Eltek Ltd (ELTK) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Eltek Ltd 2026 first quarter financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，感謝您稍候。歡迎參加 Eltek Ltd 2026 年第一季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

Before I turn the call over to Mr. Eli Yaffe, Chief Executive Officer; and Ron Freund, Chief Financial Officer, I'd like to remind you that they will be referring to forward-looking information in today's presentation and in the Q&A. By its nature, this information contains forecasts, assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in Eltek's public disclosure filings.

在我把電話交給執行長 Eli Yaffe 先生以及財務長 Ron Freund 先生之前，我想提醒各位，他們在今天的簡報以及問答環節中將提及前瞻性資訊。此類資訊本質上包含對未來結果的預測、假設與期望，並受此處所概述以及在 Eltek 公開揭露文件中更完整討論之風險與不確定性影響。

These forward-looking statements are projections and reflect the current beliefs and expectations of the company. Actual events or results may differ materially. We'll also be referring to non-GAAP measures. Eltek undertakes no obligation to publicly release revisions to such forward-looking statements to reflect events or circumstances occurring subsequent to this date.

這些前瞻性陳述屬於推估，反映公司目前的信念與預期。實際事件或結果可能存在重大差異。我們也將提及非 GAAP 指標。Eltek 不承擔公開發布對此等前瞻性陳述之修訂的義務，以反映本日期之後發生的事件或情況。

I will now turn the call over to Mr. Eli Yaffe. Mr. Yaffe, please go ahead.

現在我將把電話交給 Eli Yaffe 先生。Yaffe 先生，請開始。

Thank you. Good morning. Thank you for joining us for our 2026 first quarter earnings call. With me is Ron Freund, our Chief Financial Officer. We will begin by providing you with an overview of our business and a summary of the principal factors that affected our results during Q1 2026. After our prepared remarks, we will be happy to answer any of your questions. By now, everyone should have access to our press release, which was released earlier today. The release will be also available on our website. As we previously indicated, revenue in the quarter were below our expectations.

謝謝。早安。感謝各位參加我們 2026 年第一季財報電話會議。與我一同出席的是我們的財務長 Ron Freund。我們將先為各位概述公司業務，並總結 2026 年第一季影響我們業績的主要因素。在我們的準備發言之後，我們很樂意回答各位的問題。目前各位應已可取得我們今天稍早發布的新聞稿。該新聞稿也將在我們的網站上提供。如我們先前所指出，本季營收低於我們的預期。

This was primarily driven by the mix of timing of backlog conversion, ongoing logistic constraints and foreign exchange impact rather than any change in the underlying demand. The product mix in the quarter was primarily a function of a backlog release timing rather than any change in price discipline, customer quality or market positioning. During the quarter, a larger portion of our shipments originated from the orders received in the prior period at lower average pricing levels, while a significant portion of the higher-value programs and advanced products added more recently to the backlog are scheduled for the delivery later in the year and into the year 2027.

這主要是由於在手訂單轉換的時點組合、持續的物流限制以及外匯影響所致，而非基礎需求出現任何變化。本季的產品組合主要是由在手訂單釋放時點所決定，而非價格紀律、客戶品質或市場定位的任何改變。本季我們出貨中較大比例來自前一期間所接、平均售價較低的訂單；而近期新增至在手訂單中的較高價值專案與先進產品，則預計於今年稍晚以及 2027 年交付。

In addition, due to the supply chain and material allocation constraints, we prioritized certain deliveries in order to maintain customers' commitments and production continuity, which also impacted our quarterly mix. As a result, the average selling price of products delivered during the quarter declined, negatively impact profitability. We believe that the current quarter does not reflect the normalized margin profile of the business going forward. Important underlying remain. During the quarter, our backlog more than doubled compared to the beginning of the year. This increase includes the two orders we publicly announced with deliveries expected across 2026 and 2027.

