Bel Fuse (BELFB) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong sales growth of 17.2% year-over-year to $178.5 million, with margin expansion and robust cash generation, reflecting broad-based momentum and disciplined execution.

• Completed a business unit realignment, now operating as Aerospace, Defense & Rugged Solutions (ADRS) and Industrial Technology & Data Solutions (ITDS), to enhance customer focus and operational agility.

• Closed the acquisition of Datamate for $16 million in March 2026, expected to be immediately accretive and to expand the Ethernet and broadband portfolio.

• Non-GAAP net earnings attributable to shareholders increased to $22.8 million from $16.8 million in Q1-25.

• Adjusted EBITDA reached $34.5 million (19.3% of sales), up from $30.9 million (20.3% of sales) in Q1-25.

Financial highlights

• Total Q1 sales reached $178.5 million, up 17.2% year-over-year.

• Gross profit margin was 39%, up 40 basis points from Q1 2025.

• GAAP operating income was $23.7 million (13.3% of sales), down from $25 million (16.4%) last year.

• Net cash from operating activities was $13.8 million, up from $8.1 million in Q1 2025.

• Cash and cash equivalents stood at $59.4 million at quarter-end.

Outlook and guidance

• Q2 2026 sales guidance is $195 million–$215 million, with gross margin expected between 38%–40%.

• Continued strength anticipated for the remainder of the year, supported by robust bookings and strong demand in defense, aerospace, and data solutions.

• SG&A expected to run at $33–$35 million per quarter; R&D at ~$8 million per quarter.