Eltek Reports 2023 Q1 Financial Results; Revenue Up 18% YoY
May 18, 2023 | EltekEstimated reading time: 2 minutes

Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), announced its financial results for the quarter ended March 31, 2023.
First Quarter 2023 Highlights:
- Revenues were $11.5 million, 18% up over Q1 2022
- Operating profit was $1.6 million, 144% up over Q1 2022
- Profit before tax was $1.9 million (2022 Q1 - $0.8 million)
- Net income was $1.6 million or $0.27 per fully diluted share, 147% up over Q1 2022
- Net cash provided by operating activities amounted to $2.8 million
"Eltek is proud to announce its strong first quarter results for 2023, with growth of 18% in sales compared to the same quarter last year, and an impressive 147% increase in net income. These results are a testament to the success of the Company's strategy to invest in innovative equipment to increase production volumes, and an unwavering commitment to product quality to meet customer satisfaction and provide technological solutions for every customer's needs. As of today our backlog increased 10% from the beginning of the year.
Our strong cash flows from operating activities in the first quarter of $2.8 million allowed us to repay $1.6 of our long-term debt and consequently lower our interest expenses, given the current high rates," said Eli Yaffe, CEO of Eltek.
"Throughout the quarter, we continued to execute on our accelerated investment plan and ordered three new plating lines valued at 5.5 million Euros. The deployment of these coating lines is scheduled for the latter half of 2023, 2024 and 2025, which will enable the simultaneous additional enhancement of production capacity, efficiency, and diversification of our product offerings," continued Mr. Yaffe.
"Concurrently with our accelerated investment plan, we are also allocating resources towards acquiring additional machinery and equipment, as well as enhancing our manufacturing procedures. These endeavors supported the increase in both revenues and net income, resulting in our quarterly net income of $1.6 million," concluded Mr. Yaffe.
First Quarter 2023 GAAP Financial Results
- Revenues for the first quarter of 2023 were $11.5 million, compared to $9.8 million in the first quarter of 2022
- Gross profit for the first quarter of 2023 was $3.0 million (26% of revenues) compared to $2.0 (20% of revenues) in the first quarter of 2022
- Operating profit for the first quarter of 2023 was $1.6 million compared to operating profit of $0.7 million in the first quarter of 2022
- Profit before income tax for the first quarter of 2023 was $1.9 million compared to $0.8 million in the first quarter of 2022
- Net income for the first quarter of 2023 was $1.6 million or $0.27 per fully diluted share compared to net income of $0.6 million or $0.11 per fully diluted share in the first quarter of 2022
First Quarter 2023 Non-GAAP Financial Results
EBITDA for the first quarter of 2023 was $1.9 million (17% of revenues) compared to EBITDA of $1.1 million (11% of revenues) in the first quarter of 2022.
Suggested Items
Wistron Announces Q1 Financial Results
05/08/2025 | WistronWistron Corporation held a Board of Directors meeting today. Following the meeting, the Company announced its financial results for the first quarter ended March 31, 2025. Consolidated revenue reached NTD346 billion, operating income was NTD15.15 billion, profit before tax (PBT) was NTD14.81 billion, and profit after tax (PAT) was NTD5,331million, with earnings per share (EPS) of NTD1.85.
Zhen Ding Releases April 2025 Monthly Revenue Report
05/07/2025 | Zhen Ding TechnologyZhen Ding Technology Holding Limited, a global leading PCB manufacturer, reported April 2025 revenue of NT$13,589 million, up 22.90% YoY, marking a record high for the same period in the company’s history.
Schweizer Electronic AG: Business Development in Q1 of 2025
05/07/2025 | Schweizer Electronic AGThe Schweizer Group continued its growth trajectory in the first quarter of 2025. Revenue reached EUR 39.4 million in the first quarter of 2025, up 14.9% on the previous quarter (Q4 2024: EUR 34.4 million) and slightly above the level of the same quarter of the previous year (Q1 2024: EUR 39.2 million).
Airbus Reports Q1 2025 Results
05/05/2025 | AirbusConsolidated revenues increased 6% year-on-year to € 13.5 billion (Q1 2024: € 12.8 billion). A total of 136 commercial aircraft were delivered (Q1 2024: 142 aircraft), comprising 17 A220s, 106 A320 Family, 4 A330s and 9 A350s.
OSI Systems Reports Fiscal 2025 Q3 Financial Results
05/02/2025 | BUSINESS WIREOSI Systems, Inc. announced its financial results for the three and nine months ended March 31, 2025.