此外，由於供應鏈與材料配給限制，我們為了維持對客戶的承諾與生產連續性而優先安排部分交付，這也影響了本季的組合。因此，本季交付產品的平均售價下降，對獲利能力造成負面影響。我們認為，本季並不代表未來業務的常態化毛利結構。重要的基本面仍然存在。本季我們的在手訂單較年初增加逾一倍。此增長包含我們已公開宣布的兩筆訂單，預計於 2026 年與 2027 年分期交付。

We believe this substantial backlog growth our revenue visibility and provides a strong foundation for future growth so the timing of revenue recognition may continue to vary between quarters. On the operational side, we continue to operate in a challenging supply chain and logistic environment. Due to the ongoing complexity and global logistics disruption, we experienced constraint in sourcing, transportation and material flow that affected our ability to manufacture sufficient volume to efficiently absorb fixed operation costs.

我們認為，這項顯著的在手訂單成長提升了我們的營收能見度，並為未來成長奠定堅實基礎，因此營收認列的時點仍可能在各季度之間有所波動。在營運方面，我們仍在具挑戰性的供應鏈與物流環境中運作。由於持續的複雜性與全球物流中斷，我們在採購、運輸與材料流動方面遭遇限制，影響我們製造足夠產量以有效吸收固定營運成本的能力。

Air freight capacity from the Far East, Europe and United States remain constrained and certain chemicals that were previously eligible for air transportation can no longer be shipped by air, reduced logistical flexibility. In addition, extended sea freight transit time and ongoing global shortage of prepaid materials are contributed to the longer supply cycle.

來自遠東、歐洲與美國的空運運能仍然受限，且部分先前可空運的化學品已無法再以空運方式運送，降低了物流彈性。此外，海運運輸時間延長以及全球預浸材料（prepreg）持續短缺，也導致供應週期拉長。

The prepaid shortage is being driven in part by strong demand for the fiberglass materials from the rapidly expanding AI hardware infrastructure market. These operational and logistical challenges further impact production efficiency during the quarter and limited our ability to increase output level. In addition, the continued weakness of the US dollar against the Israeli shekel and a significant negative impact on our operational results and increased operational loss by approximately $1.3 million compared to the corresponding quarter last year. We are actively managing these dynamics through close coordination with suppliers and customers.

預浸材料短缺部分是由快速擴張的 AI 硬體基礎設施市場對玻璃纖維材料的強勁需求所驅動。這些營運與物流挑戰進一步影響本季的生產效率，並限制我們提升產出水準的能力。此外，美元兌以色列謝克爾持續走弱，對我們的營運結果造成顯著負面影響，使營運虧損較去年同期增加約 130 萬美元。我們正透過與供應商及客戶的密切協調，積極管理這些動態。

In response to the increased raw material constraint and costs, we have updated our pricing structure and are currently selling relevant fiberglass products at adjusting price level and under allocation quotas designed to secure supply continuity and protect operational efficiency.

為因應原物料限制與成本上升，我們已更新定價架構，目前以調整後的價格水準銷售相關玻璃纖維產品，並在配給配額下進行，以確保供應連續性並保護營運效率。

Turning to our investment plan. We continue to make progress. The first new production line was delivered and partially installed. As previously noted, due to the current situation in Israel and the war with Iran, the installation team from the supplier had temporarily left the country, which created a delay in the installation processes. We are pleased to report that the supplier installation team returned to Israel yesterday and install work is now resumed.

接著談我們的投資計畫。我們持續取得進展。第一條新產線已交付並完成部分安裝。如先前所述，由於以色列目前情勢以及與伊朗的戰爭，供應商的安裝團隊曾暫時離境，造成安裝流程延遲。我們很高興報告，供應商安裝團隊已於昨日返回以色列，安裝工作現已恢復。

We expect the installation process to be completed over the coming weeks, after which we plan to begin the qualification process for commercial production. While recent events have created some delays in the installation time line change our direction.

