PETACH TIKVA, ISRAEL – Eltek reported revenue of $11.5 million for the first quarter, an 18% increase from last year's first quarter.

"Eltek is proud to announce its strong first quarter results for 2023, with growth of 18% in sales compared to the same quarter last year, and an impressive 147% increase in net income," said CEO Eli Yaffe. "These results are a testament to the success of the Company's strategy to invest in innovative equipment to increase production volumes, and an unwavering commitment to product quality to meet customer satisfaction and provide technological solutions for every customer's needs. As of today our backlog increased 10% from the beginning of the year.

"Throughout the quarter, we continued to execute on our accelerated investment plan and ordered three new plating lines valued at 5.5 million Euros. The deployment of these coating lines is scheduled for the latter half of 2023, 2024 and 2025, which will enable the simultaneous additional enhancement of production capacity, efficiency, and diversification of our product offerings," said Yaffe. "Concurrently with our accelerated investment plan, we are also allocating resources towards acquiring additional machinery and equipment, as well as enhancing our manufacturing procedures. These endeavors supported the increase in both revenues and net income, resulting in our quarterly net income of $1.6 million."

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