# EDGAR Filing Document

**Accession Number:** 0001024672
**File Stem:** 0001178913-25-002888
**Filing Date:** 2025-8
**Character Count:** 55619
**Document Hash:** 12a22f3981675eb9ecece4b92135bcea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-25-002888.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001178913-25-002888

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELTEK LTD
- **CENTRAL INDEX KEY:** 0001024672
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRINTED CIRCUIT BOARDS [3672]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-28884
- **FILM NUMBER:** 251214374

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BEN ZION GALIS 20
- **CITY:** PETAH TIKVA
- **PROVINCE COUNTRY:** L3
- **BUSINESS PHONE:** 972-3-9395025

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BEN ZION GALIS 20
- **CITY:** PETAH TIKVA
- **PROVINCE COUNTRY:** L3

?xml version='1.0' encoding='ASCII'? ELTEK LTD - 1024672 - 2025

------

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### F O R M 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025

Commission file number 000-28884

### Eltek Ltd.
(Name of Registrant)

Sgoola Industrial Zone, Petach Tikva, Israel

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

**Form 20-F** ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form 40-F** ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

This Form 6-K is being incorporated by reference into our Registration Statements on Form F-3 (Registration No. 333-266346) and on Form S-8 (Registration No. 333-233958).

------

Eltek Ltd.

EXPLANATORY NOTE

The following exhibits are attached:

99.1. Eltek Ltd. Interim Condensed Consolidated Financial Statements as of June 30, 2025 (Unaudited)

99.2. Management's Discussion and Analysis of Results of Operations for the Six Months ended June 30, 2025

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit_99-1.htm) | [Eltek Ltd. Interim Condensed Consolidated Financial Statements as of June 30, 2025 (Unaudited)](exhibit_99-1.htm) |
| [99.2](exhibit_99-2.htm) | [Management's Discussion and Analysis of Results of Operations for the Six Months ended June 30, 2025](exhibit_99-2.htm) |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| ELTEK LTD. |
| (Registrant) |
| By: <u>/s/Ron Freund</u> |
| Ron Freund |
| Chief Financial Officer |

---

Dated: August 14, 2025

------

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? ELTEK LTD - 1024672 - 2025

------

Exhibit 99.1

#### ELTEK LTD.

#### INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### AS OF JUNE 30, 2025
**U.S. Dollars in thousands**

#### UNAUDITED

#### INDEX

---

| | |
|:---|:---|
|  | **Page** |
| [INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS](#INTERIMCONDENSEDCONSOLIDATEDBALANCESHEETS) | F-2 - F-3 |
| [INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](#INTERIMCONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME) | F-4 |
| [INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY](#INTERIMCONDENSEDCONSOLIDATEDSTATEMENTSOFSHAREHOLDERSEQUITY) | F-5 - F-6 |
| [INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS](#INTERIMCONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS) | F-7 - F-8 |
| [NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#NOTESTOTHEINTERIMCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTS) | F-9 - F-18 |

---

------

#### ELTEK LTD. AND ITS SUBSIDIARIES
**INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS**

------

#### U.S. dollars in thousands

---

| | | | |
|:---|:---|:---|:---|
|  | | **June 30,** | **December 31,** |
|  | **Note** | | **2024** |
|  | | **2025**<br>**Unaudited** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASSETS |  |  |  |
| CURRENT ASSETS: |  |  |  |
|  Cash and cash equivalents | 3 | 1770 | 7575 |
|  Short-term bank deposits | 4 | 9385 | 9663 |
|  Trade receivables (net of allowance for credit losses of $342 and $301 on June 30, 2025 and December 31, 2024, respectively) |  | 14480 | 11786 |
|  Inventories | 5 | 12874 | 9488 |
|  Other accounts receivable and prepaid expenses |  | 404 | 602 |
|  <u>Total</u> current assets |  | 38913 | 39114 |
| LONG-TERM ASSETS: |  |  |  |
|  Severance pay fund |  | 61 | 56 |
|  Deferred tax asset, net |  | 334 | 496 |
|  Operating lease right-of-use assets |  | 6409 | 5911 |
|  Property and equipment, net |  | 18703 | 14578 |
|  <u>Total</u> long-term assets |  | 25507 | 21041 |
|  <u>Total</u> assets |  | 64420 | 60155 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 2

