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Eltek Ltd., a leading global manufacturer of high-quality printed circuit boards, announced its financial results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
- Revenues of $10.4 million
- Operating loss of $1.9 million
- Net loss of $2.9 million or $0.42 per fully diluted share
- Net cash used in operating activities amounted to $0.4 million.
The continuous sharp depreciation of the U.S. dollar against the Israeli shekel 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 $1.3 million in reported NIS-based operating expenses, compared to the first quarter of 2025. In addition, the Company's operations during the quarter were affected by the challenging security environment in the region, including temporary disruptions to regular work routines and reduced operational availability at certain times.
"As we indicated in April 2026, our operating results for the quarter were adversely affected by the late phasing of the Company's order backlog during the quarter, although our backlog has grown significantly. In addition, we experienced certain temporary logistical constraints, which contributed to the results for the quarter," said Eli Yaffe, CEO of Eltek.
"The continued growth in our order backlog reflects the underlying strength in demand for our products. While the timing of backlog execution impacted our results in the first quarter, we remain confident in our ability to convert this backlog into revenue over the coming periods. At the same time, we are actively addressing the logistical challenges and expect conditions to improve gradually," concluded Mr. Yaffe.
First Quarter 2026 GAAP Financial Results
Revenues for the first quarter of 2026 were $10.4 million, compared to $12.8 million in the first quarter of 2025.
Gross loss for the first quarter of 2026 was $1.9 million compared to gross profit of $2.2 (17% of revenues) in the first quarter of 2025.
Operating loss for the first quarter of 2026 was $3.3 million compared to operating profit of $0.7 million in the first quarter of 2025.
Net loss for the first quarter of 2026 was $2.9 million or $0.42 per fully diluted share compared to net income of $1.0 million or $0.15 per fully diluted share in the first quarter of 2025.
Cash and short-term bank deposits amounted to $11.1 million as of March 31, 2026, with no outstanding debt.
First Quarter 2026 Non-GAAP Financial Results
EBITDA loss for the first quarter of 2026 was $2.7 million compared to EBITDA of $1.2 million (9% of revenues) in the first quarter of 2025.
