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"Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.
−Removed: On February 3, 2025, the Company announced that Bel's current President and Chief Executive Officer, Daniel Bernstein, would be stepping down from his executive officer positions effective immediately following the Company's 2025 Annual Meeting of Shareholders, currently scheduled to be held on May 27, 2025 (the "2025 Annual Meeting").
−Removed: Subject to Mr.
−Removed: Bernstein's reelection at the 2025 Annual Meeting, Bel's Board of Directors (the "Board") has approved Mr.
−Removed: Bernstein's appointment as Non-Executive Chairman of the Board, effective on the date of the 2025 Annual Meeting.
−Removed: Also on February 3, 2025, the Board appointed Farouq Tuweiq as the successor President and Chief Executive Officer of the Company, effective immediately following the 2025 Annual Meeting.
−Removed: The Board additionally approved the expansion of the Board to ten directors and the appointment of Mr.
−Removed: Tuweiq as a director on the Board, effective as of the date of the 2025 Annual Meeting.
−Removed: Tuweiq is expected to be nominated by the Board for election as a director for a full three-year term at the 2025 Annual Meeting.
Acquisitions have played a critical role in the growth of Bel and the expansion of both our product portfolio and our customer base and continue to be an important element in our growth strategy.
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The preceding statement regarding Bel’s intention to purchase the remaining interest in Enercon represents a Forward-Looking Statement.
−Removed: See "Cautionary Notice Regarding Forward-Looking Information." See Note 3, “ Acquisition and Divestiture ” for further details about the Enercon acquisition.
−Removed: On February 1, 2023, Bel closed on an €8.0 million (a pproximately $8.8 million as of the February 2023 closing) no ncontrolling (one-third) investment in innolectric AG ("innolectric"), a Germany-based business in the field of on-board charging for eMobility applications.
−Removed: This passive investment creates a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology.
−Removed: With no product overlap, this relationship expanded the Bel eMobility Power portfolio, and further enhanced Bel's competitive position in this emerging field.
−Removed: The innolectric investment is p art of Bel's Power Solutions and Protection group.
+Added: See "Cautionary Notice Regarding Forward-Looking Information." See Note 3, “ Acquisition ” for further details about the Enercon acquisition.
+Added: On February 1, 2023, Bel closed on an €8.0 million (a pproximately $8.8 million as of the February 2023 closing) noncontrolling (one-third) investment in innolectric AG ("innolectric"), a Germany-based business in the field of on-board charging for eMobility applications.
+Added: This passive investment was intended to create a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology.
+Added: The innolectric investment has been part of Bel's Power Solutions and Protection group.
+Added: See Note 2, “ Investment and Impairment in Innolectric ” for further information on the current status of the Company’s investment in innolectric.
On March 31, 2021, the Company completed the acquisition of EOS Power ("EOS") through a stock purchase agreement for $7.8 million, net of cash acquired, including a working capital adjustment.
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Trends in Market Demand
−Removed: Product orders, or bookings, received during 2024 amounted to $416.8 million, a 7% decrease from 2023.
−Removed: By product group, orders received for our Power Solutions and Protection products amounted to $139.7 million in 2024, a 24% decrease from 2023, largely due, we believe, to our networking and distribution customers working through their existing levels of inventory on hand.
−Removed: Orders received for our Connectivity Solutions products were $212.1 million in 2024, 1% lower than in 2023, as a result of decreased demand from our distribution partners largely offset by a rebound in demand from our direct and aftermarket commercial aerospace and military customers.
−Removed: Bookings for our Magnetic Solutions products decreased by 24% from 2023 to $65.0 million in 202 4, largely due to reduced demand from our networking customers.
+Added: Product orders, or bookings, received during 2025 amounted to $732.9 million, a 75.8% increase from 2024.
+Added: By product group, orders received for our Power Solutions and Protection products amounted to $379.9 million in 2025, a 172% increase from 2024, largely due to increased demand from our networking and aerospace and defense customers.
+Added: Orders received for our Connectivity Solutions products were $253.8 million in 2025, 19.7% higher than in 2024, primarily as a result of increased demand from our commercial aerospace and defense customers.
+Added: Bookings for our Magnetic Solutions products increased by 52.8% from 2024 to $99.3 million in 2025, largely due to increased demand from our networking customers.
Backlog of Orders
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Cancellation and return arrangements are either negotiated by us on a transactional basis or contractually determined.
−Removed: We estimate the value of the backlog of orders as of January 31, 2025 to be approximately $388.1 million as compared with a backlo g of $358.3 million as of January 31, 2024.
