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2024 ANNUAL REPORT
CELEBRATING THE BERNSTEIN LEGACY In 1949, 26-year-old Elliot Bernstein founded Bel Fuse in Jersey City, New Jersey, to make fuses for automobiles. With the car market thriving in the early 1950s, the young company did well and soon expanded its business to make fuses for another wildly popular consumer product: televisions. This was the beginning of an epic journey led by the Bernstein family for decades. Bel products would later be used in networking, commercial DHURVSDFH GHIHQVH VSDFH DQG DUWL FLDO intelligence applications. The evolution, versatility and adaptability of the company and its products, in the face of changing times and market conditions, has been unwavering over the years. A father and son team comprised the company s leadership over a span of 75 years, as the only two CEOs in Bel s history to date. The company that once manufactured a single fuse product with 200 employees in New Jersey has grown into a global supplier with over 5,000 employees in 15 countries, generating over $500 million in revenue. Bel has not only survived, but has thrived over the decades of ever-changing technology in an increasingly competitive global environment. From the early days of Elliot to the succession of the CEO role over to his son Dan in 2001, the Bernsteins instilled consistent values across the Bel organization: #1: Attract and retain talented team members and make them feel part of the family; #2: Stay connected to the engineering teams at our customers; #3: Partner with quality suppliers; and #4: Deliver value to our shareholders (alway central in our priorities, this goal is made possible by the other underlying principles). Even as the company grew, the family feel always remained. In February 2025, it was announced that Dan will be handing the reins of the business over to Farouq Tuweiq in May 2025. While Dan will stay on in the capacity of non-executive Chairman of the Board, we would like to acknowledge and celebrate the innovation, entrepreneurship, and vision that the Bernstein family has brought to Bel over the years.
2024 FINANCIAL HIGHLIGHTS CONNECTIVITY Distribution (37%) EMEA (19%) Networking (9%) APAC (3%) $187,085 or 5.2%, from 2023 Margin improvement led by RSHUDWLRQDO HI FLHQFLHV IURP recent facility consolidations Industrial (7%) 2022 2023 2024 37.1% North America (78%) Military sales grew by $2.3M, GROSS MARGIN (%) 34.2% Aerospace/ Defense (47%) SALES ($ IN THOUSANDS) 25.9% GEOGRAPHY (%) $220,370 END MARKETS (%) increased 6.8%, or $3.6M, from 2023 $210,572 Commercial aerospace sales 2022 2023 2024 POWER by $11.8M compared to 2023 Sales of front-end power products into networking applications decreased by $45.3M from 2023 eMobility sales decreased by $12.9M, from 2023 CUI sales declined by $21.2M Distribution (31%) Networking (25%) Rail (17%) Industrial (12%) 2024 2022 42.4% Rail product sales increased GROSS MARGIN (%) 38.1% $288,366 SALES ($ IN THOUSANDS) 30.5% GEOGRAPHY (%) $245,551 END MARKETS (%) to aerospace and defense application sales in the last two months of 2024 $314,105 Enercon contributed $20.8M 2023 2024 North America (66%) EMEA (23%) APAC (11%) 2022 Aerospace/ Defense (9%) 2023 e-Mobility (6%) from 2023 Margin expansion driven by favorable product mix, lower volume of low-margin expedite fees and favorable FX MAGNETICS Magnetic sales declined by END MARKETS (%) GEOGRAPHY (%) SALES ($ IN THOUSANDS) GROSS MARGIN (%) $115,136 distribution customers, leading to lower demand recent facility consolidations, diligent cost management and favorable FX Networking (44%) APAC (52%) Distribution (29%) North America (41%) Industrial (27%) $68,871 Margin expansion due to 25.3% channel for our networking and 22.0% $178,782 high inventory levels in the 27.6% $46.3M from 2023 driven by EMEA (7%) 2022 2023 2024 2022 2023 2024 1
