Eltek manufactures high-end, complex printed circuit boards (PCBs) at a single facility in Petach-Tikva, Israel. PCBs are the platforms that conduct electrical signals among microelectronic components and are a fundamental building block of virtually every electronic device. Eltek's core focus is flex-rigid PCBs — boards combining rigid and flexible sections used where space, shape, or reliability demands are extreme — which account for roughly 65-70% of revenue. Eltek also produces rigid multi-layer and HDI (high-density interconnect) boards. The company specializes in short-run, quick-turnaround, prototype, and low-to-medium volume production. Defense and aerospace customers dominate, representing 73% of production in FY25, with medical and industrial making up the balance. Customers include Israeli defense contractors and international OEMs in North America and Europe, with international customers representing about 32% of revenues. Eltek sells primarily through a small direct sales force, supplemented by independent reps and distributors, and serves North America through its wholly-owned subsidiary, Eltek USA. Each PCB is custom-engineered to order, so revenue is driven by order volume, product mix, and board complexity. Eltek's largely fixed cost base creates significant operating leverage. A key structural challenge is FX exposure: costs are largely NIS-denominated while revenues are billed in USD, so dollar weakness compresses margins. Eltek is currently executing a ~$15M capex program centered on two new electroplating lines, targeting a lift in annual revenue capacity from roughly $46-52M to $60-65M.