Financial Performance - Revenue for the Power Solutions and Protection segment was $170.3 million for the six months ended June 30, 2023, compared to $129.8 million in the same period of 2022, reflecting a gross margin of 35.7%[85] - The Connectivity Solutions segment reported revenue of $108.2 million for the first half of 2023, up from $89.8 million in the same period of 2022, with a gross margin of 35.8%[85] - Sales of Magnetic Solutions products declined by $26.6 million (50%) and $25.1 million (29%) during the three and six months ended June 30, 2023, respectively, due to lower demand from networking customers[86] Order Backlog and Inventory - The company's backlog of orders decreased to $449.9 million as of June 30, 2023, down by $115.4 million, or 20%, from December 31, 2022[82] - The company experienced a decrease in inventory by $13.5 million at June 30, 2023, compared to December 31, 2022, with inventory turns improving to 2.9 from 2.6[256] Labor and Costs - Labor costs represented 6.6% of revenue in the first half of 2023, a decrease from 8.7% in the same period of 2022, primarily due to pricing actions and favorable exchange rates[83] - Foreign exchange fluctuations resulted in a $0.6 million reduction in labor and overhead costs for the first half of 2023 compared to the prior year, despite losses from the Mexican Peso[84] - SG&A expenses increased to $25.1 million in Q2 2023 from $24.0 million in Q2 2022, driven by higher salaries and litigation costs related to a patent infringement lawsuit[252] Tax and Compliance - The effective tax rate for the six months ended June 30, 2023, was 8.0%, compared to (5.7%) for the same period in 2022, attributed to increased income in North America and Europe[91] - As of June 30, 2023, the company was in compliance with its debt covenants, including the Fixed Charge Coverage Ratio, which is the most restrictive covenant[257] Credit and Financing - The company amended its Credit Support Annex (CSA) in January 2023, transitioning the reference rate from LIBOR to SOFR effective January 31, 2023[257] - The unused credit available under the credit facility at June 30, 2023, was $115.0 million, which the company could borrow without violating its Leverage Ratio covenant based on existing consolidated EBITDA[257] - The company recorded foreign exchange transactional losses of $0.5 million during the first half of 2023 due to currency fluctuations[84]

In connection with the Company's 2021 acquisition of EOS Power ("EOS"), there is an ongoing claim asserted with respect to EOS by the Principal Commissioner of Customs (Preventive), Mumbai related to customs duties and imposed fines and penalties dating back to 1994. The original demand was in the amount of approximately $1.4 million, of which EOS has paid $0.5 million. EOS filed an Appeal in 2016 which is pending with the Customs, Excise and Service Tax Appellate Tribunal in Mumbai related to the $0.9 mill ...

NewJersey (Stateofincorporation) Table of Contents Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | --- | --- | --- | --- | |-------------------------|-----------------------------|------------------------------- ...

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 September 30, 2022 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) 206 Van Vorst Street Jersey ...

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, 2022 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) 206 Van Vorst Street Jersey City ...

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 March 31, 2022 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) 206 Van Vorst Street Jersey Cit ...