------

#### ELTEK LTD. AND ITS SUBSIDIARIES

#### INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

#### U.S. dollars in thousands

---

| | | | |
|:---|:---|:---|:---|
|  | | **June 30,** | **December 31,** |
|  |<br>**Note** | **2025** | **2024** |
|  | | Unaudited | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
| CURRENT LIABILITIES: |  |  |  |
|  Trade payables |  | 7197 | 7367 |
|  Other accounts payable and accrued expenses |  | 5527 | 5136 |
|  Short-term operating lease liabilities |  | 1047 | 827 |
| <u>Total</u> current liabilities |  | 13771 | 13330 |
| LONG-TERM LIABILITIES: |  |  |  |
|  Accrued severance pay |  | 525 | 443 |
|  Long-term operating lease liabilities |  | 5477 | 5190 |
| <u>Total</u> long-term liabilities |  | 6002 | 5633 |
| COMMITMENTS AND CONTINGENT LIABILITIES | 6 | - | - |
| SHAREHOLDERS' EQUITY: | 7 |  |  |
| Share capital - |  |  |  |
|  Ordinary shares of NIS 3.0 par value –<br> Authorized: 10,000,000 shares on June 30, 2025 and December 31, 2024; Issued and outstanding: 6,715,624 shares on June 30, 2025 and 6,714,040 shares at December 31, 2024 |  | 6012 | 6011 |
|  Additional paid-in capital |  | 32634 | 32627 |
|  Foreign currency translation adjustments |  | 3750 | 664 |
|  Capital reserves |  | 2777 | 2507 |
|  Accumulated deficit |  | (526) | (617) |
| <u>Total</u> shareholders' equity |  | 44647 | 41192 |
|  <u>Total</u> liabilities and shareholders' equity |  | 64420 | 60155 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 3

------

#### ELTEK LTD. AND ITS SUBSIDIARIES

#### INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

#### U.S. dollars in thousands (except per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Six months ended June 30,** | **Six months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | | **2025** | **2024** | **2025** | **2024** |
|  | | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Revenues | 8 | 25285 | 22249 | 12529 | 10466 |
| Cost of revenues |  | 20054 | 17361 | 9510 | 8830 |
| Gross profit |  | 5231 | 4888 | 3019 | 1636 |
| Operating expenses: |  |  |  |  |  |
| Research and development, net |  | 50 | 62 | - | 47 |
| Selling, general and administrative |  | 3000 | 2700 | 1563 | 1184 |
| Operating income |  | 2181 | 2126 | 1456 | 405 |
| Financial income (expense), net |  | (508) | 839 | (1012) | 489 |
| Income before income taxes |  | 1673 | 2965 | 444 | 894 |
| Taxes on income | 11 | 306 | 475 | 79 | 143 |
| Net income |  | 1367 | 2490 | 365 | 751 |
| Other comprehensive income (loss): |  |  |  |  |  |
| Foreign currency translation adjustments |  | 3086 | (1269) | 3890 | (731) |
| Total comprehensive income |  | 4453 | 1221 | 4255 | 20 |
| Basic income per ordinary share |  | 0.20 | 0.38 | 0.05 | 0.11 |
| Diluted income per ordinary share |  | 0.20 | 0.38 | 0.05 | 0.11 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 4

------

ELTEK LTD. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

#### U.S. dollars in thousands (except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** |
|  |<br>**Ordinary shares** |<br>**Amount** | **Additional paid-in capital** | **Accumulated other comprehensive income (loss)** | **Capital reserves** | **Accumulated deficit** | **Total** |
| Balance as of April 1, 2025 | 6714040 | 6011 | 32627 | (140) | 2645 | 385 | 41528 |
| Share-based compensation | - | - | - | - | 132 | - | 132 |
| Dividend distribution |  |  |  |  |  | (1276) | (1276) |
| Exercise of stock options | 1584 | 1 | 7 | - | - | - | 8 |
| Comprehensive income: |  |  |  |  |  |  |  |
| Foreign currency translation adjustments |  |  |  | 3890 |  |  | 3890 |
| Net income | - | - | - | - | - | 365 | 365 |
| Balance as of June 30, 2025 | 6715624 | 6012 | 32634 | 3750 | 2777 | (526) | 44647 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Balance as of April 1, 2024 | 6704830 | 6003 | 32584 | 245 | 2032 | (3102) | 37762 |
| Share-based compensation | - | - | - | - | 154 | - | 154 |
| Exercise of stock options | 3692 | 3 | 13 | - | - | - | 16 |
| Comprehensive income: |  |  |  |  |  |  |  |
| Foreign currency translation adjustments | - | - | - | (731) | - | - | (731) |
| Net income | - | - | - | - | - | 751 | 751 |
| Balance as of June 30, 2024 | 6708522 | 6006 | 32597 | (486) | 2186 | (2351) | 37952 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 5

