Eltek Ltd
NASDAQ:ELTK
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Eltek Ltd
NASDAQ:ELTK
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Eltek Ltd
Eltek Ltd. is engaged in the development, manufacture, marketing, and sale of custom made printed circuit boards. The firm manufactures and supplies custom made circuitry solutions for use in compact electronic products. The firm's principal customers include manufacturers of defense and aerospace, medical, industrial, telecom and networking equipment, as well as contract electronic manufacturers. The firm designs and develops manufacturing solutions pursuant to interconnect requirements of original equipment manufacturers, and provides its customers with a range of custom designed PCBs, including rigid, double-sided and multi-layer PCBs, as well as flexible circuitry (flex and flex-rigid boards) made of various types of base material. The firm also acts as an agent for the importation of PCBs from South East Asia. The firm provides fabrication of dense multi-layer PCBs.
Eltek Ltd. is engaged in the development, manufacture, marketing, and sale of custom made printed circuit boards. The firm manufactures and supplies custom made circuitry solutions for use in compact electronic products. The firm's principal customers include manufacturers of defense and aerospace, medical, industrial, telecom and networking equipment, as well as contract electronic manufacturers. The firm designs and develops manufacturing solutions pursuant to interconnect requirements of original equipment manufacturers, and provides its customers with a range of custom designed PCBs, including rigid, double-sided and multi-layer PCBs, as well as flexible circuitry (flex and flex-rigid boards) made of various types of base material. The firm also acts as an agent for the importation of PCBs from South East Asia. The firm provides fabrication of dense multi-layer PCBs.
Revenue: 2025 revenue was $51.8 million, up 11% versus 2024, showing demand remains solid despite operational headwinds.
Margins: Gross margin fell to 15% ($8.0 million gross profit) from 22% in 2024, driven by higher dollar‑denominated costs and reduced production efficiency.
Profitability: Net profit declined to $0.8 million ($0.12 per share) from $4.2 million in 2024; EBITDA fell to $4.5 million from $5.9 million.
Operational drag: Reallocation of machinery, installation of new plating lines, staff departures and difficulty recruiting/retaining experienced workers weighed on delivery performance and efficiency.
Currency impact: Depreciation of the U.S. dollar increased dollar‑reported costs and reduced margins by approximately $2.2 million versus 2024; some existing orders were priced at higher historical FX rates, locking in lower margins.
Capex and timing: Management expects the first new plating line arrived in early 2026 and will require a multi‑quarter qualification process; management expects margins to improve as volume rises post‑qualification.
Balance sheet / liquidity: Cash and short‑term deposits totaled $12.1 million at year end; operating cash flow was positive but down ( $0.6 million in 2025 vs $4.5 million in 2024).
