Bel Reports Third Quarter 2025 Results

Sales and Gross Margin Percentage Above Mid-Point of Expected RangesProvides Q4-25 Sales and Gross Margin Guidance WEST ORANGE, N.J., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the third quarter of 2025. Third Quarter 2025 Highlights Net sales of $179.0 million compared to $123.6 million in Q3-24. Up 44.8% from Q3-24Gross profit margin of 39.7%, up from 36.1% in Q3-24GAAP net earnings attributable to Bel shareholders of $22.3 million versus GAAP net earnings attributable to Bel shareholders of $8.1 million in Q3-24Adjusted EBITDA of $39.2 million (21.9% of sales) as compared to $21.5 million (17.4% of sales) in Q3-24Gain of $1.6 million on Sale of Zhongshan, PRC building "Bel delivered a strong third quarter, with sales and gross margin percentage at the high end of our guidance," said Farouq Tuweiq, President and CEO. "This performance was driven by robust demand in commercial aerospace, defense, and a continued rebound among networking and distribution customers. Our gross margin expansion reflects the leverage gained from higher sales volumes. "Looking ahead to the fourth quarter, which generally reflects seasonality due to the holidays, based on information available today we estimate net sales of $165 to $180 million and expect gross margin to remain healthy in the 37 to 39 percent range. Across Bel, there is strong internal collaboration as we focus on growth and new opportunities for the next chapter of our journey,” concluded Mr. Tuweiq. Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, earnout adjustments, impairment charges, noncontrolling interest ("NCI") adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures. Conference CallBel has scheduled a conference call for 8:30 a.m. ET on Thursday, October 30, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13755990 after 12:30 pm ET, also for 30 days. About BelBel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world. Company Contact:Lynn HutkinChief Financial Officerir@belf.com Investor Contact:Three Part AdvisorsJean Marie Young, Managing Director or Steven Hooser, Partner631-418-4339jyoung@threepa.com; shooser@threepa.com Cautionary Language Concerning Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the fourth quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about demand and rebound among certain categories of customers or end markets, and views on the effects on the Company’s overall future performance; statements about internal collaboration, focus on growth, and new opportunities; and statements regarding our expectations and beliefs regarding trends in the Company's business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company's positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel's November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel's products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel's customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel's products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel's industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel's international operations, including Bel's substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition or modification of new or increased tariffs either by the U.S. government on foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy and the associated impacts of those changes; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel's business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release. Non-GAAP Financial MeasuresThe Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP"). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025. Website InformationWe routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. [Financial tables follow] Bel Fuse Inc.Supplementary Information(1)Condensed Consolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net sales $178,980 $123,638 $499,517 $384,933 Cost of sales 107,840 78,961 304,475 238,782 Gross profit 71,140 44,677 195,042 146,151 As a % of net sales 39.7% 36.1% 39.0% 38.0% Research and development costs 7,549 5,443 22,875 16,652 Selling, general and administrative expenses 32,804 26,700 93,225 75,785 As a % of net sales 18.3% 21.6% 18.7% 19.7%Restructuring charges (credits) 219 1,087 (2,434) 1,790 Gain on sale of properties (1,626) - (5,701) - Earnout adjustment 1,857 - 1,857 - Income from operations 30,337 