6-K

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

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F O R M  6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

Commission file number 000-28884

Eltek Ltd.

(Name of Registrant)

Sgoola Industrial Zone, Petach Tikva, Israel

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statements File Nos. 333-123559 and 333-130611.

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Eltek Ltd.

EXPLANATORY NOTE

The following exhibit is attached:

99.1     Announcement:  Eltek Reports 2020 Third Quarter Financial Results.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ELTEK LTD.
(Registrant)
By: /s/ Alon Mualem
Alon Mualem
Chief Financial Officer

Date:  November 18, 2020

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EXHIBIT INDEX

EXHIBIT<br><br> <br>NO.	DESCRIPTION
99.1	Announcement: <br> Eltek Reports 2020 Third Quarter Financial Results.

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Exhibit 99.1

Press Release

Eltek Reports 2020 Third Quarter Financial Results

•	Revenues of $9.3 million
•	Gross profit of $1.8 million
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•	Net Profit of $598,000
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PETACH-TIKVA, Israel, November 18, 2020 - Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the quarter ended September 30, 2020.

Mr. Eli Yaffe, Chief Executive Officer, commented: "We are pleased that our third quarter results reflect the continuing trend of improved results. We are gratified that despite the global Covid-19 pandemic and its related challenges, we were able to achieve continued profitability and improve our operating profit from $1.0 million in the first nine months of 2019 to $2.1 million in the first nine months of 2020.”

“We are operating in a challenging business environment and making the necessary adjustments to increase revenues, maintain the trend of improved operating efficiencies and reach sustained profitability,” concluded Mr. Yaffe.

Highlights of the Third Quarter of 2020 compared to the Third Quarter of 2019

•	Revenues for the third quarter of 2020 were $9.3 million consistent with our revenues in the third quarter of 2019;
•	Gross profit increased from $1.75 million (18.9% of revenues) in the third quarter of 2019 to $1.82 million (19.7% of revenues) in the third quarter<br> of 2020;
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•	Operating profit increased to $638,000 during the third quarter of 2020 as compared to operating profit of $568,000 in the third quarter of 2019;
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•	Net profit was $598,000, or $0.14 per fully diluted share in the third quarter of 2020 compared to net profit of $391,000, or $0.09 per fully diluted<br> share, in the third quarter of 2019;
•	EBITDA was $1.0 million in the third quarter of 2020 compared to EBITDA of $940,000 in the third quarter of 2019;
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•	Net cash provided by operating activities amounted to $873,000 in the third quarter of 2020 compared to net<br> cash provided by operating activities of $1.4 million in the third quarter of 2019.
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Highlights for the First Nine Months of 2020

•	Revenues for the first nine months of 2020 were $27.2 million compared to $26.2 million in the first nine months of 2019;
•	Gross profit was $5.5 million (20.3% of revenues) compared to gross profit of $4.5 million (17.4% of revenues) in the first nine months of 2019;
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•	Operating profit was $2.1 million in the first nine months of 2020 compared to operating profit of $1.0 million in the first nine months of 2019;
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•	Other expenses were $10,000 in the first nine months of 2020 as compared to other income of $875,000 in the first nine months of 2019 which was attributable to<br> an insurance payment related to a claim for damages incurred during 2018;
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•	Net profit was $1.8 million, or $0.42 per fully diluted share in the first nine months of 2020 compared to net profit of $1.4 million, or $0.40 per<br> fully diluted share in the first nine months of 2019;
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•	EBITDA was $3.2 million in the first nine months of 2020 compared to EBITDA of $3.0 million in the first nine months of 2019;
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•	Net cash provided by operating activities amounted to $3.7 million in the first nine months of 2020 compared to net cash provided by operating<br> activities of $2.7 million in the first nine months of 2019.
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Conference Call

Today, Wednesday, November 18, 2020, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Alon Mualem, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

United States:          1-888-668-9141

Israel:                        03-9180644

International:           +972-3-9180644

At:

8:30 a.m. Eastern Time

5:30 a.m. Pacific Time

15:30 p.m. Israel Time

A replay of the call will be available through the Investor Info section on Eltek’s corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed and will be archived for 30 days.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company’s headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and in Europe and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com.

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Use of Non-GAAP Financial Information

The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the company's results on a GAAP and non-GAAP basis is provided in a table below.

Forward Looking Statement:

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission.

