PETACH TIKVA, ISRAEL – Eltek announced $11.8 million in revenue for the first quarter, an increase of 3% over 2023's first quarter.

"We have ended another successful quarter with net income of $1.74 million, compared to $1.56 million in the first quarter of 2023, an increase of 11%," said CEO Eli Yaffe. "Revenues reached $11.8 million, marking a 3% rise compared to the same period last year. These results are the outcome of our continuous investment in increasing efficiency and quality. We have seen a consistent uptrend in both product orders and requests for quotations during the quarter. Recently, we secured a repeat order worth $1.6 million from a defense client for PCB supply, with $1 million due by the end of 2024 and the remainder by the end of 2025. We anticipate sustained high demand in the defense sector, for the next 2-3 years. Our current principal production constraint lies in manpower and not in machine capacity. To manage this increased demand for our products, we’re actively seeking to boost our workforce by 15% in the short term and an additional 10% thereafter.

"Looking ahead to 2024 and 2025, we anticipate significant challenges as we undertake extensive construction work and integrate additional new production lines and machines. Our focus is on ensuring the smooth installation of new equipment while sustaining full production capacity on our existing lines. Despite a slight delay of several months in our investment program, our progress remains steady, with the successful installation of the first of three ordered coating lines during the quarter.

"We continue to seek a suitable PCB manufacturing company to acquire in the American market to enhance our presence in North America. Concurrently, we are exploring additional options for expanding production at our plant in Israel to support our growth strategy."

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