Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-K (MARK ONE) Commission File No. 000-11676 _____________________ BEL FUSE INC. (Exact name of registrant as specified in its charter) New Jersey 22-1463699 (State of incorporation) (I.R.S. Employer Identification No.) 300 Executive Drive, Suite 300 West Orange, NJ 07052 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (201) 432-0463 ...

Core Insights - Bel Fuse reported revenue of $175.94 million for the quarter ended December 2025, marking a year-over-year increase of 17.4% and exceeding the Zacks Consensus Estimate of $171.67 million by 2.49% [1] - The company achieved an EPS of $1.98, a significant improvement from -$0.14 a year ago, and surpassed the consensus EPS estimate of $1.68 by 17.86% [1] Financial Performance Metrics - Net Sales in Connectivity Solutions reached $60.48 million, exceeding the average estimate of $58.7 million by analysts, reflecting a year-over-year increase of 15.1% [4] - Net Sales in Power Solutions and Protection amounted to $92.55 million, slightly below the average estimate of $93.6 million, but still representing an 18.5% year-over-year growth [4] - Net Sales in Magnetic Solutions were reported at $22.91 million, surpassing the average estimate of $22.2 million, with a year-over-year increase of 19.1% [4] Stock Performance - Bel Fuse shares have returned +16.4% over the past month, contrasting with a -1.4% change in the Zacks S&P 500 composite, indicating strong relative performance [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Core Insights - Bel Fuse (BELFB) reported quarterly earnings of $1.98 per share, exceeding the Zacks Consensus Estimate of $1.68 per share, and showing a significant improvement from a loss of $0.14 per share a year ago, resulting in an earnings surprise of +17.86% [1] - The company achieved revenues of $175.94 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.49% and increasing from $149.86 million year-over-year [2] - Bel Fuse has consistently outperformed consensus EPS and revenue estimates over the last four quarters, indicating strong operational performance [2] Earnings Outlook - The future performance of Bel Fuse's stock will largely depend on management's commentary during the earnings call and the sustainability of the recent earnings surprise [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.56 on revenues of $162.47 million, while for the current fiscal year, the estimate is $7.35 on revenues of $714.97 million [7] Industry Context - Bel Fuse operates within the Zacks Electronics - Miscellaneous Products industry, which is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - The correlation between near-term stock movements and earnings estimate revisions is strong, indicating that positive revisions could lead to further stock price appreciation [5][6]

Exhibit 99.1 FOR IMMEDIATE RELEASE Bel Fuse Inc. 300 Executive Drive Suite 300 West Orange, NJ 07052 www.belfuse.com tel 201.432.0463 Bel Reports Fourth Quarter and Full Year 2025 Results Provides Q1-26 Sales and Gross Margin Guidance WEST ORANGE, NJ, Tuesday, February 17, 2026-- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2025. Fourth Quarter 2025 Highlights Full Year 2025 Highlights "Bel delivered a strong fourth quarter, wi ...

Core Thesis - Bel Fuse Inc. (BELFA) presents a compelling investment opportunity due to its share class arbitrage potential and the ongoing discussions around collapsing its dual-class structure [2][3][4]. Share Class Dynamics - Bel Fuse Inc. has two share classes: BELFA shares with voting rights and BELFB shares without voting rights, which offer at least a 5% higher dividend [2][3]. - Historically, BELFA and BELFB shares have traded close to parity, with BELFA reaching a premium of 142% over BELFB in 2022 and a low of 72% in 2018 [2]. Current Market Situation - Currently, BELFA shares trade at 91% of BELFB shares, indicating a significant mispricing, especially as the dividend yield on BELFA is at a historic low [3]. - Large institutional investors, including Gabelli Funds, are advocating for a proposal to collapse the dual-class structure, which could unlock substantial value for BELFA shareholders [3]. Investment Opportunity - The potential simplification of the share structure presents a unique opportunity for investors to capture value, as the undervaluation of BELFA shares relative to BELFB may correct sharply upon any corporate action [4]. - The historically tight trading relationship between the two classes, combined with potential activist-driven governance changes, positions Bel Fuse as a low-risk, high-reward arbitrage opportunity [4]. Historical Performance - Previous analyses highlighted operational improvements and a growth outlook for Bel Fuse, with a noted stock price appreciation of approximately 172.50% since earlier coverage [5].

Core Insights - The investment strategy of Blue Tower has achieved significant success in 2025, with a total net gain of 53.11% for the year, outperforming the market [2] Company Performance - Enova (ENVA) and Georgia Capital (GRGCF) were the top contributors to Blue Tower's performance in 2025, with Enova gaining 64% and Georgia Capital gaining 178% [3] - Enova's year-over-year originations grew by 22% in Q3 2025, supported by updated underwriting algorithms and a data-driven approach [5] - Enova's acquisition of Grasshopper Bank for $369 million is expected to be transformative, with anticipated EPS growth of over 25% once synergies are realized [7][8] - Georgia Capital's net asset value (NAV) per share increased by 41% in the first nine months of 2025, driven by strong performance in its portfolio companies [9][10] - Georgia Capital's share price remains undervalued compared to its NAV, trading at £31.15 against a NAV of £40.93 [12] Market Trends - The valuation spread between cheap and expensive stocks is at one of the greatest levels in market history, which may benefit Blue Tower's investment style moving forward [13] - The impact of AI on productivity is noted, with a study indicating a 1.1% aggregate productivity gain among U.S. workers using generative AI [14]

