Financial Performance - Revenues for Q3 2024 were $13.5 million, a 14% increase compared to $11.9 million in Q3 2023[6] - Gross profit for Q3 2024 was $3.5 million, with a gross margin of 26%, down from 31% in Q3 2023[7] - Net income for Q3 2024 was $1.7 million, or $0.25 per fully diluted share, compared to $2.1 million, or $0.36 per fully diluted share in Q3 2023[7] - EBITDA for Q3 2024 was $2.3 million, representing 17% of revenues, down from $2.6 million or 22% of revenues in Q3 2023[8] - For the first nine months of 2024, revenues were $35.8 million, compared to $34.4 million in the same period of 2023[9] - Operating profit for the first nine months of 2024 was $4.0 million, down from $5.3 million in the first nine months of 2023[9] - Net income for Q3 2024 decreased to $1,712 million from $2,147 million in Q3 2023, representing a decline of 20.2%[26] Cash Flow and Assets - Cash and cash equivalents as of September 30, 2024, amounted to $18.1 million, supporting the company's growth strategy[3] - Operating cash flow for the nine months ended September 30, 2024, was $4,530 million, down from $6,542 million in the same period last year, a decrease of 30.7%[26] - Total cash used in investing activities for the nine months ended September 30, 2024, was $(14,582) million, compared to a cash inflow of $1,006 million in the same period of 2023[26] - Cash and cash equivalents at the end of Q3 2024 stood at $8,548 million, a decrease from $11,305 million at the end of Q3 2023[26] - Total assets as of September 30, 2024, were $58.8 million, an increase from $47.2 million at the end of 2023[22] Expenses and Adjustments - Depreciation and amortization expenses increased to $388 million in Q3 2024 from $299 million in Q3 2023, an increase of 29.7%[26] - Stock-based compensation rose to $160 million in Q3 2024, compared to $72 million in Q3 2023, reflecting an increase of 122.2%[26] - The effect of translation adjustments resulted in a positive impact of $108 million in Q3 2024, compared to a negative impact of $(228) million in Q3 2023[26] Inventory and Receivables - Trade receivables saw a significant decrease of $(2,735) million in Q3 2024, compared to an increase of $985 million in Q3 2023[26] - The company experienced a decrease in inventories of $(256) million in Q3 2024, compared to a decrease of $(47) million in Q3 2023[26] Future Plans and Dividends - The company plans to open a new 15,000 sq. ft. manufacturing space by year-end 2024, including a full Solder Mask Application line[4] - Eltek's Board of Directors has adopted a dividend policy allowing for an annual distribution of up to 25% of net income starting from the end of 2024[5] - The company reported a net cash inflow from financing activities of $9,590 million for the nine months ended September 30, 2024, compared to a net outflow of $(3,020) million in the same period last year[26]
Eltek .(ELTK) - 2024 Q3 - Quarterly Report