Hezbollah obtained an estimated $157 million worth of weaponry in 2024 despite ongoing conflict with Israel, with the majority of these arms reportedly provided by Iran as an in-kind grant, according to research released Thursday by the Israeli Center for Research of Terror Financing (CENTEF).

The report, titled “Hezbollah Financial Statements,” marks the first in a series intended to examine the militant group's financial operations, including its military infrastructure, media expenditures, and payments to wounded fighters. Utilizing open-source information and valuations of known Hezbollah military assets, CENTEF estimates Iran contributed roughly $129 million in weapons and military equipment, while Hezbollah itself spent approximately $28 million in cash for additional acquisitions.

CENTEF’s analysis aims to understand Hezbollah’s expenses more like a business enterprise to better assess its financial health and identify potential vulnerabilities. According to CENTEF CEO Sharon Gal, dissecting Hezbollah’s finances could enable policymakers and security operatives to target key supply chains without resorting to costly airstrikes, which have significant humanitarian consequences for Lebanese civilians.

Researchers employed three methods to estimate Hezbollah’s 2024 weapon acquisitions due to the clandestine nature of the group’s procurement. These included reviewing Hezbollah’s historical inventory growth, assessing Iran’s arms production capabilities, and comparing global military expenditure benchmarks. The analysis suggested that disruptions during 2024 limited Hezbollah’s acquisition to roughly 4,500 to 6,500 rockets and missiles.

Iran’s capacity to produce and supply sophisticated weaponry also imposes limits on Hezbollah’s arsenal expansion, as Tehran must allocate its resources among multiple military fronts and proxies. Iran reportedly manufactures between 50 to 240 ballistic missiles monthly and produces 1,800 to 3,000 attack drones annually.

Hezbollah’s 2024 acquisitions included a variety of rockets and missiles, such as approximately 4,000 short-range Katyusha rockets, 400 Falaq-1 and Falaq-2 rockets with 240mm and 333 mm warheads respectively, and 120 crude Burkan rockets. The report also estimated 600 medium-range Fajr series rockets purchased at costs ranging from $2,000 to $10,000 per unit. Hezbollah's inventory of more advanced and costly systems, including about 60 Zelzal-2 rockets priced at $25,000 each and 40 Fateh-110/M-600 missiles valued at $110,000 apiece, was constrained by production and supply challenges.

Anti-tank guided missiles (ATGMs) represented a significant component of Hezbollah’s arsenal in 2024, accounting for nearly 20% of attacks on Israel after October 8, 2023. The group reportedly acquired around 700 Russian-made Kornet missiles, 500 Iranian Dehlavieh rounds, 500 Almas missiles, and 400 Konkurs/Metis missiles. Older systems such as the RPG-7 launcher were also purchased, with estimates of 800 launchers and roughly 15,000 rounds obtained, some of which were likely sourced on the black market.

Drone capabilities expanded in 2024, with Hezbollah acquiring an estimated 300 Iranian Mirsad-1 and Ababil-T drones, 200 loitering munitions costing $20,000 to $40,000 each, and 400 commercial and FPV drones used primarily for reconnaissance. The group reportedly also maintained significant air-defense assets, including MANPADS and 358 loitering surface-to-air missiles.

On the small arms front, Hezbollah is estimated to have procured about 5,000 rifles, 900 crew-served weapons, 80 mortar tubes, and millions of rounds of ammunition in 2024. The report also indicated that Hezbollah produces improvised explosive devices locally, with around 2,000 estimated for the year.

Beyond military spending, CENTEF is investigating Hezbollah’s civilian and media expenses. Preliminary figures suggest the group allocated between $26 million and $28 million for media in 2024, with its television network Al-Manar accounting for the majority of this amount.

The researchers contend that understanding the full scope of Hezbollah’s financial commitments, including Iran’s patronage, could highlight new pressure points aimed at weakening the group’s operational and economic base. They plan to release an interactive tool to help civilians and policymakers better grasp Hezbollah’s financial activities and their broader impact on the Lebanese economy.