ELTEK LTD, a niche player in sophisticated printed circuit boards (PCBs), reported an 11% revenue increase to $51.79 million in 2025, supported by investments in capacity expansion and strong demand from defense and medical sectors. However, operating profit declined by over 46%, driven by higher employee costs, production inefficiencies linked to ongoing plant upgrades, and adverse currency movements. The company faces supply chain vulnerabilities and competitive pressures from Asian manufacturers while maintaining a healthy balance sheet with no outstanding bank debt. Looking ahead, ELTEK plans $5 million capex in 2026 aiming to further enhance manufacturing capabilities, with close attention warranted on operational efficiency and market penetration in sensitive defense applications.