11,447 85,220 51,924 As a % of net sales 16.9% 9.3% 17.1% 13.5% Interest expense (3,630) (414) (11,775) (1,263)Interest income 238 1,480 777 3,741 Other income (expense), net 1,058 (1,325) 11,265 21 Earnings before income taxes 28,003 11,188 85,487 54,423 Provision for income taxes 5,448 3,108 17,817 11,663 Effective tax rate 19.5% 27.8% 20.8% 21.4%Net earnings $22,555 $8,080 $67,670 $42,760 As a % of net sales 12.6% 6.5% 13.5% 11.1% Less: Net earnings attributable to noncontrolling interest 620 - 2,280 - Redemption value adjustment attributable to noncontrolling interest (315) - (1,595) - Net earnings attributable to Bel Fuse Shareholders $22,250 $8,080 $66,985 $42,760 Weighted average number of shares outstanding: Class A common shares - basic and diluted 2,115 2,116 2,115 2,126 Class B common shares - basic and diluted 10,548 10,434 10,519 10,512 Net earnings per common share: Class A common shares - basic and diluted $1.68 $0.61 $5.07 $3.23 Class B common shares - basic and diluted $1.77 $0.65 $5.35 $3.41 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Bel Fuse Inc.Supplementary Information(1)Condensed Consolidated Balance Sheets(in thousands, unaudited) September 30,2025 December 31,2024 Assets Current assets: Cash and cash equivalents $57,743 $68,253 Held to maturity U.S. Treasury securities - 950 Accounts receivable, net 126,007 111,376 Inventories 166,112 161,370 Other current assets 37,824 31,581 Total current assets 387,686 373,530 Property, plant and equipment, net 47,555 47,879 Right-of-use assets 21,980 25,125 Related-party note receivable 3,922 2,937 Equity method investment 9,960 9,265 Goodwill and other intangible assets, net 435,855 439,984 Other assets 45,846 51,069 Total assets $952,804 $949,789 Total liabilities, redeemable noncontrolling interests and shareholders' equity Current liabilities: Accounts payable $54,219 $49,182 Operating lease liability, current 8,215 7,954 Other current liabilities 64,326 70,933 Total current liabilities 126,760 128,069 Long-term debt 225,000 287,500 Operating lease liability, long-term 14,883 17,763 Other liabilities 77,130 75,295 Total liabilities 443,773 508,627 Redeemable noncontrolling interests 81,271 80,586 Shareholders' equity 427,760 360,576 Total liabilities, redeemable noncontrolling interests and shareholders' equity $952,804 $949,789 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Bel Fuse Inc.Supplementary Information(1)Condensed Consolidated Statements of Cash Flows(in thousands, unaudited) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net earnings $67,670 $42,760 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 19,936 10,759 Stock-based compensation 4,661 2,782 Amortization of deferred financing costs 1,124 27 Deferred income taxes 1,722 (5,366)Net unrealized (gains)/losses on foreign currency revaluation (13,203) 1,275 Gain on sale of properties (5,701) - Other, net 1,794 628 Changes in operating assets and liabilities: Accounts receivable, net (13,141) 8,366 Unbilled receivables (4,097) 7,482 Inventories (1,656) 12,266 Accounts payable 4,030 (3,302)Accrued expenses (3,357) (11,849)Accrued restructuring costs (5,010) (590)Income taxes payable (3,142) 4,809 Other operating assets/liabilities, net (586) (4,327)Net cash provided by operating activities 51,044 65,720 Cash flows from investing activities: Purchases of property, plant and equipment (8,578) (7,906)Purchases of held to maturity U.S. Treasury securities - (131,309)Proceeds from held to maturity securities 950 139,316 Investment in related party notes receivable (985) (918)Proceeds from sale of property, plant and equipment 7,763 236 Net cash used in investing activities (850) (581) Cash flows from financing activities: Dividends paid to common shareholders (2,494) (2,487)Deferred financing costs (681) (330)Repayments of long-term debt (70,500) - Proceeds of long-term debt 8,000 - Purchases of common stock - (16,053)Net cash used in financing activities (65,675) (18,870) Effect of exchange rate changes on cash and cash equivalents 4,971 (1,374) Net (decrease) increase in cash and cash equivalents (10,510) 44,895 Cash and cash equivalents - beginning of period 68,253 89,371 Cash and cash equivalents - end of period $57,743 $134,266 Supplementary information: Cash paid during the period for: Income taxes, net of refunds received $19,426 $15,556 Interest payments $11,831 $3,010 ROU assets obtained in exchange for lease obligations $1,784 $4,711 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Bel Fuse Inc.Supplementary Information(1)Product Group Highlights(dollars in thousands, unaudited) Sales Gross Margin Q3-25 Q3-24 % Change Q3-25 Q3-24 Basis Point Change Power Solutions and Protection $94,406 $48,680 93.9% 41.8% 39.4% 240 Connectivity Solutions 61,870 55,715 11.0% 40.3% 36.6% 370 Magnetic Solutions 22,704 19,243 18.0% 29.0% 27.3% 170 Total $178,980 $123,638 44.8% 39.7% 36.1% 360 Sales Gross Margin YTD September 2025 YTD September 2024 % Change YTD September 2025 YTD September 2024 Basis Point Change Power Solutions and Protection $264,259 167,478 57.8% 42.1% 43.2% (110)Connectivity Solutions 171,802 167,822 2.4% 39.2% 37.3% 190 Magnetic Solutions 63,456 49,633 27.9% 27.7% 23.9% 380 Total $499,517 $384,933 29.8% 39.0% 38.0% 100 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Bel Fuse Inc.Supplementary Information(1)Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)(in thousands, unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 GAAP Net earnings $22,555 $8,080 $67,670 $42,760 Provision for income taxes 5,448 3,108 17,817 11,663 Other income/expense, net (1,058) 1,325 (11,265) (21)Interest income (238) (1,480) (777) (3,741)Interest expense 3,630 414 11,775 1,263 GAAP Operating Income $30,337 $11,447 $85,220 $51,924 Restructuring charges (credits) 219 1,087 (2,434) 1,790 Gain on sale of properties (1,626) - (5,701) - Earnout adjustment 1,857 - 1,857 - Stock-based compensation 1,761 1,007 4,661 2,782 Amortization of inventory step-up - - 1,757 - Acquisition related costs - 4,292 - 4,292 Non-GAAP Operating Income $32,548 $17,833 $85,360 $60,788 Depreciation and amortization 6,652 3,636 19,936 10,759 Adjusted EBITDA $39,200 $21,469 $105,296 $71,547 % of net sales 21.9% 17.4% 21.1% 18.6%(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Bel Fuse Inc.Supplementary Information(1)Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)(in thousands, except per share data)(unaudited)The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic and diluted shares ("EPS") and the line items in which these items were included on the consolidated statements of operations. Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $28,003 $5,448 $22,250 $1.68 $1.77 $11,188 $3,108 $8,080 $0.61 $0.65 Restructuring charges 219 36 183 0.01 0.01 1,087 154 933 0.07 0.07 Gain on sale of properties (1,626) - (1,626) (0.12) (0.13) - - - - - Earnout adjustment 1,857 297 1,560 0.12 0.12 - - - - - Stock-based compensation 1,761 363 1,398 0.11 0.11 1,007 208 799 0.06 0.06 Acquisition related costs - - - - - 4,292 987 3,305 0.25 0.27 Redemption value adjustment on redeemable NCI - - (315) (0.02) (0.02) - - - - - Amortization of intangibles 3,700 647 3,053 0.23 0.24 1,152 239 913 0.07 0.07 Unrealized foreign currency exchange (gains) losses (291) (81) (210) (0.02) (0.02) 1,075 266 809 0.06 0.06 Non-GAAP measures $33,623 $6,710 $26,293 $1.99 $2.09 $19,801 $4,962 $14,839 $1.13 $1.19 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $85,487 $17,817 $66,985 $5.07 $5.35 $54,423 $11,663 $42,760 $3.23 $3.41 Restructuring (credits) charges (2,434) (287) (2,147) (0.16) (0.17) 1,790 317 1,473 0.11 0.12 Gain on sale of properties (5,701) (937) (4,764) (0.36) (0.38) - - - - - Earnout adjustment 1,857 297 1,560 0.12 0.12 - - - - - Stock-based compensation 4,661 960 3,701 0.28 0.30 2,782 574 2,208 0.17 0.18 Acquisition related costs - - - - - 4,292 987 3,305 0.25 0.26 Redemption value adjustment on redeemable NCI - - (1,595) (0.12) (0.13) - - - - - Amortization of inventory step-up 1,757 404 1,353 0.10 0.11 - - - - - Amortization of intangibles 11,083 1,942 9,141 0.69 0.73 3,694 742 2,952 0.22 0.24 Unrealized foreign currency exchange (gains) losses (13,204) (3,076) (10,128) (0.77) (0.81) 546 139 407 0.03 0.03 Non-GAAP measures $83,506 $17,120 $64,106 $4.85 $5.12 $67,527 $14,422 $53,105 $4.02 $4.24 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.(3) Individual amounts of earnings per share may not agree to the total due to rounding.(4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company's historical acquisitions, including those associated with the acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

Bel Reports Third Quarter 2025 Results

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