This is a technical segment recast with no new financial information. Monitor Q1 2026 results (due around May 2026) for the first quarterly report under the new segment structure and for updates on tariff exposure and Enercon earnout payments.
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Executive Summary
Bel Fuse filed this 8-K to recast audited historical segment information following a change in reportable segments effective Q1 2026. The company now reports two segments (Aerospace, Defense & Rugged Solutions and Industrial Technology & Data Solutions) instead of three, with no change to consolidated financials. The recast confirms strong 2025 results: net sales of $675.5M (up 26.3% YoY) and net earnings attributable to Bel shareholders of $61.5M (up 50.2% YoY), driven by a full year of Enercon contributions.
Key Facts
- Effective Q1 2026, Bel Fuse changed from 3 reportable segments to 2: Aerospace, Defense & Rugged Solutions (ADRS) and Industrial Technology & Data Solutions (ITDS).
- 2025 net sales were $675.5M, up 26.3% from $534.8M in 2024.
- 2025 net earnings attributable to Bel shareholders were $61.5M, up 50.2% from $41.0M in 2024.
- ADRS segment net sales grew 52.9% to $368.9M, driven by the full-year inclusion of Enercon.
- ITDS segment net sales grew 4.4% to $306.6M.
- Backlog at Dec 31, 2025 was $439.1M, up 15.1% from $381.6M at Dec 31, 2024.
- Orders received in 2025 were $732.9M, up 75.8% from 2024.
- Interest expense increased to $14.8M in 2025 from $4.1M in 2024 due to debt from the Enercon acquisition.
Financial Impact
No new financial impact from this technical recast filing; underlying 2025 results showed net sales of $675.5M and net earnings of $61.5M.
Risk Factors
- Uncertainty around U.S. tariffs and their impact on ~25% of global sales.
- High debt level of $197.5M at Dec 31, 2025, with interest expense of $14.8M in 2025.
- Potential $93.2M cash requirement to purchase remaining 20% of Enercon by early 2027.
- Full impairment of innolectric investment ($13.1M charge in Q4 2025).
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016373 |
| Exhibit: ex_959346.htm | 0001437749-26-016373 |
| Document: belfa20260507_8k.htm | 0001437749-26-016373 |
| Document: 0001437749-26-016373-index-headers.html | 0001437749-26-016373 |
| Document: 0001437749-26-016373-index.html | 0001437749-26-016373 |
| Document: 0001437749-26-016373.txt | 0001437749-26-016373 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 20w ago | 424B5 | $266.92 $291.59 | ▼ −9.24% | ▼ −4.80% | $257.94 (+3.36%) |
May 12, 2026 20w ago | 8-K | $298.22 $289.40 | ▼ −2.96% | ▼ −7.34% | $257.94 (−13.51%) |
Apr 29, 2026 22w ago | 8-K | $275.84 $270.26 | ▼ −2.02% | ▼ −5.13% | $257.94 (−6.49%) |
Apr 17, 2026 24w ago | DEFA14A | $254.25 $279.39 | ▲ +9.89% | ▲ +3.74% | $257.94 (+1.45%) |
Apr 10, 2026 25w ago | DEFA14A | $235.66 $251.53 | ▲ +6.73% | ▼ −3.59% | $257.94 (+9.45%) |
Apr 6, 2026 25w ago | 8-K | $210.26 $266.94 | ▲ +26.96% | ▲ +13.69% | $257.94 (+22.68%) |
Mar 16, 2026 28w ago | Insider Cluster | $205.05 $279.13 | ▼ −36.13% | ▼ −25.64% | $257.94 (−25.79%) |
Feb 24, 2026 31w ago | Insider Cluster | $234.33 $249.71 | ▼ −6.56% | ▲ +0.18% | $257.94 (−10.08%) |
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