ELTEK LTD Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>ELTEK LTD has submitted its 20-F annual report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ELTEK LTD (ELTK) filed a Foreign Annual Report (20-F) with the SEC on March 26, 2024. ELTEK LTD filed its 20-F annual report for the fiscal year ending December 31, 2023. The company is incorporated in L3 and its fiscal year ends on December 31. Its principal business address is SGOOLA INDUSTRIAL ZONE, P O B 159, PETACH TIKVA, L3, 49101. The filing is made under the 1934 Act with SEC file number 000-28884. ELTEK LTD operates in the PRINTED CIRCUIT BOARDS industry (SIC code 3672).

Why It Matters

For investors and stakeholders tracking ELTEK LTD, this filing contains several important signals. This filing provides a comprehensive overview of ELTEK LTD's financial health, operational status, and strategic direction for investors and stakeholders. As a 20-F filing, it offers insights into the company's compliance with SEC regulations and its reporting standards for foreign private issuers.

Risk Assessment

Risk Level: low — ELTEK LTD shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or urgent disclosures, indicating a routine compliance event.

Analyst Insight

Review the detailed financial statements and business overview within the 20-F filing to understand ELTEK LTD's performance and outlook for the past fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-26 — Filing Date (Date filed)
• 000-28884 — SEC File Number (SEC registration number)
• 3672 — SIC Code (Industry classification)

Key Players & Entities

• ELTEK LTD (company) — Filer name
• 2024-03-26 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 000-28884 (other) — SEC file number
• 3672 (other) — Standard Industrial Classification code
• PETACH TIKVA (location) — Business address city
• 972-3-9395025 (phone) — Business phone number

FAQ

Industry Context

ELTEK LTD operates within the PRINTED CIRCUIT BOARDS industry, a sector critical to the electronics manufacturing supply chain.

Regulatory Implications

As a foreign private issuer, ELTEK LTD is subject to SEC regulations and files annual reports on Form 20-F, adhering to specific disclosure requirements.

What Investors Should Do

1. Analyze the financial statements for revenue, profitability, and balance sheet health.
2. Review management's discussion and analysis for insights into business strategy and risks.
3. Check for any disclosures regarding corporate governance or material events.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-26: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 20-F annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1.00 — ate as published by the Bank of Israel ($1.00 = NIS 3.627 as of December 31, 2023), e
• $12.1 million — o us . As of December 31, 2023, we had $12.1 million in cash and cash equivalents and short-
• $16.1 million — rm bank deposits and working capital of $16.1 million. In February 2024, we completed an offe
• $10 million — 5,000 of our ordinary shares and raised $10 million before expenses. The lack of sufficient
• $2.4 million — regating NIS 8.7 million (approximately $2.4 million). These credit facilities may not remai

Filing Documents

• zk2431155.htm (20-F) — 2242KB
• exhibit_2-2.htm (EX-2.2) — 20KB
• exhibit_12-1.htm (EX-12.1) — 11KB
• exhibit_12-2.htm (EX-12.2) — 11KB
• exhibit_13-1.htm (EX-13.1) — 4KB
• exhibit_13-2.htm (EX-13.2) — 4KB
• exhibit_15-1.htm (EX-15.1) — 3KB
• exhibit_97-1.htm (EX-97.1) — 34KB
• image0.jpg (GRAPHIC) — 17KB
• image00001.jpg (GRAPHIC) — 366KB
• image1.jpg (GRAPHIC) — 95KB
• 0001178913-24-001087.txt (&nbsp;) — 9812KB
• eltk-20231231.xsd (EX-101.SCH) — 68KB
• eltk-20231231_cal.xml (EX-101.CAL) — 64KB
• eltk-20231231_def.xml (EX-101.DEF) — 134KB
• eltk-20231231_lab.xml (EX-101.LAB) — 641KB
• eltk-20231231_pre.xml (EX-101.PRE) — 326KB
• zk2431155_htm.xml (XML) — 1676KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No INTRODUCTION 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. We were incorporated in 1970 under the laws of the State of Israel. Since our initial public offering in January 1997, our ordinary shares have been listed on the NASDAQ Stock Market (symbol: ELTK) and are presently traded on the NASDAQ Capital Market. As used in this annual report, the terms "we," "us" and "our" mean Eltek Ltd. and its subsidiaries, unless otherwise indicated. Our functional currency is the New Israeli Shekel while our reporting currency is the U.S. Dollar. All references in this annual report to "dollars" or "

D. "Key Information- Risk Factors."

Item 3.D. "Key Information- Risk Factors." i TABLE OF CONTENTS Page No. PART I 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 A. [ RESERVED] 1 B. Capitalization and Indebtedness 1 C. Reasons for the Offer and Use of Proceeds 1 D. Risk Factors 1 ITEM 4. INFORMATION ON THE COMPANY 22 A. History and Development of the Company 22 B.

Business

Business Overview 23 C. Organizational Structure 28 D. Property, Plants and Equipment 29 ITEM 4A. UNRESOLVED STAFF COMMENTS 29 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 29 A. Operating Results 29 B. Liquidity and Capital Resources 32 C. Research and Development, Patents and Licenses 34 D. Trend Information 34 E. Critical Accounting Estimates 34 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 35 A. Directors and Senior Management 35 B. Compensation 38 C. Board Practices 39 D. Employees 48 E. Share 50 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 51 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 51 A. Major Shareholders 51 B. Related Party Transactions 52 C. Interests of Experts and Counsel 54 ITEM 8. FINANCIAL INFORMATION 55 A. Consolidated 55 B. Significant Changes 56 ITEM 9. THE OFFER AND LISTING 56 A. Offer and Listing Details 56 B. Plan of Distribution 56 C. MARKETS 56 D. Selling Shareholders 56 E.

Dilution

Dilution 56 F. Expense of the Issue 56 ii ITEM 10. ADDITIONAL INFORMATION 56 A. Share Capital 56 B. Memorandum and Articles of Association 56 C. Material Contracts 57 D. Exchange Controls 57 E. Taxation 58 F. Dividends and Paying Agents 66 G. by Experts 66 H. Documents on Display 66 I. Subsidiary Information 66 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 66 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 67 PART II 67 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 67 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 67 ITEM 15. CONTROLS AND PROCEDURES 67 ITEM 16. [RESERVED] 68 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 68 ITEM 16B. CODE OF ETHICS 68 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 69 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 69 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 69 ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 69 ITEM 16G. CORPORATE GOVERNANCE 69 ITEM 16H. MINE SAFETY DISCLOSURE 70 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 70 ITEM 16J. INSIDER TRADER POLICY 70 ITEM 16K. CYBERSECURITY 70 ITEM 17. FINANCIAL 71 ITEM 18. FINANCIAL 71 ITEM 19. EXHIBITS 71 iii PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3. KEY INFORMATION A. Reserved B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Investing in our ordinary shares involves a high degree of risk and uncertainty. You should carefully consider the risks and uncertainties described below before investing

View Full Filing

View this 20-F filing on SEC EDGAR