US Market News
2週前
TAT Technologies Reports First Quarter 2026 Results, Backlog and Long-Term Agreements Increase to ~$580 Million on Strong DemandMay 20, 2026 7:10 AM
PR Newswire (US) CHARLOTTE, N.C., May 20, 2026 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (TASE: TATT) ("TAT" or the "Company") a leading provider of products and services to the commercial and military aerospace and ground defense industries, today reported its unaudited results for the three-month period ended March 31, 2026.Financial highlights for the first quarter of 2026:Revenues were $41.1 million; a slight decrease of 2.4% compared to $42.1 million in the first quarter of 2025, driven primarily by component part shortages and delayed deliveries from certain OEM suppliers.Gross profit remained stable at $10.0 million. Gross margin improved by 80 basis points to 24.4% of revenues, compared to 23.6% of revenues in the first quarter of 2025.Operating income was $3.0 million, a decrease from $4.2 million in the first quarter of 2025, reflecting a margin of 7.3% versus 9.9% in the first quarter of 2025.Net income totaled $3.4 million, a slight decrease compared to $3.8 million in the first quarter of 2025.Adjusted EBITDA was $4.9 million, representing 11.8% of revenues, a decrease from $5.7 million representing 13.6% of revenues in the first quarter of 2025.Operating cash flow for the quarter was positive $1.9 million compared to negative $(5.0) million used in operating activities in the first quarter of 2025, reflecting a significant improvement in cash generation.Mr. Igal Zamir, TAT's CEO and President, commented: "TAT Technologies entered 2026 with a robust operational foundation, and the record customer demand in the first quarter reinforced our confidence in the trajectory we are on. Demand for our services has never been stronger, and the value of our long-term agreements and backlog reached an all-time high, growing to approximately $580 million at the end of Q1, reflecting new contract wins and exceptionally strong customer intake across all four of our service lines."As opposed to this strong momentum entering the year, and as previously communicated, we experienced some supply chain disruptions that affected the results of the first quarter. These distruptions were triggered by certain OEM suppliers, leading to delays in finish goods and deliveries. Primarily as a result of these delays, our revenue slightly declined YoY, not fully utilizing our growing backlog. We expect this obstacle to be resolved in the next few months, allowing TAT the continued growth trajectory we started last year. "As we look ahead through the rest of 2026, we are confident in the fundamentals of the business. Demand is at an all-time high and our record backlog provides strong revenue expectations. Subject to the anticipated resolution of our recent supply chain disruptions, we expect our growth trajectory will resume in the second quarter and the second half of the year, driven primarily by stronger demand and record backlog. We remain well-positioned to deliver growth and long-term value for our shareholders," concluded Mr. Zamir.Non-GAAP Financial MeasuresTo supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company's underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income excluding the impact of: the Company's share in results of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Adjusted EBITDA, however, should not be considered as an alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA below.Investor Call InformationTAT Technologies will host an earnings webcast and conference call today, May 20, 2026, at 8:00 a.m. Eastern Time to discuss first quarter results. Investors may register using the link below or by visiting the Company's website.Webcast Registration: Here Investor Relations Website: https://tat-technologies.com/investors/ Contact:Mr. Eran Yunger
Director of IR