TO OU R SHAREHOLDERS: 2024 A YEAR OF ACHIEVING MANY NEW MILESTONES This past year has been one of great success as a result of our strategic execution where we focused on areas within our control to drive future growth and manage costs effectively. This approach led to several notable achievements throughout 2024, including margin expansion on lower revenue, reaching new all-time-highs on Bel s stock price and completion of the largest transaction in our 76-year history. The acquisition of Enercon in November 2024 expanded our product offerings and strengthened our SRVLWLRQ LQ WKH DHURVSDFH DQG GHIHQVH PDUNHWV 7KLV DFTXLVLWLRQ UH HFWV RXU FRPPLWPHQW WR VWUDWHJLF growth and enhances our ability to deliver advanced, high-reliability solutions across multiple industries. We strengthened our leadership by appointing two new senior members to the executive team in sales and procurement, enhancing our strategic initiatives in these critical areas. Our Connectivity and Power segments further streamlined their operational footprint through two additional facility consolidation projects in the U.S. and China, resulting in an expected $4.9 million of incremental annualized cost savings, a portion of which will be recognized in 2025. As a result of the team s diligent work, Bel VXFFHVVIXOO\ HQKDQFHG LWV SUR W PDUJLQV GHPRQVWUDWLQJ UHVLOLHQFH DQG RSHUDWLRQDO HI FLHQF\ GHVSLWH facing a challenging top-line environment. 2YHUDOO WKH WHDP KDV ZRUNHG GLOLJHQWO\ WR GULYH HI FLHQF\ RSWLPL]H RXU JOREDO IRRWSULQW DQG LQYHVW LQ next-generation technologies that position us for sustainable long-term growth. POWER SOLUTIONS & PROTECTION The Power Solutions and Protection segment achieved a major milestone with the acquisition of Enercon 7HFKQRORJLHV LQ 7KLV DFTXLVLWLRQ VLJQL FDQWO\ H[SDQGV %HO V SUHVHQFH LQ $HURVSDFH DQG 'HIHQVH PDUNHWV DQG GLYHUVL HV 3RZHU LQWR D QHZ FXVWRPHU EDVH IURP ZKLFK WR JURZ WKH EXVLQHVV 7KH DFTXLVLWLRQ allows many cross-selling opportunities between Enercon and our Connectivity segment s Cinch group. Power Solutions and Protection achieved higher gross margins in 2024 despite lower revenue coming off a record high 2023. Railway products led the way for Power, growing 40% in 2024 and reaching the highest Railway revenue in Bel s history. Another highlight was Bel s participation in the AI market, which resulted in revenue and bookings growth, especially in the second half of the year that we expect to realize as revenue in 2025. Fuses and other power products started to pick up as the RAIL year progressed from lower inventory in the distribution channel. The group completed several manufacturing and restructuring initiatives in 2024 that are critical for future growth. We successfully consolidated circuit protection operations into an existing Power facility ORZHULQJ RXU FRVW VWUXFWXUH DQG FRQGHQVLQJ RXU IRRWSULQW ZKLFK ZLOO EHQH W WKH JURXS LQ DQG beyond. Bel continued to invest in India with the expansion of our Mumbai factory via product transfers 2
and insourcing from contract manufacturers, with more product transfers planned for 2025. The acquisition of Enercon brought a new factory opening near 'HOKL ZKLFK IXUWKHU LQFUHDVHV RXU footprint and capabilities in India. Our strong position in the fastgrowing AI market and growth from Enercon within Aerospace DQG 'HIHQVH DUH H[SHFWHG WR EH DEFENSE the main growth drivers for our Power segment in 2025. CONNECTIVITY SOLUTIONS 7KH &RQQHFWLYLW\ 6ROXWLRQV VHJPHQW DFKLHYHG UHFRUG VDOHV DQG SUR WDELOLW\ LQ DV ZH FRQWLQXH WR leverage our key technologies and expertise in harsh environment connectivity to drive growth. Our strategy of positioning ourselves as a trusted partner and solutions provider to our customers in the Military, Space, and Commercial Aerospace markets enabled strong growth in the year and resulted in several impactful new program wins. While we experienced weakened demand overall in 2024 in the Industrial and Networking/datacenter markets, we are encouraged by the activity we saw later LQ WKH \HDU WKURXJK RXU GLVWULEXWLRQ SDUWQHUV