New Delhi: India’s homegrown electronics manufacturing companies — from listed players such as Dixon Technologies and Syrma SGS to privately held Tata Electronics — are aggressively expanding into new product categories and pursuing acquisitions. Despite significant revenue growth, the sector has been grappling with thin margins. “Most of the companies will likely continue acquisitions as they look to set up a presence in new markets," said Harshit Kapadia, vice-president at broking firm Elara Capital. “Th ...

Core Points - Eltek Ltd. will release its financial results for Q3 2025 on November 18, 2025, before market opening [1] - A conference call will be held on the same day at 9:00 a.m. Eastern Time to discuss the results, featuring remarks from the CEO and CFO [1][2] Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex and high-quality PCBs for high-end markets [4] - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across multiple regions [4][5] - Founded in 1970, Eltek's headquarters, R&D, production, and marketing center are located in Israel, with operations in North America and various international markets [5]

Company Overview - TTM Technologies, Inc. (TTMI) is a global electronics manufacturer focusing on printed circuit boards (PCBs) and radio frequency (RF) components [1] - The company's products are widely utilized in defense, aerospace, automotive, computing, and other industries [1] - TTM provides design, simulation, and testing services, which have seen significant demand driven by advancements in artificial intelligence [1] Industry Insights - The demand for PCBs and RF components is increasing due to the growing integration of AI technologies across various sectors [1]

Company Overview - Eltek Ltd. is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) and is recognized as a leading company in Israel's PCB industry [3][4] - The company specializes in complex and high-quality PCBs, including HDI, multilayered, and flex-rigid boards for high-end markets [3] - Eltek is ITAR compliant and holds AS-9100 and NADCAP electronics certifications, serving customers in defense, aerospace, and medical industries across Israel, the United States, Europe, and Asia [3] Recent Developments - Eltek announced it received orders totaling $2.4 million from a leading Israeli defense company, with product deliveries scheduled mainly for 2026 and 2027 [1][2] - The order pertains to critical PCB components that have been previously supplied to the customer, highlighting the advanced technological capabilities required for these products [2] Historical Context - Eltek was founded in 1970 and has its headquarters, R&D, production, and marketing center located in Israel, with additional operations through a subsidiary in North America and agents in Europe, India, South Africa, and South America [4]

Core Insights - Eltek Ltd. reported a 20% increase in revenue for Q2 2025, reaching $12.5 million compared to $10.5 million in Q2 2024, driven by strong performance in defense and medical segments [2][5] - The gross margin expanded significantly to 24.1%, up from 15.6% in the same quarter last year, reflecting operational improvements and a favorable product mix [2][6] - Operating income surged by 259% to $1.5 million, more than tripling from $0.4 million in Q2 2024, indicating robust operational efficiency [2][6] Financial Performance - Revenues for the first six months of 2025 totaled $25.3 million, a 14% increase from $22.2 million in the same period of 2024 [2][10] - Gross profit for the first half of 2025 was $5.2 million, representing 21% of revenues, compared to $4.9 million (22% of revenues) in the first half of 2024 [10][11] - Net income for Q2 2025 was $0.4 million or $0.05 per diluted share, down from $0.8 million or $0.11 per diluted share in Q2 2024 [7][20] Operational Developments - The company is committed to expanding production capacity, with successful installation of new equipment and ongoing construction of new coating lines [3][4] - Staffing has increased by approximately 10% since January to meet growing demand while maintaining lead times [4] - A non-cash financial expense of $1.0 million was incurred due to the appreciation of the Israeli shekel, prompting a proactive update to the pricing model to protect margins [5][7] Non-GAAP Financial Metrics - EBITDA for Q2 2025 was $2.0 million, or 15.6% of revenues, compared to $0.8 million (7.6% of revenues) in Q2 2024 [9][22] - For the first six months of 2025, non-GAAP EBITDA was $3.1 million (12% of revenues), slightly up from $2.9 million (13% of revenues) in the same period of 2024 [12][22]

Core Viewpoint - Eltek Ltd. is set to release its financial results for Q2 2025 on August 14, 2025, before market opening, highlighting its ongoing operations in the printed circuit board industry [1] Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex, high-quality PCBs, HDI, multilayered, and flex-rigid boards for high-end markets [3] - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across Israel, the United States, Europe, and Asia [3] - Founded in 1970, Eltek's headquarters, R&D, production, and marketing center are located in Israel, with operations in North America and through agents and distributors in Europe, India, South Africa, and South America [4] Financial Results Announcement - The financial results will be discussed in a conference call on August 14, 2025, at 9:00 a.m. Eastern Time, featuring remarks from the CEO and CFO [2] - A replay of the conference call will be available on Eltek's corporate website approximately 24 hours after the call and archived for 30 days [2]

