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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 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.
