WEST ORANGE, N.J., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2025.
Fourth Quarter 2025 Highlights
-- Net sales of $175.9 million compared to $149.9 million in Q4-24. Up 17.4%
from Q4-24
-- Gross profit margin of 39.4%, up from 37.5% in Q4-24
-- GAAP net loss attributable to Bel shareholders of $5.4 million in Q4-25,
compared to net loss of $1.8 million in Q4-24. Q4-25 results include a
$13.1 million non-cash impairment of our equity method investment and
related loans in Innolectric, as previously disclosed. Non-GAAP net
earnings attributable to Bel shareholders of $24.9 million in Q4-25,
versus $19.0 million in Q4-24.
-- Adjusted EBITDA of $37.6 million (21.4% of sales), compared to $30.3
million (20.2% of sales) in Q4-24
Full Year 2025 Highlights
-- Net sales of $675.5 million compared to $534.8 million in 2024. Up 26.3%
from 2024
-- Gross profit margin of 39.1%, up from 37.8% in 2024
-- GAAP net earnings attributable to Bel shareholders of $61.5 million in
2025, compared to net earnings of $41.0 million in 2024. Non-GAAP net
earnings attributable to Bel shareholders of $89.0 million versus $72.1
million in 2024
-- Adjusted EBITDA of $142.9 million (21.2% of sales), compared to $101.9
million (19.0% of sales) in 2024
"Bel delivered a strong fourth quarter, with sales and gross margin percentage at the high end of our guidance," said Farouq Tuweiq, President and CEO. "This achievement reflects strong demand across commercial aerospace and defense, and a continued recovery in our networking and distribution channels.
"As we look to the future, we are excited to welcome Tom Smelker to the leadership team as Pete Bittner transitions into retirement. Tom brings a fresh perspective and extensive experience in the aerospace and defense sectors, which are central to our growth strategy. His leadership will help us further align our organization with evolving customer needs and industry trends.
"Looking ahead to the first quarter of 2026, which generally reflects seasonality due to the Chinese New Year holiday, based on information available today we estimate net sales of $165 to $180 million and expect gross margin to remain healthy in the 37 to 39 percent range. Across Bel, there is a high level of teamwork as we pursue growth initiatives and explore new opportunities to shape the next phase of our company's evolution," concluded Mr. Tuweiq.
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 restructuring charges (credits), gains/losses on sales of businesses and properties, acquisition related costs, earnout adjustments, impairment charges, noncontrolling interest ("NCI") adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. 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.
Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 18, 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 13757242 after 12:30 pm ET, also for 30 days.
About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.
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, including but not limited to, our guidance for the first quarter of 2026; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2026 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, and gross margin, and as to our products, product groups, customers, and end markets; statements about demand among certain categories of customers or end markets, recovery in networking and distribution channels, and views on the effects on the Company's overall future performance; statements about additions to the leadership team and expectations regarding further alignment of the organization with customer needs and industry trends; statements about growth strategy and growth initiatives, teamwork, exploration of new opportunities, and the Company's evolution; and statements regarding our expectations and beliefs regarding trends in the Company's business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company's positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. 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, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel's November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel's intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel's business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel's products and results, including that demand in Enercon's end markets can be cyclical, impacting the demand for Enercon's products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel's customers, and risks for the Company's 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 in particular; the effects of rising 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 Bel's substantial manufacturing operations in China, and following Bel's November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, military activity, major hostilities or acts of terrorism in the region; 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; the regulatory and trade environment including the potential effects of the imposition or modification of new or increased tariffs either by the U.S. government on foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy and the associated impacts of those changes; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and the risks detailed in Bel's most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel's business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel's views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. 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. These forward-looking statements should not be relied upon as representing Bel's views as of any date subsequent to the date of this press release.
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. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.
Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We 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, Securities and Exchange Commission (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 Year Ended
December 31, December 31,
---------------------- ----------------------
2025 2024 2025 2024
-------- -------- -------- --------
Net sales $175,938 $149,859 $675,455 $534,792
Cost of sales 106,562 93,652 411,037 332,434
------- ------- ------- -------
Gross profit 69,376 56,207 264,418 202,358
As a % of net
sales 39.4% 37.5% 39.1% 37.8%
Research and
development
costs 7,992 6,934 30,867 23,586
Selling,
general and
administrative
expenses 32,603 34,831 125,828 110,616
As a % of net
sales 18.5% 23.2% 18.6% 20.7%
Impairment of
CUI tradename - 400 - 400
Restructuring
charges
(credits) 1,757 1,669 (677) 3,459
Gain on sale of
properties - - (5,701) -
Earnout
liability
adjustments 1,248 - 3,105 -
------- ------- ------- -------
Income from
operations 25,776 12,373 110,996 64,297
As a % of net
sales 14.7% 8.3% 16.4% 12.0%
Interest
expense (2,976) (2,815) (14,751) (4,078)
Interest income 258 1,013 1,035 4,754
Impairment of
equity method
investment and
related party
notes (13,087) - (13,087) -
Other (expense)
income, net (408) (3,186) 10,857 (3,165)
------- ------- ------- -------
Earnings before
income taxes 9,563 7,385 95,050 61,808
Provision for
income taxes 3,122 953 20,939 12,616
Effective tax
rate 32.6% 12.9% 22.0% 20.4%
------- ------- ------- -------
Net earnings 6,441 6,432 74,111 49,192
------- ------- ------- -------
As a % of net
sales 3.7% 4.3% 11.0% 9.2%
Less: Net
earnings
attributable
to
noncontrolling
interest 1,172 484 3,452 484
Redemption
value
adjustment
attributable
to
noncontrolling
interest 10,718 7,748 9,123 7,748
Net (loss)
earnings
attributable
to Bel Fuse
shareholders $ (5,449) $ (1,800) $ 61,536 $ 40,960
======= ======= ======= =======
Weighted
average number
of shares
outstanding:
Class A common
shares - basic
and diluted 2,115 2,115 2,115 2,124
======= ======= ======= =======
Class B common
shares -
basic 10,543 10,429 10,525 10,491
======= ======= ======= =======
Class B common
shares -
diluted 10,579 10,429 10,546 10,491
======= ======= ======= =======
Net (loss)
earnings per
common share:
Class A common
shares - basic
and diluted $ (0.42) $ (0.14) $ 4.65 $ 3.09
======= ======= ======= =======
Class B common
shares -
basic $ (0.43) $ (0.14) $ 4.91 $ 3.28
======= ======= ======= =======
Class B common
shares -
diluted $ (0.43) $ (0.14) $ 4.90 $ 3.28
======= ======= ======= =======
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
December 31, December 31,
2025 2024
-------------- --------------
Assets
Current assets:
Cash and cash equivalents $ 57,800 $ 68,253
Held to maturity U.S. Treasury securities - 950
Accounts receivable, net 121,490 111,376
Inventories 167,270 161,370
Other current assets 38,201 31,581
---------- ----------
Total current assets 384,761 373,530
Property, plant and equipment, net 48,428 47,879
Right-of-use assets 22,868 25,125
Related-party note receivable - 2,937
Equity method investment - 9,265
Goodwill and other intangible assets, net 432,787 439,984
Other assets 46,356 51,069
---------- ----------
Total assets $ 935,200 $ 949,789
========== ==========
Liabilities, redeemable noncontrolling
interest and shareholders' equity
Current liabilities:
Accounts payable $ 52,990 $ 49,182
Operating lease liabilities, current 8,029 7,954
Other current liabilities 66,426 70,933
---------- ----------
Total current liabilities 127,445 128,069
Long-term debt 197,500 287,500
Operating lease liabilities long-term 15,867 17,763
Other liabilities 75,714 75,295
---------- ----------
Total liabilities 416,526 508,627
Redeemable noncontrolling interest 93,162 80,586
Shareholders' equity 425,512 360,576
---------- ----------
Total liabilities, redeemable noncontrolling
interest and shareholders' equity $ 935,200 $ 949,789
========== ==========
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Year Ended
December 31,
--------------------
2025 2024
-------- ---------
Cash flows from operating activities:
Net earnings $ 74,111 $ 49,192
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Impairment of equity method investment and
related party notes 13,087 -
Depreciation and amortization 26,592 16,457
Stock-based compensation 6,813 3,740
Amortization of deferred financing costs 1,547 151
Deferred income taxes 1,379 (6,267)
Net unrealized (gains)/loss on foreign
currency revaluation (12,703) 1,456
Gain on sale/disposal of property (5,701) -