erany@tat-technologies.comAbout TAT Technologies LtdWe are a leading provider of solutions and services to the aerospace and defense industries. We operate four operational units: (i) original equipment manufacturing ("OEM") of heat transfer solutions and aviation accessories through our Kiryat Gat facility (TAT Israel); (ii) maintenance repair and overhaul ("MRO") services for heat transfer components and OEM of heat transfer solutions through our subsidiary Limco Airepair Inc. ("Limco"); (iii) MRO services for aviation components through our subsidiary, Piedmont Aviation Component Services LLC ("Piedmont") (mainly Auxiliary Power Units ("APUs") and landing gear); and (iv) overhaul and coating of jet engine components through our subsidiary, Turbochrome Ltd. ("Turbochrome").TAT's activities in the area of OEM of heat transfer solutions and aviation accessories through TAT Israel primarily include the design, development and manufacture of (i) a broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft and ground applications; and (iii) a variety of mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.TAT's activities in the area of MRO and OEM of heat transfer solutions include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT's Limco subsidiary operates a Federal Aviation Administration ("FAA")-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.TAT's activities in the area of MRO services for aviation components include the MRO of APUs and landing gear. TAT's Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.TAT's activities in the area of jet engine overhaul through its Turbochrome facility includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.Safe Harbor for Forward-Looking Statements This press release and/or this report contains "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, LTAs and backlog, the price and continuity of supply of component parts used in our operations (including the risk that recent delivery delays and part shortages are not resolved in a timely manner), our ability to successfully identify, execute, and integrate potential merger and acquisition transactions and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS U.S dollars in thousands
Exhibit 99.1
March 31,
December 31,
2026
2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$51,235
$51,259
Accounts receivable, net of allowance for credit losses of $241 and $172 as of March 31, 2026, and December 31, 2025, respectively 30,456
33,420
Inventory81,736
75,549
Prepaid expenses and other current assets8,423
6,071
Total current assets171,850
166,299
NON-CURRENT ASSETS:
Property, plant and equipment, net47,162
46,922
Operating lease right of use assets5,484
5,807
Intangible assets, net1,375
1,452
Investment in affiliates5,520
4,905
Funds in respect of employee rights upon retirement400
398
Deferred tax assets706
639
Restricted deposit310
307
Total non-current assets60,957
60,430
Total assets$232,807
$226,729
The accompanying notes are an integral part of these unaudited condensed consolidated financial Statements. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS U.S dollars in thousands
March 31,
December 31,
2026
2025LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loans$2,272
$2,227Accounts payable15,529
12,986Accrued expenses and other 17,396
17,296Current maturities of operating lease liabilities1,448
1,474
Total current liabilities36,645
33,983
NON-CURRENT LIABILITIES:
Long-term loans8,937
9,485Operating lease liabilities 4,174
4,448Liability in respect of employee rights upon retirement 772
770Deferred tax liabilities1,804
1,652
Total non-current liabilities15,687
16,355
COMMITMENTS AND CONTINGENCIES (NOTE 4) -
-
Total liabilities52,332
50,338
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0 par valueAuthorized: 15,000,000 shares at March 31, 2026 and at December 31,
2025 Issued:13,257,610 shares at March 31, 2026 and at December 31, 2025 Outstanding: 12,983,137 shares at March 31, 2026 and at December 31,
2025-
-Additional paid-in capital 137,071
136,578Treasury stock at cost(2,088)
(2,088)Accumulated other comprehensive income834
643Retained earnings44,658
41,258Total shareholders' equity180,475
176,391
Total liabilities and shareholders' equity$232,807
$226,729
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME U.S dollars in thousands
Three Months EndedMarch 31,
2026
2025
Revenues:
Products$13,906
$12,724Services27,241
29,418
41,147
42,142
Costs:
Products10,099
8,331Services21,017
23,857
31,116
32,188Gross profit10,031
9,954
Operating expenses:
Research and development, net571
324Selling and marketing2,182
1,928General and administrative4,293
3,532
7,046
5,784Operating income 2,985
4,170
Interest expenses(148)
(335)Other financial income, net187
277Income before taxes on income 3,024
4,112
Provision for income taxes 145
592Income before share of equity investment2,879
3,520
Share in profits of equity investment of affiliated companies521
