Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 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 C ...

Revenue Performance - The Company's revenues for the first nine months of 2020 decreased by $27.6 million, or 7.3%, compared to the same period in 2019, with a decline across all major product groups [85]. - Power Solutions and Protection revenues increased by 1.4% in the first nine months of 2020, while Connectivity Solutions and Magnetic Solutions revenues decreased by 11.3% and 12.3%, respectively [88]. - Connectivity Solutions revenue decreased by $6.0 million and $14.8 million for the three and nine months ended September 30, 2020, compared to the same periods in 2019, primarily due to lower demand from commercial aerospace customers [95]. - Magnetic Solutions revenue declined by $1.5 million and $14.6 million during the three and nine months ended September 30, 2020, respectively, impacted by COVID-19 factory closures in China [96]. - Power Solutions and Protection revenue increased by $7.5 million and $1.8 million for the three and nine months ended September 30, 2020, respectively, with the CUI business contributing $10.9 million and $29.8 million in sales [97]. Cost Management - Labor costs as a percentage of revenue decreased from 10.4% in the first nine months of 2019 to 10.0% in the same period of 2020 [90]. - Material costs as a percentage of revenue decreased slightly to 43.0% during the first nine months of 2020 from 44.1% in the same period of 2019 [89]. - Total cost of sales as a percentage of revenue improved to 73.1% for the three months ended September 30, 2020, down from 77.0% in 2019, due to reductions in material and other expenses [100]. - Research and Development expenses decreased to $5.7 million for the three months ended September 30, 2020, down from $6.2 million in 2019, reflecting cost savings from restructuring [102]. - Selling, General and Administrative expenses increased to $18.9 million for the third quarter of 2020, up $0.4 million from the same period in 2019, primarily due to incremental expenses from the CUI acquisition [103]. Financial Position - Cash on hand was $81.1 million at September 30, 2020, compared to $72.3 million at December 31, 2019, despite voluntary debt payments of $18.2 million [84]. - Cash and cash equivalents represented approximately 32.9% of total assets at September 30, 2020, compared to 31.6% at December 31, 2019 [109]. - The Company had a current ratio of 3.2 to 1 at September 30, 2020, indicating strong liquidity [109]. - The unused credit available under the credit facility was $53.0 million as of September 30, 2020, with compliance to debt covenants maintained [111]. - The Company has the ability to borrow an additional $53.0 million under its revolving credit facility while remaining in compliance with debt covenants [84]. Order Backlog - The backlog of orders was $138.9 million at September 30, 2020, a decline of $21.4 million, or 13%, from December 31, 2019 [87]. COVID-19 Impact - The Company received $4.1 million in COVID-19 relief funding from the Chinese government during the nine months ended September 30, 2020 [80]. - Sales are expected to be similar to the fourth quarter of 2019, with a focus on improving profitability through a global cost reduction plan [94]. - The company recognized lower operating costs of $1.6 million due to a 12% depreciation of the Peso and a 2% depreciation of the Renminbi during the first nine months of 2020 [118]. - Foreign exchange losses of $1.1 million were recognized on translation of local currency balance sheet accounts to the U.S. Dollar [118]. ERP Implementation - The company has incurred cumulative costs of $7.0 million for the ERP implementation project, with annual cost savings of approximately $2 million in SG&A expenses since 2019 [112]. - The company completed the first phase of the ERP implementation in Q1 2019 and the second phase in Q1 2020, with full completion anticipated by early 2021 [112].

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☐ Title of Each Class Trading Symbol Name of Exchange on Which Registered Class A Common Stock ($0.10 par value)BELFA Nasdaq Global Select Market Class B Common Stock ($0.10 par value)BELFB Nasdaq Global Select Market 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 A ...

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☐ Title of Each Class Trading Symbol Name of Exchange on Which Registered Class A Common Stock ($0.10 par value)BELFA Nasdaq Global Select Market Class B Common Stock ($0.10 par value)BELFB Nasdaq Global Select Market 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 A ...