Other, net 2,219 2,345
Changes in operating assets and
liabilities:
Accounts receivable (8,609) (6,817)
Unbilled receivables (4,753) 7,800
Inventories (2,415) 15,121
Other current assets (1,636) (2,357)
Other assets (1,604) 5,972
Accounts payable 2,441 139
Accrued expenses 195 (7,068)
Accrued restructuring costs (5,078) 215
Income taxes payable (3,656) (1,009)
Other liabilities (1,617) (5,006)
------- --------
Net cash provided by operating
activities 80,612 74,064
Cash flows from investing activities:
Purchases of property, plant and equipment (12,002) (14,108)
Purchases of held to maturity U.S. Treasury
securities - (131,309)
Proceeds from held to maturity securities 950 167,907
Investment in related party notes
receivable - (785)
Proceeds from disposal/sale of property,
plant and equipment 7,804 883
Acquisition of business, net of cash
acquired - (320,481)
------- --------
Net cash used in investing activities (3,248) (297,893)
Cash flows from financing activities:
Dividends paid to common shareholders (3,465) (3,453)
Purchase of treasury stock - (16,053)
Deferred financing costs (681) (1,736)
Repayments under revolving line of credit (98,000) (15,000)
Borrowings under revolving line of credit 8,000 242,500
------- --------
Net cash (used in) provided by
financing activities (94,146) 206,258
Effect of exchange rate changes on cash 6,329 (3,547)
Net decrease in cash and cash equivalents (10,453) (21,118)
Cash and cash equivalents - beginning of year 68,253 89,371
------- --------
Cash and cash equivalents - end of year $ 57,800 $ 68,253
======= ========
Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received $ 23,731 $ 22,952
======= ========
Interest payments $ 14,792 $ 5,795
======= ========
ROU assets obtained in exchange for lease
obligations $ 4,763 $ 6,870
======= ========
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Product Group Highlights
(dollars in thousands, unaudited)
Sales Gross Margin
---------------------------- ----------------------------
Basis
Point
Q4-25 Q4-24 % Change Q4-25 Q4-24 Change
-------- -------- -------- ----- ----- ------
Power
Solutions
and
Protection $ 92,546 $ 78,073 18.5% 44.5% 40.6% 390
Connectivity
Solutions 60,484 52,548 15.1% 37.2% 36.6% 60
Magnetic
Solutions 22,908 19,238 19.1% 27.3% 29.1% (180)
------- ------- -------- ----- ----- ------
Total $175,938 $149,859 17.4% 39.4% 37.5% 190
======= ======= ======== ===== ===== ======
Sales Gross Margin
---------------------------- --------------------------
Basis
FY FY Point
FY 2025 FY 2024 % Change 2025 2024 Change
-------- -------- -------- ---- ---- ------
Power
Solutions
and
Protection $356,805 245,551 45.3% 42.7% 42.4% 30
Connectivity
Solutions 232,286 220,370 5.4% 38.7% 37.1% 160
Magnetic
Solutions 86,364 68,871 25.4% 27.6% 25.3% 230
------- ------- -------- ---- ---- ------
Total $675,455 $534,792 26.3% 39.1% 37.8% 130
======= ======= ======== ==== ==== ======
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of GAAP Net Earnings to Non-GAAP Operating
Income and Adjusted EBITDA(2)(3)
(in thousands, unaudited)
Three Months Ended Year Ended
December 31, December 31,
-------------------- ----------------------
2025 2024 2025 2024
------- ------- -------- --------
GAAP Net earnings $ 6,441 $ 6,432 $ 74,111 $ 49,192
Provision for
income taxes 3,122 953 20,939 12,616
Other
expense/income,
net 408 3,186 (10,857) 3,165
Impairment of
equity method
investment and
related party
notes 13,087 - 13,087 -
Interest income (258) (1,013) (1,035) (4,754)
Interest expense 2,976 2,815 14,751 4,078
------ ------ ------- -------
GAAP Operating
Income 25,776 12,373 110,996 64,297
------ ------ ------- -------
Restructuring
charges
(credits) 1,757 1,669 (677) 3,459
Gain on sale of
properties - - (5,701) -
Earnout
liability
adjustments 1,248 - 3,105 -
Stock-based
compensation 2,152 956 6,813 3,740
Acquisition
related costs - 8,592 - 12,884
Amortization of
inventory
step-up - 639 1,757 639
Impairment of
CUI tradename - 400 - 400
------ ------ ------- -------
Non-GAAP Operating
Income 30,933 24,629 116,293 85,419
------ ------ ------- -------
Depreciation and
amortization 6,656 5,698 26,592 16,457
------ ------ ------- -------
Adjusted EBITDA $37,589 $30,327 $142,885 $101,876
====== ====== ======= =======
% of net sales 21.4% 20.2% 21.2% 19.0%
(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under 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. We also use non-GAAP measures in determining incentive compensation. See the section above captioned "Non-GAAP Financial Measures" for additional information.
