WEST ORANGE, N.J., July 29, 2026 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter and first half of 2026.
Second Quarter 2026 Highlights
- Net sales of $210.7 million compared to $168.3 million in Q2-25. Up 25.1% from Q2-25
- Gross profit margin of 39.9%, up from 38.7% in Q2-25
- GAAP net earnings attributable to Bel shareholders of $25.5 million in Q2-26, compared to net earnings of $26.9 million in Q2-25. Non-GAAP net earnings attributable to Bel shareholders of $39.1 million in Q2-26, versus $21.0 million in Q2-25
- Adjusted EBITDA of $48.9 million (23.2% of sales), compared to $35.2 million (20.9% of sales) in Q2-25
- Raised $441.6 million in net proceeds from equity offering; paid down $197.5 million of debt
Farouq Tuweiq, President and CEO of Bel, said, “We delivered a very strong second quarter, with sales and gross margin toward the high end of our estimated ranges, driven by defense and data solutions demand and continued distribution recovery. The quarter also included several operational milestones: DataMate completed its facility transition and ERP conversion, and our Slovakia site achieved defense-manufacturer qualification to support the Enercon integration and European expansion. In addition, the team completed an equity offering, raising net proceeds of $441.6 million to pay down debt and support the remaining 20% of Enercon in early 2027, as well as future M&A and growth initiatives.”
“Bookings remained healthy, and assuming the continuation of current market conditions, we expect third-quarter 2026 sales of $205 million to $225 million and gross margin of 39% to 41%. We’re encouraged by the momentum in our end markets and believe our expanded European footprint and strong balance sheet position Bel to accelerate growth in the quarters ahead,” concluded Mr. Tuweiq.
Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, July 30, 2026 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13761209 after 12:30 pm ET, also for 30 days.
About Bel
Bel (www.belfuse.com) designs, manufactures, and markets critical electronic components, systems and solutions for customers in aerospace, defense, industrial, and data-driven markets. Understanding that our customers face increasingly complex technical challenges, Bel delivers a comprehensive portfolio of solutions including power systems, high-reliability connectors and cable assemblies, circuit protection, and networking products that enable Original Equipment Manufacturers (OEMs) to bring their innovations to market. Bel partners closely with customers to deliver both customized and standard solutions tailored to their specific applications and performance requirements. With manufacturing facilities and technical support teams worldwide, Bel serves as a strategic partner to customers who require proven reliability in demanding end markets.
Company Contact:
Lynn Hutkin
Chief Financial Officer
[email protected]
Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
[email protected]; [email protected]
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, the following: risks related to the protection of our intellectual property rights; difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures; the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary; trends in demand which can affect Bel’s products and results; the market concerns facing Bel’s customers, and risks for its business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry specifically; the effects of energy and other input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including its substantial manufacturing operations in China and Israel; risks related to Bel's indebtedness; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties (including risks relating to artificial intelligence); the regulatory and trade environment of the countries in which Bel transacts business or that may otherwise impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of Bel’s products and competitive responses to those products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and other risks detailed in Bel’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in subsequent reports filed by Bel with the Securities and Exchange Commission (the “SEC”). The forward-looking statements included in this press release represent Bel’s views only as of the date of this press release, and except as required by law, Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP"). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as stock-based compensation, amortization of intangibles (which primarily related to the amortization of finite-lived customer relationships and technology associated with the company's historical acquisitions), unrealized foreign currency exchange (gains) losses, restructuring charges (credits), gains/losses on sales of businesses and properties, acquisition related costs (for proposed or completed transactions), earnout liability adjustments, impairment charges, noncontrolling interest ("NCI") adjustments from fair value to redemption value, write-off of deferred financing costs, and certain litigation costs. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.
Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We may use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
[Financial tables follow]
Bel Fuse Inc.Supplementary Information(1)
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net sales $210,685 $168,299 $389,176 $320,537 Cost of sales 126,718 103,216 235,611 196,635 Gross profit 83,967 65,083 153,565 123,902 As a % of net sales 39.9% 38.7% 39.5% 38.7% Research and development costs 9,006 8,104 17,513 15,326 Selling, general and administrative expenses 36,285 30,914 73,015 60,421 As a % of net sales 17.2% 18.4% 18.8% 18.8%Restructuring charges (credits) 24 280 100 (2,653)Gain on sale of properties - (4,075) - (4,075)Earnout liability adjustments 233 - 852 - Income from operations 38,419 29,860 62,085 54,883 As a % of net sales 18.2% 17.7% 16.0% 17.1% Interest expense (1,802) (3,993) (4,332) (8,145)Interest income 1,280 264 1,430 539 Other (expense) income, net (137) 7,568 (3,631) 10,207 Earnings before income taxes 37,760 33,699 55,552 57,484 Provision for income taxes 3,785 6,906 6,593 12,369 Effective tax rate 10.0% 20.5% 11.9% 21.5%Net earnings 33,975 26,793 48,959 45,115 As a % of net sales 16.1% 15.9% 12.6% 14.1% Less: Net earnings attributable to noncontrolling interest 1,757 822 2,729 1,660 Redemption value adjustment attributable to noncontrolling interest 6,738 (890) 9,371 (1,280)Net earnings attributable to Bel Fuse shareholders $25,480 $26,861 $36,859 $44,735 Weighted average number of shares outstanding: Class A common shares - basic 2,115 2,115 2,115 2,115 Class A common shares - diluted 2,115 2,115 2,115 2,115 Class B common shares - basic 11,483 10,551 11,020 10,504 Class B common shares - diluted 11,497 10,551 11,028 10,504 Net earnings per common share: Class A common shares - basic $1.80 $2.03 $2.69 $3.39 Class A common shares - diluted $1.79 $2.03 $2.68 $3.39 Class B common shares - basic $1.89 $2.14 $2.83 $3.58 Class B common shares - diluted $1.89 $2.14 $2.83 $3.58
(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
Bel Fuse Inc.Supplementary Information(1)
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $306,106 $57,800 Accounts receivable, net 155,884 121,490 Inventories 200,226 167,270 Other current assets 36,514 38,201 Total current assets 698,730 384,761 Property, plant and equipment, net 47,051 48,428 Right-of-use assets 33,354 22,868 Goodwill and other intangible assets, net 435,799 432,787 Other assets 49,248 46,356 Total assets $1,264,182 $935,200 Liabilities, redeemable noncontrolling interest and shareholders' equity Current liabilities: Accounts payable $87,612 $52,990 Operating lease liabilities, current 8,748 8,029 Other current liabilities 59,561 66,426 Total current liabilities 155,921 127,445 Long-term debt - 197,500 Operating lease liabilities long-term 25,514 15,867 Other liabilities 70,775 75,714 Total liabilities 252,210 416,526 Redeemable noncontrolling interest 102,601 93,161 Shareholders' equity 909,371 425,513 Total liabilities, redeemable noncontrolling interest and shareholders' equity $1,264,182 $935,200
(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
Bel Fuse Inc.Supplementary Information(1)
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net earnings $48,959 $45,115 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 13,535 13,284 Stock-based compensation 5,111 2,900 Amortization of deferred financing costs 1,090 692 Deferred income taxes (4,557) (861)Unrealized losses (gains) on foreign currency revaluation 3,786 (12,913)Gain on sale/disposal of property - (4,075)Inventory impairment 1,186 - Changes in fair value of contingent consideration liabilities 852 - Other, net (622) 1,595 Changes in operating assets and liabilities: Increase in accounts receivable (32,095) (8,203)Decrease (increase) in unbilled receivables 67 (1,400)Increase in inventories (32,166) (122)Increase in other current assets (563) (4,994)(Increase) decrease in other assets (2,006) 2,443 Increase in accounts payable 33,072 3,511 Decrease in accrued expenses (4,310) (8,641)Decrease in accrued restructuring costs (479) (5,075)Increase in income taxes payable 1,745 2,143 (Decrease) increase in other liabilities (843) 3,465 Net cash provided by operating activities 31,762 28,864 Cash flows from investing activities: Purchases