Eltek

What Eltek does

Eltek Ltd. is an Israeli manufacturer of complex, high-reliability printed circuit boards (PCBs) founded in 1970 and listed on NASDAQ under ticker ELTK. The company is majority-owned (56.6%) by Nistec Golan Ltd., with its single production facility located in Petach Tikvah, Israel, and a sales/engineering subsidiary (Eltek USA Inc.) operating in Englewood, NJ. Eltek serves defense, aerospace, medical, HSD&RF (high-speed digital and RF/telecom), industrial, and space customers globally, with a stated base of over 300 customers. It is the only production plant in Israel holding both PLATINUM MARK (Israel Standards Institute) and Nadcap accreditation, with additional compliance under ISO-9100, AS9100, ISO 9001/14001/45001/50001, and ITAR & EAR.

Eltek's core product set spans flex-rigid PCBs (where it claims world-leader status), multi-layer rigid PCBs, HDI (High Density Interconnect) boards, flexible PCBs, and Teflon/PTFE hybrid boards for high-frequency applications. Differentiated technical capabilities include a custom-built DES (Develop/Etch/Strip) line achieving 2 mil Line/Space for Industry 4.0-compliant production, PTFE fusion bonding for RF/microwave applications, sequential lamination, and mixed material boards using low Dk/Low Df substrates for 5G and high-speed digital use cases. The company generates revenue through one-time, quote-based sales of custom-manufactured boards, with enterprise field sales from Israeli HQ, a direct US sales arm, and a distribution partnership with NCAB Group Italy in Europe. Pricing is not publicly disclosed; customers submit technical specifications via an online RFQ system. Reported FY2025 revenue was $51.8 million (+11% YoY), followed by a softer Q1 2026 ($10.4 million, -18.5% YoY) with a $2.9 million net loss, against a backlog that approximately doubled versus year-end 2025.

Name

Eltek

Legal name

Eltek Ltd.

Website

https://nisteceltek.com

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

251–500 employees

Short description

Eltek Ltd. is an Israeli manufacturer of high-reliability, complex printed circuit boards—including flex-rigid, rigid multi-layer, HDI, and Teflon/PTFE boards—serving defense, aerospace, medical, telecom, and industrial customers globally under ITAR and Nadcap certifications.

Ownership category

akta.pro rank

Product category

High-End Printed Circuit Boards (PCBs)

NAICS

Bare Printed Circuit Board Manufacturing (334412)

SIC

Printed Circuit Boards (3672)

akta.pro primary industry

PCB Fabrication (Flex & Rigid-Flex PCBs) (HDAHAOAH)

akta.pro secondary industries

PCB Fabrication (Rigid PCBs) (HDAHAOAG), Printed Electronics & Advanced Substrates (HDI, IC Substrates, Embedded Components) (HDAHAOAK)

Keywords

• Flex-rigid PCBs
• High-end printed circuit boards
• HDI circuit boards
• PTFE high-frequency PCBs
• Defense aerospace PCBs

Headquarters

HQ city

Petah Tikwah

HQ country

Israel

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. PCB Manufacturing and Sales: Manufacturing and selling high-reliability complex printed circuit boards including flex-rigid, rigid multi-layer, HDI, and flex PCBs to defense, aerospace, medical, and industrial customers. Revenue is generated through one-time product sales with deliveries spanning quarters.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Eltek is a manufacturer of complex printed circuit boards (PCBs), specializing in high-reliability flex-rigid PCBs, rigid multi-layer boards, HDI boards, flex PCBs, and Teflon/hybrid boards for high-frequency applications. The company serves defense, aerospace, medical, industrial, and telecommunications infrastructure customers globally from its manufacturing facility in Israel and sales subsidiary in the United States.

Product overview

Eltek is a leading global manufacturer of complex Rigid and Flex-Rigid Printed Circuit Boards (PCBs), operating as a Nasdaq-listed Israeli company established in 1970. The company's product portfolio centers on high-reliability PCB manufacturing, with core offerings including Flex Rigid PCBs, Rigid Multi-Layer PCBs, HDI (High Density Interconnect) boards, Flex PCBs, and Teflon/Hybrid Boards. Eltek serves demanding sectors including Military/Defense, Space/Aerospace, Healthcare/Medical, and Industrial applications. The company also offers specialized capabilities such as Teflon (PTFE) Fusion Bonding and custom Special Solutions for unique customer requirements. Eltek's technology platform includes sequential lamination, fine line etching (down to 2 mil Line Space), and advanced plating capabilities to support miniaturization and high-frequency applications. The company operates with over 300 employees and maintains global distribution across North America, Europe, India, South Africa, and South America.

