A maker of power, protection, and connectivity components for networking, aerospace, defense, and industrial gear, Bel Fuse builds products like the MagJack Ethernet connector and circuit protection devices. Founded in 1949 by Elliot Bernstein in Jersey City, it began by making fuses for cars and televisions — the name literally reflects that fuse-making start. Its MagJack connector packs the magnetics right into the Ethernet port, a design that became a networking staple.
Bel Fuse Q2 revenue rose 25.2% to $210.7M and long-term debt fell to zero after a $441.6M equity offering.
dropped to zero as the company raised $441.6M in equity. rose 25.2% to $210.7M and widened 1.2 points to 39.9%, driven by defense and data-solutions demand plus a full debt repayment that cut to $1.8M. Bel Fuse enters the second half debt-free with $306.1M cash and $400M unused credit.
Key takeaways
fell to $0.0M from $204.5M at March 31, 2026 after a $441.6M repaid all , leaving $306.1M cash and $400M unused credit capacity.
rose 25.2% to $210.7M, with Aerospace, Defense & Rugged Solutions up 20.3% on defense and industrial volumes and Industrial Technology & Data Solutions up 31.1% on data-solutions demand.
expanded 1.2 points to 39.9% from 38.7% a year earlier on favorable mix and operational efficiencies, partly offset by unfavorable from the Israeli shekel, Chinese renminbi, and Mexican peso.
Section summaries
Management's Discussion and Analysis
Revenue rose 25% to $211M in Q2 FY2026, driven by defense and data solutions, while gross margin expanded to 39.9%.
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Consolidated Q2 grew 25.2% to $210.7M, with Aerospace, Defense & Rugged Solutions up 20.3% on higher defense and industrial volumes, and Industrial Technology & Data Solutions up 31.1% on strong Data Solutions demand.
dropped $2.2M to $1.8M as were fully repaid, while rose $5.4M to $36.3M on salaries and dataMate-related professional fees.
rose 35.4% to $594.7M since December 2025, including a 56.0% increase in Industrial Technology & Data Solutions, though the company cautions it may not predict future sales.
rose 62.3% to $38.4M from Q1 and 28.7% , with at 18.2%.
What changed
The September 2026 debt maturity flagged in prior filings was resolved: fell to $0.0M from $204.5M at Q1 2026 after the , removing the $197.5M–$204.5M maturity risk.
flagged to watch at Q1 ($531.3M) rose further to $594.7M, up 35.4% from the $439.1M year-end level, with Industrial Technology & Data Solutions up 56.0%.
increase flagged at Q1 ($7.2M, including dataMate and onboarding) partly persisted: Q2 SG&A rose $5.4M to $36.3M with continued dataMate and CEO/ president onboarding costs.
Industrial Technology & Data Solutions margin, which fell to 36.6% in Q1 on mix and , was not separately disclosed for Q2 beyond the consolidated 39.9% .
Tariff exposure (~25% of sales) flagged in prior quarters showed no material financial impact in Q2, consistent with the unchanged risk factors carried from the 2025 10-K.
What to watch
Q3 2026 to see if the $594.7M level holds or shifts under tariff uncertainty the company continues to flag.
Q3 to confirm whether dataMate and onboarding costs recede after two quarters of increases.
Next disclosure of Industrial Technology & Data Solutions margin after the Q1 drop to 36.6% on mix and .
Any Q3 financial impact from 10%–55% U.S. tariffs on the ~25% of sales exposed, particularly PRC-sourced ~10%.
Consolidated improved 120 to 39.9%, benefiting from favorable product mix and operational efficiencies, partially offset by unfavorable foreign currency impacts from the Israeli shekel, Chinese renminbi, and Mexican peso.
Material costs rose to 33.1% of sales due to a shift toward higher bill-of-material content products and increased use of third-party manufacturing, while labor costs fell to 7.0% of sales reflecting automation and the Pingguo facility transition.
SG&A increased $5.4M to $36.3M, driven by higher salaries and benefits ($3.0M) and professional fees ($1.6M), including costs related to the dataMate acquisition and CEO/ president onboarding.
dropped $2.2M to $1.8M as the Company fully repaid its borrowings; cash and equivalents stood at $306.1M following a $441.6M equity offering, with $400M in unused credit capacity.
surged 35.4% to $594.7M since December 2025, with a 56.0% increase in Industrial Technology & Data Solutions, though the Company cautions backlog may not reliably predict future sales.
Quantitative and Qualitative Disclosures About Market Risk
Market risk exposures from FX, interest rates, and commodity prices remain materially unchanged in H1 2026.
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The Company faces market risk from foreign currency exchange rates, interest rates on , and commodity price fluctuations.
Foreign currency forward contracts are used periodically to manage short-term exposures to operational cash flow variability from exchange rate movements.
Two pay-fixed, receive-variable interest rate swaps partially mitigate variable interest rate risk on borrowings under the Credit Agreement.
Production uses metals including copper, zinc, tin, gold, and silver; price swings can significantly raise costs, mitigated through price adjustments and productivity improvements.
Derivatives are held only to manage FX and interest rate risk, not for speculation, and no material changes in market risk occurred during the six months ended June 30, 2026.
The information called for by this Item is incorporated herein by reference to Note 14, "Commitments and Contingencies" of the Company’s Condensed Consolidated Financial Statements, under “Legal Proceedings”, as set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.…
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The information called for by this Item is incorporated herein by reference to Note 14, "Commitments and Contingencies" of the Company’s Condensed Consolidated Financial Statements, under “Legal Proceedings”, as set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.
We are also involved in various other legal actions incidental to our business. In the Company’s opinion, it has made appropriate and adequate accruals for claims, if any, where necessary; however, the ultimate liability for legal proceedings is uncertain, and if significantly different than the amounts accrued, if any, the ultimate outcome could have a material effect on the financial condition or results of operations of the Company. The Company cannot predict the outcome of the litigation matters or other actions nor when they will be resolved.
Our risk factors are disclosed in Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and should be carefully considered before making an investment decision. These are the risk factors that we consider to be the most si…
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Our risk factors are disclosed in Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and should be carefully considered before making an investment decision. These are the risk factors that we consider to be the most significant risk factors, but they are not the only risk factors that should be considered in making an investment decision. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This Quarterly Report on Form 10-Q also contains Forward-Looking Statements that involve risks and uncertainties. See the "Cautionary Notice Regarding Forward-Looking Information," above.
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