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $730.6 million in Q2 2025, a 21% increase from $605.1 million in Q2 2024, driven by strong demand in various end markets [25][6][7] - Non-GAAP EPS reached a record $0.58, compared to $0.39 in the same quarter last year [31][7] - Non-GAAP operating margins improved to 11.1%, up 210 basis points year-on-year [29][7] - Cash flow from operations was 13.4% of revenues, with net leverage at 1.2 times [32][7] Business Line Data and Key Metrics Changes - Aerospace and defense represented 45% of total revenues, with a program backlog of approximately $1.46 billion, showing strong demand and growth [17][7] - Data center computing accounted for 21% of total sales, with a 20% year-on-year growth, driven by generative AI applications [18][7] - Medical industrial instrumentation contributed 15% of total sales, with a 28% year-on-year growth [19][7] - Automotive sales declined slightly to 11% of total sales due to inventory adjustments and soft demand [19][7] - Networking revenue grew significantly by 52% year-on-year, accounting for 8% of total sales [20][7] Market Data and Key Metrics Changes - The defense market is expected to benefit from increased defense budgets, with a significant $150 billion allocated in the fiscal year 2025 reconciliation bill [12][7] - NATO leaders have agreed to increase defense spending to 5% of GDP, providing a positive outlook for defense-related revenues [13][7] - The company is seeing growing interest from hyperscalers and EMS companies investing in new facilities in the U.S., particularly for generative AI [10][7] Company Strategy and Development Direction - TTM is focusing on diversifying its manufacturing footprint and end markets, having divested lower-margin facilities in China and invested in new capabilities in the U.S. and Malaysia [8][7] - The company plans to enhance its production capabilities in Eau Claire, Wisconsin, to support high-volume U.S. production of advanced technology PCBs [11][7] - TTM is also expanding its facility in Penang, Malaysia, to meet customer demand and diversify supply chains beyond China [15][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate potential tariff impacts due to its diversified end markets and manufacturing locations [9][7] - The company remains optimistic about future growth in the aerospace and defense sector, supported by a solid backlog and ongoing program bookings [17][7] - Management acknowledged challenges in ramping up the Penang facility but remains focused on achieving breakeven revenue levels [15][7] Other Important Information - The company announced a change in its reportable segments to better reflect its operations, now categorized into aerospace and defense, commercial, and RF and specialty components [26][7] - TTM's top five customers contributed 41% of total sales, indicating a stable customer base [21][7] - The company is actively pursuing M&A opportunities in the microelectronics and RF microwave spaces, anticipating more properties to come to market in the next year [76][7] Q&A Session Summary Question: Timeline for new capacity in Wisconsin and customer requests - Management indicated that the Eau Claire facility is prepared for customer engagement and discussions are ongoing, particularly in the data center space [39][7] Question: Concerns about slippage in Penang's breakeven timeline - Management stated that while there are challenges, they do not believe it impacts their competitive position and are focused on optimizing yields [46][7] Question: Update on capacity expansion in China - Management confirmed that they are on track to add 20% additional capacity in their Dongguan facility and are qualifying programs in Guangzhou [55][7] Question: Customer diversification in the data center segment - Management reported good diversification in the data center space, with ongoing efforts to balance capacity for core customers and new entrants [58][7] Question: Cost competitiveness of the Eau Claire facility - Management acknowledged that initial costs would be higher than in China, but there is customer appetite for U.S.-based capacity [82][7] Question: Margin drag in Penang - Management noted that the margin drag in Penang has increased to about 210 basis points year-over-year [84][7]

Core Viewpoint - Eltek Ltd. reported a revenue increase of approximately 8% year-over-year for Q1 2025, driven by strong demand for its printed circuit board products, despite facing challenges with gross margins due to rising labor costs and new production equipment integration [2][4]. Financial Performance - Revenues for Q1 2025 were $12.8 million, up from $11.8 million in Q1 2024, and 18.5% higher than Q4 2024 [2][5]. - Net income for Q1 2025 was $1.0 million, or $0.15 per fully diluted share, compared to $1.7 million, or $0.27 per fully diluted share in Q1 2024 [6][9]. - Gross profit for Q1 2025 was $2.2 million, representing a gross margin of 17%, down from $3.3 million and 28% in Q1 2024 [5][6]. - Operating profit for Q1 2025 was $0.7 million, compared to $1.7 million in Q1 2024 [5][9]. - EBITDA for Q1 2025 was $1.2 million, or 9% of revenues, down from $2.1 million, or 18% of revenues in Q1 2024 [7]. Cash Position - As of March 31, 2025, cash and short-term bank deposits totaled $15.7 million, with no outstanding debt [6]. Future Outlook - The company plans to complete its accelerated investment program by mid-2026 and is preparing for the integration of new production lines [3]. - Eltek anticipates that its efforts to expand commercial sales will yield positive results throughout 2025 and beyond [4]. Company Overview - Eltek Ltd. specializes in the manufacture of technologically advanced printed circuit boards (PCBs) and serves high-end markets, including defense, aerospace, and medical industries [11]. - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, indicating its commitment to quality and regulatory standards [11].