Core Insights - Loomis Sayles Small Cap Value Fund reported a return of 6.21% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - The strong performance of US equities in Q3 was attributed to easing tariff concerns, a pro-growth budget from Congress, and expectations of further rate cuts by the Federal Reserve [1] Company Highlights - Bel Fuse Inc. (NASDAQ:BELFB) is a key holding in the Loomis Sayles Small Cap Value Fund, recognized for its products that power, protect, and connect electronic circuits [2][3] - The stock of Bel Fuse Inc. experienced a one-month return of 15.38% and a remarkable 110.53% increase over the past 52 weeks, closing at $176.17 per share with a market capitalization of $2.23 billion on December 24, 2025 [2] - The company reported sales of $179 million in Q3 2025, reflecting a 44.8% increase compared to the same quarter the previous year [4] Investment Strategy - The investment in Bel Fuse Inc. is maintained due to its operational improvements, strategic acquisitions, and a rebound in its computer networking segment [3] - Despite the potential of Bel Fuse Inc. as an investment, the company suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - The primary focus of the article is on BK Technologies Corp (BKTI), highlighting its growth potential and market position in the Land Mobile Radio (LMR) industry, particularly under the leadership of CEO John Suzuki [6][7][8]. Company Overview - BK Technologies manufactures Land Mobile Radios primarily for Fire and Police Departments, operating in an oligopolistic market dominated by Motorola [7]. - The company has historically held around 90% market share in the wildland fire market but is now expanding into new verticals with the launch of its BKR-9000 multiband radios [9][10]. Financial Performance - BK Technologies has seen significant improvements in gross margins, expanding from the low twenties in 2022 to over 50% today, with revenues nearly doubling from pre-COVID levels [8]. - The company estimates it currently holds approximately 3.5% market share, with a long-term goal of reaching 10%, which could generate around $230 million in revenue [10][11]. Market Dynamics - The LMR industry has high barriers to entry due to the critical nature of the products, leading to strong brand loyalty among customers who are generally price-insensitive [7]. - BK's pricing strategy involves offering products at about half the price of Motorola's, making them an attractive alternative for smaller counties with limited budgets [9][10]. Leadership and Strategy - CEO John Suzuki, who joined BK in 2021, has a track record of revenue growth and cost reduction, emphasizing long-term value over short-term gains [8]. - The company is currently in a "land-and-expand" phase, focusing on increasing product penetration and market share through word-of-mouth marketing [9]. Future Outlook - If BK achieves its market share goal, it could generate significant free cash flow, with estimates suggesting $40 million to $50 million in unlevered free cash flow at a revenue base of $200 million [11]. - The potential share price based on future cash flow projections could range from $190 to $250, compared to the current price of $65, indicating substantial upside potential [12].

Performance Summary - Atai Capital achieved a gain of 10.7% in Q3 2025, outperforming the S&P 500 (8.1%) but underperforming the Russell 2000 (12.4%) and Russell Microcap (17.0%) [3] - Year-to-date (YTD), Atai Capital's performance stands at 43.3%, significantly higher than the S&P 500 (14.8%), Russell 2000 (10.4%), and Russell Microcap (15.7%) [4] - Since inception, Atai Capital has delivered an 84.0% return, compared to 81.3% for the S&P 500, 44.0% for Russell 2000, and 43.9% for Russell Microcap [4] - The annualized return for Atai Capital is 24.9%, which is comparable to the S&P 500's 24.2% [4] Portfolio Composition - The portfolio's top contributor for the quarter was BK Technologies Corp (BKTI), with other notable contributors including Bel Fuse (BELFB) [5] - A large undisclosed position was trimmed as it approached sizing constraints, while new investments were made in BK Technologies and another undisclosed large detractor [6] - Approximately 58% of the portfolio consists of businesses with market caps below $500 million, with the top five positions making up around 58% of the portfolio [7] Investment Focus: BK Technologies Corp - BK Technologies manufactures Land Mobile Radios (LMRs) primarily for Fire and Police Departments, operating in an oligopolistic market dominated by Motorola [9] - The company has seen significant price increases (5-10%) without a decline in demand, indicating strong brand loyalty and price insensitivity among customers [9] - Under CEO John Suzuki, BK Technologies has improved gross margins from the low twenties in 2022 to over 50% today, with revenues doubling from pre-COVID levels [10] - BK Technologies aims to increase its market share from approximately 3.5% to 10%, with a long-term revenue goal of $230 million, driven by high-margin products [12][13] - The potential share price could reach $190-$250 based on a 15x-20x multiple on projected unlevered free cash flow (UFCF) of $45 million [14] Market Outlook - The U.S. markets are not currently viewed as fertile for new investments, with a higher hurdle rate for overseas opportunities [7] - The firm remains cautious about deploying cash, maintaining a higher bar for entry into the portfolio [17]

Core Insights - Merion Road Capital Management reported a 5.0% return for its Small Cap Fund in Q3 2025, underperforming the Russell 2000 Index which returned 12.4% [1] - The long-only portfolio achieved a 10.1% return, outperforming the S&P 500's 8.1% return, primarily driven by the strong performance of Kratos [1] Company Highlights - Bel Fuse Inc. (NASDAQ:BELFB) is noted for its design, manufacturing, marketing, and sales of products that power, protect, and connect electronic circuits [2] - The stock of Bel Fuse Inc. had a one-month return of 0.15% and a remarkable 93.40% increase in value over the past 52 weeks, closing at $152.69 per share with a market capitalization of $1.933 billion on November 26, 2025 [2] - Merion Road Capital established a capital structure arbitrage in Bel Fuse, noting a significant widening of the price discount between Class A and Class B shares, approaching historic levels [3] - The investment in Bel Fuse was initially based on improved management and the successful acquisition of Enercon, which led to strong Q2 results [3] - Gabelli, a major holder of Class A shares, is considering resubmitting a shareholder proposal to collapse the share structure [3]