Bel Fuse Q4 Revenue Up 17.4% to $175.9M Despite GAAP Loss
Bel Fuse posted Q4 net sales of $175.9 million, up 17.4%, with a GAAP loss of $5.4 million including a $13.1 million impairment and non-GAAP earnings of $24.9 million. Full-year revenue rose 26.3% to $675.5 million with non-GAAP net income of $89.0 million.
1. Q4 Financial Results
Bel Fuse reported net sales of $175.9 million in Q4 2025, a 17.4% increase from $149.9 million a year earlier. GAAP net loss was $5.4 million, or $0.43 per share, reflecting a $13.1 million non-cash impairment, while non-GAAP net earnings reached $24.9 million with adjusted EBITDA of $37.6 million (21.4% of sales).
2. Full-Year 2025 Performance
For full-year 2025, revenue rose 26.3% to $675.5 million from $534.8 million, with gross margin expanding to 39.1% from 37.8%. GAAP net earnings attributable to Bel shareholders were $61.5 million, or $4.91 per share, and non-GAAP net earnings totaled $89.0 million, driving adjusted EBITDA to $142.9 million (21.2% of sales).
3. Q1 2026 Outlook and Leadership Changes
Bel Fuse expects Q1 2026 net sales of $165 million to $180 million and gross margins of 37% to 39%, reflecting typical seasonality. The company also announced leadership succession, with Tom Smelker joining the team as Pete Bittner retires, aiming to strengthen its aerospace and defense focus.