Eltek Ltd. Reports Full year and Fourth Quarter 2023 Financial Results

Eli Yaffe, CEO of Eltek, stated, "We are thrilled to report a very strong fourth quarter and year, surpassing all financial targets and solidifying our position as a leader in the PCB market. This achievement is a testament to the dedication and expertise of our team, the trust of our valued partners and the unwavering support of our shareholders. Looking ahead, we are confident in our ability to navigate the evolving industry landscape and continue delivering exceptional value to all shareholders. The defense, aerospace and medical industries present significant opportunities and Eltek is well-positioned to capitalize on them.

Our decision at the start of 2022 to allocate $15 million in an investment plan for expanding and enhancing our manufacturing capabilities aligns seamlessly with the existing robust demand for our products. Presently, a material portion of the investment plan has either been implemented or is currently in the installation phase. These investments will facilitate the augmentation of our production capacity, improve our operational efficiency and enhance our technological capabilities."

Ron Freund, CFO of Eltek added: "During February 2024, we raised $10 million in equity before expenses. We are grateful for the trust given by the investors who participated in the offering. We are committed to the continued growth of the Company, and we intend to use the funds raised for the expansion of our production capabilities as well as for working capital needs."

2023 Full Year GAAP Financial Results

Revenues for 2023 were $46.7 million compared to $39.7 million in 2022.

Gross profit for 2023 was $13.1 million (28% of revenues) compared to $8.3 million (21% of revenues) in 2022.

Operating profit for 2023 was $7.3 million compared to operating profit of $3.0 million in 2022.

Financial income for 2023 was $0.4 million compared to financial income of $0.9 million in 2022.

Net profit for 2023 was $6.4 million or $1.07 per fully diluted share compared to net profit of $3.2 million or $0.55 per fully diluted share in 2022.

2023 Full Year Non-GAAP Financial Results

EBITDA for 2023 was a $8.6 million (18% of revenues) compared to EBITDA of $4.5 million (11% of revenues) in 2022.

Fourth Quarter 2023 GAAP Financial Results

Revenues for the fourth quarter of 2023 were $12.3 million compared to $10.5 million in the fourth quarter of 2022.

Gross profit for the fourth quarter of 2023 was $3.5 million (28% of revenues) compared to $2.2 million (21% of revenues) in the fourth quarter of 2022.

Operating profit for the fourth quarter of 2023 was $2.0 million compared to operating profit of $0.8 million in the fourth quarter of 2022.

Financial expenses for the fourth quarter of 2023 were $0.3 million compared to financial income of $0.1 million in the fourth quarter of 2022. The financial expenses in the fourth quarter of 2023, derive primarily from the erosion of the US Dollar against the NIS during the quarter.

Net profit for the fourth quarter of 2023 was $1.3 million or $0.22 per fully diluted share compared to net profit of $0.8 million or $0.14 per fully diluted share in the fourth quarter of 2022.

Fourth Quarter 2023 Non-GAAP Financial Results

EBITDA for the fourth quarter of 2023 was a $2.4 million (19% of revenues) compared to EBITDA of $1.2 million (12% of revenues) in the fourth quarter of 2022.

Conference Call

Today, Monday, March 11, 2024, at 10:00am Eastern Time (16:00pm Israel Time, 7:00am Pacific Time), Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

To Access a Replay of the Call

A replay of the call will be available for 30 days on the Investor Info section on Eltek's corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed.

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.

For more information, visit Eltek's web site at www.nisteceltek.com 

Forward Looking Statements

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

About our Non-GAAP Financial Information

The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company's operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below.

Investor Contact

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023

                                                            (Tables follow)

Eltek Ltd.
Consolidated Statements of Income
(In thousands US$, except per share data)
		Three months ended				Twelve months ended
		December  31,				December  31,
		2023		2022		2023		2022
Revenues		12,321		10,479		46,695		39,650
Costs of revenues		(8,865)		(8,267)		(33,593)		(31,380)
Gross profit		3,456		2,212		13,102		8,270
Selling, general and administrative expenses		(1,405)		(1,348)		(5,722)		(5,207)
Research and development expenses, net		(49)		(15)		(85)		(92)
Operating profit		2,002		849		7,295		2,971
Financial income (expenses), net		(334)		100		422 Werbung Mehr Nachrichten zur Eltek Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 14:10 - dpa-AFX US-Justiz stellt Diesel-Ermittlungen gegen Mercedes-Benz ein 08:00 - Boersia.de Apple Aktie: Diversifizierung weg von China 07:54 - wallstreet:online ... Earnings kommende Woche: Diese Aktien haben Wall-Street-Erwartungen rasiert und könnten steigen! Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59