293Net income $3,400
$3,813
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME U.S dollars in thousands, except share and per share data
Three Months EndedMarch 31,
2026
2025
Earnings per share
Basic $0.26
$0.35Diluted $0.26
$0.34
Weighted average number of shares outstanding
Basic12,983,137
10,940,358Diluted13,204,290
11,211,271
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME U.S dollars in thousands
Three Months EndedMarch 31,
2026
2025
Net income $3,400
$3,813Other comprehensive income, net:
Change in foreign currency translation adjustments191
528 Total comprehensive income $3,591
$4,341
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY U.S dollars in thousands, except share data
Share capital
Accumulated
Number of
shares issued
Amount
Additional
paid-in
capital
other
comprehensive
income (loss)
Treasury shares
Retained
earnings
Total equity
BALANCE AT DECEMBER 31, 2024
11,214,831
$-
$89,697
$(76)
$(2,088)
$24,436
$111,969CHANGES DURING THE THREE MONTHS ENDED MARCH 31,
2025:
Comprehensive income
-
-
-
528
-
3,813
4,341Share based compensation
222
222BALANCE AT MARCH 31, 2025
11,214,831
$-
$89,919
$452
$(2,088)
$28,249
$116,532
BALANCE AT DECEMBER 31, 2025
13,257,610
$-
$136,578
$643
$(2,088)
$41,258
$176,391CHANGES DURING THE THREE MONTHS ENDED MARCH 31, 2026:
Comprehensive income
-
-
-
191
-
3,400
3,591Share based compensation
-
-
493
-
-
-
493BALANCE AT MARCH 31, 2026
13,257,610
$-
$137,071
$834
$(2,088)
$44,658
$180,475
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands
Three Months Ended
March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $3,400
$3,813Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization1,313
1,305Non-cash financial (income) expenses331
(99)Change in allowance for (recovery of) credit losses69
(50)Share in profits of equity investment of affiliated companies(521)
(293)Share based compensation 493
222Deferred income taxes, net 85
519Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable2,894
(3,476)Increase in prepaid expenses and other current assets(2,257)
(527)Increase in inventory(6,430)
(3,861)Increase in trade accounts payable2,471
434Increase (decrease) in accrued expenses and other102
(3,022)Net cash provided by (used in) operating activities 1,950
(5,035)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(1,420)
(2,862)Net cash used in investing activities(1,420)
(2,862)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term loans(551)
(571)Net change in short term loans from banks -
6,369Net cash (used in) provided by financing activities (551)
5,798
Net decrease in cash and cash equivalents and restricted cash(21)
(2,099)Cash and cash equivalents and restricted cash at beginning of period51,566
7,434Cash and cash equivalents and restricted cash at the end of period$51,545
$5,335
Supplementary information on investing and financing activities not involving cash flows:
Additions of operating lease right-of-use assets and operating lease liabilities82
147 Reclassification between inventory and property, plant and equipment-
579Supplemental disclosure of cash flow information:
Interest paid154
267
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)(U.S dollars in thousands)
Three months ended
March 31,
2026
2025
Net income $3,400
$3,813Adjustments:
Share in results and sale of equity investment of affiliated companies(521)
(293)Provision for income taxes 145
592Financial expenses, net(39)
58Depreciation, amortization and other1,375
1,353Share based compensation493
222Adjusted EBITDA$4,853
$5,745
View original content:https://www.prnewswire.com/news-releases/tat-technologies-reports-first-quarter-2026-results-backlog-and-long-term-agreements-increase-to-580-million-on-strong-demand-302776931.htmlSOURCE TAT Technologies Ltd Original: TAT Technologies Reports First Quarter 2026 Results, Backlog and Long-Term Agreements Increase to ~$580 Million on Strong Demand
US Market News
3月前
TAT Technologies Reports Fourth Quarter 2025 ResultsMarch 18, 2026 4:52 PM
PR Newswire (US)