Title of Each Class Trading Symbol Name of Each Exchange on which Registered Class A Common Stock ($0.10 par value) BELFA NASDAQ Global Select Market Class B Common Stock ($0.10 par value) BELFB NASDAQ Global Select Market (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _______ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class Trading Symbol Name of Exchange on Which Registered Class A Common Stock ($0.10 par value)BELFA Nasdaq Global Select Market Class B Common Stock ($0.10 par value)BELFB Nasdaq Global Select Market FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

Financial Data and Key Metrics Changes - Third quarter sales were $124.5 million, with North American sales at $65.8 million (down 7%), European sales at $18.7 million (down 16%), and Asian sales at $40 million (down 25%) compared to the same quarter last year [9] - Gross profit margin declined to 18% in Q3 2019 from 19.9% in Q3 2018 due to lower sales and higher material costs [11] - Earnings per share for Class A common shares was a loss of $0.51 in Q3 2019 compared to earnings of $0.89 in Q3 2018 [17] - Non-GAAP EPS for Class A shares was $0.19 in Q3 2019 compared to $0.70 in Q3 2018 [18] Business Line Data and Key Metrics Changes - Power Solutions and Protection sales were $40.3 million (down 10%), Connectivity Solutions sales were $44.5 million (down 8%), and Magnetic Solutions sales were $39.7 million (down 25%) compared to the same quarter last year [10] - The decline in Magnetic Solutions was attributed to a key customer building excess inventory prior to a product launch, leading to a slowdown in sales [27] Market Data and Key Metrics Changes - The company experienced softness in demand from customers and channel partners as they worked through high inventory levels [6] - Bookings improved slightly from Q2 2019, but fourth quarter sales are anticipated to decline from Q3 levels [8] Company Strategy and Development Direction - The company is focusing on streamlining operations to create efficiency and improve profitability across U.S., Europe, and Asia throughout 2020 [7] - There is an ongoing review of operations in Asia to yield additional cost savings, with a focus on potential relocations to countries like Vietnam and Malaysia [38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2020, anticipating that inventory levels will normalize [25] - The company is facing challenges due to tariffs and geopolitical uncertainties, which are impacting customer purchasing behavior [48] Other Important Information - The company recorded a goodwill impairment charge of $8.9 million in Q3 2019 due to a review of its North America segment [14] - Cash and cash equivalents increased to $64.8 million as of September 30, 2019, up $10.9 million from December 31, 2018 [19] Q&A Session Summary Question: What do you hear on the channel regarding inventory? - Management indicated that distributors predict inventory will be flushed out by the second half of 2020, but if it extends beyond that, a substantial market downturn may occur [25] Question: Is the decline in Magnetic Solutions tied to a customer or product transition? - The decline was linked to a key customer who built up excess inventory before a product launch, which is expected to normalize by the end of Q1 2020 [27] Question: What is happening in the Power Solutions business? - A significant decline was noted due to a key customer, Facebook, reducing orders because of tariffs and competitive pricing pressures [29] Question: How should gross margins be viewed in the current environment? - Management expects to maintain gross margins in Q4 2019 at similar levels to Q3, aided by favorable foreign exchange conditions [33] Question: Are there any signs of improvement in the business? - A slight uptick in the magnetic side was noted, but overall visibility remains limited due to inventory overstock issues [37] Question: Is there any activity in the M&A pipeline? - Management noted that private equity is driving high valuations, making acquisitions challenging, but they are still exploring opportunities [40] Question: What new products can be expected in military and aerospace? - The company is working on active optical transceiver projects and has secured agreements with Boeing for aerospace connectors [44]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ] Smaller reporting company [X] Emerging growth company [ ] Title of Each Class Trading Symbol Name of Exchange on Which Registered Class A Common Stock ($0.10 par value)BELFA Nasdaq Global Select Market Class B Common Stock ($0.10 par value)BELFB Nasdaq Global Select Market FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR ...

Bel Fuse Inc. (NASDAQ:BELFB) Q2 2019 Earnings Conference Call August 1, 2019 11:00 AM ET Company Representatives Dan Bernstein - President, Chief Executive Officer Craig Brosious - Vice President of Finance Lynn Hutkin - Director of Financial Reporting Conference Call Participants Theodore O’Neill - Litchfield Hills Research Jim Ricchiuti - Needham & Company Hendi Susanto - G. Research Operator Good day, and welcome to the Bel Fuse Inc. Second Quarter 2019 Results Conference Call. Today’s conference is bei ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ] Smaller reporting company [X] Emerging growth company [ ] Title of Each Class Trading Symbol Name of Exchange on Which Registered Class A Common Stock ($0.10 par value)BELFA Nasdaq Global Select Market Class B Common Stock ($0.10 par value)BELFB Nasdaq Global Select Market FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR ...