I've called Bel Fuse Inc. (NASDAQ: BELFB ) a Hold twice this year, once in February and again in May. Both times, my view was that the company was executing steadily but didn't have enough organic I'm Emmanuel Onwusah—a financial analyst, writer, and recovering engineer. I hold FMVA® and BIDA® certifications from the Corporate Finance Institute, and I spend most of my time creating pitch decks, building models, analyzing companies, and trying to make sense of where value meets narrative. My background is in ...

Company Overview - Bel Fuse Inc. is a leading global manufacturer of products that power, protect, and connect electronic circuits [2] - The company operates in various industries including networking, telecommunications, computing, military, aerospace, medical, transportation, and broadcasting [2] - Bel's product groups include Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions [2] Upcoming Event - Bel Fuse Inc. will participate in the 16th Annual Midwest IDEAS Conference on August 26, 2025 [1] - The conference will take place at the InterContinental Chicago Magnificent Mile, with a presentation scheduled for 10:15 AM ET [1] - Investor presentation materials will be available via the investor relations section of the company's website [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File No. 000-11676 BEL FUSE INC. (Exact name of registrant as specified in its charter) New Jersey 22-1463699 (State of ...

FOR IMMEDIATE RELEASE Bel Fuse Inc. 300 Executive Drive Suite 300 West Orange, NJ 07052 www.belfuse.com tel 201.432.0463 Exhibit 99.1 Second Quarter 2025 Highlights "We are pleased with our second quarter results, which exceeded expectations due to improved on-time shipments and enhanced intraquarter turns, reinforcing our thesis of growth for the year," said Farouq Tuweiq, President and CEO. "Gross margins aligned with guidance, reflecting operational stability. Strength was evident in defense and commerci ...

Core Insights - Bel Fuse Inc. reported strong preliminary financial results for Q2 and the first half of 2025, exceeding expectations due to improved shipment times and inventory management [2][3] - The company experienced growth in defense and commercial aerospace sectors, alongside a recovery in networking and distribution sales after a prolonged period of inventory destocking [2][3] Financial Performance - Q2 2025 net sales reached $168.3 million, a 26.3% increase from $133.2 million in Q2 2024 [7] - Gross profit margin for Q2 2025 was 38.7%, down from 40.1% in Q2 2024 [7] - GAAP net earnings attributable to Bel shareholders were $26.9 million, compared to $18.8 million in Q2 2024 [7] - Adjusted EBITDA for Q2 2025 was $35.2 million, representing 20.9% of sales, compared to $27.7 million or 20.8% of sales in Q2 2024 [7][22] Future Guidance - For Q3 2025, the company anticipates net sales between $165 million and $180 million, with gross margins projected at 37% to 39% [3] - The optimistic outlook is supported by strong bookings in Q2 and expected sequential growth in the second half of the year [3] Product Group Performance - Power Solutions and Protection sales increased by 48.2% to $86.8 million in Q2 2025, with a gross margin of 41.9% [20] - Connectivity Solutions saw a slight increase of 2.4% in sales to $59.2 million, with a gross margin of 39.2% [20] - Magnetic Solutions experienced a 32.5% increase in sales to $22.3 million, with a gross margin of 28.7% [20] Operational Highlights - The company reported minimal impact from tariffs, with only $2.2 million in low-margin sales during Q2 [3] - Bel Fuse's strategic approach has been validated by its ability to deliver solid results amid market uncertainties [3]

Core Viewpoint - Bel Fuse Inc. is set to release preliminary financial results for the second quarter on July 24, 2025, with a conference call scheduled for July 25, 2025, at 8:30 a.m. ET [1] Company Overview - Bel Fuse Inc. designs, manufactures, and markets a wide range of products that power, protect, and connect electronic circuits [2] - The company's products are utilized in various industries, including defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation, and eMobility [2] - Bel's product categories include Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions, with operations in facilities worldwide [2]

Company Transition - Dan Bernstein transitions from President and CEO to Chairman of the Board after over 45 years of service, marking a significant milestone for Bel Fuse Inc. [1] - Under Bernstein's leadership since 2001, Bel Fuse's revenue grew from under $100 million to over $600 million, and the company completed 19 strategic acquisitions [2]. New Leadership - Farouq Tuweiq, previously CFO, steps into the role of CEO, bringing a data-driven leadership style and a strong financial foundation to the company [3]. - Tuweiq's background in investment banking and strategic leadership is expected to support Bel's growth strategy and future goals [3]. Company Overview - Bel Fuse designs, manufactures, and markets products that power, protect, and connect electronic circuits, serving various industries including defense, aerospace, telecommunications, and automotive [5]. - The company's product groups include Power Solutions, Connectivity Solutions, and Magnetic Solutions, with operations in multiple facilities worldwide [5].

Group 1: Appointment of CFO - Bel Fuse Inc. announced the appointment of Lynn Hutkin as Chief Financial Officer (CFO) effective immediately after the Annual Meeting of Shareholders on May 27, 2025 [1] - Lynn Hutkin will succeed Farouq Tuweiq, who will transition to the role of President and CEO on the same date [1] - Hutkin has been with Bel since 2007, holding various roles, most recently as Vice President of Financial Reporting and Investor Relations [2] Group 2: Background and Experience of Lynn Hutkin - Throughout her tenure at Bel, Hutkin has been involved in mergers and acquisitions, bank financing, corporate insurance, and employee benefit programs [2] - She began her career at Arthur Andersen in the audit group and has held finance roles in various companies, including a $250 million publicly-traded courier company [2] - Hutkin holds a B.S. in Accountancy from Bentley University and is a licensed CPA in New Jersey [2] Group 3: Statements from Leadership - Farouq Tuweiq expressed excitement about continuing to work with Hutkin and acknowledged her integral role in strengthening financial practices at Bel [3] - Lynn Hutkin expressed honor in stepping into the CFO role and enthusiasm for the future goals of the company [3] Group 4: Company Overview - Bel Fuse Inc. designs, manufactures, and markets products that power, protect, and connect electronic circuits, serving various industries including defense, aerospace, telecommunications, and automotive [4] - The company's product groups include Power Solutions, Connectivity Solutions, and Magnetic Solutions, with applications in multiple sectors [4]

Revenue and Growth - For the three months ended March 31, 2025, the company's revenue was $152.2 million, an increase of 18.9% from $128.1 million in the same period of 2024[111]. - Power Solutions and Protection segment generated $83.1 million in revenue, a 37.9% increase from $60.2 million in the first quarter of 2024[112]. - Magnetic Solutions segment revenue increased to $18.5 million, up 36.3% from $13.6 million in the same period of 2024[111]. - Sales of Magnetic Solutions products increased by $4.9 million (36.1%) in Q1 2025 compared to Q1 2024, driven by demand from networking customers and distribution channels[115]. Order Backlog - The backlog of orders increased to $395.7 million as of March 31, 2025, up $14.1 million or 4% from December 31, 2024[108]. Costs and Expenses - Labor costs represented 8.4% of revenue in Q1 2025, up from 8.0% in Q1 2024, influenced by wage increases in the PRC and Mexico[109]. - R&D expenses rose to $7.2 million in Q1 2025 from $5.2 million in Q1 2024, largely due to the inclusion of Enercon's R&D expenses of $1.7 million[119]. - SG&A expenses increased to $29.5 million in Q1 2025 from $24.9 million in Q1 2024, primarily due to Enercon SG&A expenses of $6.0 million[120]. - Interest expense surged to $4.2 million in Q1 2025 from $0.4 million in Q1 2024, mainly due to higher borrowings related to the Enercon acquisition[121]. - Inflationary pressures are anticipated to continue affecting input costs, including raw materials and labor[109]. Tax and Income - The provision for income taxes was $5.5 million in Q1 2025, up from $4.5 million in Q1 2024, with an effective tax rate of 23.0% compared to 22.0% in the prior year[125]. - The effective tax rate will fluctuate based on the geographic regions where pretax profits are earned, with Asia having the lowest rates[110]. - Other income increased to $2.6 million in Q1 2025 from $1.8 million in Q1 2024, driven by foreign exchange gains of $4.3 million compared to $0.6 million in Q1 2024[123]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $2.3 million in Q1 2025, with accounts receivable down by $8.2 million due to lower sales volume[127]. - The current ratio improved to 3.3:1 at March 31, 2025, compared to 2.9:1 at December 31, 2024[128]. - The company had $45 million of available borrowings under its revolving credit facility at March 31, 2025, with no mandatory principal payments due in 2025[130]. - The company expects to meet foreseeable liquidity and capital resource requirements through existing cash, investments, and anticipated cash flows from operations[129]. Acquisition - The company acquired an 80% stake in Enercon in November 2024, expected to contribute to sales in 2025[108]. Foreign Exchange - The company realized a foreign exchange transactional gain of $4.3 million during the three months ended March 31, 2025, due to favorable currency fluctuations[110].

Company Overview - Bel Fuse Inc. is a leading global manufacturer of products that power, protect, and connect electronic circuits [1] - The company operates in various industries including defense, commercial aerospace, networking, telecommunications, computing, general industrial high-speed data transmission, transportation, and eMobility [1] - Bel's product groups include Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions [1] Investor Conference Schedule - Bel Fuse Inc. will participate in Oppenheimer's 20th Annual Industrial Growth Conference on May 8, 2025, with a fireside chat at 12:45 pm ET [2] - The company will also attend the 22nd Annual Craig-Hallum Institutional Investor Conference on May 28, 2025, at the Depot Renaissance Hotel Minneapolis [2] - Additionally, Bel will be present at the KeyBanc Industrial & Basics Conference on May 29, 2025, at the InterContinental Boston [2]