Core Viewpoint - Eltek Ltd. will release its financial results for Q1 2025 on May 20, 2025, before market opening, and will hold a conference call to discuss these results [1][2]. Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex and high-quality PCBs, including HDI, multilayered, and flex-rigid boards for high-end markets [3]. - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across Israel, the United States, Europe, and Asia [3]. Financial Communication - The financial results will be disseminated via news wires and posted on Eltek's corporate website [1]. - A conference call will take place on May 20, 2025, at 8:30 a.m. Eastern Time, featuring remarks from the CEO and CFO [2]. - A replay of the conference call will be available on the corporate website approximately 24 hours after the call and archived for 30 days [2].

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $648.7 million in Q1 2025, a 14% increase year-on-year from $570.1 million in Q1 2024 [26] - Non-GAAP EPS for Q1 2025 was $0.50, compared to $0.28 in Q1 2024, reflecting strong financial performance [30] - Non-GAAP operating margin improved to 10.5%, up 340 basis points from 7.1% in the same quarter last year [28] Business Line Data and Key Metrics Changes - Aerospace and defense represented 47% of total sales in Q1 2025, with revenues growing 15% year-on-year [17] - Data center computing accounted for 21% of total sales, also growing 15% year-on-year, driven by demand for generative AI applications [19] - Automotive sales declined to 11% of total sales, down from 13% in the previous year, primarily due to inventory adjustments [20] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.1 for the quarter, indicating a healthy order intake relative to shipments [7][25] - The aerospace and defense program backlog was approximately $1.55 billion, up from $1.38 billion year-on-year [18] - Networking revenue grew by 53% year-on-year, accounting for 8% of total revenue, driven by increased demand [21] Company Strategy and Development Direction - The company is focused on diversifying its end markets and manufacturing footprint, with significant investments in new production capabilities in regions like Malaysia [8] - TTM is positioned to benefit from increased defense spending, with expectations of continued growth in the aerospace and defense sector [15] - The company aims to mitigate tariff impacts through strategic sourcing and delivery timing [12] Management's Comments on Operating Environment and Future Outlook - Management noted that there has been no significant change in customer behavior due to tariffs, with a strong outlook for the aerospace and defense market [9][66] - The company is optimistic about the potential for increased domestic manufacturing investments in the U.S., which could benefit TTM in the long term [13] - Management highlighted the importance of maintaining flexibility and vigilance in response to potential economic slowdowns [13] Other Important Information - TTM's cash and cash equivalents at the end of Q1 2025 totaled $411.3 million, with net debt to EBITDA at 1.3 [32] - The company plans to ramp up production at its new facility in Syracuse, with expectations for production to begin in mid-2026 [16] - TTM published its second corporate sustainability report on April 22, reflecting its commitment to environmental responsibility [17] Q&A Session Summary Question: Revenue and margins at the Penang facility - In Q1, the Penang facility generated approximately $2.2 million in revenue, with an operating income loss of about $11.5 million, but is expected to reach breakeven by Q3 [36][37] Question: Decline in aerospace and defense program backlog - The program backlog decreased slightly from $1.56 billion to $1.55 billion, but bookings remain strong, indicating healthy demand [41][44] Question: Customer qualifications at the Penang facility - TTM has four anchor customers and is qualifying approximately 10 additional customers, with a focus on data center and networking markets [50][54] Question: Impact of tariffs on customer behavior - Management has not observed significant changes in customer behavior due to tariffs, with steady demand across various markets [66] Question: Competitive dynamics in PCB manufacturing - TTM is engaging in discussions with customers regarding future volume needs and is positioned to leverage its Penang facility for advanced technology production [70][71] Question: Potential upside from defense spending - The reconciliation bill includes programs related to air missile defense, which could provide additional revenue opportunities for TTM [80][82]