我們預期安裝流程將在未來幾週內完成，之後我們計畫開始商業化生產的認證流程。雖然近期事件造成安裝時程出現一些延遲，但並未改變我們的方向。

As we have noted in the past, the qualification process is inherently lengthy and expected to take several months. Following successful qualification, we will gradually ramp up the line into commercial production. Overall, while the near-term results are affected by timing and we are encouraged by the strength of the demand and the significant backlog and the progress we are making to extending our production capacity. In parallel the process of bringing foreign workers in our operation continues to advance.

如我們過去所提，認證流程本質上耗時較長，預計需要數個月。在成功完成認證後，我們將逐步把該產線提升至商業化量產。整體而言，雖然短期業績受到時點影響，但我們對需求的強勁、可觀的在手訂單，以及我們在擴充產能方面取得的進展感到鼓舞。同時，引進外籍勞工至我們營運據點的流程也持續推進。

We believe that upon their arrival, we will be stronger position to address the ongoing challenges in the local labor market and better support our planned production growth and operational efficiency. Looking ahead, our focus remains on gradually returning to business to normalized profitability levels. A key element in achieving this objective is our continuous effort to secure new orders at pricing levels that apparently reflect the increase of raw material, the impact of the weaker US dollar environment and the value of the company execution capability, technological expertise and on-time delivery performance.

我們相信，在他們到位後，我們將更有能力因應本地勞動市場的持續挑戰，並更好地支持我們規劃中的產量成長與營運效率提升。展望未來，我們的重點仍是逐步讓業務回到常態化的獲利水準。達成此目標的關鍵要素之一，是我們持續努力以能充分反映原物料上漲、美元走弱環境的影響，以及公司執行能力、技術專長與準時交付表現之價值的價格水準，來取得新訂單。

At the same time, we continue to invest operational improvement, production capacity expansion and supply chain stability in order to better support long-term profitable growth and strengthening our competitive position into the market.

同時，我們也持續投入營運改善、產能擴張與供應鏈穩定性，以更好地支持長期的獲利成長，並強化我們在市場中的競爭地位。

I will now turn the call over to Ron Freund, our CFO, to discuss our financial results.

現在我將把電話交給我們的財務長 Ron Freund，請他說明我們的財務結果。

Thank you, Eli. I would like to draw your attention to the financial statements for the first quarter of 2026. During this call, I will also discuss certain non-GAAP financial measures. Eltek uses EBITDA as a non-GAAP financial performance measurement. Please see our earnings release for its definition and the reasons for its use.

謝謝你，Eli。我想請各位注意 2026 年第一季的財務報表。在本次電話會議中，我也將討論若干非 GAAP 財務衡量指標。Eltek 使用 EBITDA 作為非 GAAP 的財務績效衡量指標。其定義及使用原因請參閱我們的財報新聞稿。

I will now go over the highlights of the first quarter of 2026. All numbers mentioned are in US dollars. Revenues for the first quarter of 2026 totaled $10.4 million compared to $12.8 million in the first quarter of 2025. Gross loss was $1.9 million, down from $2.2 million gross profit in the first quarter of 2025. The decline was driven by the mix and timing of backlog conversion, ongoing logistic constraints and foreign exchange impact.

我現在將回顧 2026 年第一季的重點。所有提及的數字均以美元計。2026 年第一季營收總計 1,040 萬美元，較 2025 年第一季的 1,280 萬美元下降。毛損為 190 萬美元，低於 2025 年第一季 220 萬美元的毛利。下滑主要由於在手訂單（backlog）轉換的組合與時點、持續的物流限制以及外匯影響所致。

Operating loss for the quarter was $3.3 million compared to operating profit of $0.7 million in the same period last year. We recorded financial expenses of $0.1 million in the first quarter of 2026 compared to financial income of $0.5 million in the first quarter of 2025. The expenses recorded in the current quarter are primarily due to the devaluation of the US dollar against the Israeli shekel, net of interest earned on our interest-bearing accounts. Net loss for the quarter was $2.9 million or $0.42 per share compared to net income of $1.0 million or $0.15 per share in the first quarter of 2025.

