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EX-99.2 5 ex_942001.htm EXHIBIT 99.2 HTML Editor

Exhibit 99.2

BEL FUSE INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

Disaggregated revenue by geographic region and sales channel (unaudited)

	Aerospace, Defense & Rugged Solutions ("ADRS")
	Q1-25		Q2-25		Q3-25		Q4-25		FY 2025		Q1-24		Q2-24		Q3-24		Q4-24		FY 2024
*By Geographic Region:*
North America	$	55,060	$	63,669	$	65,525	$	66,420	$	250,674	$	43,884	$	45,380	$	42,414	$	52,006	$	183,684
EMEA		25,108		25,878		28,730		28,439		108,155		9,436		11,242		11,422		19,700		51,800
Asia		2,954		2,285		2,043		2,751		10,033		965		1,200		1,879		1,660		5,704
	$	83,122	$	91,832	$	96,298	$	97,610	$	368,862	$	54,285	$	57,822	$	55,715	$	73,366	$	241,188

*By Sales Channel:*
Direct to customer	$	63,818	$	73,990	$	76,171	$	75,055	$	289,034	$	34,070	$	36,428	$	34,085	$	54,612	$	159,195
Through distribution		19,304		17,842		20,127		22,555		79,828		20,215		21,394		21,630		18,754		81,993
	$	83,122	$	91,832	$	96,298	$	97,610	$	368,862	$	54,285	$	57,822	$	55,715	$	73,366	$	241,188

	Industrial Technology & Data Solutions ("ITDS")
	Q1-25		Q2-25		Q3-25		Q4-25		FY 2025		Q1-24		Q2-24		Q3-24		Q4-24		FY 2024
*By Geographic Region:*
North America	$	41,211	$	48,386	$	54,779	$	52,322	$	196,698	$	45,672	$	46,547	$	38,141	$	48,116	$	178,476
EMEA		15,709		15,073		14,601		16,951		62,334		17,549		15,728		14,487		13,946		61,710
Asia		12,196		13,008		13,302		9,055		47,561		10,584		13,108		15,295		14,431		53,418
	$	69,116	$	76,467	$	82,682	$	78,328	$	306,593	$	73,805	$	75,383	$	67,923	$	76,493	$	293,604

By Sales Channel:
Direct to customer	$	45,622	$	51,913	$	57,014	$	53,060	$	207,609	$	48,611	$	49,365	$	46,358	$	54,252	$	198,586
Through distribution		23,494		24,554		25,668		25,268		98,984		25,194		26,018		21,565		22,241		95,018
	$	69,116	$	76,467	$	82,682	$	78,328	$	306,593	$	73,805	$	75,383	$	67,923	$	76,493	$	293,604

	Year Ended December 31, 2025						Year Ended December 31, 2024						10-K					10-K
	ADRS		ITDS		Total		ADRS		ITDS		Total		2025		Variance			2024		Variance
By Geographic Region:
North America	$	250,674	$	196,698	$	447,372	$	183,684	$	178,476	$	362,160	$	447,372	$	-		$	362,160	$	-
EMEA*		108,155		62,334		170,489		51,800		61,710		113,510		104,586		(65,903	)		104,291		9,219
Asia*		10,033		47,561		57,594		5,704		53,418		59,122		123,497		65,903			68,341		(9,219	)
	$	368,862	$	306,593	$	675,455	$	241,188	$	293,604	$	534,792	$	675,455	$	-		$	534,792		-
																					-
By Sales Channel:																					-
Direct to customer	$	289,034	$	207,609	$	496,643	$	159,195	$	198,586	$	357,781		496,643		-			357,781		-
Through distribution		79,828		98,984		178,812		81,993		95,018		177,011		178,812		-			177,011		-
	$	368,862	$	306,593	$	675,455	$	241,188	$	293,604	$	534,792	$	675,455	$	-		$	534,792	$	-

* The table above reflects a reclassification of sales out of the previously reported Asia sales of $65.9 million for the year ended December 31, 2025 and $9.2 million for the year ended December 31, 2024. The former Europe region is now labeled EMEA, which includes Israel sales (previously categorized within Asia).

