Welcome to our dedicated page for Eltek news (Ticker: ELTK), a resource for investors and traders seeking the latest updates and insights on Eltek stock.
Eltek Ltd. (Nasdaq: ELTK) is Israel's leading manufacturer of printed circuit boards (PCBs). Established in 1970, Eltek has grown to become a global provider of advanced and custom-made circuitry solutions, catering to high-tech industries such as medical technology, defense and aerospace, industrial, telecom, and networking equipment.
Eltek's core business involves the design, manufacture, and sale of complex and high-quality PCBs, including high-density interconnects (HDI), multilayered, and flex-rigid boards. These products are essential components in most electronic devices, providing the necessary circuitry for their operation.
Eltek's commitment to innovation is reflected in its state-of-the-art manufacturing capabilities and rigorous quality standards. The company is ITAR compliant and holds AS-9100 and NADCAP electronics certifications, ensuring its products meet the stringent requirements of the defense, aerospace, and medical industries.
Headquartered in Petach Tikva, Israel, Eltek operates its R&D, production, and marketing centers locally. The company also has a subsidiary in North America and collaborates with agents and distributors in Europe, India, South Africa, and South America. While Eltek's products are marketed globally, a significant portion of its revenue is generated from its home market in Israel.
In recent developments, Eltek reported impressive financial results for the third quarter of 2023, with revenues reaching $11.9 million and a net profit of $2.1 million. This success is attributed to the robust market demand for its products and efficient order selection processes. The company also secured a $2.9 million purchase order from an existing customer, highlighting its strong customer relationships and technological advancements.
Eltek continues to expand its production capabilities, evidenced by several recent purchase orders for state-of-the-art machines, software, and service contracts. These investments align with the company's strategic vision to enhance operational efficiency and technological prowess.
In a significant move, Eltek announced an underwritten public offering of 625,000 ordinary shares at a price of $16.00 per share, raising $10 million to fund its expansion plans and general corporate purposes. This financial boost will support the company's growth strategy and further strengthen its market position.
Eltek's strategic focus remains on maintaining seamless operations, particularly during challenging times such as the ongoing conflict in Israel. The company, designated as an Essential Enterprise by the Israeli government, continues to operate around the clock, ensuring the timely delivery of critical products to its defense sector customers.
Eltek remains dedicated to its mission of providing innovative PCB solutions and maintaining its leadership in the high-tech industry. For more information, visit Eltek's website.
Eltek Ltd. (NASDAQ: ELTK) has announced plans to apply for land allocation from the Israel Land Authority to build a second production facility in northern Israel. The Ministry of Economics has endorsed this initiative, offering a 30% discount on land development costs and a 24-month exemption from competitive bidding. Eltek’s CEO, Eli Yaffe, emphasized that this move aligns with their long-term strategic goals for business expansion. However, the company acknowledges that obtaining necessary permits and financing the project may pose challenges.
Eltek Ltd. (NASDAQ: ELTK) filed its annual report for the fiscal year ending December 31, 2020, with the U.S. Securities and Exchange Commission on March 25, 2021. The report includes audited consolidated financial statements and is accessible on the company's website. Eltek is a leader in manufacturing advanced printed circuit boards (PCBs), catering to various high-end markets including defense and aerospace. Shareholders can request a hard copy of the report free of charge.
Eltek Ltd. (NASDAQ: ELTK) reported robust financial results for the full year and fourth quarter of 2020. Revenues rose by 5.5% year-over-year to $36.7 million, while net profit surged 44.4% to $2.6 million or $0.58 per share. Fourth-quarter revenues increased by 10.5% to $9.5 million, with net profit more than doubling to $766,000. The company improved its operating efficiency and managed cash effectively despite the challenges posed by the COVID-19 pandemic. Cash and cash equivalents saw a significant rise from $1.6 million in 2019 to $4.7 million in 2020.
Eltek Ltd. (NasdaqCM: ELTK) announced that it will release its financial results for the fourth quarter and year ended December 31, 2020, on March 25, 2021, before the market opens. The results will be communicated via news wires and available on Eltek's corporate website. A conference call is scheduled for the same day at 8:30 a.m. ET, featuring CEO Eli Yaffe and CFO Alon Mualem. Eltek specializes in manufacturing high-quality printed circuit boards and serves clients in defense, aerospace, and medical sectors globally.
Eltek Ltd. (NASDAQ: ELTK) announced a grant from the Israeli Investment Authority covering 15% of its $1.5 million investment in advanced manufacturing equipment aligned with Industry 4.0 standards. Additionally, the company received approval for a 50% participation in a $250,000 R&D program to enhance production rates and reduce scrap. Eltek aims to bolster its manufacturing capabilities and competitiveness through these initiatives, which are linked to ongoing development projects since 2017. Successful completion could lead to significant growth in manufacturing capacity.
Eltek Ltd. (NASDAQ: ELTK) reported a preliminary revenue increase to $36.7 million for the year ended December 31, 2020, a growth of 5.5% compared to $34.8 million in 2019. The company successfully raised $5.7 million through a rights offering, enhancing its financial position. However, Eltek anticipates challenges in Q1 2021 due to a global shortage of Pyralux AP, a critical material for their printed circuit boards. While short-term impacts are expected, the company believes revenues will recover in subsequent quarters as alternative materials are authorized.
Eltek Ltd. (NASDAQ: ELTK), a manufacturer of printed circuit boards, has announced the results of its rights offering completed in December 2020. In November 2020, the company issued subscription rights for 1,460,089 shares at a price of $3.90, receiving approximately $7.3 million in subscriptions, surpassing its target by 128%. The offering secured gross proceeds of $5.7 million, with the majority of shares purchased by the principal shareholder, increasing their voting interest from 65.4% to 69.6%. Proceeds will be used to reduce debt and for corporate purposes.
Eltek Ltd. (NASDAQ: ELTK) reported its financial results for Q3 2020, showing resilience amid the Covid-19 pandemic.
Revenues remained stable at $9.3 million, with gross profit increasing to $1.82 million (19.7% of revenues). Operating profit rose to $638,000, while net profit improved to $598,000, or $0.14 per diluted share. For the first nine months of 2020, revenues reached $27.2 million, up from $26.2 million in 2019. EBITDA for the nine months was $3.2 million, compared to $3.0 million last year. The company emphasized its commitment to improving efficiencies and maintaining profitability.
Eltek Ltd. (NASDAQ: ELTK), a leader in Printed Circuit Boards manufacturing, will announce its third-quarter 2020 financial results on November 18, 2020, prior to market opening. Following the release, a conference call will take place at 8:30 a.m. ET featuring remarks from CEO Eli Yaffe and CFO Alon Mualem. Investors can access the call via specific teleconference numbers provided. Eltek, known for high-quality PCBs, services key sectors including defense and aerospace. The earnings report will be available on their website.
Eltek Ltd. (NASDAQ: ELTK) has announced key details of its rights offering on November 9, 2020. Shareholders as of this date will receive one non-transferable subscription right for every three shares held, allowing them to purchase one share at a price of $3.90. The rights can be exercised from November 9 to December 2, 2020, with an estimated net proceeds of approximately $5.6 million aimed at repaying debt and supporting working capital. A registration statement has been filed with the SEC regarding the offering.
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