------

#### ELTEK LTD. AND ITS SUBSIDIARIES

#### INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

#### U.S. dollars in thousands (except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** | **Company's shareholders** |
|  |<br>**Ordinary shares** |<br>**Amount** | **Additional paid-in capital** | **Accumulated other comprehensive income (loss)** | **Capital reserves** | **Accumulated deficit** | **Total** |
| Balance as of January 1, 2025 | 6714040 | 6011 | 32627 | 664 | 2507 | (617) | 41192 |
| Share-based compensation | - | - | - | - | 270 | - | 270 |
| Dividend distribution |  |  |  |  |  | (1276) | (1276) |
| Issuance of shares, net | - | - | - | - | - | - | - |
| Exercise of stock options | 1584 | 1 | 7 | - | - | - | 8 |
| Comprehensive income: |  |  |  |  |  |  |  |
| Foreign currency translation adjustments | - | - | - | 3086 | - | - | 3086 |
| Net income | - | - | - | - | - | 1367 | 1367 |
| Balance as of June 30, 2025 | 6715624 | 6012 | 32634 | 3750 | 2777 | (526) | 44647 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Balance as of January 1, 2024 | 6020693 | 5443 | 23587 | 783 | 1900 | (4841) | 26872 |
| Share-based compensation | - | - | - | - | 286 | - | 286 |
| Issuance of shares, net | 625000 | 512 | 8800 | - | - | - | 9312 |
| Exercise of stock options | 62829 | 51 | 210 | - | - | - | 261 |
| Comprehensive income: |  |  |  |  |  |  |  |
| Foreign currency translation adjustments | - | - | - | (1269) | - | - | (1269) |
| Net income | - | - | - | - | - | 2490 | 2490 |
| Balance as of June 30, 2024 | 6708522 | 6006 | 32597 | (486) | 2186 | (2351) | 37952 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 6

------

#### ELTEK LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

#### U.S. dollars in thousands

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
|  Net income | 1367 | 2490 |
|  Adjustments required to reconcile net income to net cash flows provided by operating activities: |  |  |
|  Depreciation | 967 | 753 |
|  Financial expenses (income), net | 466 | (186) |
|  Share-based compensation | 270 | 286 |
|  Changes in deferred income tax assets, net | 202 | 91 |
|  Increase (decrease) in employee severance benefits, net | 46 | (30) |
|  Decrease (increase) in trade receivables, net | (1733) | 517 |
|  Decrease (increase) in operating lease right-of-use assets | 694 | 372 |
|  Increase (decrease) in operating lease liabilities | (694) | (369) |
|  Decrease (increase) in other receivables and prepaid expenses | 247 | 309 |
|  Decrease (increase) in inventories | (2612) | (565) |
|  Increase (decrease) in trade payables | (2000) | (536) |
|  Increase (decrease) in other liabilities and accrued expenses | (28) | (249) |
| Net cash provided by (used in) operating activities | (2808) | 2883 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
|  Purchase of property and equipment | (2880) | (5947) |
|  Withdrawal of (investment in) short-term bank deposits, net | 534 | (6534) |
|  Net cash used in investing activities | (2346) | (12481) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
|  Exercise of options | 8 | 261 |
|  Dividend distribution | (1276) | - |
|  Issuance of shares, net | - | 9312 |
|  Net cash provided by (used in) financing activities | (1268) | 9573 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

F - 7

------

ELTEK LTD. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Six months ended**<br> **June 30,** | &nbsp;&nbsp;&nbsp;&nbsp; **Six months ended**<br> **June 30,** |
|  | **2025** | &nbsp;&nbsp;&nbsp; **2024** |
| Effect of exchange rate on cash and cash equivalents | 617 | (376) |
| Decrease in cash and cash equivalents | (5805) | (401) |
| Cash and cash equivalents at the beginning of the year | 7575 | 9278 |
| Cash and cash equivalents at the end of the year | 1770 | 8877 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: |  |  |
| Cash paid during the year for: |  |  |
| Cash paid for income taxes | 14 | 22 |
| Supplemental Disclosures of non-cash activity: |  |  |
| Purchase of property and equipment, not yet paid | 888 | 1305 |
| Right-of-use assets recognized with corresponding lease liabilities | 513 | 42 |

---

The accompanying notes are an integral part of these consolidated financial statements.

F - 8

------

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 1:-** | **DESCRIPTION OF BUSINESS AND GENERAL** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General:

Eltek Ltd. ("the Company") was established in Israel in 1970, and its ordinary shares have been publicly traded on the NASDAQ Capital Market ("NASDAQ") since 1997. Eltek Ltd. and its subsidiaries (Eltek USA Inc. and Eltek Europe GmbH) are collectively referred to as "the Company". As of December 31, 2024, Eltek Europe GmbH is inactive.<br>

- The Company manufactures, markets and sells printed circuit boards ("PCBs"), including high density interconnect, flex-rigid and multi-layered boards. The principal markets of the Company are in Israel, Europe, India and North America.

- The Company markets its products mainly to the medical technology, defense and aerospace, industrial, telecom and networking equipment industries, as well as to contract electronic manufacturers.

