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Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), on May 21 announced its financial results for the quarter ended March 31, 2024.

First Quarter 2024 Highlights

● Revenues were $11.8 million, up 3% over Q1 2023

● Operating profit was $1.7 million, up 8% over Q1 2023

● Net income was $1.7 million or $0.27 per fully diluted share, up 11% over Q1 2023

● Net cash provided by operating activities amounted to $1.3 million.

Eltek Ltd. CEO, Eli Yaffe, has announced the conclusion of another successful quarter, highlighting an 11% increase in net income at $1.74 million and a revenue of $11.8 million (85.4 million RMB), up by 3% from Q1 2023. The growth has been attributed to efficient investments in quality enhancement. Recently, the company secured a repeat order worth $1.6 million (11.6 million RMB) from a defense client for PCB supply, with $1 million due by the end of 2024 and the remainder by the end of 2025, and they anticipate sustained high demand in the defense sector, for the next 2-3 years. Nevertheless, there are manpower constraints, and they plan for a workforce increase by 15% in the short term and an additional 10% thereafter.

Yaffe forecasted potential hurdles in 2024-2025 due to extensive construction and production line integrations. Despite minor investment program delays, the first coating line has been successfully installed.

Furthermore, Eltek is looking for a suitable PCB manufacturing company to acquire in the United States to bolster their North American presence and is considering other expansion options at their Israel plant.

First Quarter 2024 GAAP Financial Results

● Revenues for the first quarter of 2024 were $11.8 million, compared to $11.5 million in the first quarter of 2023;

● Gross profit for the first quarter of 2024 was $3.3 million (28% of revenues) compared to $3.0 (26% of revenues) in the first quarter of 2023;

● Operating profit for the first quarter of 2024 was $1.7 million compared to operating profit of $1.6 million in the first quarter of 2023;

● Net income for the first quarter of 2024 was $1.7 million or $0.27 per fully diluted share compared to net income of $1.6 million or $0.27 per fully diluted share in the first quarter of 2023;

● Cash and short-term bank deposits amounted to $19.9 million as of March 31, 2024, with no outstanding debt.

First Quarter 2024 Non-GAAP Financial Results

EBITDA for the first quarter of 2024 was $2.1 million (18% of revenues) compared to EBITDA of $1.9 million (17% of revenues) in the first quarter of 2023;

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.

Editor：Lulu

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