Investor Contact:

Alon Mualem

  Chief Financial Officer

  alonm@nisteceltek.com

+972-3-9395023

(Tables follow)

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Eltek Ltd.
Consolidated Statements of Operations
(In thousands US$, except per share data)
	Three months ended						Nine months ended
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	September 30,						September 30,
	2020			2019			2020			2019
Revenues		9,256			9,279			27,205			26,213
Costs of revenues		(7,433	)		(7,524	)		(21,679	)		(21,663	)
Gross profit		1,823			1,755			5,527			4,550
Selling, general and administrative expenses		(1,183	)		(1,187	)		(3,467	)		(3,541	)
R&D expenses, net		(2	)		-			-			-
Operating profit		638			568			2,060			1,009
Financial expenses, net		(19	)		(146	)		(158	)		(409	)
Other income, net		(10	)		(2	)		(10	)		875
Profit before income tax		609			420			1,892			1,475
Tax expenses		(11	)		(29	)		(49	)		(51	)
Net Profit		598			391			1,842			1,424
Earnings per share
Basic and diluted net profit per ordinary share		0.14			0.09			0.42			0.40
Weighted average number of ordinary shares
used to compute basic net profit per ordinary
share (in thousands)		4,380			4,380			4,380			3,519

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Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)
	September 30,			December 31,
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	2020			2019
Assets
Current assets
Cash and cash equivalents		2,651			1,628
Receivables:   Trade, net of provision for doubtful accounts		6,402			7,480
Other		1,719			145
Inventories		3,552			3,735
Prepaid expenses		151			530
Total current assets		14,475			13,518
Long term assets
Restricted deposits		58			-
Severance pay fund		60			60
Operating lease right of use assets		1,745			2,490
Total long term assets		1,863			2,550
Fixed assets, less accumulated depreciation		6,658			6,761
Total Assets		22,996			22,829
Liabilities and Shareholder's equity
Current liabilities
Short-term credit and current maturities of long-term debts		214			2,120
Short-term credit from related party		2,906			3,472
Accounts payable: Trade		4,851			4,673
Other		3,315			3,118
Short-term operating lease liabilities		1,170			1,383
Total current liabilities		12,456			14,766
Long-term liabilities
Long term debt, excluding current maturities		1,372			387
Employee severance benefits		296			268
Deferred tax liabilities		64			45
Long-term operating lease liabilities		558			1,094
Total long-term liabilities		2,290			1,794
Equity
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 4,380,268		3,964			3,964
Additional paid-in capital		18,583			18,583
Cumulative foreign currency translation adjustments		2,527			2,479
Capital reserve		1,054			963
Accumulated deficit		(17,878	)		(19,720	)
Shareholders' equity		8,250			6,269
Total liabilities and shareholders' equity		22,996			22,829

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Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliations
(In thousands US$)
Non-GAAP EBITDA Reconciliations	Three months ended				Nine months ended
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	September 30,				September 30,
	2020		2019		2020		2019
GAAP Net Income		598		391		1,842		1,424
Add back items:
Financial expenses, net		19		146		158		409
Income tax expense		11		29		49		51
Depreciation and amortization		390		374		1,176		1,118
Non-GAAP EBITDA		1,018		940		3,226		3,002

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Eltek Ltd.
Consolidated Statement of  Cash flow
(In thousands US$)
	Three months ended						Nine months ended
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	September 30,						September 30,
	2020			2019			2020			2019
Cash flows from operating activities:
Net Income		598			391			1,842			1,424
Adjustments to reconcile net profit to net
cash flows provided by operating activities:
Depreciation and amortization		391			371			1,177			1,119
Capital gain on disposal of fixed assets, net		(16	)		-			(16	)		-
Stock-based compensation		48			26			91			87
Transaction with controlling shareholder		-			15			-			44
Revaluation of long term loans		(2	)		(12	)		2			(36	)
Increase in deferred tax liabilities		6			-			18			-
		427			400			1,272			1,214
Decrease in operating lease right-of-use assets		(1	)		(1	)		(5	)		(11	)
Decrease (increase) in trade receivables		949			886			1,098			(712	)
Decrease (increase) in other receivables and prepaid expenses		(1,077	)		(224	)		(890	)		655
Decrease (increase) in inventories		(50	)		211			198			98
Increase (decrease)  in trade payables		397			(102	)		27			92
Increase in other liabilities and accrued expenses		(357	)		(188	)		181			(55	)
Increase (decrease) in employee severance benefits, net		(13	)		23			27			14
		(152	)		605			636			81
Net cash provided by operating activities		873			1,396			3,750			2,719
Cash flows from investing activities:
Purchase of fixed assets		(348	)		(293	)		(802	)		(543	)
Restricted deposits		(1	)		-			(58	)		-
Net cash used in investing activities		(349	)		(293	)		(860	)		(543	)
Cash flows from financing activities:
Short- term bank credit, net		(1,163	)		(921	)		(1,928	)		(4,315	)
Proceeds from short- term shareholder loan		-			-			-			557
Repayment of short- term shareholder loan		-			-			(571	)		-
Issuance of ordinary shares in rights offering, net		-			-			-			3,298
Repayment of long-term loans from bank		(37	)		(220	)		(145	)		(675	)
Proceeds from long-term loans		-			557			1,141			558
Repayment of credit from fixed asset payables		(87	)		(94	)		(391	)		(289	)
Net cash used in financing activities		(1,287	)		(678	)		(1,894	)		(866	)
Effect of translation adjustments		7			27			27			(13	)
Net increase (decrease) in cash and cash equivalents		(756	)		452			1,023			1,297
Cash and cash equivalents at beginning of the period		3,407			1,837			1,628			992
Cash and cash equivalents at period end		2,651			2,289			2,651			2,289

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