Core Viewpoint - Eltek Ltd. reported strong financial results for Q3 2024, with revenues reaching $13.5 million, a 14% increase compared to Q3 2023, driven by robust demand in defense, aerospace, and medical device sectors [2][5][8]. Financial Performance - Revenues for Q3 2024 were $13.5 million, up from $11.9 million in Q3 2023, marking a 14% increase [5]. - Gross profit for Q3 2024 was $3.5 million, with a gross margin of 26%, compared to $3.7 million and 31% in Q3 2023 [5]. - Operating profit for Q3 2024 was $1.9 million, down from $2.3 million in Q3 2023 [5]. - 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 [5][8]. - For the first nine months of 2024, revenues totaled $35.8 million, an increase from $34.4 million in the same period of 2023 [7]. Investment and Growth Strategy - The company plans to open a new 15,000 sq. ft. manufacturing space by year-end 2024, which will include a state-of-the-art full Solder Mask Application line [3]. - 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 [4]. Cash Position - As of September 30, 2024, cash and cash equivalents amounted to $18.1 million, providing significant financial support for growth strategies [2][5].
Eltek Ltd. Reports 2024 Third Quarter Financial Results