エルテック（ELTK）2026年第2四半期決算説明会：生産制約が赤字要因に

要点

• 2026年第2四半期の売上高は1,150万ドルとなり、2025年第2四半期の1,250万ドルから減少しました。上半期の売上高は合計で約2,200万ドルとなりました。
• Eltekは100万ドルの売上総損失を計上しました。2026年第1四半期の売上総損失180万ドルからは前四半期比で改善したものの、前年同期の売上総利益300万ドルからは赤字に転落しました。
• 純損失は270万ドル（1株当たり0.41ドル）となり、2025年第2四半期の純利益40万ドル（1株当たり0.05ドル）から赤字に転落しました。
• 経営陣は、需要と受注残高は引き続き堅調であるものの、生産効率の低下、労働力の制約、原材料の不足が引き続き出荷と売上計上への転換を制限していると述べました。
• 改定された価格設定に高い原材料費、間接費、減価償却費、ならびに米ドル安が反映され始めたため、PCBの平均販売価格は向上しました。
• Eltekの2026年6月末時点の現金および現金同等物は1,150万ドルで、有利子負債はなく、当四半期の営業キャッシュフローは70万ドルでした。

主要財務実績

事業・オペレーション業績

経営陣は、Eltekの最大の制約要因は需要ではなく製造の実行力であると指摘しました。受注残高は高い水準にあるものの、現在のオペレーションではその需要を想定通りのペースで生産や出荷に転換できていないとしています。

1つ目の新しいPCBメッキラインが導入され、受入テストと初期試作に入りました。Eltekは2026年第3四半期中に正式な顧客の認定プロセスを開始する見込みです。ただし、本格的な商業生産に達する前の認定プロセスには数か月かかる見通しであると経営陣は注意を促しています。

2つ目のメッキラインは欧州で製造中であり、2026年末までにイスラエルに到着する予定です。設置の遅延が発生した場合、サプライヤーには契約上のペナルティが課されます。

Eltekは当四半期中に約15名の外国籍従業員を受け入れ、さらに約15名の外国人労働者を追加導入する予定です。経営陣は、生産能力の向上とオペレーション効率の改善には労働力の拡大が不可欠であると考えています。

防衛用途以外でも、Eltekは医療およびハイエンド産業市場での成長を追求しています。同社は主要な医療認証を取得しており、経営陣はハイエンド産業向けビジネスの需要を堅調と評しています。また、新しいERPシステムの導入も進行中です。

経営陣の見通し

Eltekは正式な売上高や利益の見通しを示していません。経営陣は、業績の改善は緩やかであり、生産量の増加、オペレーション効率の改善、稼働率の向上、新ラインの立ち上げ、主要原材料の調達状況の改善に依存すると予想しています。

また同社は、改定後の価格で受注した新しい注文が売上構成比を高めると見込んでいます。オペレーションが安定すれば、平均販売価格の上昇と固定営業費用の回収改善により、過去の収益性水準への回復が支えられると経営陣は考えています。

リスクと注目点

• AIインフラ顧客からの強い需要により、ガラス繊維系材料の調達が引き続き困難な状況です。一部の原材料は急激な価格高騰や割り当て規制の対象となっています。
• 生産効率の低下と限られた生産能力により、Eltekは受注残高を売上高へ十分に転換できていません。
• 1つ目のメッキラインの顧客認定には数か月を要する見込みであり、2つ目のラインは年内の納入および設置待ちの状態です。
• Eltekは競争の激しい市場で事業を展開しており、国内外の競合他社を考慮せずに値上げを行うことはできません。
• 為替変動が引き続きコストと収益性の圧迫要因となっています。
• 受注残高の約3分の1は、長期注文を通じて過去の為替レートに固定されており、中には約2年間に及ぶものもあります。経営陣は、この部分の納品が完了するまでは収益性の重荷となり続けると語りました。

アナリスト質疑応答の要点

経営陣は、売上総利益率の回復は単一の四半期ではなく段階的に進むと述べています。主な牽引役として、生産量の拡大、効率性の改善、稼働率の向上、新生産ライン、および改定価格での受注が挙げられています。

Eltekは受注残高を価格設定別に大きく3つのグループに分類しました。約3分の1は過去の為替レートを反映したもので収益性に最も不利です。別の3分の1は為替レート3.2付近で価格設定されており、残りの3分の1は現在の約3というレートを反映しており、最も収益性が高い部分です。

経営陣は受注残高が堅調であることを改めて表明し、Ron Freund最高財務責任者（CFO）の就任以来最高水準であると説明しました。最優先の目標は、この受注残高を2026年上半期の実績を上回る四半期売上高に転換することです。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Eltek Ltd. 2026 Second Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Before I turn the call over to Mr. Eli Yaffe, Chief Executive Officer; and Ron Freund, Financial Officer, I'd like to remind you that they will be referring to forward-looking information in today's presentation and in the Q&A. By its nature, this information contains forecasts, assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in Eltek's public disclosure filings. These forward-looking statements are projections and reflect the current beliefs and expectations of the company. Actual events or results may differ materially.

