Eltek (ELTK) 2026财年第二季度业绩电话会议：产能限制导致亏损

核心要点

• 2026年第二季度营收为1150万美元，低于2025年第二季度的1250万美元。上半年总营收约为2200万美元。
• Eltek毛亏损为100万美元，较2026年第一季度的180万美元毛亏损有所改善，但较上年同期的300万美元毛利润转亏。
• 净亏损为270万美元，即每股亏损0.41美元；而2025年第二季度净利润为40万美元，即每股收益0.05美元。
• 管理层表示，需求和积压订单保持强劲，但生产效率低下、劳动力限制和原材料短缺继续制约着出货量和营收转化。
• 随着最新定价开始反映更高的原材料、制造费用和折旧成本以及美元走软，印制电路板（PCB）的平均售价有所提高。
• 截至2026年6月底，Eltek拥有现金及现金等价物1150万美元，无未偿还债务，季度经营性现金流为70万美元。

主要财务业绩

业务与运营表现

管理层指出，制造执行力——而非需求——是Eltek面临的主要制约因素。公司表示，积压订单处于高位，但目前的运营尚未能以预期的节奏将这些需求转化为生产和出货。

首条新增PCB电镀线已安装完毕，并进入验收测试和初步试生产阶段。Eltek预计将在2026年第三季度启动正式的客户认证流程。管理层提醒称，在拟建生产线实现全面商业化生产之前，认证过程将需要数月时间。

第二条电镀线正在欧洲制造，计划于2026年底前运抵以色列。若安装延迟，供应商将面临合同违约罚款。

Eltek在本季度引进了约15名外籍员工，并正在另行引进约15名外籍工人。管理层认为，扩充劳动力对于提高产能和改善运营效率至关重要。

除了国防业务组合外，Eltek还在积极拓展医疗和高端工业市场。公司已获得一项关键的医疗认证，管理层称高端工业业务的需求强劲。此外，一套全新的ERP系统也正在部署实施中。

管理层展望

Eltek未提供正式的营收或利润预测。管理层预计业绩改善将是渐进的，取决于产量提升、运营效率改善、产能利用率提高、新生产线产能爬坡以及关键原材料供应的改善。

公司还预计按新定价签订的新订单在销售组合中的比重将有所上升。管理层认为，一旦运营趋于稳定，更高的平均售价和对固定运营成本更好的消化能力将有助于盈利能力恢复至历史水平。

风险与关注事项

• 由于来自人工智能（AI）基础设施客户的强劲需求，玻璃纤维基材仍然难以采购。部分材料面临大幅涨价或配额限制。
• 生产效率低下和产能有限继续阻碍Eltek将其积压订单充分转化为营收。
• 首条电镀线的客户认证需要数月时间，而第二条生产线仍取决于年底前的交付与安装进度。
• Eltek处于竞争激烈的市场中，在提价时必须兼顾本地及国外竞争对手的情况。
• 汇率波动继续对成本和盈利能力构成压力。
• 通过长期采购订单（部分涵盖约两年时间），约三分之一的积压订单与历史汇率挂钩。管理层表示，在这些订单履行完毕之前，该部分业务将继续拖累盈利能力。

分析师问答环节亮点

管理层表示，毛利率的恢复将是循序渐进的，而非在一个季度内爆发。预计主要驱动因素包括产量增加、效率提高、产能利用率提升、新生产线投产以及重新定价的订单。

Eltek将其积压订单分为三大定价组。约三分之一反映了历史汇率，对盈利最为不利；另外三分之一按3.2左右的汇率定价；最后三分之一反映了当前约3的汇率，是盈利能力最高的部分。

管理层重申积压订单依然强劲，并称这是自首席财务官（CFO）Ron Freund加入公司以来的最高水平。核心目标是将这些积压订单转化为超越2026年上半年水平的季度营收。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.