- The Company is controlled by Nistec Golan Ltd ("Nistec Golan"). Nistec Golan is controlled indirectly by Mr. Yitzhak Nissan, who owns, indirectly through Nistec Holdings Ltd., all of the shares of Nistec Golan (Nistec Holdings Ltd. and any of its subsidiaries are referred to as "Nistec").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Credit facilities:

The Company has a revolving credit facility pursuant to which the Company may withdraw an aggregate amount of up to NIS 8.7 million ($2.6 million). As of June 30, 2025, and December 31, 2024, the Company has no outstanding amounts under the facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Business risks and condition:

The Company's business is subject to numerous risks including, but not limited to, the impact of currency exchange rates (mainly NIS/US$), the Company's ability to implement its sales and manufacturing plans, the impact of Israel's continuing war against Hamas and Hezbollah, the impact of competition from other companies, the Company's ability to receive regulatory clearance or approval to market its products, changes in regulatory environment, domestic and global economic conditions and industry conditions, and compliance with environmental laws and regulations.<br>

F - 9

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 1:-** | **DESCRIPTION OF BUSINESS AND GENERAL (CONT.)** |

---

As of June 30, 2025, the Company's working capital amounted to $25.1 million. The Company's liquidity position, as well as its operating performance, may be negatively affected by other financial and business factors, many of which are beyond its control.<br>

In October of 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Following the attacks, Israel's security cabinet declared war against Hamas and commenced a military campaign. Since the commencement of these events, there have been additional active hostilities, including with Hezbollah in Lebanon, the Houthi movement which controls parts of Yemen, and with Iran. During November 2024, a ceasefire in Lebanon was declared. It is currently unclear how long the war against Hamas in Gaza may continue. It is possible that these hostilities will escalate in the future into a greater regional conflict, and that additional terrorist organizations and countries will actively join the hostilities. As of August 2025, these events have had no material impact on the Company's operations.<br>

The Company's commercial insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle East. Although the Israeli government is currently committed to covering the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, the Company cannot assure that this government coverage will be maintained or, if maintained, will be sufficient to compensate fully the damages incurred.<br>

---

| | |
|:---|:---|
| **NOTE 2:-** | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Basis of Presentation** 

The accompanying interim consolidated unaudited financial statements have been prepared in a condensed format and include the consolidated unaudited financial operations of the Company as of June 30, 2025 and for the six and three month periods then ended, in accordance with U.S. GAAP, relating to the preparation of financial statements for interim periods.

Accordingly, the accompanying interim consolidated unaudited financial statements do not include all the information and footnotes required by generally accepted accounting principles for a complete set of financial statements. These interim consolidated unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes of the Company for the year ended December 31, 2024 that are included in the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on April 8, 2025 (the "Annual Report"). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ended December 31, 2025.

F - 10

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 2:-** | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Use of Estimates** 

The preparation of the interim consolidated financial statements in accordance with U.S. GAAP requires the management of the Company to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the useful lives of property and equipment, allowance for credit losses, deferred tax assets, inventory write-offs, other contingencies and share-based compensation costs. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Significant Accounting Policies** 

The Company's significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company's Annual Report on Form 20-F for the year ended December 31, 2024. There have been no significant changes to these policies during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Recently Issued Accounting Pronouncements** 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of the current expected credit loss ("CECL") model to current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of adoption and impact of this amendment on its Consolidated Financial Statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure in the notes to the financial statements of prescribed categories of expenses within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact on its financial statement disclosures.

F - 11

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 3:-** | **CASH AND CASH EQUIVALENTS** <br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Unaudited** | **Unaudited** | | |
| Denominated in U.S. dollars |  | 811 |  | 3,469 |
| Denominated in NIS |  | 682 |  | 2,230 |
| Denominated in Other Currencies |  | 277 |  | 1,876 |
|  |  | 1,770 |  | 7,575 |

---

---

| | |
|:---|:---|
| **NOTE 4:-** | **SHORT-TERM BANK DEPOSITS** |

---

Short-term bank deposits are U.S. Dollar denominated and bear interest of 5.6%.

---

| | |
|:---|:---|
| **NOTE 5:-** | **INVENTORIES** <br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Unaudited** | **Unaudited** | | |
| Raw materials |  | 5,770 |  | 4,141 |
| Work-in-progress |  | 6,682 |  | 4,467 |
| Finished goods |  | 422 |  | 880 |
|  |  | 12,874 |  | 9,488 |

---

During the periods ended June 30, 2025 and June 30, 2024, the Company recorded inventory write-offs in the amounts of $60 and $67, respectively. Such write-offs were included in cost of revenues.

---

| | |
|:---|:---|
| **NOTE 6:-** | **COMMITMENTS AND CONTINGENT LIABILITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pledges:

The Company has pledged certain items of its equipment and the rights to any insurance claims on such items to secure its debts to banks, as well as placed floating liens on all of its remaining assets in favor of the banks. As of June 30, 2025 the Company has no debt outstanding to banks; however, such pledges has not yet been cancelled.

F - 12

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 6:-** | **COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Environmental Related Matters

The Company has a business permit which allows it to continue operating its business until December 31, 2028. The permit is subject to certain conditions, especially certain conditions imposed by the Israeli Ministry of Environmental Protection. Compliance with these conditions may be costly.

