Eltek Ltd. released its financial results for the fourth quarter and full year ended December 31, 2024. Fourth-quarter revenues were $10.8 million, a decrease from $12.3 million in Q4 2023. Full-year 2024 revenues were $46.5 million, nearly flat compared to $46.7 million in 2023.
Gross profit for Q4 2024 was $1.9 million, representing an 18% gross margin, down from 28% in Q4 2023. Full-year gross profit was $10.3 million (22% of revenues) compared to $13.1 million (28% of revenues) in 2023. Net profit for Q4 2024 was $0 million, a decline from $1.3 million in Q4 2023, primarily due to financial expenses from the erosion of the US Dollar against the NIS.
The company is undergoing a strategic transition with an accelerated $15 million investment plan, aiming to expand annual production capacity to $55 million to $65 million by mid-2026. This investment, including equipment installation and infrastructure upgrades, introduced temporary disruptions and inefficiencies that impacted the fourth quarter of 2024.
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