We'll also be referring to non-GAAP measures. Eltek undertakes no obligation to publicly release revisions to such forward-looking statements to reflect events or circumstances occurring subsequent to this date.

I will now turn the call over to Mr. Eli Yaffe. Mr. Yaffe, please go ahead.

Eli Yaffe

Good morning, and thank you for joining us for our 2026 Second Quarter Earnings Call. With me is Ron Freund, our Chief Financial Officer. We will begin by providing you with an overview of our business and summary of the principal factors that affected our results during Q2 2026. After our prepared remarks, we will be happy to answer any of your questions. By now, everyone should have access to our press release, which was released earlier today. The release will be also available on our website.

As we stated in our press release, our second quarter results continue to reflect a loss as we remain in an important transition period, focused on stabilization and manufacturing operation and building the human and the operational infrastructure required to support our next phase of growth. I would like to provide some additional context on this transition and the progress we are making. The market environment remains strong with continued demand for our products and strong backlog. The challenge we are facing is not demand, but our ability to continuously convert this demand and our backlog into production and shipments at the level we would like.

Second quarter revenue were $11.5 million, growing revenue for the first half of 2026 to approximately $22 million. We recognize that this level of revenue is below the level that the current demand environment would support. Given our cost structure, the company required a significantly higher level of revenue than we achieved during the first half of the year and in order to fully leverage our fixed operation expenses and reach our full profitability potential. At the same time, we are beginning to see some kind of development in our gross margin performance. Gross loss in the second quarter was $1 million compared to $1.8 million loss in the first quarter.

This improvement was driven by the higher level of revenue as well as improvement in the average selling price of the PCBs. The improvement in the average selling price reflects the gradual adjustment of our pricing to higher cost environment. This captured both the impact of the weaker U.S. dollar and the significant pressure we have seen across raw materials, production overhead and depreciation. As a newer order booked under our updated pricing structure moves through production and become a larger part of our sales mix, we expect this pricing adjustment to increase ability will reflect our results.

At the same time, the supply environment remained challenging. We continue to experience limitation in our availability to certain raw materials, particularly fiberglass-based material which also in a strong demand from the rapidly growth AI infrastructure industry. In the same cases, we are facing significantly raw material price increase, while other cases, supply is subject to allocation quotas. We have been able to secure the material required to continue operation and serving our customers, but doing so has become significantly more difficult and has required much closer coordination with our suppliers.

Beyond our defense portfolio, we remain firmly focused on driving growth in our medical and high-end industrial markets. In the medical sector, we have secured key certification that position us well to capture future demand. Meanwhile, our high-end industrial business continued to perform strongly, backed with a robust demand for our offering. Together, these strategic initiatives will help balance our market mix and diversify our revenue stream going forward.

We are making steady progress in strengthening our operational infrastructure. We are well involved in the implementation of our new ERP system, which we believe will provide a stronger foundation for managing and scaling our operations. We have also completed the installation of our newly arrived PCB plating line and have started acceptance testing in parallel with initial trial production for customers' qualifications. We expect to kick off the official qualification process during the third quarter. As we have previously discussed, this process is expected to take several months before the line reaches full commercial production.

Additionally, our second plating line is currently scheduled by our supplier to arrive to Israel by the end of this year, backed with contractual penalties for this delayed installation. We are also continuing to strengthen our workforce. During the quarter, we successfully integrated approximately 15 foreign employees into our operation, and we have continued the process of bringing in additional approximately 15 foreign employees.

Strengthening workforce is an important component in our ability to improve production capacity and operational efficiency and support the growth of the business. Taken together, these initiatives are limited aims by strengthening the foundation of our manufacturing operation and providing us with the capacity, workforce and infrastructure required to support higher production level. We remain encouraged by the strong demand environment and the high level of our backlog.

Our focus now is on completing the transition and improving our ability to convert that demand into higher level of production and revenue. As we achieve greater operational stability and higher revenue level, we believe we will be able to leverage our existing cost structure more efficiently. Together with the improvements we are seeing in the average selling price and the continued adjustment of our pricing to reflect the current cost environment, we believe this will provide us toward a return to profitability level the company achieved historically. We are making steady progress across these areas and remain confident that the steps we are taking are building a stronger foundation for improved operational and financial performance in the period ahead.

I will now turn the call over to Ron Freund, our CFO, to discuss our financial results.

Ron Freund

Thank you, Eli. I would now like to review the financial results for the second quarter of 2026. During this call, I will also refer to certain non-GAAP financial measures. Eltek's EBITDA as a non-GAAP measure of financial performance. Please refer to our earnings release for the definition of EBITDA and the reasons for its use. I will now review the key financial highlights for the second quarter. All figures are presented in U.S. dollars. Revenues for the second quarter of 2026 were $11.5 million compared to $12.5 million in the second quarter of 2025.

Gross loss was $1 million compared to gross profit of $3 million in the prior year period. The year-over-year decline in gross profitability was driven by lower revenue volume, production inefficiencies and appreciation of the U.S. dollar against the Israeli shekel. Operating loss was $2.5 million compared to operating profit of $1.5 million in the second quarter of 2025. Financial expenses were $0.7 million compared to $1 million in the prior year period.

The financial expense in the current quarter primarily reflected the depreciation of the U.S. dollar against the Israeli shekel, partly offset by interest income earned on our cash balances. Net loss for the quarter was $2.7 million or $0.41 per share compared to net income of $0.4 million or $0.05 per share in the second quarter of 2025. EBITDA loss was $1.9 million compared to EBITDA of $1.9 million in prior year period.

Despite the net loss, operating activities generated $0.7 million of cash during the quarter. As of June 30, 2026, we had $11.5 million in cash and cash equivalents and no outstanding debt, providing us with strong and solid balance sheet.

We are now ready to answer your questions.

Operator

[Operator Instructions] The first question is from Mark Sharogradsky of Kepler Capital.

質疑応答

Mark Sharogradsky

I have a few questions. The first one, when we begin to see any improvement, especially in the gross margin because we invested a lot of money in the production lines and now we are not seeing any improvement, even deterioration in the operating results. The next question, if you already finished to install all the plating lines. And can you give us some update on this? And then what do you see on the demand side?

Eli Yaffe

Regarding your first question, we expect the improvement to be gradual as several key factors come together. This includes increased production volume, improved production efficiency, better utilization of our existing capacity, the ramp-up of our new production lines, as I will explain later in your second question and improved availability of critical raw materials. At the same time, we are working to secure new orders at the pricing level that better reflect the current cost environment and the value of our products.

While the timing of the improvement may vary from quarter-to-quarter, we believe that these factors that stabilize our investment become fully operational, we will be in a stronger position to return to more normalized level of revenue and profitability. Regarding your question number two, as I mentioned in detail during the discussion, the first plating line is already fully installed. Acceptance test is already started. And by this coming Thursday, we are going to make the first plating just for demonstration. The second step is to call customers and certify the lines by customer by customer.

The second line, the second plating line is right now built abroad in Europe, and it's going to be shipped to Israel and installed and finish the installation before the year-end. And then the process of the second line is going to continue as well. Question number two, you also talked about the demand. And as I mentioned before, the demand become and continue strong demand.

Mark Sharogradsky

So I don't understand if the demand is so strong and we hear about the huge demand also in U.S.A. especially for data asset center and specialized for defense. Why the gross margin is still negative, why you're not ready to drive to increase normal growth drivers because I don't think the customer serves any alternatives.

Eli Yaffe

I think that I answered it. The issue is the operational side, not the demand side. .

Ron Freund

And Mark, you cannot increase prices. We are working in a competitive environment, even if the demand is so strong, there is still competition against local and foreign competitors. So you can't just double your price and remain at the position that you get purchase orders. So we are working in a competitive environment. And we need to deliver and to convert the current backlog that we have, which is, I think, the highest since I arrived to the company -- and our mission is to convert it to sales and to be in quarters with increased revenues and not at the level that we saw in the first half of 2026.

Mark Sharogradsky

Okay. And Ron, can you speak a little bit about the backlog pricing because I assume that last 2 quarters, you work on backlog that you build in 2025 when the USD was much higher. So now when you go to Q3, you are beginning to work on orders you have got from Q1 and maybe end of Q1 when USD was much lower. So if you will see in the next quarter revenue and gross profit?

Eli Yaffe

It's now Eli. I have to say that approximately 1/3 of our backlog is unrelated to the current exchange rates. It's historical exchange rates. And this is long-term POs that we got for something -- supply of 2 years, something like that. And until it's going to be ended, this 1/3 is going to be heavy weight on our profitability. The second 1/3 is in the range of exchange rates approximately 3.2. And the last 1/3 of our backlog is in the current exchange rate of today of around 3. So this is the most profitable backlog is the last 1/3 that I mentioned.

Mark Sharogradsky

Okay. So we expect to see improvement in the current quarter.

Ron Freund

We don't give any forecast, Mark. But as we said in the earlier this call, we saw improvement in our average selling price during the second quarter of 2026. And we hope note that we will see additional increase in the mix, average prices.

Operator

[Operator Instructions] There are no further questions at this time. Before I ask Mr. Yaffe to go ahead with his closing statement, I would like to remind our participants that a replay of this call will be available tomorrow on our website.

Eli Yaffe

In summary, we remain encouraged by the underlying strength of our business and the opportunities ahead. Our strong backlog continues to provide solid visibility, reflecting sustained demand for our products and solutions. At the same time, we are making meaningful progress in expanding our capacity and stringing the operational foundation needed to support the growth. I would like to thank our employees for their continued dedication, professionalability and reliance and our investors for their ongoing confidence and support. Thank you for joining us on today's call. Have a good day. .

Operator

Thank you. This concludes the Eltek Ltd. 2026 Second Quarter Financial Results Conference Call. Thank you for your participation. You may go ahead and disconnect.