엘텍(ELTK) 2026년 2분기 실적 발표 콘퍼런스 콜: 생산 제약으로 적자 기록

핵심 요약

• 2026년 2분기 매출은 1,150만 달러로, 2025년 2분기의 1,250만 달러에서 감소했습니다. 상반기 매출은 총 약 2,200만 달러를 기록했습니다.
• 엘텍은 100만 달러의 매출총손실을 기록해 2026년 1분기의 180만 달러 매출총손실에서 전분기 대비 개선되었으나, 전년 동기의 300만 달러 매출총이익에서 적자 전환했습니다.
• 당기순손실은 270만 달러(주당 0.41달러)로, 2025년 2분기의 당기순이익 40만 달러(주당 0.05달러)와 대비됩니다.
• 경영진은 수요와 수주잔고가 여전히 견조하지만, 생산 비효율성, 인력 한계 및 원자재 제약으로 인해 출하 및 매출 전환이 지속적으로 제한되고 있다고 밝혔습니다.
• 최신 가격 책정이 상승한 원자재비, 간접비, 감가상각비와 미 달러화 약세를 반영하기 시작함에 따라 PCB 평균판매가격(ASP)이 개선되었습니다.
• 엘텍의 2026년 6월 말 기준 현금 및 현금성 자산은 1,150만 달러, 미상환 부채는 0달러이며, 분기 영업활동 현금흐름은 70만 달러를 기록했습니다.

주요 재무 실적

사업 및 운영 실적

경영진은 엘텍의 주요 제약 요인이 수요가 아닌 제조 실행력이라고 지적했습니다. 회사는 수주잔고가 높은 수준을 유지하고 있으나, 현재 운영 방식으로는 해당 수요를 원하는 속도로 생산 및 출하로 전환하지 못했다고 설명했습니다.

첫 번째 신규 PCB 도금 라인이 설치되어 인수 승인 테스트 및 초기 시생산에 들어갔습니다. 엘텍은 2026년 3분기 중 정식 고객 승인 절차를 시작할 것으로 예상합니다. 경영진은 해당 라인이 본격적인 상업 생산에 이르기까지 승인 과정에 수개월이 소요될 것이라고 주의를 당부했습니다.

두 번째 도금 라인은 유럽에서 제작 중이며 2026년 말까지 이스라엘에 도착할 예정입니다. 설치가 지연될 경우 공급업체는 계약상 위약금을 부담하게 됩니다.

엘텍은 이번 분기 동안 약 15명의 외국인 근로자를 채용 및 배치했으며, 추가로 약 15명의 외국인 근로자를 도입하고 있습니다. 경영진은 생산 능력을 확충하고 운영 효율성을 개선하기 위해 인력 확장이 필수적이라고 판단하고 있습니다.

방산 포트폴리오 외에도 엘텍은 의료 및 하이엔드 산업용 시장에서 성장을 추진하고 있습니다. 회사는 주요 의료 인증을 획득했으며, 경영진은 하이엔드 산업용 사업의 수요가 견조하다고 평가했습니다. 또한 신규 ERP 시스템 도입도 진행 중입니다.

경영진 전망

엘텍은 공식적인 매출이나 이익 전망치를 제시하지 않았습니다. 경영진은 실적 개선이 점진적으로 이루어질 것으로 보며, 이는 생산량 증대, 운영 효율성 향상, 가동률 상승, 신규 라인 램프업 및 핵심 원자재 수급 개선에 달렸다고 전망합니다.

또한 회사는 최신 가격으로 수주된 신규 주문이 매출 비중에서 차지하는 몫이 커질 것으로 예상하고 있습니다. 경영진은 운영이 안정화되면 평균판매가격 상승과 고정 운영비용의 흡수율 개선이 과거 수익성 수준으로의 회복을 뒷받침할 수 있을 것으로 보고 있습니다.

리스크 및 주요 관전 포인트

• AI 인프라 고객의 강력한 수요로 인해 유리섬유 기반 자재의 수급이 여전히 어려운 상황입니다. 일부 자재는 급격한 가격 상승이나 할당 배정 제한의 적용을 받고 있습니다.
• 생산 비효율성과 제한된 생산 능력으로 인해 엘텍이 수주잔고를 매출로 완전하게 전환하는 데 계속 차질을 빚고 있습니다.
• 첫 번째 도금 라인의 고객 승인에는 수개월이 걸릴 예정이며, 두 번째 라인은 연말 전 인도 및 설치 여부에 의존하고 있는 상황입니다.
• 엘텍은 경쟁이 치열한 시장에서 사업을 영위하고 있어 국내외 경쟁업체를 고려하지 않고 가격을 인상할 수 없습니다.
• 환율 변동이 비용과 수익성에 지속적인 압박을 가하고 있습니다.
• 수주잔고의 약 3분의 1은 일부 약 2년에 달하는 장기 구매 주문으로 인해 과거 환율에 묶여 있습니다. 경영진은 이 물량이 이행 완료될 때까지 수익성에 부담으로 작용할 것이라고 밝혔습니다.

애널리스트 Q&A 주요 내용

경영진은 매출총이익률 회복이 단 한 분기 만에 이루어지기보다는 점진적으로 진행될 것이라고 말했습니다. 주요 동인은 생산량 증대, 효율성 개선, 가동률 향상, 신규 생산 라인, 가격이 재조정된 주문이 될 것으로 예상됩니다.

엘텍은 수주잔고를 크게 세 가지 가격 책정 그룹으로 나누었습니다. 약 3분의 1은 과거 환율이 반영되어 수익성에 가장 불리합니다. 다른 3분의 1은 3.2 수준의 환율로 가격이 책정되어 있으며, 마지막 3분의 1은 현재 환율인 약 3이 반영되어 가장 수익성이 높은 부분입니다.

경영진은 수주잔고가 견조함을 재확인했으며, 론 프로인트(Ron Freund) CFO 취임 이후 가장 높은 수준이라고 설명했습니다. 핵심 목표는 이 수주잔고를 2026년 상반기에 기록한 수준을 상회하는 분기 매출로 전환하는 것입니다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.