本季營業損失為 330 萬美元，去年同期為 70 萬美元的營業利益。我們在 2026 年第一季認列 10 萬美元的財務費用，而 2025 年第一季為 50 萬美元的財務收益。本季所認列的費用主要是因美元兌以色列謝克爾貶值所致，並扣除我們計息帳戶所賺取的利息後的淨額。本季淨損為 290 萬美元，或每股 0.42 美元；相較之下，2025 年第一季淨利為 100 萬美元，或每股 0.15 美元。

EBITDA loss for the quarter was $2.7 million compared to EBITDA of $1.2 million in the prior year period. Cash flow used in operating activities totaled $0.4 million during the first quarter of 2026. As of March 31, 2026, we had $11.1 million in cash and cash equivalents with no outstanding debt.

本季 EBITDA 損失為 270 萬美元，去年同期 EBITDA 為 120 萬美元。2026 年第一季營運活動使用的現金流量合計 40 萬美元。截至 2026 年 3 月 31 日，我們持有 1,110 萬美元的現金及約當現金，且無任何未償債務。

We are now ready to answer your questions.

我們現在準備回答各位的問題。

(Operator Instructions)

(接線員指示)

Mark Sharogradsky, Kepler Capital.

Mark Sharogradsky，Kepler Capital。

Hi, Eli. Hi, Ron. Really disastrous quarter, but I want to understand when we can expect margins normalization. Because as we see there are huge demand to the PCB now in Israel and also in USA for AI hyperscalers and so I'm really trying to understand why it's so difficult to raise prices in this environment.

嗨，Eli。嗨，Ron。這一季真的很糟，但我想了解我們何時可以預期毛利率回歸正常。因為如我們所見，目前以色列以及美國對 PCB 的需求都非常強勁，尤其是 AI 超大規模資料中心（hyperscalers），所以我真的想了解為什麼在這樣的環境下要提高價格會這麼困難。

Hi Mark, yeah, it's really not good results. As you know, we don't give forecast of looking forward statements. But as I discussed in my long conversation, I gave all the background for you to decide when we'll come to normal operation. It depends upon the length of the conflict with Iran. It depends upon the labor market, it depends upon the shekel against the Israeli and a lot of factors that is unknown to us. But we do everything to adjust to accommodate this risk and mitigate against it. For example, we adjusted all our prices to the devaluation of the shekel against the dollar.

嗨 Mark，是的，結果確實不理想。如你所知，我們不提供前瞻性預測。但正如我在較長的說明中所談到的，我已提供所有背景，讓你自行判斷我們何時能回到正常營運。這取決於與伊朗衝突的持續時間。也取決於勞動市場、謝克爾的匯率，以及許多我們無法掌握的因素。但我們會盡一切努力調整，以因應並降低這些風險。例如，我們已將所有價格調整，以反映謝克爾兌美元的貶值。

But if there will be more devaluation, we cannot expect it and we cannot forecast it. I never forecast that we'll be at ILS2.9 per dollar. I didn't forecast the shutdown and the hours that we lost during the first quarter because of the Cyren in Israel. We cannot do it. What we do is we can promise that for long term, as I mentioned before, we continue with our strategic plan to continue to have the two lines operating by the end of this year and start to fly from this point to a more good future.

但如果還會進一步貶值，我們無法預期，也無法做出預測。我從未預測匯率會到每美元 2.9 以色列謝克爾。我也沒有預測第一季因以色列的 Cyren 而停工、以及我們損失的工時。我們做不到。我們能承諾的是，從長期來看，如我先前提到的，我們會持續推進策略計畫，目標是在今年底前讓兩條產線運作，並從這個點開始邁向更好的未來。

Okay. So I want to understand, let's say the dollar will stop to devaluate and everything will stabilize and you will finish your construction lines. So you still project that you will be able to achieve 27% to 28% gross margin if there are no other devaluation in the US dollar and you stop production of the old backlog?