(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
(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 December 31, 2025 Three Months Ended December 31, 2024
---------------------------------------------------------- ----------------------------------------------------------
Net Earnings Net Earnings
Earnings Provision Attributable Basic Basic Earnings Provision Attributable Basic Basic
Reconciling before for income to Bel Fuse Class A Class B before for income to Bel Fuse Class A Class B
Items taxes taxes Shareholders EPS(3) EPS(3) taxes taxes Shareholders EPS(3) EPS(3)
---------------- --------- ---------- ------------- ------- --------- --------- ---------- ------------- ------- ---------
GAAP measures $ 9,563 $ 3,122 $ (5,449) $ (0.42) $ (0.43) $ 7,385 $ 953 $ (1,800) $ (0.14) $ (0.14)
Impairment of
equity method
investment and
related party
notes 13,087 957 12,130 0.92 0.97 - - - - -
Restructuring
charges 1,757 426 1,331 0.10 0.11 1,669 270 1,399 0.11 0.11
Earnout
liability
adjustments 1,248 200 1,048 0.08 0.08 - - - - -
Stock-based
compensation 2,152 443 1,709 0.13 0.14 956 197 759 0.06 0.06
Acquisition
related costs - - - - - 8,592 1,516 7,076 0.54 0.57
Redemption
value
adjustment on
redeemable
NCI - - 10,718 0.81 0.85 - - 7,748 0.59 0.62
Amortization of
inventory
step-up - - - - - 639 147 492 0.04 0.04
Impairment of
CUI tradename - - - - - 400 92 308 0.02 0.02
Amortization of
intangibles 3,699 647 3,052 0.23 0.24 2,843 493 2,349 0.18 0.18
Unrealized
foreign
currency
exchange
losses 500 142 358 0.03 0.03 908 201 707 0.05 0.06
-------- --------- ------------ ------ -------- -------- --------- ------------ ------ --------
Non-GAAP measures $ 32,006 $ 5,937 $ 24,897 $ 1.88 $ 1.98 $ 23,392 $ 3,869 $ 19,039 $ 1.45 $ 1.53
======== ========= ============ ====== ======== ======== ========= ============ ====== ========
Year Ended December 31, 2025 Year Ended December 31, 2024
------------------------------------------------------------ --------------------------------------------------------
Net Earnings Net Earnings
Earnings Provision Attributable Basic Basic Earnings Provision Attributable Basic Basic
Reconciling before for income to Bel Fuse Class A Class B before for income to Bel Fuse Class A Class B
Items taxes taxes Shareholders EPS(3) EPS(3) taxes taxes Shareholders EPS(3) EPS(3)
---------------- --------- ---------- ------------- ------- --------- --------- ---------- ------------- ------- ---------
GAAP measures $ 95,050 $ 20,939 $ 61,536 $ 4.65 $ 4.91 $ 61,808 $ 12,616 $ 40,960 $ 3.09 $ 3.28
Impairment of
equity method
investment and
related party
notes 13,087 957 12,130 0.92 0.97 - - - - -
Restructuring
(credits)
charges (677) 139 (816) (0.06) (0.07) 3,459 587 2,872 0.22 0.23
Gain on sale of
properties (5,701) (937) (4,764) (0.36) (0.38) - - - - -
Earnout
liability
adjustments 3,105 497 2,608 0.20 0.21 - - - - -
Stock-based
compensation 6,813 1,403 5,410 0.41 0.43 3,738 770 2,968 0.23 0.24
Acquisition
related costs - - - - - 12,884 2,503 10,381 0.79 0.83
Redemption
value
adjustment on
redeemable
NCI - - 9,123 0.69 0.73 - - 7,748 0.59 0.62
Amortization of
inventory
step-up 1,757 404 1,353 0.10 0.11 639 147 492 0.04 0.04
Impairment of
CUI tradename - - - - - 400 92 308 0.02 0.02
Amortization of
intangibles 14,782 2,589 12,193 0.93 0.97 6,537 1,236 5,301 0.40 0.42
Unrealized
foreign
currency
exchange
(gains)
losses (12,704) (2,934) (9,770) (0.74) (0.78) 1,455 340 1,115 0.08 0.09
-------- --------- ------------ ------ -------- -------- --------- ------------ ------ --------
Non-GAAP measures $ 115,512 $ 23,057 $ 89,003 $ 6.74 $ 7.10 $ 90,919 $ 18,291 $ 72,144 $ 5.47 $ 5.77
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(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under 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. We also use non-GAAP measures in determining incentive compensation. See the section above captioned "Non-GAAP Financial Measures" for additional information.
(3) Individual amounts of earnings per share may not agree to the total due to rounding.
(4) In the fourth quarter of 2024 we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
(END) Dow Jones Newswires
February 17, 2026 16:14 ET (21:14 GMT)