−Removed: The backlog of orders at January 31, 2025 includes $132.5 million from Enercon (acquired in November 2024).
+Added: We estimate the value of the backlog of orders as of January 31, 2026 to be approximately $452.2 million as compared with a backlo g o f $388.1 million as of January 31, 2025.
Ma nagement estimates that approximately 80%-85% of the Company's backlog a s of January 31, 2026 will be shipped by December 31, 2026.
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This collaborative approach enables partnerships with customers for technical development efforts.
−Removed: The global capabilities and collaborative approach allows Bel to develop leading edge technological products that support highly complex and evolving markets such as defense, commercial aerospace, eMobility, cloud computing, and others.
+Added: The global capabilities and collaborative approach allow Bel to develop leading edge technological products that support highly complex and evolving markets such as defense, commercial aerospace, eMobility, cloud computing, and others.
On occasion, we execute non-disclosure agreements with customers to help develop proprietary, next generation products intended for rapid deployment.
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Where possible, we have contractual agreements with suppliers to assure a continuing supply of critical components.
−Removed: With respect to those items which are purchased from single sources, we believe that comparable items would be available in the event that there were a termination of our existing business relationships with any such supplier.
+Added: With respect to those items which are purchased from single sources, we believe that comparable items would be available in the event that there was a termination of our existing business relationship with any such supplier.
While such a termination could produce a disruption in production, we believe that the termination of business with any one of our suppliers would not have a material adverse effect on our long-term operations.
Actual experience could differ materially from this belief as a result of a number of factors, including the time required to locate an alternative supplier, and the nature of the demand for our products.
−Removed: Sharp increases in metal commodity prices, particularly Copper (Cu) and Gold (Au) over the past few years continue to impact cost structures and supplier pricing.
+Added: Sharp increases in metal commodity prices, particularly Gold (Au), Silver (Ag) and Copper (Cu) over the past few years continue to impact cost structures and supplier pricing.
Even though we may have more than one supplier for certain materials, it is possible that these materials may not be available to us in sufficient quantities or at the times desired by us.
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design patents have a life of 15 years and our U.S.
−Removed: utility patents have a life of 17 years from the date of issue or 20 years from filing of patent applications.
+Added: utility patents have a life of 20 years from filing of patent applications.
Our existing patents expire on various dates through July 2041.
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This temporary setback in production has historically resulted in our first quarter sales being the lowest sales quarter of the year.
−Removed: Further, recruiting and training efforts and related inefficiencies, as well as overtime required in order to meet demand, can add volatility to the costs incurred by the Company for labor in the PRC, primarily during the first quarter of the year.
+Added: Further, recruiting and training efforts and related inefficiencies, as well as overtime required to meet demand, can add volatility to the costs incurred by the Company for labor in the PRC, primarily during the first quarter of the year.
Government Regulations
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Our associates are a critical driver of Bel’s global business results.
−Removed: On December 31, 2024, Bel employed approximatel y 5,370 associat es, almost all of which are full-time, acros s 15 co untries, with 31.0% located within North America.
+Added: On December 31, 2025, Bel employed approximatel y 4,964 associat es, almost all of which are full-time, across 15 countries, with 32% located within North America.
Outside of the United States, our largest employee populations were located within the PRC, Mexico, Slovakia, the Dominican Republic, Israel, India and the United Kingdom.
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We consistently look for alternatives and approaches to consider in Bel’s business and strategies at multiple levels, from improving the efficiency ratings of our products and factories to better managing our consumption habits of electricity and water.
−Removed: Bel has started the process of measuring the impact of its operations on the environment and intends to utilize these measurements to establish reduction goals and related initiatives throughout the global organization.
+Added: Bel has measured the impact of its operations on the environment and has utilized these measurements to establish reduction goals and related initiatives throughout the global organization.
Today we have 15 manufacturing facilities of various sizes and five of them are ISO 14001 certified and represent 63% of our manufacturing footprint.
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2025 Charitable Contribution Program:
−Removed: In 2022, Bel launched a Company-wide Charitable Contribution Program to ensure consistency and drive our corporate values across the organization.
+Added: Bel maintains a Company-wide Charitable Contribution Program to ensure consistency and drive our corporate values across the organization.
The social program is also in alignment with our Core Value of Community Engagement and directly reflects the ambitions of our ESG initiative to support the global communities within which we operate.
−Removed: In 2024, the program resulted in contributions of $168,975 to 48 local charities across 13 countries.
+Added: In 2025, the program resulted in contributions of more than $131,000 to 54 local charities across 11 countries.
There was a matching program for the organizations selected and associates who donated.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.