Bel Reports Third Quarter 2026 Results

October 28, 2026

Bel Reports Third Quarter 2026 Results

Provides Q4-26 Sales and Gross Margin Guidance

WEST ORANGE, N.J., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company” ) today announced preliminary financial results for the third quarter of 2026.

Third Quarter 2026 Highlights

•	Net sales of $220.5 million compared to $179.0 million in Q3-25. Up 23.2% from Q3-25
•	Gross profit margin of 40.9%, up from 39.7% in Q3-25
•	GAAP net earnings attributable to Bel shareholders of $26.3 million in Q3-26, compared to net earnings of $22.3 million in Q3-25. Non-GAAP net earnings attributable to Bel shareholders of $44.0 million in Q3-26, versus $26.3 million in Q3-25
•	Adjusted EBITDA of $52.5 million (23.8% of sales), compared to $39.2 million (21.9% of sales) in Q3-25

Farouq Tuweiq, President and CEO of Bel, said, “We are pleased with our strong third quarter results, with performance led by our Data Solutions sector, Industrials end market, and across our distribution partners. The quarter reflects momentum across key end markets, supported by focused execution across our global organization.”

“Looking ahead, we expect a strong fourth quarter, guiding net sales of $220 million to $240 million and gross margin of 40.0% to 42.0%. We are excited about how the year is shaping up and remain focused on serving our customers, executing our growth strategy, and creating long-term value for our shareholders,” concluded Mr. Tuweiq.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, October 29, 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 13762729 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
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

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, Non-GAAP Provision for Income Taxes 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, provision for income taxes, 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. With these measures we present results adjusted to exclude the effects of certain unusual or special items that occur outside the ordinary course of business and are not used by management for evaluating operating performance, as well their related tax impact, all of which would otherwise be included under U.S. GAAP. 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, Non-GAAP Provision for Income Taxes 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 as discussed above, such as stock-based compensation, amortization of inventory step-up, 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 (including both non-operational properties in Hong Kong and operational properties elsewhere), 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.

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						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025

Net sales	$	220,510		$	178,980		$	609,686		$	499,517
Cost of sales		130,229			107,840			365,840			304,475
Gross profit		90,281			71,140			243,846			195,042
As a % of net sales		40.9	%		39.7	%		40.0	%		39.0	%

Research and development costs		8,795			7,549			26,308			22,875
Selling, general and administrative expenses		39,437			32,804			112,452			93,225
As a % of net sales		17.9	%		18.3	%		18.4	%		18.7	%
Restructuring charges (credits)		57			219			157			(2,434	)
Gain on sale of properties		-			(1,626	)		-			(5,701	)
Earnout liability adjustments		2,439			1,857			3,291			1,857
Income from operations		39,553			30,337			101,638			85,220
As a % of net sales		17.9	%		16.9	%		16.7	%		17.1	%

Interest expense		(71	)		(3,630	)		(4,403	)		(11,775	)
Interest income		2,740			238			4,170			777
Other income, net		4,419			1,058			788			11,265
Earnings before income taxes		46,641			28,003			102,193			85,487

Provision for income taxes		8,252			5,448			14,845			17,817
Effective tax rate		17.7	%		19.5	%		14.5	%		20.8	%
Net earnings		38,389			22,555			87,348			67,670
As a % of net sales		17.4	%		12.6	%		14.3	%		13.5	%

Less: Net earnings attributable to noncontrolling interest		276			620			3,005			2,280
Redemption value adjustment attributable to noncontrolling interest		11,823			(315	)		21,194			(1,595	)
Net earnings attributable to Bel Fuse shareholders	$	26,290		$	22,250		$	63,149		$	66,985

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		12,312			10,548			11,455			10,519
Class B common shares - diluted		12,324			10,548			11,465			10,519

Net earnings per common share:
Class A common shares - basic	$	1.74		$	1.68		$	4.45		$	5.07
Class A common shares - diluted	$	1.74		$	1.68		$	4.45		$	5.07
Class B common shares - basic	$	1.84		$	1.77		$	4.69		$	5.35
Class B common shares - diluted	$	1.83		$	1.77		$	4.69		$	5.35

(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)

	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	333,122	$	57,800
Accounts receivable, net		156,178		121,490
Inventories		224,712		167,270
Other current assets		32,777		38,201
Total current assets		746,789		384,761
Property, plant and equipment, net		50,320		48,428
Right-of-use assets		31,579		22,868
Goodwill and other intangible assets, net		431,187		432,787
Other assets		49,564		46,356
Total assets	$	1,309,439	$	935,200