LQ WKRVH PDUNHWV 7KH RSHUDWLRQV WHDP PDGH VLJQL FDQW progress toward our factory and process modernization plan with several key automation initiatives contributing tR LPSURYHG RSHUDWLRQDO HI FLHQFLHV LQ RXU PDQXIDFWXULQJ IDFLOLWLHV DFURVV the globe. The Connectivity Solutions segment is well positioned for continued growth as we focus on expanding our presence in key global markets and driving additional operational improvements through investment in our people, factories, and new product lines. MAGNETIC SOLUTIONS Our Magnetic Solutions segment continued to focus on new product introductions and operational HI FLHQF\ LQ 7KH 0DJ-DFN ICM team introduced several new high-performance products, compatible with next-generation Ethernet PHY technology. These products are designed to support the industry s call for faster transmission, higher Power over Ethernet (PoE) as demanded by our Enterprise Networking customers growth strategies, built around emerging applications such as AI, Cloud Computing and Smart Campus. Our designs provide leading-edge performance in a variety of port FRQ JXUDWLRQV WR (QWHUSULVH 6ZLWFKHV DQG 5RXWHUV DQG RWKHU FRPPHUFLDO DSSOLFDWLRQV $ QH[W JHQHUDWLRQ low power SFP + copper transceiver module, capable of supplying 10GbE transmission over 100M of cable, will be launched in 2025. Our Signal Transformer division continued to expand its product portfolio, introducing 650 new magnetic components in 2024, for use in various applications supporting the industrial, medical DQG WUDQVSRUWDWLRQ PDUNHWV 7KH JURXS V 'RPLQLFDQ 5HSXEOLF PDQXIDFWXULQJ IDFLOLW\ FRQWLQXHG WR 3
 • shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/10/2023 BELFA Stockholder Letter
 • stockholder letter icon 4/1/2024 BELFA Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon BELFA Benford's Law Stock Score = 88


BELFA Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT

CELEBRATING
THE BERNSTEIN
LEGACY
In 1949, 26-year-old Elliot Bernstein
founded Bel Fuse in Jersey City, New Jersey, to make fuses for
automobiles. With the car market thriving in the early 1950s,
the young company did well and soon expanded its business
to make fuses for another wildly popular consumer product:
televisions. This was
the beginning of an epic journey led by the
Bernstein family for decades. Bel products
would later be used in networking, commercial
DHURVSDFH  GHIHQVH  VSDFH DQG DUWL  FLDO 
intelligence applications. The evolution,
versatility and adaptability of the company
and its products, in the face of changing times
and market conditions, has been unwavering
over the years.
A father and son team comprised the company   s leadership over
a span of 75 years, as the only two CEOs in Bel   s history to date.
The company that once manufactured a single fuse product with
200 employees in New Jersey has grown into a global supplier
with over 5,000 employees in 15 countries, generating over $500
million in revenue. Bel has not only survived, but has thrived
over the decades of ever-changing technology in an increasingly
competitive global environment. From the early days of Elliot to
the succession of the CEO role over to his son Dan in 2001, the
Bernsteins instilled consistent values across the Bel organization:
#1: Attract and retain talented team members and make them feel
part of the family; #2: Stay connected to the engineering teams at
our customers; #3: Partner with quality suppliers; and #4: Deliver
value to our shareholders (alway central in our priorities, this goal
is made possible by the other underlying principles). Even as the
company grew, the family feel always remained.
In February 2025, it was announced that Dan will be handing the
reins of the business over to Farouq Tuweiq in May 2025. While
Dan will stay on in the capacity of non-executive Chairman of the
Board, we would like to acknowledge and celebrate the innovation,
entrepreneurship, and vision that the Bernstein family has brought
to Bel over the years.