During 2022, the Company's permit providing for deviations from the standards for discharges into the municipal sewage system was extended. There can be no assurance that such extension will be granted in the future.

In October 2023, the Company received a notice from the Ministry regarding some suspicion of contamination of the soil from a drilling survey that was done in May 2021 at the factory. On January 24, 2024, representatives of the Ministry visited the Company's facility and informed the Company that an additional survey of the soil and groundwater in the facility area would be required. As of June 30, 2025, the Company is still in discussions with the Ministry regarding the need for such survey and if deemed required, the scope thereof.

---

| | |
|:---|:---|
| **NOTE 7:-** | **SHAREHOLDERS' EQUITY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Dividend:

On April 8, 2025 the Company declared a cash dividend in the amount of $0.19 per share and $1.3 million in the aggregate. The dividend was paid on April 29, 2025, to all of the Company's shareholders of record as of April 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Share Option Plan:

The Company's 2018 Share Incentive Plan (the "Plan") authorizes the grant of options to purchase shares and restricted shares units ("RSUs") to officers, employees, directors and consultants of the Company and its subsidiaries. Awards granted under the Plan to participants in various jurisdictions may be subject to specific terms and conditions for such grants as may be approved by the Company's board from time to time.

Each option granted under the Plan is exercisable for a period of ten years from the date of the grant of the option or the expiration dates of the option plan. The options primarily vest gradually over four years of employment.

As of June 30, 2025 options to purchase 374,475 ordinary shares were outstanding under the Plan, exercisable at an average exercise price of $8.21 per share. The share-based compensation expense related to employees' equity-based awards, recognized during the six months ended June 30, 2025 and 2024 was $270 and $286, respectively.

F - 13

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 7:-** | **SHAREHOLDERS' EQUITY (CONT.)** |

---

A summary of employee option activity under the Plan as of June 30, 2025 and changes during the six months period ended June 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of options** | **Weighted-average exercise**<br> **price** | **Weighted- average remaining contractual life**<br> **(in years)** | **Aggregate intrinsic**<br> **value**<br> **(in thousands)** |
| Outstanding at January 1, 2025 | 369809 | 8.30 | 7.8 | 992 |
| Exercised | (1584) | 5.12 | - | - |
| Forfeited | (13750) | 8.50 |  |  |
| Granted | 20000 | 10.07 | - | - |
| Outstanding at June 30, 2025 | 374475 | 8.21 | 89 | 939 |
| Exercisable at June 30, 2025 | 203661 | 6.63 | 77 | 834 |

---

The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company's closing share price on the last trading day of the second quarter of fiscal 2025 and the exercise price, multiplied by the number of in-the-money options). This amount changes based on the fair market value of the Company's shares. As of June 30, 2025, there was approximately $1,132 of unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Company's share option plan. This cost is expected to be recognized over a period of up to 4 years.

**NOTE 8:- OPERATING SEGMENTS AND ENTITY WIDE DISCLOSURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company operates as a single operating segment - manufacturing, marketing and sale of printed circuit boards.

The Chief Operating Decision Maker (CODM) of Eltek Ltd. is the Chief Executive Officer (CEO). The CEO evaluates the company's performance and allocates resources based on financial information presented on a consolidated basis. The Company's CODM uses consolidated net income to review actual results to allocate resources within the business to continue growth.

The Company's CODM does not regularly review asset information and, therefore, the Company does not report asset information.

F - 14

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 8:-** | **OPERATING SEGMENTS AND ENTITY WIDE DISCLOSURES (CONT.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The following table presents information on reportable segment profit for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Revenues | 25285 | 22249 | 12529 | 10466 |
| Less: |  |  |  |  |
| Raw materials | 6408 | 6060 | 2799 | 3049 |
| Manufacturing | 592 | 241 | 202 | 177 |
| Salaries | 10712 | 9081 | 5306 | 4273 |
| Depreciation | 967 | 753 | 503 | 388 |
| Other segment items\* | 5239 | 3624 | 3354 | 1828 |
| Net profit | 1367 | 2490 | 365 | 751 |

---

\* Other segment items consist of other cost items including cost of sales, research and development, selling, general and administrative, tax expenses and finance income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Revenues by geographic areas:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Israel | 17343 | 14832 | 8753 | 7642 |
| North America | 2936 | 1664 | 1278 | 716 |
| Netherlands | 1677 | 1980 | 745 | 864 |
| India | 977 | 2144 | 474 | 901 |
| Others | 2352 | 1629 | 1279 | 343 |
|  | 25285 | 22249 | 12529 | 10466 |

---

F - 15

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 8:-** | **OPERATING SEGMENTS AND ENTITY WIDE DISCLOSURES (CONT.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Primary industries for which the Company produced PCBs:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Defense and aerospace equipment | 15362 | 14554 | 7848 | 6628 |
| Medical equipment | 1784 | 1521 | 717 | 719 |
| Industrial equipment | 1932 | 2301 | 902 | 943 |
| Distributors, contract electronic manufacturers and others | 6207 | 3873 | 3062 | 2176 |
|  | 25285 | 22249 | 12529 | 10466 |

