Eltek Ltd (NASDAQ: ELTK)

Eltek Ltd manufactures and supplies technologically advanced custom made circuitry solutions for use in sophisticated and compact electronic products. The company produces rigid, double sided, multi layer, flexible and flex rigid printed circuit boards using a variety of high performance base materials. Its core focus is on short run quick turnaround, prototype, pre production and low to medium volume production for high growth advanced electronics applications. Eltek Ltd operates from a 90,000 square foot facility in the Sgoola Industrial Zone of Petach Tikva, Israel, where it designs, manufactures and tests its products.

Eltek Ltd generates revenue primarily from the sale of its printed circuit boards to customers in the defense, aerospace, medical, industrial and distribution sectors. In 2025 defense and aerospace accounted for 73% of production, medical for 7%, industrial for 9% and distributors, contract electronic manufacturers and others for the remaining 11%. Sales to non Israeli customers represented $16.5 million, which was 32% of total revenue for the year ended December 31, 2025. Domestic sales therefore amounted to approximately $35.1 million, making total revenue about $51.6 million for that year. The company also provides design support, quick turnaround services and acts as a supplier for imported printed circuit boards from Southeast Asia for high volume production runs, although this activity has not been significant in recent years. During the three years ended December 31, 2025 Eltek Ltd invested approximately $17 million in new equipment and facility expansions, and it expects to spend about $5 million on capital expenditures in 2026 to increase capacity and upgrade technology.

Eltek Ltd competes principally in the market of high end complex rigid flex, multi lamination HDI, RF boards and mixed material multi layer printed circuit boards. In Israel its main competitors are PCB Technologies Ltd, Fineline, and NCAB. In Europe it faces competition from Advanced Circuit Boards NV in Belgium, Dyconex and Cicor in Switzerland, Graphics, Exception PCB and Invotec in the United Kingdom, Cistelaier and Somacis in Italy, and Schoeller Electronics GmbH in Germany. In North America its competitors include TTM Inc, Summit, Printed Circuits Inc and APCT. Many of these rivals have greater financial, technical and marketing resources than Eltek Ltd. Eltek Ltd distinguishes itself through its focus on high end products, quick turnaround capability, flex rigid technology and certifications such as ISO 9001:2015, AS 9100, NADCAP, ITAR and UL. The company’s ability to produce boards with up to 40 layers, fine line widths down to 2 to 3 mils and advanced surface finishes gives it a niche in the high reliability aerospace, defense and medical markets. Its ISO 9001, AS 9100D, NADCAP and ITAR approvals allow it to serve stringent defense and aerospace customers who require traceable quality and compliance.

Eltek Ltd serves a diverse customer base that includes defense and aerospace equipment manufacturers, medical device companies, industrial equipment producers and distributors, contract electronic manufacturers and other electronics firms. As of the end of 2025 the company had approximately 109 customers in Israel and about 66 customers outside Israel, primarily located in North America, the Netherlands, Italy, Romania and Uruguay. These customers range from large original equipment manufacturers to smaller contract producers that value the company’s quick turnaround and high mix capabilities. Eltek Ltd maintains direct sales personnel in Israel and the United States and uses representatives and distributors to reach its international markets.