Bel Reports Second Quarter and First Half 2026 Results

July 29, 2026

Bel Reports Second Quarter and First Half 2026 Results

Provides Q3-26 Sales and Gross Margin Guidance

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
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 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

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

Aerospace, Defense & Rugged Solutions	$	210,278		174,954		20.2	%		41.3	%		40.8	%		50
Industrial Technology & Data Solutions		178,898		145,583		22.9	%		37.8	%		36.9	%		90
Total	$	389,176	$	320,537		21.4	%		39.5	%		38.7	%		80

(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

	Six Months Ended June 30, 2026										Six 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	$	55,552	$	6,593	$	36,859	$	2.69	$	2.83	$	57,484		$	12,369		$	44,735		$	3.39		$	3.58
Restructuring charges/(credits)		100		15		85		0.01		0.01		(2,653	)		(323	)		(2,330	)		(0.18	)		(0.19	)
Earnout liability adjustments		852		136		716		0.05		0.05		-			-			-			-			-
Stock-based compensation		5,111		1,140		3,971		0.29		0.30		2,900			597			2,303			0.18			0.18
Acquisition related costs		1,663		382		1,281		0.09		0.10		-			-			-			-			-
Redemption value adjustment on redeemable NCI		-		-		9,371		0.68		0.72		-			-			(1,280	)		(0.10	)		(0.10	)
Amortization of intangibles		7,641		1,357		6,284		0.46		0.48		7,383			1,295			6,088			0.46			0.49
Unrealized foreign currency exchange losses/(gains)		3,786		938		2,848		0.21		0.22		(12,913	)		(2,995	)		(9,918	)		(0.75	)		(0.79	)
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 properties		-		-		-		-		-		(4,075	)		(937	)		(3,138	)		(0.24	)		(0.25	)
Non-GAAP measures	$	75,345	$	10,708	$	61,908	$	4.52	$	4.75	$	49,883		$	10,410		$	37,813		$	2.86		$	3.02

⁽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.