Eltek (ELTK) 2026 年第二季法說會：產能受限導致虧損

重點摘要

• 2026 年第二季營收為 1,150 萬美元，低於 2025 年第二季的 1,250 萬美元。上半年總營收約為 2,200 萬美元。
• Eltek 錄得 100 萬美元的毛損，較 2026 年第一季的 180 萬美元毛損有所改善，但較去年同期的 300 萬美元毛利轉盈為虧。
• 淨虧損為 270 萬美元，或每股虧損 0.41 美元，而 2025 年第二季淨利為 40 萬美元，或每股盈餘 0.05 美元。
• 管理層表示，需求與在手訂單依然強勁，但生產效率低下、人力限制及原料短缺持續限制出貨與營收轉換。
• 隨著更新後的定價開始反映更高的原料、管銷及折舊成本以及美元走弱，PCB 平均售價有所提升。
• 截至 2026 年 6 月底，Eltek 擁有 1,150 萬美元的現金及現金等價物、無未償債務，單季營運現金流為 70 萬美元。

關鍵財務業績

業務與營運表現

管理層指出，製造執行力而非需求，才是 Eltek 當前的最大限制。公司表示其在手訂單處於高位，但目前的營運尚未能以預期的步調將需求轉化為生產與出貨。

首條新增的 PCB 電鍍線已安裝完畢，並進入驗收測試與初始試產。Eltek 預計將於 2026 年第三季展開正式的客戶認證程序。管理層提醒，在該產線進入全面商業化量產之前，認證過程將耗時數月。

第二條電鍍線正於歐洲製造中，預計將於 2026 年底前運抵以色列。若延遲安裝，供應商將面臨合約罰款。

Eltek 在本季引進了約 15 名外籍員工，並正在另外引進約 15 名外籍勞工。管理層認為擴充人力是提高產能與改善營運效率的必要舉措。

除了國防業務組合外，Eltek 也在尋求醫療與高端工業市場的成長。公司已獲得一項關鍵的醫療認證，同時管理層形容高端工業業務的需求強勁。此外，新 ERP 系統的導入工作也在進行中。

管理層展望

Eltek 未提供正式的營收或利潤預測。管理層預期改善過程將是漸進的，且取決於產量提升、營運效率改善、產能利用率提高、新產線擴產，以及關鍵原料取得情況改善。

公司還預計，按更新後價格簽署的新訂單將在銷售組合中佔據更大比重。管理層認為，一旦營運穩定，更高的平均售價與更好的固定營運成本分攤，有助於支持獲利能力回升至歷史水準。

風險與關注焦點

• 由於 AI 基礎設施客戶的需求強勁，玻璃纖維基材依然難以採購。部分材料面臨價格大幅上漲或配額限制。
• 生產效率低下與產能受限，持續阻礙 Eltek 將在手訂單完整轉化為營收。
• 首條電鍍線的客戶認證需要數月時間，而第二條電鍍線仍取決於年底前的交付與安裝。
• Eltek 身處競爭激烈的市場，在未能考量本土與外國競爭對手的狀況下無法隨意調漲價格。
• 匯率波動持續對成本與獲利能力構成壓力。
• 由於長期採購訂單（部分涵蓋約兩年）的影響，約有三分之一的在手訂單鎖定在歷史匯率。管理層表示，在執行完畢前，這部分訂單仍將是獲利能力的負擔。

分析師問答環節亮點

管理層表示，毛利率復甦應該是漸進的，而非在單一季度內完成。主要驅動因素預期將包括產量提升、效率改善、更高的產能利用率、新產線與重新定價的訂單。

Eltek 將其在手訂單分為三大定價區間：約三分之一反映歷史匯率，對獲利能力最不有利；另三分之一按 3.2 左右的匯率定價；最後三分之一則反映目前約 3 的匯率，也是獲利能力最高的部分。

管理層重申在手訂單強勁，並形容這是自財務長 Ron Freund 加入公司以來的最高水準。核心目標是將該在手訂單轉化為超越 2026 年上半年水準的單季營收。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.