Eltek Receives a $1.1 Million Follow-up Order From An Existing Customer in the Defense Sector

Rhea-AI Summary

Eltek Ltd. (NASDAQ: ELTK) announced a follow-up purchase order worth $1.1 million from a defense sector customer, building on a previous $1.4 million order received in Q1 2022. The new supply order will extend over four months, starting March 2023. CEO Eli Yaffe emphasized that this order reflects the customer's recognition of Eltek's technological expertise and product reliability.

Eltek specializes in high-quality printed circuit boards, serving industries like defense, aerospace, and medical across various regions.

Positive

• Follow-up order of $1.1 million indicates customer confidence in Eltek's capabilities.
• Previous order was $1.4 million, showing consistent demand from the defense sector.

Negative

• None.

PETACH-TIKVA, Israel, Dec. 5, 2022 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today the company has received a follow-up purchase order in the amount of $1.1 million from an existing customer in the defense sector. The original purchase order in the amount of $1.4 million was received during the first quarter of 2022.  The order will be supplied by Eltek over a period of four months commencing in March 2023.

"This follow-up order represents the customer's recognition of our high technological capabilities and the quality and reliability of our products," commented Eli Yaffe, CEO of Eltek.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com 

Forward Looking Statements

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

Investor Contact

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com  +972-3-939-5023

Logo: https://mma.prnewswire.com/media/881148/Eltek_Logo.jpg

 

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SOURCE Eltek Ltd.

FAQ

What is the significance of Eltek's $1.1 million follow-up order received on December 5, 2022?

The order signifies customer trust in Eltek's technology and reliability, adding to their previous $1.4 million order.

When will Eltek supply the new order received from a defense sector customer?

The new order will be supplied over a period of four months, commencing in March 2023.

What type of products does Eltek manufacture for the defense sector?

Eltek manufactures advanced printed circuit boards (PCBs), which are critical components in defense and other high-end industries.

How does the new purchase order impact Eltek's financial outlook?

The follow-up order could positively impact Eltek's revenue and market position, reflecting ongoing demand in the defense sector.