarter of 2025, net sales were $175.9 million, up 17.4% year over year, with gross margin at 39.4%. GAAP results showed a $5.4 million net loss attributable to shareholders, driven by a $13.1 million non-cash impairment on an equity method investment and related loans, while Non-GAAP net earnings were $24.9 million and Adjusted EBITDA was $37.6 million.

Growth was broad-based, led by Power Solutions and Protection, where full-year sales increased 45.3%. Management highlighted strong demand in commercial aerospace and defense and recovering networking and distribution channels. For the first quarter of 2026, Bel estimates net sales of $165–$180 million and expects gross margin of 37–39%.

Janus Henderson Group plc reported beneficial ownership of 619,337 shares of Bel Fuse Inc. Class B common stock, representing 5.9% of the class as of 12/31/2025. The shares are held across various managed portfolios advised by its asset manager subsidiaries.

Janus Henderson’s asset managers have shared power to vote and dispose of these shares, with no sole voting or dispositive power. The securities are held in the ordinary course of business, and the filing states they are not held for the purpose of changing or influencing control of Bel Fuse Inc.

Janus Henderson Group plc reported beneficial ownership of 619,337 shares of Bel Fuse Inc. Class B common stock, representing 5.9% of the class as of 12/31/2025. The shares are held across various managed portfolios advised by its asset manager subsidiaries.

Janus Henderson’s asset managers have shared power to vote and dispose of these shares, with no sole voting or dispositive power. The securities are held in the ordinary course of business, and the filing states they are not held for the purpose of changing or influencing control of Bel Fuse Inc.

T. Rowe Price Associates, Inc. reported beneficial ownership of 834,270 shares of Bel Fuse Inc. Class B common stock, representing 7.9% of the class as of the event date 12/31/2025.

T. Rowe Price has sole voting power over 822,941 shares and sole dispositive power over 834,261 shares, with no shared voting or dispositive authority. The firm states the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Bel Fuse. The filing also affirms that T. Rowe Price Associates denies being the beneficial owner of these securities beyond its investment advisory role.

T. Rowe Price Associates, Inc. reported beneficial ownership of 834,270 shares of Bel Fuse Inc. Class B common stock, representing 7.9% of the class as of the event date 12/31/2025.

T. Rowe Price has sole voting power over 822,941 shares and sole dispositive power over 834,261 shares, with no shared voting or dispositive authority. The firm states the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Bel Fuse. The filing also affirms that T. Rowe Price Associates denies being the beneficial owner of these securities beyond its investment advisory role.

Bel Fuse Inc. officer Thomas Smelker, President – Connectivity Solution, filed an initial ownership report as of 01/26/2026. The Form 3 states that he beneficially owns 0 shares of Class A Common Stock and 0 shares of Class B Common Stock, all reported as directly held.

Bel Fuse Inc. officer Thomas Smelker, President – Connectivity Solution, filed an initial ownership report as of 01/26/2026. The Form 3 states that he beneficially owns 0 shares of Class A Common Stock and 0 shares of Class B Common Stock, all reported as directly held.

Bel Fuse Inc.’s Class A common stock remains significantly held by investment firms associated with Mario Gabelli. The amended ownership report shows the group controls 123,600 shares, or 5.84% of the 2,115,263 Class A shares outstanding as of the quarter ended September 30, 2025.

The holdings are concentrated in GAMCO Asset Management Inc. with 59,200 shares (2.80%), Gabelli Funds LLC with 63,800 shares (3.02%), and MJG Associates Inc. with 600 shares (0.03%). Several related entities, including GAMCO Investors, GGCP, Associated Capital Group and Mario Gabelli personally, report zero direct beneficial ownership.

The group chooses to use the long-form Schedule 13D because its members may regularly communicate with Bel Fuse management and want these contacts to align with reporting obligations. Recent activity detailed in the filing shows multiple open-market sales of Bel Fuse Class A shares by Gabelli Funds and GAMCO during December 2025 and January 2026.

Bel Fuse Inc.’s Class A common stock remains significantly held by investment firms associated with Mario Gabelli. The amended ownership report shows the group controls 123,600 shares, or 5.84% of the 2,115,263 Class A shares outstanding as of the quarter ended September 30, 2025.

The holdings are concentrated in GAMCO Asset Management Inc. with 59,200 shares (2.80%), Gabelli Funds LLC with 63,800 shares (3.02%), and MJG Associates Inc. with 600 shares (0.03%). Several related entities, including GAMCO Investors, GGCP, Associated Capital Group and Mario Gabelli personally, report zero direct beneficial ownership.

The group chooses to use the long-form Schedule 13D because its members may regularly communicate with Bel Fuse management and want these contacts to align with reporting obligations. Recent activity detailed in the filing shows multiple open-market sales of Bel Fuse Class A shares by Gabelli Funds and GAMCO during December 2025 and January 2026.

Christopher F. Bennett filed Amendment No. 3 to his Schedule 13D for Bel Fuse Inc., reporting beneficial ownership of 75,950 shares of Class A common stock, equal to approximately 3.59% of the outstanding Class A shares. The filing states Mr. Bennett used personal funds (about $3,090,962) to acquire the shares, which are currently held in margin accounts. The amendment reflects dispositions that caused him to cease being a beneficial owner of more than 5%. Mr. Bennett retains sole voting and dispositive power over the reported shares and states no related contracts or legal proceedings.

Christopher F. Bennett filed Amendment No. 3 to his Schedule 13D for Bel Fuse Inc., reporting beneficial ownership of 75,950 shares of Class A common stock, equal to approximately 3.59% of the outstanding Class A shares. The filing states Mr. Bennett used personal funds (about $3,090,962) to acquire the shares, which are currently held in margin accounts. The amendment reflects dispositions that caused him to cease being a beneficial owner of more than 5%. Mr. Bennett retains sole voting and dispositive power over the reported shares and states no related contracts or legal proceedings.

Christopher F. Bennett filed Amendment No. 3 to his Schedule 13D for Bel Fuse Inc., reporting beneficial ownership of 75,950 shares of Class A common stock, equal to approximately 3.59% of the outstanding Class A shares. The filing states Mr. Bennett used personal funds (about $3,090,962) to acquire the shares, which are currently held in margin accounts. The amendment reflects dispositions that caused him to cease being a beneficial owner of more than 5%. Mr. Bennett retains sole voting and dispositive power over the reported shares and states no related contracts or legal proceedings.

Amendment No. 2 to a Schedule 13D filed by Christopher F. Bennett reports his current holdings in Bel Fuse Inc. Class A common stock. Mr. Bennett beneficially owns 107,608 shares, representing 5.09% of the 2,115,263 shares outstanding referenced from the company report dated July 25, 2025. He used personal funds of approximately $3,090,962 to purchase the shares, which are held in margin accounts. The filing states he has sole voting and dispositive power over these shares and that this amendment reflects dispositions of shares relative to prior filings. No contractual arrangements with other parties regarding the securities are disclosed.

Amendment No. 2 to a Schedule 13D filed by Christopher F. Bennett reports his current holdings in Bel Fuse Inc. Class A common stock. Mr. Bennett beneficially owns 107,608 shares, representing 5.09% of the 2,115,263 shares outstanding referenced from the company report dated July 25, 2025. He used personal funds of approximately $3,090,962 to purchase the shares, which are held in margin accounts. The filing states he has sole voting and dispositive power over these shares and that this amendment reflects dispositions of shares relative to prior filings. No contractual arrangements with other parties regarding the securities are disclosed.