Liabilities, redeemable noncontrolling interest and shareholders' equity
Current liabilities:
Accounts payable	$	92,490	$	52,990
Operating lease liabilities, current		8,689		8,029
Other current liabilities		67,381		66,426
Total current liabilities		168,560		127,445
Long-term debt		-		197,500
Operating lease liabilities long-term		23,575		15,867
Other liabilities		69,895		75,714
Total liabilities		262,030		416,526
Redeemable noncontrolling interest		114,038		93,161
Shareholders' equity		933,371		425,513
Total liabilities, redeemable noncontrolling interest and shareholders' equity	$	1,309,439	$	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)

	Nine Months Ended
	September 30,
	2026			2025

Cash flows from operating activities:
Net earnings	$	87,348		$	67,670
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		20,806			19,936
Stock-based compensation		8,158			4,661
Amortization of deferred financing costs		1,090			1,124
Deferred income taxes (benefit)		(5,331	)		1,722
Unrealized losses (gains) on foreign currency revaluation		2,557			(13,203	)
Gain on sale/disposal of properties		(976	)		(5,701	)
Inventory impairment		1,186			-
Change in fair value of contingent consideration liabilities		3,291			-
Other, net		(3,641	)		1,794
Changes in operating assets and liabilities:
Increase in accounts receivable		(32,603	)		(13,141	)
Decrease (increase) in unbilled receivables		1,513			(4,097	)
Increase in inventories		(56,495	)		(1,656	)
Increase in other current assets		(1,757	)		(3,232	)
(Increase) decrease in other assets		(2,698	)		880
Increase in accounts payable		37,650			4,030
Increase (decrease) in accrued expenses		1,528			(3,357	)
Decrease in accrued restructuring costs		(435	)		(5,010	)
Increase (decrease) in income taxes payable		5,654			(3,142	)
(Decrease) increase in other liabilities		(889	)		1,766
Net cash provided by operating activities		65,956			51,044

Cash flows from investing activities:
Purchases of property, plant and equipment		(11,036	)		(8,578	)
Proceeds from held to maturity securities		-			950
Investment in related party notes receivable		-			(985	)
Proceeds from disposal/sale of property, plant and equipment		1,192			7,763
Acquisition of business, net of cash acquired		(16,224	)		-
Net cash used in investing activities		(26,068	)		(850	)

Cash flows from financing activities:
Dividends paid to common shareholders		(2,651	)		(2,494	)
Dividends paid to noncontrolling interest		(3,324	)		-
Payment for contingent consideration		(3,531	)		-
Deferred financing costs		-			(681	)
Repayments under revolving line of credit		(217,500	)		(70,500	)
Borrowings under revolving line of credit		20,000			8,000
Proceeds from issuance of common stock, net		441,643			-
Net cash provided by (used in) financing activities		234,637			(65,675	)

Effect of exchange rate changes on cash		797			4,971

Net increase (decrease) in cash and cash equivalents		275,322			(10,510	)
Cash and cash equivalents - beginning of year		57,800			68,253
Cash and cash equivalents - end of year	$	333,122		$	57,743


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	15,601		$	19,426
Interest payments	$	3,816		$	11,831
ROU assets obtained in exchange for lease obligations	$	15,130		$	1,784

(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
	Q3-26		Q3-25		% Change			Q3-26			Q3-25			Basis Point Change

Aerospace, Defense & Rugged Solutions	$	106,596	$	96,298		10.7	%		39.6	%		41.1	%		(150	)
Industrial Technology & Data Solutions		113,914		82,682		37.8	%		42.7	%		38.0	%		470
Total	$	220,510	$	178,980		23.2	%		40.9	%		39.7	%		120

	Sales							Gross Margin
	YTD September 2026		YTD September 2025		% Change			YTD September 2026			YTD September 2025			Basis Point Change

Aerospace, Defense & Rugged Solutions	$	316,874		271,252		16.8	%		40.7	%		40.9	%		(20	)
Industrial Technology & Data Solutions		292,812		228,265		28.3	%		39.7	%		37.3	%		240
Total	$	609,686	$	499,517		22.1	%		40.0	%		39.0	%		100

(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						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025