CHARLOTTE, N.C., March 18, 2026 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (TASE: TAT Tech), a leading supplier of products and services for the commercial and military aviation industries and the ground defense industries, reported today its results for the three-month and twelve-month period ended December 31, 2025.Financial Highlights for The Fourth Quarter and 12 Months of 2025:Revenues: increased by 13.4% to $46.5 million compared to $41.0 million for the fourth quarter of 2024. For the twelve months of 2025, revenues increased by 17.0% to $178.0 million compared to $152.1 million for the same period in 2024.Gross Profit: increased by 23.6% to $11.7 million (25.2% of revenues) compared to $9.5 million (23.1% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, gross profit increased by 33.6% to $44.1 million (24.8% of revenues) compared to $33.0 million (21.7% of revenues) for the same period in 2024.Operating Income: increased by 20.2% to $4.9 million (10.6% of revenues) compared to $4.1 million (10.0% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, operating income increased by 50.5% to $18.8 million (10.6% of revenues) compared to $12.5 million (8.2% of revenues) for the same period in 2024.Net Income: increased by 32.2% to $4.7 million compared to $3.6 million for the fourth quarter of 2024. For the twelve months of 2025, net income increased by 50.6% to $16.8 million compared to $11.2 million for the same period in 2024.Adjusted EBITDA: increased by 24.0% to $6.9 million (14.8% of revenues) compared to $5.5 million (13.5% of revenues) for the fourth quarter of 2024. Adjusted EBITDA for the twelve months of 2025 increased by 36.7% to $25.5 million (14.3% of revenues) compared to $18.6 million (12.2% of revenues) for the same period in 2024.Cash flow provided from operating activities for the three and twelve months ended December 31, 2025, was $5.6 million and $15.0 million, respectively, compared to cash flows used in operating activities of ($1.0) million and $(5.8) million for the three and twelve months ended December 31, 2024, respectively.Mr. Igal Zamir, TAT's CEO and President, commented: "We are very pleased with the results for the full year of 2025 and the fourth quarter of 2025. TAT delivered record results marking 2025 as our third consecutive year of growth and improvement across all key financial metrics.For the full year of 2025 we achieved record revenue of $178 million and margin expansion in all profitability parameters including a record high EBITDA margin. We demonstrated capabilities to grow organically at a rapid pace within our industry while improving margins quarter after quarter.Fourth-quarter revenue followed a seasonal trajectory, resulting in a stabilization of pace compared to earlier periods. Nevertheless, we achieved organic growth of over 13%, a rate that outperforms broader industry organic growth."Mr. Zamir added: "We ended the year with a backlog and long-term agreements value of approximately $550 million, up from $429 million entering 2025, providing strong revenue visibility and supporting our objective for continued growth through 2026. With sustained demand across the aviation MRO market, we remain focused on executing our strategy, expanding our capabilities, and pursuing M&A opportunities that strengthen our position in thermal management and power systems".Investor Call InformationTAT Technologies will host an earnings webcast to review the quarterly and annual results on Thursday, March 19, 2026, at 8 a.m. ET. Interested investors can register for the webcast at the link below or visit the investor relations section of the Company's website at https://tat-technologies.com/investors/. Conference callNon-GAAP Financial MeasuresTo supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company's underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income excluding the impact of: the Company's share in results of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Adjusted EBITDA, however, should not be considered as an alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA below.About TAT Technologies LTDWe are a leading provider of solutions and services to the aerospace and defense industries. We operate four operational units: (i) original equipment manufacturing ("OEM") of heat transfer solutions and aviation accessories through our Kiryat Gat facility (TAT Israel); (ii) maintenance repair and overhaul ("MRO") services for heat transfer components and OEM of heat transfer solutions through our subsidiary Limco Airepair Inc. ("Limco"); (iii) MRO services for aviation components through our subsidiary, Piedmont Aviation Component Services LLC ("Piedmont") (mainly Auxiliary Power Units ("APUs") and landing gear); and (iv) overhaul and coating of jet engine components