Revenue and Sales Performance - The Company's revenues increased by $77.7 million, or 16.7%, in 2021 compared to 2020, with Power Solutions and Protection sales and Magnetic Solutions sales each increasing by 20%, while Connectivity Solutions sales increased by 9%[142]. - The backlog of orders totaled $467.8 million at December 31, 2021, representing an increase of $312.8 million, or over 200%, from December 31, 2020, driven by increased demand for e-Mobility products and restored demand from networking customers[143]. - Connectivity Solutions sales increased by $14.3 million in 2021 compared to 2020, driven by a $10.9 million rise in demand from distribution partners and a $5.5 million rebound in commercial aerospace demand, offset by a $10.5 million decline in military sales[154]. - Magnetic Solutions sales improved by $26.9 million in 2021, attributed to heightened orders in recent quarters, despite increased labor costs due to a competitive labor market in China and currency appreciation against the U.S. Dollar[155]. - Power Solutions and Protection sales rose by $36.5 million in 2021, with significant contributions from Bel Power Solutions ($16.7 million), CUI sales ($12.7 million), and a $12.4 million contribution from the March 2021 acquisition of EOS[156]. - Net sales for the year ended December 31, 2021, were $543,494, an increase of 16.7% compared to $465,771 in 2020[237]. - The Company reported a significant increase in accounts receivable, which rose to $87,135 in 2021 from $71,372 in 2020, an increase of 22.1%[235]. - The Company’s revenue from North America for the year ended December 31, 2021, was $317.437 million, up from $265.676 million in 2020, reflecting a growth of approximately 19.5%[300]. Cost and Expense Management - Material costs as a percentage of revenue increased to 46.2% during 2021 from 43.3% in 2020 due to ongoing supply constraints and increased prices for components[146]. - Labor costs decreased from 9.9% of sales in 2020 to 9.0% in 2021, primarily due to a reclassification of expenses, despite increased costs from minimum wage hikes in the PRC and Mexico[147]. - Cost of sales as a percentage of net sales increased from 73.9% in 2020 to 75.3% in 2021, primarily due to a rise in material costs and labor costs, which increased from 53.2% to 55.2% of sales[157]. - R&D expenses decreased to $21.9 million in 2021 from $23.6 million in 2020, mainly due to cost savings from the closure of the Power R&D facility in Switzerland[159]. - SG&A expenses increased to $86.6 million in 2021 from $78.7 million in 2020, with salary and fringe benefits rising by $5.8 million[160]. - Interest expense decreased to $3.5 million in 2021 from $4.7 million in 2020, attributed to lower interest rates and a reduced debt balance[165]. Profitability and Earnings - Gross profit for 2021 was $134,383, representing a gross margin of 24.7%, up from $119,730 in 2020[237]. - Net earnings available to common shareholders increased to $24,821 in 2021, compared to $12,795 in 2020, reflecting a growth of 94.3%[237]. - Class A common shares net earnings per share rose to $1.90 in 2021, up from $0.97 in 2020, while Class B common shares increased to $2.02 from $1.05[237]. - Net earnings for the year ended December 31, 2021, were $24,821,000, a significant increase from $12,795,000 in 2020, representing a growth of 94.3%[242]. - The company reported net earnings of $24.8 million for the year ended December 31, 2021, compared to $12.8 million for the year ended December 31, 2020, representing an increase of 94.3%[270]. Cash Flow and Liquidity - The company held $61.8 million in cash and cash equivalents as of December 31, 2021, supporting its liquidity for operating expenses and investments[177]. - Cash and cash equivalents decreased by $23.2 million in 2021, primarily due to acquisition payments of $16.8 million and long-term debt repayments of $104.8 million[179]. - Cash flows from operating activities provided $4,632,000 in 2021, a decrease from $46,108,000 in 2020, indicating a decline of 90%[242]. - The company reported a net cash used in investing activities of $18,878,000 in 2021, compared to $1,515,000 in 2020, indicating a significant increase in investment outflows[245]. - The company had $112.5 million outstanding under its revolving credit facility as of December 31, 2021, with no mandatory principal payments due in the next twelve months[183]. Acquisitions and Investments - The Company acquired rms Connectors for $9.0 million in cash, enhancing its military and aerospace product portfolio[279]. - The acquisition of EOS Power was completed for $7.8 million, with EOS generating $12.0 million in sales for the year ended December 31, 2020[280]. - The 2021 Acquired Companies contributed aggregate revenues of $17.1 million and net earnings of $1.9 million during the year ended December 31, 2021[285]. - The final accounting for the 2021 Acquisitions was completed, with net identifiable assets acquired totaling $18.2 million[283]. Taxation and Regulatory Compliance - The effective tax rate will fluctuate based on the geographic region of pretax profits, with Asia having the lowest tax rates among the regions where the Company operates[151]. - The effective tax rate increased to 9.2% in 2021 from (5.4%) in 2020, primarily due to higher U.S. income and the addition of uncertain tax positions[171]. - The company has established valuation allowances for deferred tax assets that are not likely to be realized, demonstrating a cautious approach to tax planning[267]. - The company’s effective tax rate includes the effect of tax contingency liabilities, which are analyzed quarterly and adjusted based on changes in circumstances[268]. Financial Position and Assets - Total current assets increased to $329,016 in 2021, up from $280,216 in 2020, marking an increase of 17.4%[235]. - Total liabilities rose to $303,103 in 2021, compared to $268,067 in 2020, indicating a growth of 13.0%[235]. - Total stockholders' equity increased to $208,743 in 2021, compared to $185,799 in 2020, reflecting an increase of 12.3%[235]. - The Company had goodwill balances totaling $25.8 million as of October 1, 2021, with no impairment identified[218]. - Goodwill increased from $23.966 million at the beginning of 2021 to $26.651 million by December 31, 2021, marking an increase of 11.2%[311]. Risk Management and Controls - The Company maintained effective internal control over financial reporting as of December 31, 2021[223]. - The company does not enter into speculative positions with derivative instruments, focusing instead on risk management through hedging strategies[263]. - The company executed interest rate swap agreements to mitigate risks associated with variable interest rates on its borrowings, effective through August 2026[191].