2024 FINANCIAL HIGHLIGHTS
   CONNECTIVITY
Distribution (37%)
EMEA (19%)
Networking (9%)
APAC (3%)
$187,085
or 5.2%, from 2023
    Margin improvement led by
RSHUDWLRQDO HI  FLHQFLHV IURP 
recent facility consolidations
Industrial (7%)
2022
2023
2024
37.1%
North
America (78%)
    Military sales grew by $2.3M,
GROSS MARGIN (%)
34.2%
Aerospace/
Defense (47%)
SALES ($ IN THOUSANDS)
25.9%
GEOGRAPHY (%)
$220,370
END MARKETS (%)
increased 6.8%, or $3.6M,
from 2023
$210,572
    Commercial aerospace sales
2022
2023
2024
    POWER
by $11.8M compared to 2023
    Sales of front-end power
products into networking
applications decreased by
$45.3M from 2023
    eMobility sales decreased by
$12.9M, from 2023
    CUI sales declined by $21.2M
Distribution (31%)
Networking (25%)
Rail (17%)
Industrial (12%)
2024
2022
42.4%
    Rail product sales increased
GROSS MARGIN (%)
38.1%
$288,366
SALES ($ IN THOUSANDS)
30.5%
GEOGRAPHY (%)
$245,551
END MARKETS (%)
to aerospace and defense
application sales in the last
two months of 2024
$314,105
    Enercon contributed $20.8M
2023
2024
North
America (66%)
EMEA (23%)
APAC (11%)
2022
Aerospace/
Defense (9%)
2023
e-Mobility (6%)
from 2023
    Margin expansion driven by
favorable product mix, lower
volume of low-margin expedite
fees and favorable FX
    MAGNETICS
    Magnetic sales declined by
END MARKETS (%)
GEOGRAPHY (%)
SALES ($ IN THOUSANDS)
GROSS MARGIN (%)
$115,136
distribution customers, leading
to lower demand
recent facility consolidations,
diligent cost management
and favorable FX
Networking (44%)
APAC (52%)
Distribution (29%)
North
America (41%)
Industrial (27%)
$68,871
    Margin expansion due to
25.3%
channel for our networking and
22.0%
$178,782
high inventory levels in the
27.6%
$46.3M from 2023 driven by
EMEA (7%)
2022
2023
2024
2022
2023
2024
1

TO OU R SHAREHOLDERS:
2024   A YEAR OF ACHIEVING MANY NEW MILESTONES
This past year has been one of great success as a result of our strategic execution where we focused
on areas within our control to drive future growth and manage costs effectively. This approach led to
several notable achievements throughout 2024, including margin expansion on lower revenue, reaching
new all-time-highs on Bel   s stock price and completion of the largest transaction in our 76-year history.
The acquisition of Enercon in November 2024 expanded our product offerings and strengthened our
SRVLWLRQ LQ WKH DHURVSDFH DQG GHIHQVH PDUNHWV  7KLV DFTXLVLWLRQ UH  HFWV RXU FRPPLWPHQW WR VWUDWHJLF 
growth and enhances our ability to deliver advanced, high-reliability solutions across multiple industries.
We strengthened our leadership by appointing two new senior members to the executive team in sales
and procurement, enhancing our strategic initiatives in these critical areas. Our Connectivity and Power
segments further streamlined their operational footprint through two additional facility consolidation
projects in the U.S. and China, resulting in an expected $4.9 million of incremental annualized cost
savings, a portion of which will be recognized in 2025. As a result of the team   s diligent work, Bel
VXFFHVVIXOO\ HQKDQFHG LWV SUR  W PDUJLQV  GHPRQVWUDWLQJ UHVLOLHQFH DQG RSHUDWLRQDO HI  FLHQF\ GHVSLWH 
facing a challenging top-line environment.
2YHUDOO  WKH WHDP KDV ZRUNHG GLOLJHQWO\ WR GULYH HI  FLHQF\  RSWLPL]H RXU JOREDO IRRWSULQW  DQG LQYHVW LQ 
next-generation technologies that position us for sustainable long-term growth.
POWER SOLUTIONS & PROTECTION
The Power Solutions and Protection segment achieved a major milestone with the acquisition of Enercon
7HFKQRORJLHV LQ       7KLV DFTXLVLWLRQ VLJQL  FDQWO\ H[SDQGV %HO  V SUHVHQFH LQ $HURVSDFH DQG 'HIHQVH 
PDUNHWV DQG GLYHUVL  HV 3RZHU LQWR D QHZ FXVWRPHU EDVH IURP ZKLFK WR JURZ WKH EXVLQHVV  7KH DFTXLVLWLRQ 
allows many cross-selling opportunities
between Enercon and our Connectivity
segment   s Cinch group.