---

---

| | |
|:---|:---|
| **NOTE 9 :-** | **FAIR VALUE MEASUREMENTS** |

---

As of June 30, 2025, and December 31, 2024, the Company did not have any derivative instruments, measured at fair value on a recurring or nonrecurring basis. The Company's financial instruments on June 30, 2025, and December 31, 2024, consisted of cash and cash equivalents, short-term bank deposits, trade and other accounts receivable, other current assets and trade and other payables. The carrying amounts of the financial instruments, approximate fair value due to their short maturity.

---

| | |
|:---|:---|
| **NOTE 10:-** | **BASIC AND DILUTED NET EARNINGS PER SHARE** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Numerator: |  |  |  |  |
| Profit attributable to Eltek Ltd. shareholders | 1367 | 2490 | 365 | 751 |
| Denominator: |  |  |  |  |
| Denominator for basic profit per share weighted-average number of shares outstanding | 6714721 | 6541077 | 6715402 | 6706379 |
| Effect of diluting securities: |  |  |  |  |
| Employee share options | 69833 | 86644 | 68498 | 58062 |
| Denominator for diluted profit per share - adjusted weighted average shares and assumed exercises | 6784554 | 6627720 | 6783900 | 6764441 |

---

F - 16

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 11:-** | **TAXES ON INCOME** |

---

Reconciliation of the theoretical income tax expense to the actual income tax expense:

For the six months period ended June 30, 2025 and 2024 the main differences between the theoretical tax expenses (statutory tax rate of 23%) and the actual tax expenses are tax benefits arising from "Preferred enterprises" and non-deductible items and others.

---

| | |
|:---|:---|
| **NOTE 12:-** | **RELATED PARTY BALANCES AND TRANSACTIONS** |

---

Nistec, the controlling shareholder of the Company, is also a customer of the Company. The Company sells products to Nistec, pays management fees to Nistec and purchases certain services from Nistec. The Company's transactions with Nistec were carried out on an arm's-length basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Balances with related parties:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Unaudited** | **Unaudited** | | |
| Trade accounts receivable |  | 407 |  | 246 |
| Trade accounts payable |  | 42 |  | 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions with related parties:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Revenues |  | 556 |  | 517 |  | 187 |  | 358 |
| Purchases, selling, general and administrative expenses |  | 256 |  | 147 |  | 153 |  | 75 |

---

*PCB purchases by Nistec* **-** Nistec purchases PCBs from the Company solely to provide assembled boards to its customers. The Company sells PCBs to Nistec based on its standard pricing, each PCB may be subject to a discount at such rate as offered by the Company from time to time to its other customer, provided that in no event shall the quoted price fall below 1.6 times the variable cost of such PCB, as determined by the Company's dynamic pricing system. Should the order be for PCBs imported by the Company, the quote reflects the actual price of such PCBs, plus a mark-up of at least twenty percent (20%).

F - 17

#### ELTEK LTD. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### U.S. dollars in thousands (except share and per share data)

---

| | |
|:---|:---|
| **NOTE 12:-** | **RELATED PARTY BALANCES AND TRANSACTIONS (CONT.)** |

---

Should the order be for PCBs from excess inventory of an original order, the quote will reflect the standard price of such PCBs, with a discount of up to fifty percent (50%) of the price actually paid for such PCBs in the original order (the "Excess Inventory Discount"). The Excess Inventory Discount will apply only to orders from excess inventory of the first original order of a specific PCB (i.e., should a second order of a specific PCBs generate any excess inventory, and Nistec would like to purchase such excess, the Excess Inventory Discount will not be applied to such purchase).

*Soldering and assembly services* - The Company may acquire soldering services and/or purchasing services from Nistec. Nistec's pricing for its soldering services will be its standard pricing (the "Pricing"), less a five percent (5%) discount. Nistec may charge for Purchasing Services in accordance with the actual costs of the orders, plus a fourteen and a quarter (14.25%) commission, which reflects a five percent (5%) discount, as compared to the commission charged to third parties by Nistec for similar services. Prices of services not included in the Pricing will be negotiated by the parties in good faith (without participation of Mr. Nissan, the Company's controlling shareholder and CEO, or any of his relatives). Nistec standard procedures govern manufacturer warranties and restrictions regarding defective assembled products. The Company's purchases of services under the Soldering, Assembly and Design Services Procedure may not exceed NIS 3,000,000 per year.

*Managements fees* - In July 2024, the Company's Audit Committee, Compensation Committee and Board of Directors, as applicable, approved the terms of the amended Management Agreement. Nistec is entitled to a monthly management fee of NIS 120,000 ($33,000). In the event that the Company's audited consolidated financial statements reflect that the Company's net income equals 4% or more of the Company's revenues, Nistec is entitled to receive an annual performance-based bonus in an amount equal to three (3) times the monthly management fee.