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 September 30, 2021 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. 206 Van Vorst Street Jersey City, NJ 07302 (201) 432-0463 (Address of principal ex ...

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, 2021 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. 206 Van Vorst Street Jersey City, NJ 07302 (201) 432-0463 (Address of principal executi ...

Revenue and Sales Performance - The Company's revenues for the first three months of 2021 increased by $6.7 million, or 6.4%, compared to the same period in 2020, primarily driven by the Power Solutions and Protection segment [87]. - The backlog of orders reached $233.7 million at March 31, 2021, an increase of $78.7 million, or 51%, from December 31, 2020, with a 74% increase in the backlog for Power Solutions and Protection [88]. - Power Solutions and Protection products saw a sales increase of $7.5 million in Q1 2021, driven by a 25% increase in CUI sales and a 100% increase in eMobility product sales [100]. - Sales of Magnetic Solutions products remained consistent in Q1 2021 compared to Q1 2020, with increased demand but challenges in manufacturing due to the competitive labor market in China [99]. Cost and Expense Analysis - Material costs as a percentage of revenue rose to 45.5% during the first three months of 2021, up from 43.6% in the same period of 2020, due to supply constraints and increased prices for certain components [91]. - Labor costs increased from 8.9% of revenue in Q1 2020 to 9.1% in Q1 2021, influenced by wage increases and unfavorable exchange rate fluctuations [92]. - The gross margin for the Connectivity Solutions segment declined to 25.7% in Q1 2021 from 28.6% in Q1 2020, primarily due to higher material costs [97]. - Cost of sales as a percentage of revenue increased to 78.1% in Q1 2021 from 75.2% in Q1 2020, primarily due to higher material costs and labor costs [101]. - R&D expenses decreased to $5.0 million in Q1 2021 from $6.1 million in Q1 2020, reflecting cost savings from the closure of the R&D facility in Switzerland [104]. - SG&A expenses rose to $21.0 million in Q1 2021, with salaries and fringe benefits increasing by $1.4 million compared to Q1 2020 [105]. - The appreciation of the Chinese Renminbi and British Pound led to higher operating costs of $1.2 million in Q1 2021 compared to the same period in 2020 [117]. Financial Position and Liquidity - The Company maintained a strong cash position of $74.0 million as of March 31, 2021, despite utilizing $19.4 million for acquisitions in the same quarter [86]. - Cash and cash equivalents decreased by $10.9 million in Q1 2021, primarily due to acquisition payments of $14.8 million and capital expenditures of $1.2 million [113]. - The Company has implemented measures to maintain liquidity, including deferring employer social security taxes and restricting new hires [86]. Tax and Earnings Outlook - The provision for income taxes was $1.0 million in Q1 2021, compared to a benefit of ($0.8) million in Q1 2020, with an effective tax rate of 23.8% [107]. - The effective tax rate will fluctuate based on the geographic jurisdiction of pretax profits, with Asia having the lowest tax rates among the Company's segments [95]. - The Company expects positive contributions to net earnings from recent acquisitions and cost savings from restructuring efforts implemented in 2020 [96]. Operational Challenges - The Company anticipates that raw material shortages and long lead times may impact shipment timing, despite a scheduled backlog indicative of stronger sales in upcoming quarters [96]. - Days sales outstanding (DSO) increased to 60 days at March 31, 2021, compared to 57 days at December 31, 2020 [113]. - The company incurred cumulative costs of $7.0 million for the ERP implementation project, achieving annual cost savings of approximately $2 million in SG&A expenses [112].