Power Solutions and Protection achieved
higher gross margins in 2024 despite
lower revenue coming off a record high
2023. Railway products led the way for
Power, growing 40% in 2024 and reaching
the highest Railway revenue in Bel   s history.
Another highlight was Bel   s participation
in the AI market, which resulted in revenue
and bookings growth, especially in the
second half of the year that we expect to
realize as revenue in 2025. Fuses and other
power products started to pick up as the
RAIL
year progressed from lower inventory in
the distribution channel.
The group completed several manufacturing and restructuring initiatives in 2024 that are critical for
future growth. We successfully consolidated circuit protection operations into an existing Power facility
ORZHULQJ RXU FRVW VWUXFWXUH DQG FRQGHQVLQJ RXU IRRWSULQW  ZKLFK ZLOO EHQH  W WKH JURXS LQ      DQG 
beyond. Bel continued to invest in India with the expansion of our Mumbai factory via product transfers
2

and insourcing from contract
manufacturers, with more product
transfers planned for 2025. The
acquisition of Enercon brought
a new factory opening near
'HOKL  ZKLFK IXUWKHU LQFUHDVHV RXU 
footprint and capabilities in India.
Our strong position in the fastgrowing AI market and growth
from Enercon within Aerospace
DQG 'HIHQVH DUH H[SHFWHG WR EH 
DEFENSE
the main growth drivers for our
Power segment in 2025.
CONNECTIVITY SOLUTIONS
7KH &RQQHFWLYLW\ 6ROXWLRQV VHJPHQW DFKLHYHG UHFRUG VDOHV DQG SUR  WDELOLW\ LQ      DV ZH FRQWLQXH WR 
leverage our key technologies and expertise in harsh environment connectivity to drive growth.
Our strategy of positioning ourselves as a trusted partner and solutions provider to our customers in
the Military, Space, and Commercial Aerospace markets enabled strong growth in the year and resulted
in several impactful new program wins. While we experienced weakened demand overall in 2024 in
the Industrial and Networking/datacenter markets, we are encouraged by the activity we saw later
LQ WKH \HDU WKURXJK RXU GLVWULEXWLRQ SDUWQHUV LQ WKRVH PDUNHWV  7KH RSHUDWLRQV WHDP PDGH VLJQL  FDQW 
progress toward our factory and process modernization plan with several key automation initiatives
contributing tR LPSURYHG RSHUDWLRQDO HI  FLHQFLHV LQ RXU PDQXIDFWXULQJ IDFLOLWLHV DFURVV the globe.
The Connectivity Solutions segment is well positioned for continued growth as we focus on expanding
our presence in key global markets and driving additional operational improvements through
investment in our people, factories, and new product lines.
MAGNETIC SOLUTIONS
Our Magnetic Solutions segment continued to focus on new product introductions and operational
HI  FLHQF\ LQ       7KH 0DJ-DFN   ICM team introduced several new high-performance products,
compatible with next-generation Ethernet PHY technology. These products are designed to support
the industry   s call for faster transmission, higher Power over Ethernet (PoE) as demanded by our
Enterprise Networking customers    growth strategies, built around emerging applications such as AI,
Cloud Computing and Smart Campus. Our designs provide leading-edge performance in a variety of port
FRQ  JXUDWLRQV WR (QWHUSULVH 6ZLWFKHV DQG 5RXWHUV DQG RWKHU FRPPHUFLDO DSSOLFDWLRQV  $ QH[W JHQHUDWLRQ  
low power SFP + copper transceiver module, capable of supplying 10GbE transmission over 100M of
cable, will be launched in 2025.
Our Signal Transformer division continued to expand its product portfolio, introducing 650 new
magnetic components in 2024, for use in various applications supporting the industrial, medical
DQG WUDQVSRUWDWLRQ PDUNHWV  7KH JURXS  V 'RPLQLFDQ 5HSXEOLF PDQXIDFWXULQJ IDFLOLW\ FRQWLQXHG WR 
3



shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 

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