Bel Fuse Inc. Reports 26.3% Revenue Growth to $168.3 Million in Q2 2025

Bel Fuse Inc. reported significant financial growth in its latest quarterly results, with net sales reaching $168.3 million for the three months ended June 30, 2025, a 26.3% increase from $133.2 million in the same period last year. For the first half of 2025, the company generated $320.5 million in revenue, up 22.6% from $261.3 million in the first half of 2024. The increase in revenue was primarily driven by strong performance in the Power Solutions and Protection segment, which saw sales rise by 48.2% year-over-year, largely due to contributions from the recently acquired Enercon Technologies, Ltd.

The company's profitability also improved, with net earnings available to common shareholders increasing to $26.9 million for the second quarter of 2025, compared to $18.8 million in the prior year, marking a 43% increase. For the six-month period, net earnings rose to $44.7 million, up from $34.7 million in 2024. This growth in earnings was supported by a gross profit margin of 38.7% for the second quarter, slightly down from 40.1% in the same quarter of 2024, attributed to a shift in product mix and increased costs in certain areas.

Bel Fuse's operational developments included the acquisition of an 80% stake in Enercon Technologies in November 2024, which has begun to contribute positively to the company's financial results. The acquisition is expected to enhance Bel's position in the defense market, with Enercon's sales anticipated to be fully integrated into Bel's financials for the remainder of 2025. Additionally, the company reported a backlog of orders amounting to $414 million as of June 30, 2025, reflecting a 9% increase from the end of 2024, indicating strong future demand across its product segments.

In terms of operational metrics, Bel Fuse's employee headcount remained stable, and the company reported a slight increase in accounts receivable, reflecting higher sales volumes. The company also noted a decrease in cash and cash equivalents to $59.3 million from $68.3 million at the end of 2024, primarily due to debt repayments and capital expenditures. The company’s long-term debt decreased to $250 million from $287.5 million, following repayments made during the first half of the year.

Looking ahead, Bel Fuse expressed optimism about its growth trajectory, particularly with the integration of Enercon and the anticipated demand in the aerospace and defense sectors. However, the company acknowledged potential challenges, including rising input costs, supply chain constraints, and the impact of global tariffs on its operations. The management remains focused on leveraging its strategic acquisitions and operational efficiencies to navigate these challenges and sustain growth in the coming quarters.