through our subsidiary, Turbochrome Ltd. ("Turbochrome").TAT's activities in the area of OEM of heat transfer solutions and aviation accessories through TAT Israel primarily include the design, development and manufacture of (i) a broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft and ground applications; and (iii) a variety of mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.TAT's activities in the area of MRO and OEM of heat transfer solutions include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT's Limco subsidiary operates a Federal Aviation Administration ("FAA")-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.TAT's activities in the area of MRO services for aviation components include the MRO of APUs and landing gear. TAT's Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.TAT's activities in the area of jet engine overhaul through its Turbochrome facility includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.Contact:
Mr. Eran Yunger
Director of IR
erany@tat-technologies.comSafe Harbor for Forward-Looking Statements This press release and/or this report contains "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, LTAs and backlog, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement. TAT TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEETSU.S dollars in thousands
December 31,
2025
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$51,259
$7,129 Accounts receivable, net of allowance for credit losses of $172
and $400 thousands as of December 31, 2025 and 2024, respectively
33,420
29,697 Inventory
75,549
68,540 Prepaid expenses and other current assets
6,071
7,848
Total current assets
166,299
113,214
NON-CURRENT ASSETS:
Property, plant and equipment, net
46,922
41,576 Operating lease right of use assets
5,807
2,282 Intangible assets, net
1,452
1,553 Investment in affiliates
4,905
2,901 Restricted deposit
307
305 Funds in respect of employee rights upon retirement
398
654 Deferred tax assets
639
877
Total non-current assets
60,430
50,148
Total assets
$226,729
$163,362
TAT TECHNOLOGIES LTD.CONSOLIDATED BALANCE SHEETSU.S dollars in thousands
December 31
2025
2024
LIABILITIES AND SHAREHOLDERS 'EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loans
$2,227
$2,083 Short term loans
-
4,350 Accounts payable
12,986
12,158 Accrued expenses and other
17,296
18,594 Current maturities of operating lease liabilities
1,474
939
Total current liabilities
33,983
38,124
NON-CURRENT LIABILITIES:
Long-term loans
9,485
10,938 Operating lease liabilities
4,448
1,345 Liability in respect of employee rights upon retirement
770
986 Deferred tax liabilities
1,652
-
Total non-current liabilities
16,355
13,269
COMMITMENTS AND CONTINGENCIES (NOTE 11)
Total liabilities
50,338
51,393
SHAREHOLDERS 'EQUITY:
Ordinary shares of NIS 0 par value. Authorized: 19,000,000 shares at
December 31, 2025 and 13,000,000 shares at December 31, 2024 Issued:13,257,610 and 11,214,831 shares at December 31, 2025 and 2024,
respectively Outstanding: 12,983,137 and 10,940,358 shares at December 31, 2025
and 2024, respectively
-
-Additional paid-in capital
136,578
89,697Treasury shares, at cost, 274,473 shares at December 31, 2025 and 2024
(2,088)
(2,088)Accumulated other comprehensive income (loss)
643
(76)Retained earnings
41,258
24,436
Total shareholders' equity
176,391
111,969
Total liabilities and shareholders' equity
$226,729
$163,362 TAT TECHNOLOGIES LTD.CONSOLIDATED STATEMENTS OF OPERATIONSU.S dollars in thousands
Three Months Ended December 31
Year ended December 31,
2025
2024
2025
2024
Revenues:
Products$13,046
$11,879
$50,850
$47,710Services33,488
29,165
127,165
104,406
46,534
41,044
178,015
152,116
Cost of revenue:
Products9,180
8,792
35,793
33,986Services25,636
22,769
98,124
85,116
34,816
31,561
133,917
119,102Gross profit11,718
9,483
44,098
33,014
Operating expenses:
Research and development, net497
302
1,384
1,248Selling and marketing2,470
2,099
8,576
7,746General and administrative4,208
2,961
15,730
11,901Other (income) expense(404)
7
(404)
(383)
6,771
5,369
25,286
20,512Operating income 4,947
4,114
18,812
12,502
Interest expenses175
289
1,010
1,472Other financial expenses, net32
169
325
477Income before taxes on income 4,740
3,656
17,477
10,553
Provision for taxes on income 519
289
2,143
195Income before share of equity investment4,221
3,367
15,334
10,358
Share in profits of equity investment of
affiliated companies505
208
1,488
