Here are 1-2 brief analogies to describe Eltek:

• Vertiv for high-efficiency DC power systems: Eltek provides the specialized DC power infrastructure that is critical for telecom networks and data centers.
• Eaton for critical infrastructure power conversion: Like Eaton, Eltek is a leader in power management, but specifically focuses on robust power conversion for crucial applications.

• Rectifiers: Devices that convert alternating current (AC) to direct current (DC) to power various electronic equipment and charge batteries.
• Power Systems: Integrated solutions comprising rectifiers, controllers, and distribution units designed to provide reliable and efficient DC power for critical applications in telecom, data centers, and industrial sectors.
• Controllers: Microprocessor-based units that manage, monitor, and optimize the performance, efficiency, and alarm functions of DC power systems.

Eltek Ltd. (symbol: ELTK) primarily sells its products to **other companies (B2B)**, not directly to individuals. Eltek is a leading manufacturer of advanced High Density Interconnect (HDI), multi-layered, and flex-rigid printed circuit boards (PCBs).

Based on their public filings, Eltek Ltd. has a diversified customer base, with no single customer accounting for more than 10% of their total sales in recent years. Therefore, specific "major customer" companies are not individually named or publicly disclosed as per standard reporting thresholds.

However, Eltek's PCBs are critical components used by Original Equipment Manufacturers (OEMs) across several key industries. These industries represent the primary categories of customers that Eltek serves:

• Telecommunications: Companies that manufacture equipment for cellular networks, internet infrastructure, communication systems, and other related technologies.
• Defense and Aerospace: Manufacturers of military equipment, avionics, radar systems, missile systems, satellites, and other critical components for defense contractors and aerospace companies.
• Medical: Companies producing advanced medical devices, diagnostic equipment, monitoring systems, and other healthcare technology where high-reliability PCBs are essential.
• Industrial: Manufacturers of industrial control systems, automation equipment, power management solutions, and other robust electronics used in various industrial applications.

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Eli Yaffe, Chief Executive Officer

Eli Yaffe joined Eltek as CEO in July 2018. Prior to Eltek, Mr. Yaffe served as the CEO of Carmel Forge Ltd. (Aerospace) and previously as the CEO of Urdan Industries Ltd. (Defense). He also held the position of VP of Business Development & Strategic Planning at Ormat Industries Ltd., where he was responsible for strategy, mergers and acquisitions, and business development. Mr. Yaffe holds a B.Sc. degree (with distinction) from the Technion-Israel Institute of Technology, an M.Sc. degree in Mechanical Engineering from Tel Aviv University, and an MBA degree (with distinction) in Finance & Marketing from Bar Ilan University.

Ron Freund, Chief Financial Officer

Ron Freund joined Eltek in January 2022. He is a senior finance executive with over thirty years of financial, operational, and management experience. Before joining Eltek, Mr. Freund held leadership and senior executive finance positions, including CFO of Ophir Tours Ltd. from 2015 to 2021. From 2011 to 2014, he served as CFO of Middle East Tube Company Ltd., an Israeli public company. His previous roles also include Deputy CEO and CFO of Soltam Systems LTD. and Senior Partner at Ernst & Young Israel. Mr. Freund holds a B.A. degree in Accounting and Economics from the Hebrew University, Jerusalem, and is a licensed CPA (Israel).

Yitzhak Zemach, Vice President of Operations

Yitzhak Zemach joined Eltek in September 2018 as operations manager. He previously served as the Plant Manager for the "Kahane Group" for six years, overseeing supply-chain processes. Between 2010 and 2012, Mr. Zemach was the VP Operations of "Bental electronics systems," and from 2006 to 2010, he was the Plant Manager of "Aladdin Knowledge Systems." Earlier in his career, he served as Production Manager of "Nistec Group."

Yaniv Luria, Chief Information Officer

Yaniv Luria joined Eltek in July 2024. From 2000 to 2021, he was the Director of IT at Nova Ltd. (Nasdaq: NVMI). Between 2022 and 2023, he held the position of Head of IT for R&D and Corporate Functions at Adama. Mr. Luria holds a B.Sc. degree in Industrial Engineering with a specialization in Information Systems and an MBA degree, both from Ben-Gurion University.

Tomer Segev, Vice President of Sales & Marketing

Tomer Segev joined Eltek as VP Sales & Marketing in June 2024. He brings over 20 years of experience in executive positions within sales and marketing, business management, and business development across various global technology companies. Mr. Segev holds a B.Sc. in Physics and Materials Engineering from the Technion and an MBA from the Kellogg-Recanati Executive MBA program.

Eltek (NASDAQ: ELTK) is a global manufacturer of advanced Printed Circuit Boards (PCBs), including complex rigid, double-sided, multi-layer, flexible, and rigid-flex PCBs. The company serves diverse markets such as medical, defense, aerospace, industrial, telecom, and networking equipment industries.