Subject to Company's reimbursement policy approved by the Audit Committee on May 15, 2016, Mr. Nissan is entitled to receive reimbursement of travel expenses (other than food and beverage expenses) while traveling internationally on behalf of the Company, provided that such reimbursement will not exceed an aggregate amount of NIS 10,000 ($2,700) per calendar quarter.

Mr. Nissan is reimbursed for food and beverage expenses while traveling internationally on behalf of the Company, against receipts, in accordance with the Israeli Income Tax Regulations (Deduction of Certain Expenses) 1972.

#### - - - - - - - - - - - - - - - - - - -

#### F - 18

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## Exhibit 99.2

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#### Exhibit 99.2

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND   RESULTS OF OPERATIONS
The discussion and analysis which follows contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. These include statements regarding our earnings, projected growth and forecasts, and similar matters which are not historical facts. We remind shareholders that forward-looking statements are merely predictions and therefore are inherently subject to uncertainties and other factors which could cause the actual future events or results to differ materially from those described in the forward-looking statements.

The interim condensed consolidated financial statements appearing elsewhere in this report should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 20-F for the year ended December 31, 2024. The results of operations for the six months ended June 30, 2025, are not necessarily indicative of the operating results for the full fiscal year.

#### Overview
We manufacture, market and sell technologically advanced custom-made printed circuit boards, or PCBs, including high density interconnect, or HDI, flex-rigid and rigid, with high layer count boards. Our principal customers include manufacturers of defense and aerospace, medical, industrial, telecom and networking equipment, as well as contract electronic manufacturers. PCBs are constructed from a variety of base raw materials. PCBs can be double-sided or multi-layered and made of rigid, flexible, flex-rigid or high-frequency materials. In essence, they are platforms that conduct electrical signals among active and passive microelectronics components, microprocessors, memories, resistors and capacitors. Photolithographic type processes transfer the images of the electrical circuit onto the layers, and chemical processes etch these lines on the boards. Our focus is on short run quick-turnaround, prototype, pre-production and low to medium volume runs of high-end PCB products for high growth, advanced electronics applications, mainly flex-rigid PCBs. We also act as an agent for the importation of PCBs from Southeast Asia when customers require high volume production runs, although such activity was less material in recent years.

#### Critical Accounting Estimates
The preparation of our consolidated financial statements and other financial information requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate on an on-going basis these estimates, mainly related to inventory, deferred tax assets and share-based compensation expenses.

We base our estimates on our experience and on various assumptions that we believe are reasonable under the circumstances. The results of our estimates form the basis for our management's judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of the financial information:

#### Inventory
We are required to state our inventories at the lower of cost or net realizable value. Cost is determined on the weighted average basis for raw materials. For work in progress and finished goods, the cost is determined based on calculation of accumulated actual direct and indirect costs. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

------

We periodically evaluate the inventory quantities on hand relative to historical and projected sales volumes, current and historical selling prices and contractual obligations to maintain certain levels of parts. Based on these evaluations, inventory write-offs are provided to cover risks arising from slow-moving items, discontinued products, excess inventories, market prices lower than cost and adjusted revenue forecasts. Any write-off is recognized in our consolidated statements of income as cost of revenues. In addition, if required, we record a liability for firm non-cancelable and unconditional purchase commitments with contract manufacturers for quantities in excess of our forecast of future demand consistent with our valuation of excess and obsolete inventory.

The process of evaluating these write-offs often requires us to make subjective judgments and estimates concerning future sales potential at which such an inventory will be sold in the normal course of business. Incorrect estimates of future sales potential may cause actual results to differ from the estimates at the time such an inventory is disposed of or sold. Given the significant assumptions required and the possibility that actual conditions will differ, we consider the valuations to be a critical accounting estimate.

#### Explanation of Key Income Statement Items
*Revenues.* Our revenues are mainly derived from sales of PCBs, including high density interconnect, flex-rigid and multi-layered boards. The principal markets of the Company are in Israel, Europe, India and North America.

*Cost of Revenues.* Cost of revenues consists primarily of salaries, raw materials, subcontractor expenses, related depreciation costs, inventory write-downs and overhead allocated to cost of revenues activities.

*Selling, General and Administrative Expenses.* Selling, general and administrative expenses consist primarily of salaries and related expenses for executives and for selling, and marketing personnel, marketing activities, accounting, legal, administrative personnel, professional fees, provisions for doubtful accounts and other general corporate expenses.

*Financial Expenses, Net.* Financial expenses consist of bank expenses and currency re-measurement losses. Financial income consists of interest on cash and cash equivalent balances (including Short-term bank deposits) and currency re-measurement gains.

