Eltek Q2 Revenue Falls 20%, Swings to $2.7M Net Loss
ELTK sits 25% above its 52-week low of $7.3.
Summary
Eltek reported Q2 revenue of $11.5 million, down from the prior year, and swung to a net loss of $2.7 million from a profit a year ago. The company attributed the loss to a manufacturing transition period and stabilization efforts, with financial expenses also hit by the dollar's erosion against the shekel. Gross loss was $964,000 and operating loss $2.55 million. Management expects to begin qualifying its new PCB plating line in Q3, aiming to improve performance in future periods. This follows the 6-K filed this morning with the same figures; the news adds analyst context and a detailed breakdown of the loss.
At the time of this announcement, ELTK was trading at $9.16 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $60.8M. The 52-week trading range was $7.30 to $11.59. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.