Addressable Markets for Eltek's Main Products (PCBs)

The addressable markets for Eltek's main products, Printed Circuit Boards, are substantial across the various industries it serves. Here's an overview of the market sizes, predominantly global unless otherwise specified:

• Global Printed Circuit Board (PCB) Market: The global PCB market was valued at approximately USD 71.57 billion in 2024 and is projected to grow to USD 113.49 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.3%. Other estimates place the global PCB market at USD 91.79 billion in 2024, expected to reach around USD 152.46 billion by 2033 with a CAGR of 5.8%. The market is also estimated at USD 78.18 billion in 2025 and is likely to cross USD 131.03 billion by 2035, registering a CAGR of over 5.3% during 2026-2035.
• Global Flexible PCB Market: The global flexible printed circuit board market size was valued at USD 24.39 billion in 2024 and is expected to reach USD 57.22 billion by 2032, exhibiting a CAGR of 11.25%. Another source indicates a market size of USD 23.89 billion in 2024, projected to reach USD 50.90 billion by 2030, growing at a CAGR of 13.7%.
• Global Rigid-Flex PCB Market: This market was valued at USD 24.56 billion in 2024 and is anticipated to reach USD 55.38 billion by 2032, with a CAGR of 10.7%. Another report projects the rigid-flex PCB market to grow from USD 27.2 billion in 2025 to USD 76.5 billion by 2035, at a CAGR of 10.9%.
• Global Medical Device PCB Market: The global medical PCB board market size was approximately USD 1.7 billion in 2023 and is projected to reach nearly USD 3.2 billion by 2032, growing at a CAGR of 7.2%. Other estimates suggest the global medical device PCB market was valued at USD 8.4 billion in 2023 and is projected to expand to USD 18.1 billion by 2033 with a CAGR of 7.1%. Yet another report shows the global Medical Device PCB market was valued at USD 25.23 billion in 2024 and is projected to reach USD 38.1 billion by 2032, exhibiting a CAGR of 5.29%.
• Global Aerospace & Defense PCB Market: This market was valued at $1.35 billion in 2024 and is expected to grow to $1.36 billion in 2025 at a CAGR of 0.2%, with a projection to reach $1.53 billion in 2029 at a CAGR of 3.1%. The U.S. & U.K. Aerospace and Defense PCB Market specifically was valued at USD 1.86 billion in 2023 and is expected to reach USD 3.67 billion by 2033, at a CAGR of 7.03%.
• Global Telecommunications PCB Market: The telecommunications PCB market is valued at approximately USD 19.23 billion in 2024 and is anticipated to reach around USD 32.45 billion by 2033, reflecting a CAGR of 6.5% from 2025 to 2033. Another source indicates the Telecommunication PCB Market size was valued at USD 27.8 billion in 2024.
• Global Industrial/Medical PCB Market: This sector accounts for 9% of the global PCB market.

Eltek (ELTK) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Capacity Expansion and Infrastructure Upgrades: Eltek is executing an accelerated $15 million investment plan to significantly expand its production capabilities. This includes the installation of new equipment and production lines, such as a 40-meter coating line anticipated by late 2025, which is projected to increase annual revenue capacity to a range of $55 million to $65 million.
2. Sustained Strong Demand in Key End Markets: The company continues to experience robust demand for its advanced Printed Circuit Boards (PCBs) across its primary customer segments, including defense, aerospace, medical devices, and high-tech industrial markets. Geopolitical tensions are also contributing to increased defense spending, presenting additional growth opportunities.
3. Expansion of Commercial Sales Activities: Eltek is actively working to broaden its commercial sales reach, an effort management expects to start yielding positive results throughout 2025 and in the subsequent years. The company is also exploring diversifying its supply base and initiating partial production abroad to enhance competitive pricing and maintain quality.
4. Improved Operational Efficiencies and High-Value Product Mix: As the investment program progresses and new production lines become fully operational, Eltek anticipates improved operational performance. The company's specialization in complex, high-quality PCBs, such as HDI, multilayered, and flex-rigid boards, supports a favorable product mix that contributes to higher gross margins and profitability. Management expects incremental revenue to have a stronger impact on profitability once fixed costs are absorbed.
5. Potential Competitive Advantage from US Tariffs: Eltek could benefit from potential U.S. tariffs imposed on competing imported products. While the full impact remains to be seen, such tariffs could enhance Eltek's competitive standing within the U.S. market.

Share Repurchases

• Eltek has shown a negative 3-Year Share Buyback Ratio of -4.80%, suggesting that the company has not been actively repurchasing shares, or has issued more shares than it has repurchased.

Share Issuance

• On February 15, 2024, Eltek closed a public offering of 625,000 ordinary shares at $16.00 per share, resulting in gross proceeds of $10,000,000.
• The net proceeds from this offering are intended for strategic investments in expanding production capabilities and for general corporate purposes, including working capital.
• The company's number of outstanding shares increased by 6.99% in one year.

Capital Expenditures

• Eltek is executing an accelerated $15 million investment plan through mid-2026.
• The primary focus of these capital expenditures is to establish advanced manufacturing capabilities, enhance technological proficiency, and expand annual production capacity to a range of $55 million to $65 million.
• Capital expenditures for the trailing twelve months (as of October 2025) were -$6.44 million.