#### Results of Operations
*Revenues*. Our revenues for the six months ended June 30, 2025, were $25.2 million as compared to $22.2 million for the six months ended June 30, 2024, an increase of $3.0 million. The increase in revenues is primarily attributable to increased demand for our products, increased capacity and a more favorable mix of products which resulted in higher sales prices.

*Cost of Revenues*. Cost of revenues increased by 15% to $20.0 million for the six months ended June 30, 2025, from $17.4 million for the six months ended June 30, 2024. The increase is mainly due to the increase in revenues and increase in labor costs of manufacturing employees that took place in July 2024.

*Gross Profit*. Our gross profit increased to $5.2 million or 20.7% for the six months ended June 30, 2025, from $4.9 million, or 22.0% for the six months ended June 30, 2024. The increase in our gross profit is mainly due to the increase in revenues. The decrease in gross margin in 2025 is attributed to increased labor costs and the ramp-up of new production equipment, which temporarily has led to lower yields.

Our operating expenses were $3.1 million for the six months ended June 30, 2025, as compared to $2.8 million for the six months ended June 30, 2024. The increase is mainly due to the increase in revenues.

*Financial Income (expense), Net*. We had net financial expenses of $0.5 million in the first six months of 2025 compared to net income of $0.8 million in the first six months of 2024. The increase in financial expenses is primarily attributable to the devaluation of the U.S. Dollar exchange rate against the NIS and its $1.0 million impact on our outstanding Dollar denominated balances in the second quarter of 2025.

*Net Profit.* Our net profit for the first six months of 2025 was $1.4 million compared to net profit of $2.5 million in the first six months of 2024.

------

#### Liquidity and Capital Resources
Historically, we have financed our operations through cash generated by operations, shareholder loans, long-term and short-term bank loans, borrowings under available credit facilities and the proceeds from our initial public offering in 1997, rights offerings in 2019 and 2020 and a follow-on public offering in 2024.

As of June 30, 2025, our cash position (cash and cash equivalents and short-term bank deposits) totaled $11.2 million compared to $17.2 million in cash and cash equivalents as of December 31, 2024. As of June 30, 2025, we had working capital of $25.1 million as compared to working capital of $25.8 million as of December 31, 2024.

As of June 30, 2025, we had revolving lines of credit aggregating NIS 8.7 million ($2.6 million) with our banks, none of which was utilized as of such date. As of June 30, 2025, we had no debt and were in compliance with our banks' covenants. All of our assets are pledged to our banks, whose consents are required for any future pledge of such assets.

Net cash used in operating activities for the first six months of 2025 was $2.8 million as compared to net cash provided by operating activities of $2.9 million during the first six months of 2024. The net cash used in operating activities for the first six months of 2025 was primarily due to net income of $1.4 million, an increase in trade receivables of $1.7 million and an increase in inventory of $2.6 million.

Net cash used in investing activities during the first six months of 2025 was $2.4 million as compared to net cash used in investing activities of $12.5 million during the first six months of 2024. This was primarily due to our purchase of fixed assets in the amount of $2.9 million during the first six months of 2025 compared to purchase of fixed assets in the amount of $6.0 million and investment in short-term bank deposits in the amount of $6.5 million during the first six months of 2024.

Net cash used in financing activities during the first six months of 2025 was $1.3 million, mainly attributable to a dividend distribution, compared to cash provided by financing activities of $9.6 million during the first six months of 2024, which included mainly proceeds from the follow-on offering.

Our working capital requirements and cash flow provided by our operating and financing activities are likely to vary from quarter to quarter, depending on the following factors: (i) the timing of orders and deliveries; (ii) net profit in the period; (iii) the purchase of new equipment; (iv) the build-up of inventories; (v) the payment terms offered to our customers; (vi) the payment terms offered by our suppliers; (vii) the repayment of existing lines of credit and loans; and (vii) approval of the current or additional lines of credit and long-term loans from banks.

Corporate Tax Rate

The corporate tax in Israel is 23% as of June 30, 2025. According to the Law for the Encouragement of Capital Investments and our Preferred Enterprise status, our applicable tax rate is 16%.

#### Impact of Currency Fluctuation and of Inflation
A significant portion of the cost of our Israeli operations, primarily personnel and facility-related expenses, is incurred in NIS. Therefore, our NIS related costs, as expressed in Dollars, are influenced by the exchange rate between the Dollar and the NIS. In addition, if the rate of inflation in Israel will exceed the rate of devaluation of the NIS in relation to the Dollar, or if the timing of such devaluations were to lag considerably behind inflation, our cost as expressed in Dollars may increase. Fluctuations in foreign currency exchange rates relative to the NIS between the beginning and end of the reporting period may result in foreign exchange gains or losses regarding our balance sheet items which are denominated in foreign currency. These fluctuations can impact our net income and earnings per share. Although we may use hedging techniques, we may not be able to eliminate the effects of currency fluctuations. Therefore, exchange rate fluctuations could have a material adverse impact on our operating results and share price.

------