好的。所以我想了解，假設美元不再貶值、所有事情都穩定下來，而且你們完成產線建置。那麼在美元不再進一步貶值、且你們停止生產舊的在手訂單的情況下，你們仍預期能達到 27% 到 28% 的毛利率嗎？

Yeah. As we said, Mark, this is Ronnie. As we said in the past, okay, when we will finish our investment plan and taking into account that the current circumstances stay the same, okay, no devaluation, no new bad news. we expect that our revenues will increase up to what we told before, up to around $60 million to $65 million. And that volume, we estimate that the gross profit will be 26% to 28% as we previously said.

是的。Mark，如我們所說，我是 Ronnie。如我們過去所說，當我們完成投資計畫，並且在考量目前情況維持不變的前提下，也就是沒有貶值、沒有新的壞消息，我們預期營收將提升到我們先前提到的水準，大約 6,000 萬到 6,500 萬美元。在那樣的規模下，我們估計毛利率將如先前所說為 26% 到 28%。

Okay. Nice. And I see -- if I read recently the earnings call of TTMI, I see huge demand in USA and they even need to cancel or to delay some projects. So do you think you will be able to secure some additional orders from USA at the current environment?

好的。很好。我看到——如果我最近讀了 TTMI 的法說會，我看到美國需求非常強勁，他們甚至需要取消或延後一些專案。所以你認為在目前的環境下，你們能否從美國爭取到一些額外訂單？

As we announced in the beginning of the year, we took a very nice chunk in the competition with TTM of a work, a defense contractor in the United States that we compete head-to-head with TTM. -- it's a good signal.

正如我們在年初宣布的，我們在與 TTM 的競爭中拿下了一大塊業務——是一家美國國防承包商的案子，我們與 TTM 正面競爭。——這是個好訊號。

Yeah. So now also the big orders for hyperscalers. Do you think you will maybe will be able to also secure some orders from those clients because they also need some specialized PCB to be manufactured.

是的。那現在也有來自超大規模資料中心（hyperscalers）的大型訂單。你認為你們是否也可能從那些客戶那裡拿到一些訂單，因為他們也需要製造一些特殊的 PCB？

Mark, we don't know exactly which segment will in the future will ask for bids from us. But what we can say is that our high technology and products can serve many high end segments. We hopefully wish that we will be managed to compete TTM in that market also. Currently, we are investing energies trying to get more orders from customers abroad. The US is a very important market. We are also trying in Europe. And we hope to increase our backlog. As we said before, we more than doubled our backlog from the beginning of the year.

Mark，我們不確定未來究竟哪些細分市場會向我們招標。但我們可以說的是，我們的高科技與產品能服務許多高階細分市場。我們希望也能在那個市場與 TTM 競爭。目前我們正投入精力，努力從海外客戶取得更多訂單。美國是非常重要的市場。我們也在歐洲努力。我們希望增加在手訂單。如我們先前所說，自年初以來我們的在手訂單已增加到兩倍以上。

Okay. And it's also very important, the mix of the backlog. So do you see enough products in the -- not only on the rigid PCB, but also on the S Flex PCB.

好的。而且在手訂單的組合也非常重要。所以你們是否看到足夠的產品——不僅是在硬板 PCB，也包括 S Flex PCB？

Yeah. The basket of the future -- I don't have it in front of me in parallel, but the basket is well organized. But some portion of the basket is based on dollar to shekel 3.3. And actually, right now, we are at 2.9. So there is weakness in this PO that we have to honor anyway.

是的。未來的訂單組合——我現在手邊沒有同步資料，但組合安排得很好。不過其中一部分是以美元兌謝克爾 3.3 的匯率為基礎，而實際上我們現在是 2.9。因此，這些我們仍必須履約的採購訂單（PO）存在不利因素。

Okay. And if you will -- and if the USD dollar against shekel will rise in the near future, so you will benefit from the current orders that you received?