Key financial data (unaudited)

	Aerospace, Defense & Rugged Solutions ("ADRS")
	Q1-25			Q2-25			Q3-25			Q4-25			FY 2025			Q1-24			Q2-24			Q3-24			Q4-24			FY 2024
Net sale	$	83,122		$	91,832		$	96,298		$	97,610		$	368,862		$	54,285		$	57,822		$	55,715		$	73,366		$	241,188
Cost of sales		49,794			53,842			56,727			57,417			217,780			34,668			35,310			35,310			45,511			150,799
Gross profit		33,328			37,990			39,571			40,193			151,082			19,617			22,512			20,405			27,855			90,389
Gross profit %		40.1	%		41.4	%		41.1	%		41.2	%		41.0	%		36.1	%		38.9	%		36.6	%		38.0	%		37.5	%

Other Segment Disclosures:
Total Assets	$	647,325		$	657,501		$	658,378		$	655,065		$	655,065		$	205,927		$	227,442		$	232,572		$	613,631		$	613,631
Capital Expenditures		1,173			1,974			1,355			2,819			7,321			2,038			612			2,073			3,021			7,744
Depreciation and Amortization Expense		5,010			4,870			4,905			4,907			19,692			1,668			1,709			1,735			3,987			9,099
Interest Expense		492			382			192			68			1,134			32			26			6			360			424

	Industrial Technology & Data Solutions ("ITDS")
	Q1-25			Q2-25			Q3-25			Q4-25			FY 2025			Q1-24			Q2-24			Q3-24			Q4-24			FY 2024
Net sale	$	69,116		$	76,467		$	82,682		$	78,328		$	306,593		$	73,805		$	75,383		$	67,933		$	76,483		$	293,604
Cost of sales		43,336			48,471			51,224			48,586			191,617			45,115			44,205			43,521			47,809			180,650
Gross profit		25,780			27,996			31,458			29,742			114,976			28,690			31,178			24,412			28,674			112,954
Gross profit %		37.3	%		36.6	%		38.0	%		38.0	%		37.5	%		38.9	%		41.4	%		35.9	%		37.5	%		38.5	%

Other Segment Disclosures:
Total assets	$	230,257		$	235,476		$	234,380		$	216,129		$	216,129		$	254,108		$	245,556		$	246,923		$	269,358		$	269,358
Capital expenditures		1,612			1,950			459			535			4,556			890			584			1,264			3,153			5,891
Depreciation and amortization expense		1,535			1,588			1,603			1,598			6,324			1,894			1,617			1,773			1,573			6,857
Interest expense		(376	)		(295	)		(153	)		(44	)		(868	)		147			136			127			561			971

	Year Ended December 31, 2025												Year Ended December 31, 2024
	ADRS			ITDS			Corporate			Total			ADRS			ITDS			Corporate			Total
Net sales	$	368,862		$	306,593		$	-		$	675,455		$	241,188		$	293,604		$	-		$	534,792
Cost of sales		217,780			191,617			1,640			411,037			150,799			180,650			985			332,434
Gross profit		151,082			114,976			(1,640	)		264,418			90,389			112,954			(985	)		202,358
Gross profit %		41.0	%		37.5	%		nm			39.1	%		37.5	%		38.5	%		nm			37.8	%

Other Segment Disclosures:
Total Assets	$	655,065		$	216,129		$	64,006		$	935,200		$	613,631		$	269,358		$	66,800		$	949,789
Capital Expenditures		7,321			4,556			125			12,002			7,744			5,891			473			14,108
Depreciation and Amortization Expense		19,692			6,324			576			26,592			9,099			6,857			501			16,457
Interest Expense		1,134			(868	)		14,485			14,751			424			971			2,683			4,078