of property, plant and equipment (4,890) (6,718)Proceeds from held to maturity securities - 950 Investment in related party notes receivable - (778)Proceeds from disposal/sale of property, plant and equipment 3 4,867 Acquisition of business, net of cash acquired (15,224) - Net cash used in investing activities (20,111) (1,679) Cash flows from financing activities: Dividends paid to common shareholders (1,684) (1,660)Dividends paid to noncontrolling interest (2,661) - Payment for contingent consideration (3,531) - Deferred financing costs - (681)Repayments under revolving line of credit (217,500) (42,500)Borrowings under revolving line of credit 20,000 5,000 Proceeds from issuance of common stock, net 441,643 - Net cash provided by (used in) financing activities 236,267 (39,841) Effect of exchange rate changes on cash 388 3,687 Net increase (decrease) in cash and cash equivalents 248,306 (8,969)Cash and cash equivalents - beginning of year 57,800 68,253 Cash and cash equivalents - end of year $306,106 $59,284 Supplementary information: Cash paid during the period for: Income taxes, net of refunds received $10,429 $11,422 Interest payments $3,816 $8,188 ROU assets obtained in exchange for lease obligations $14,771 $1,502
(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
Bel Fuse Inc.Supplementary Information(1)
Segment Highlights
(dollars in thousands, unaudited)
Sales Gross Margin Q2-26 Q2-25 % Change Q2-26 Q2-25 Basis Point Change Aerospace, Defense & Rugged Solutions $110,457 $91,832 20.3% 41.1% 41.4% (30)Industrial Technology & Data Solutions 100,228 76,467 31.1% 38.8% 36.6% 220 Total $210,685 $168,299 25.2% 39.9% 38.7% 120
(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
Bel Fuse Inc.Supplementary Information(1)
Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA
(in thousands, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 GAAP Net earnings $33,975 $26,793 $48,959 $45,115 Provision for income taxes 3,785 6,906 6,593 12,369 Other expense/income, net 137 (7,568) 3,631 (10,207)Interest income (1,280) (264) (1,430) (539)Interest expense 1,802 3,993 4,332 8,145 GAAP Operating Income 38,419 29,860 62,085 54,883 Restructuring charges (credits) 24 280 100 (2,653)Earnout liability adjustments 233 - 852 - Stock-based compensation 3,034 1,721 5,111 2,900 Acquisition related costs 249 - 1,663 - Amortization of inventory step-up - 799 - 1,757 Gain on sale of properties - (4,075) - (4,075)Non-GAAP Operating Income 41,959 28,585 69,811 52,812 Depreciation and amortization 6,911 6,600 13,535 13,284 Adjusted EBITDA $48,870 $35,185 $83,346 $66,096 % of net sales 23.2% 20.9% 21.4% 20.6%
(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
Bel Fuse Inc.Supplementary Information(1)
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except per share data) (unaudited)
The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic shares ("EPS") and the line items in which these items were included on the consolidated statements of operations.
Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Basic Class A EPS(3) Basic Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Basic Class A EPS(3) Basic Class B EPS(3) GAAP measures $37,760 $3,785 $25,480 $1.80 $1.89 $33,699 $6,906 $26,861 $2.03 $2.14 Restructuring charges 24 4 20 0.00 0.00 280 48 232 0.02 0.02 Earnout liability adjustments 233 37 196 0.01 0.01 - - - - - Stock-based compensation 3,034 677 2,357 0.17 0.17 1,721 354 1,367 0.10 0.11 Acquisition related costs 249 57 192 0.01 0.01 - - - - - Redemption value adjustment on redeemable NCI - - 6,738 0.48 0.50 - - (890) (0.07) (0.07)Amortization of intangibles 3,941 710 3,231 0.23 0.24 3,697 647 3,050 0.23 0.24 Unrealized foreign currency exchange losses/(gains) 641 208 433 0.03 0.03 (9,250) (2,127) (7,123) (0.54) (0.57)Deferred financing cost write-off 640 147 493 0.03 0.04 - - - - - Amortization of inventory step-up - - - - - 799 184 615 0.05 0.05 Gain on sale of property - - - - - (4,075) (937) (3,138) (0.24) (0.25)Non-GAAP measures $46,522 $5,625 $39,140 $2.76 $2.90 $26,871 $5,075 $20,974 $1.58 $1.67(1) The supplementary information included in this press release for 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the SEC.
(2) Individual amounts of earnings per share may not agree to the total due to rounding.