好的。那如果——如果未來不久美元兌謝克爾上升，那你們會從目前已取得的訂單中受益嗎？

Of course, like all exporters.

當然，和所有出口商一樣。

Okay.

好的。

[Ran Toren], Private Investor.

[Ran Toren]，私人投資人。

First question is regarding the sourcing problem. Can you elaborate more on that, like until when you're going to face this problem?

第一個問題是關於採購問題。你能否更詳細說明，例如你們預計會面臨這個問題到什麼時候？

Second question is, now I hear for the first time that the integration of the new equipment and facility is going to happen until the end of this year. And last time you mentioned it will due by the end of the first half of 2026?

第二個問題是，我現在第一次聽到新設備與新廠房的整合會一直進行到今年年底。但你上次提到會在2026年上半年結束？

Can you repeat the first question? I didn't hear your first question.

你可以重複第一個問題嗎？我沒有聽到你的第一個問題。

You mentioned that you -- in the first quarter, you had a problem with sourcing.

你提到你們——在第一季，你們在採購方面遇到問題。

Yes.

是的。

Can you elaborate more on that because it's like an important issue. done? Is it over? Do you still face it in this quarter? When do you think it will be over?

你能否更詳細說明，因為這似乎是個重要議題。已經解決了嗎？結束了嗎？你們這一季還有遇到嗎？你認為什麼時候會結束？

The sourcing problem and the logistic problem in the first quarter is divided to two. First of all, there is an international problem that there is a shortness of fiberglass all over the world because of the AI demand, as I mentioned before. And the suppliers allocate to quotas. If we are ready to pay the AI prices, will be out of the quota, and we agreed to pay the high prices because we didn't want to stay in shortage. This was problem number one. Problem number two is how to bring this -- and this is only related to Israeli how to bring this raw material, which has a limited life shelf to Israel under a cooling condition during the conflict time.

第一季的採購問題與物流問題可分成兩部分。首先，正如我先前提到的，因為AI需求，全球都出現玻璃纖維短缺的國際性問題。供應商採配額分配。如果我們願意支付AI的價格，就能超出配額限制；我們同意支付高價，因為我們不想陷入短缺。這是第一個問題。第二個問題是如何把這些——而且這只與以色列相關——如何在衝突期間，將這種保存期限有限的原料在冷鏈條件下運到以色列。

And as I mentioned before, there was a short of supply, short of flight between the Far East, United States or Europe. This is the main three hubs that we bring fiberglass to Israel. And we suffer from shortness of raw material, which is not the situation today because we agreed to pay the high prices and the bottleneck is open. If the conflict will return, the problem will return again. This is regarding your first question.

而且如我之前所說，遠東、美國或歐洲之間的航班供給不足。這三個是我們把玻璃纖維運到以色列的主要樞紐。我們曾遭遇原料短缺，但目前不是這種情況，因為我們同意支付高價，瓶頸已經打開。如果衝突再起，問題也會再次出現。這是針對你的第一個問題。

Regarding the second question that you asked.

關於你問的第二個問題。

Just a second -- for the first question, the AI problem, the AI constraint is going to continue. It's not done. We are --

等一下——就第一個問題而言，AI問題、AI限制會持續。還沒有結束。我們--

It's only impacting -- if we pay the AI prices for fiberglass, we'll be out of the quotas. If we want to stay in the oil prices of the PCB only and not pay the premium that AI is willing to pay, we will be under quotas.

它只會影響——如果我們為玻璃纖維支付AI的價格，我們就能超出配額。如果我們想只維持PCB的原本價格、不支付AI願意支付的溢價，我們就會受到配額限制。

Yeah. But the question is, does your business model, your pricing model take into consideration, you want to arrive a specific gross margin. Does the pricing model take into consideration the getting out of this quarter and paying a premium?

是的。但問題是，你們的商業模式、定價模式是否把這點納入考量——你們希望達到特定的毛利率。定價模式是否把走出這一季並支付溢價的情況納入考量？

I don't have a choice because -- and I have to load it on the prices to our customers.