Differentiator

Problem solved

Functional benefit

Products and services

• Flex Rigid PCB Flex Rigid PCBs combining rigid and flexible circuit board technologies in a single structure, suitable for complex applications in defense, aerospace, and medical industries requiring high reliability and miniaturization.
• Rigid Multi-Layer PCB Multi-layer rigid printed circuit boards manufactured with advanced capabilities for high-reliability applications in defense, aerospace, and medical sectors.
• HDI (High Density Interconnect) PCB High Density Interconnect PCBs enabling miniaturization with fine line spacing, via-in-pad, and sequential lamination capabilities for advanced electronic applications.
• Flex PCB Flexible printed circuit boards including multi-flex configurations for applications requiring dynamic flexing, compact packaging, and lightweight solutions.
• Teflon & Hybrid Boards High-frequency PCBs using PTFE (Teflon) materials and hybrid configurations optimized for RF, microwave, and 5G applications requiring low Dk/low Df characteristics.
• Teflon (PTFE) Fusion Bonding Advanced PTFE fusion bonding technology for manufacturing high-performance RF and microwave circuit boards with superior electrical properties.
• Special Solutions (Custom PCBs) Custom PCB solutions designed for unique customer requirements, including specialized materials, complex geometries, and application-specific configurations.

Quantifiable outcome

• 11% revenue growth in 2025 to $51.8 million
• +2 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered minor and core.

• NCAB Group ItalyminorChannel Partner/ Reseller/ Distributor · 24 May 2017Distribution agreement with NCAB Group Italy for reselling and distributing Eltek PCBs in the Italian market.
• EricssoncoreStrategic or Co-development PartnerTier-1 telecom OEM partner for power electronics systems. Eltek provides high-reliability power electronics solutions for telecommunications infrastructure including 5G base stations, data centers, and edge computing applications.
• NokiacoreStrategic or Co-development PartnerTier-1 telecom OEM partner for power electronics systems. Strategic positioning for 5G network expansion with high-efficiency power solutions exceeding 96% efficiency.

Scale indicators12 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• TTM Technologies: Largest US-based PCB manufacturer with a significant Aerospace & Defense segment producing complex rigid, flex, and rigid-flex PCBs. Most directly comparable to Eltek given overlapping product portfolio (HDI, rigid multi-layer, flex-rigid) and shared defense/aerospace customer base.
• APCT: US-based PCB manufacturer specializing in high-reliability, high-mix, low-to-medium volume PCBs for defense, aerospace, and medical customers. Closely aligned with Eltek's niche high-reliability, mission-critical focus and ITAR-compliant business model.
• Summit Interconnect: US-based PCB manufacturer focused on complex rigid, flex, and rigid-flex PCBs for aerospace, defense, and medical applications. Directly comparable to Eltek in product mix, end-market focus, and certification profile (AS9100, Nadcap, ITAR).
• Calumet Electronics: US PCB manufacturer focused on high-reliability PCBs for defense, aerospace, and medical customers with domestic manufacturing emphasis. Comparable to Eltek in mission-critical niche focus and US defense supply-chain positioning.
• IEC Electronics: US-based provider of PCB assembly and electronic manufacturing services primarily for defense, aerospace, and medical customers. Comparable to Eltek in defense end-market focus and ITAR-compliant operations.

Broad incumbents

• AT&S: Austrian-headquartered global PCB manufacturer and a leader in HDI, IC substrates, and advanced substrates for high-end applications including 5G, automotive, and medical. Comparable to Eltek in HDI and advanced flex-rigid capabilities but at substantially larger scale.
• Multek (Flex Ltd.): Global PCB and interconnect solutions business within Flex Ltd., serving high-end applications including communications infrastructure. Comparable to Eltek in telecom and flex/HDI PCB capabilities, though Multek operates at much larger scale across consumer and enterprise markets.
• Sanmina: Global integrated manufacturing solutions provider offering PCB fabrication plus full EMS for aerospace, defense, medical, and communications customers. Comparable to Eltek in defense/aerospace/medical PCB focus but with substantially broader scale and end-to-end assembly.
• Unimicron Technology: Taiwan-based global PCB leader in HDI, IC substrates, and high-layer-count boards for smartphones, networking, and automotive applications. Comparable to Eltek in HDI/advanced substrate capabilities but at vastly larger scale.
• Zhen Ding Technology: Largest global PCB manufacturer by revenue, with leading positions in flex PCBs and HDI substrates for smartphones, networking, and high-end applications. Comparable to Eltek in flex and HDI capabilities but operates at multibillion-dollar scale with broader end-market exposure.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/eltek.printedcircuitboards

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eltek