Bel Fuse Inc.

Greetings and welcome to the Belfu's first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jean Marie Young, with three-part advisors. Please go ahead, Jean.

Thank you, Daryl, and good morning, everyone. Before we begin, I'd like to remind everyone that during today's conference call, we will make statements relating to our business that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2025. These statements are based on the company's current expectations and reflect the company's views only as of today, and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlook. Actual results for future periods may differ materially from those projected by these forward-looking statements due to a number of risks, uncertainties, and other factors. These material risks are summarized in the press release that we issued after market closed yesterday. Additional information about the material risks and other important factors that could potentially impact our financial performance and cause actual results to differ materially from our expectations is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly reports and other documents that we have filed or may file with the SEC from time to time. We may also discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our press release. Our press release and our SEC filings are all available at the IR section of the website. Joining me today on the call is Dan Bernstein, President and CEO, FruitWik CFO, and Lynn Hutkin, Vice President of Financial Reporting and Investor Relations. With that, I'd like to turn the call over to Dan. Dan?

Thank you, Jean. We are pleased with our first quarter results, which were in line with our expectations for the quarter. Our recent acquisition of Enercon continue to perform well and has helped to further diversify Bell from our end markets and geographic perspective. During the first quarter of 2025, the aerospace defense, or A&D, end markets accounted for 38% of our global sales, making it our largest end market segment. Other highlights during the first quarter included AI, which contributed to 4.6 million of revenue, and space, which contributed 2.3 of revenue during the first quarter of 2025. This represents double-digit growth in each of these end markets compared to the first quarter of 2024. Other factors impacting the quarter were lower sales into our consumer market related to a banned Chinese supplier, e-mobility, and a normalization of sales into our real end market. We are definitely entering a new challenging phase with the global tariffs. However, based on our diversification strategy or manufacturing and our product portfolio, I am confident that we will navigate through this. With that, I'm turning the call over to Lynn.