我沒有選擇，因為——我必須把它加到我們對客戶的價格上。

So can you increase the prices to the customers?

所以你們可以對客戶漲價嗎？

It's very tough. It's very tough. We start to do it, and we got objection from our customers. So it's a lot of explanation work, showing articles. There is a very famous Morgan Stanley article that helped us. And we explain -- we're going from customer to customer and explaining that it's not beyond our control. It's impacted. And I think that this is a common problem to all the PCB suppliers all over the world. It's not related only to Israel.

非常困難。非常困難。我們開始這麼做，但客戶提出反對。所以需要做很多解釋工作、出示文章。有一篇非常知名的摩根士丹利文章幫了我們。我們解釋——我們逐一拜訪客戶並說明，這不是我們能控制的。這確實受到影響。我認為這是全球所有PCB供應商共同的問題。不只與以色列有關。

And it's something that's going to accompany to be with the company in the coming future also.

而且這也會在未來一段時間持續伴隨公司。

Yes.

是的。

Regarding the second question?

關於第二個問題？

Regarding the second question, as I mentioned, we -- the plan was originally and the installation started. And during the first two days of the conflict with Iran, the team, which was eight labor people and two engineers left Israel immediately and they returned only yesterday. It was almost six weeks or seven weeks that they were not here. And now -- so we suffer another delay now. Once they will finish it, we have to qualify the line. So the update that I had before that by July 1, we'll have line and running to be up right now.

關於第二個問題，如我所說，我們——原本的計畫是這樣，而且安裝已經開始。在與伊朗衝突的前兩天，該團隊（8名工人與2名工程師）立刻離開以色列，直到昨天才返回。他們有將近六週或七週不在這裡。所以我們現在又遭遇一次延遲。他們完成後，我們還必須對產線進行認證。因此，我先前的更新是7月1日之前產線會就緒並開始運轉，但目前看起來無法如期。

(Operator Instructions) There are no further questions at this time. Before I ask Mr. Eli Yaffe to go ahead with his closing statement, I would like to remind the participants that a replay of this call will be available tomorrow on our website.

(接線員指示) 目前沒有其他問題。在我請Eli Yaffe先生進行結語之前，我想提醒各位與會者，本次電話會議的重播將於明天在我們的網站上提供。

In summary, while we are negatively navigating near-term challenges related to the timing, logistics and foreign exchange, we remain very confident in the foundation of the business. Demand continues to be strong, as I reflected in the significant growth in our backlog and the long-term visibility is provided. At the same time, we continue to make strategic investment to expand our capacity and support future growth. As these initiatives progress and external constraints begin to ease, we believe we are well positioned to translate our strong demand environment into improved financial performance in the period ahead.

總結來說，儘管我們在短期內因時程、物流與外匯相關因素而面臨逆風，我們仍對業務基礎非常有信心。需求持續強勁，正如我從我們在手訂單（backlog）的顯著成長所反映的那樣，並且也提供了長期能見度。同時，我們持續進行策略性投資以擴充產能並支持未來成長。隨著這些措施推進、外部限制開始緩解，我們相信公司已處於有利位置，能在未來一段期間把強勁的需求環境轉化為更佳的財務表現。

I would like to take the opportunity to thank the employees for their decision and relicense, particularly in the current environment as well as our investors for their continued support and confidence in our strategy. Thank you all for joining us on today's call. Have a good day.

我想藉此機會感謝員工的決定與重新授權，特別是在目前的環境下；也感謝投資人持續的支持以及對我們策略的信心。感謝各位參加今天的電話會議。祝各位有美好的一天。

This concludes the Eltek Ltd 2026 first quarter financial results conference call. Thank you for your participation. You may go ahead and disconnect.

Eltek Ltd 2026年第一季財務結果電話會議到此結束。感謝各位的參與。您可以掛線離開。