GAAP Net Earnings	$	38,389		$	22,555		$	87,348		$	67,670
Provision for income taxes		8,252			5,448			14,845			17,817
Other income, net		(4,419	)		(1,058	)		(788	)		(11,265	)
Interest income		(2,740	)		(238	)		(4,170	)		(777	)
Interest expense		71			3,630			4,403			11,775
GAAP Operating Income		39,553			30,337			101,638			85,220
Restructuring charges (credits)		57			219			157			(2,434	)
Earnout liability adjustments		2,439			1,857			3,291			1,857
Stock-based compensation		3,047			1,761			8,158			4,661
Acquisition related costs		143			-			1,806			-
Amortization of inventory step-up		-			-			-			1,757
Gain on sale of properties		-			(1,626	)		-			(5,701	)
Non-GAAP Operating Income		45,239			32,548			115,050			85,360
Depreciation and amortization		7,271			6,652			20,806			19,936
Adjusted EBITDA	$	52,510		$	39,200		$	135,856		$	105,296
% of net sales		23.8	%		21.9	%		22.3	%		21.1	%

(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 earnings before taxes, provision for income taxes, net earnings attributable to Bel Fuse Shareholders, and net earnings per common Class A and Class B basic shares (“EPS”), as well as the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended September 30, 2026															Three Months Ended September 30, 2025
Reconciling Items	Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Basic Class A EPS⁽²⁾			Basic Class B EPS⁽²⁾			Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Basic Class A EPS⁽²⁾			Basic Class B EPS⁽²⁾

GAAP measures	$	46,641		$	8,252		$	26,290		$	1.74		$	1.84		$	28,003		$	5,448		$	22,250		$	1.68		$	1.77
Restructuring charges		57			14			43			0.00			0.00			219			36			183			0.01			0.01
Earnout liability adjustments		2,439			390			2,049			0.14			0.14			1,857			297			1,560			0.12			0.12
Stock-based compensation		3,047			679			2,368			0.16			0.17			1,761			363			1,398			0.11			0.11
Acquisition related costs		143			33			110			0.01			0.01			-			-			-			-			-
Redemption value adjustment on redeemable NCI		-			-			11,823			0.79			0.83			-			-			(315	)		(0.02	)		(0.02	)
Amortization of intangibles		3,875			694			3,181			0.21			0.22			3,700			647			3,053			0.23			0.24
Unrealized foreign currency exchange gains		(1,229	)		(333	)		(896	)		(0.06	)		(0.06	)		(291	)		(81	)		(210	)		(0.02	)		(0.02	)
Gain on sale of Hong Kong property		(976	)		-			(976	)		(0.06	)		(0.07	)		-			-			-			-			-
Gain on sale of properties		-			-			-			-			-			(1,626	)		-			(1,626	)		(0.12	)		(0.13	)
Non-GAAP measures	$	53,997		$	9,729		$	43,992		$	2.92		$	3.07		$	33,623		$	6,710		$	26,293		$	1.99		$	2.09

	Nine Months Ended September 30, 2026														Nine Months Ended September 30, 2025
Reconciling Items	Earnings before taxes			Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders			Basic Class A EPS⁽²⁾			Basic Class B EPS⁽²⁾			Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Basic Class A EPS⁽²⁾			Basic Class B EPS⁽²⁾

GAAP measures	$	102,193		$	14,845	$	63,149		$	4.45		$	4.69		$	85,487		$	17,817		$	66,985		$	5.07		$	5.35
Restructuring charges/(credits)		157			29		128			0.01			0.01			(2,434	)		(287	)		(2,147	)		(0.16	)		(0.17	)
Earnout liability adjustments		3,291			526		2,765			0.20			0.21			1,857			297			1,560			0.12			0.12
Stock-based compensation		8,158			1,819		6,339			0.45			0.47			4,661			960			3,701			0.28			0.30
Acquisition related costs		1,806			415		1,391			0.10			0.10			-			-			-			-			-
Redemption value adjustment on redeemable NCI		-			-		21,194			1.50			1.57			-			-			(1,595	)		(0.12	)		(0.13	)
Amortization of intangibles		11,516			2,051		9,465			0.67			0.70			11,083			1,942			9,141			0.69			0.73
Unrealized foreign currency exchange losses/(gains)		2,557			605		1,952			0.14			0.14			(13,204	)		(3,076	)		(10,128	)		(0.77	)		(0.81	)
Deferred financing cost write-off		640			147		493			0.04			0.04			-			-			-			-			-
Amortization of inventory step-up		-			-		-			-			-			1,757			404			1,353			0.10			0.11
Gain on sale of Hong Kong property		(976	)		-		(976	)		(0.07	)		(0.07	)		-			-			-			-			-
Gain on sale of properties		-			-		-			-			-			(5,701	)		(937	)		(4,764	)		(0.36	)		(0.38	)
Non-GAAP measures	$	129,342		$	20,437	$	105,900		$	7.48		$	7.86		$	83,506		$	17,120		$	64,106		$	4.85		$	5.12

⁽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.

Source: Bel Fuse Inc.