PETACH TIKVA, ISRAEL – Eltek reported revenue of $13.5 million for the third quarter, up 14% over the third quarter of 2023.

For the first nine months of the year, the company's $35.8 million in revenue was up 4% over the same period last year.

"In the third quarter of 2024, we delivered strong financial results," said CEO Eli Yaffe. "We generated a record of $13.5 million in sales, bringing our revenues to $35.8 million for the first three quarters of 2024 and twelve-month trailing revenues (TTM) of $48 million. Our gross profit for the quarter totaled $3.5 million, with a net profit of $1.7 million. The gross margin for the third quarter reached 26%, reflecting the alignment of our product mix with market demand and the adjustment of production workers' wages to the current state of the local employment market. We continue to see robust demand across our two main customer segments: defense and aerospace, and medical devices. As of the end of the quarter, our cash and cash equivalents stood at $18.1 million, providing significant financial support for our growth strategy.

"Throughout the quarter, we also advanced our accelerated investment plan. By year-end 2024, we plan to open a new 15,000 sq. ft. manufacturing space in our facility, which will include a state-of-the-art full Solder Mask Application line," he added.

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