809Net income $4,726
$3,575
$16,822
$11,167 TAT TECHNOLOGIES LTD.CONSOLIDATED STATEMENTS OF OPERATIONSU.S dollars in thousands
Three Months Ended December 31
Year ended December 31,
2025
2024
2025
2024
Net income$4,726
$3,575
$16,822
$11,167
Earnings per share
Basic $0.36
$0.33
$1.39
$1.08Diluted $0.36
$0.32
$1.37
$1.00
Weighted average number of shares
outstanding
Basic12,959,476
10,887,540
12,075,678
10,363,978Diluted13,093,285
11,707,622
12,283,312
11,215,827
TAT TECHNOLOGIES LTD.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEU.S dollars in thousands
Three Months Ended December 31,
Year ended December 31,
2025
2024
2025
2024
Net income $4,726
$3,575
$16,822
$11,167Other comprehensive income (loss), net:
Net unrealized losses from derivatives-
-
-
(27)Change in foreign currency translation adjustments144
(197)
719
(76) Total comprehensive income $4,870
$3,378
$17,541
$11,064
Ordinary shares
Accumulated
Number of
shares issued
Amount
Additional paid-in capital
other
comprehensive
income (loss)
Treasury shares
Retained earnings
Total
shareholders' equity BALANCE AT DECEMBER 31, 2022
9,186,019
$2,842
$66,245
$(26)
$(2,088)
$8,597
$75,570CHANGES DURING THE YEAR ENDED DECEMBER 31, 2023:
Comprehensive income
-
-
-
53
-
4,672
4,725Exercise of options
32,466
8
157
-
-
-
165Issuance of common shares net of issuance costs of $141 thousands
1,158,600
290
9,774
-
-
-
10,064Share based compensation
-
-
159
-
-
-
159BALANCE AT DECEMBER 31, 2023
10,377,085
3,140
76,335
27
(2,088)
13,269
90,683CHANGES DURING THE YEAR ENDED DECEMBER 31, 2024:
Comprehensive income (loss)
-
-
-
(103)
-
11,167
11,064Exercise of options
164,406
12
(12)
-
-
-
-Cancel of shares par value
-
(3,152)
3,152
-
-
-
-Issuance of common shares net of issuance costs of $162 thousands
673,340
-
9,827
-
-
-
9,827Share based compensation
-
-
395
-
-
-
395BALANCE AT DECEMBER 31, 2024
11,214,831
-
89,697
(76)
(2,088)
24,436
111,969CHANGES DURING THE YEAR ENDED DECEMBER 31, 2025:
Comprehensive income
-
-
-
719
-
16,822
17,541Exercise of options
175,481
-
282
-
-
-
282Issuance of common shares on public offering, net of issuance costs of $2,769 thousands
1,625,000
-
39,415
-
-
-
39,415Exercise of the underwriters' option on public offering, net of issuance costs of $413 thousands
242,298
-
5,953
-
-
-
5,953Share based compensation
-
-
1,231
-
-
-
1,231BALANCE AT DECEMBER 31, 2025
13,257,610
$-
$136,578
$643
$(2,088)
$41,258
$176,391
TAT TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousands
Three Months EndedDecember 31,
Year ended
December 31,
2025
2024
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$4,726
$3,575
$16,822
$11,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
1,339
1,136
5,101
5,455Loss (gain) from change in fair value of derivatives
-
22
-
22Net change in operating right of use asset and operating lease liability
112
18
112
18Noncash financial expenses (income)
1,247
79
1,881
(187)Decrease in restructuring plan provision
-
(63)
-
(63)Change in allowance for credit losses
(149)
55
(228)
55Share in results of affiliated companies
(505)
(208)
(1,488)
(809)Share based compensation
551
185
1,231
395Capital gains from sale of property, plant and equipment
(401)
(123)
(401)
(478)Deferred income taxes, net
424
208
1,890
117Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable
59
(37)
(3,495)
(9,743)Decrease (increase) in other current assets and prepaid expenses
394
(625)
2,235
(1,463) Decrease (increase) in inventory
1,520
(6,510)
(7,532)
(17,165) Increase (decrease) in trade accounts payable
(4,381)
(746)
359
2,170 Increase (decrease) in accrued expenses and other
629
2,073
(1,513)
4,691Net cash provided by (used in) operating activities
5,565
(961)
14,974
(5,818)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, plant and equipment
900
-
900
1,275Purchase of property, plant and equipment
(2,044)
(1,569)
(10,954)
(5,126)Net cash used in investing activities
(1,144)
(1,569)
(10,054)
(3,851) TAT TECHNOLOGIES LTD.CONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousands
Three Months EndedDecember 31,
Year ended
December 31,
2025
2024
2025
2024
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term loans
$(528)
$(562)
$(2,088)
$(2,016)Net change in short term loans
-
1,754
(4,350)
(7,650)Proceeds from issuance of ordinary shares and exercise of underwriters' option
-
-
48,550
9,827Issuance costs of ordinary shares and exercise of the underwriters' option
-
(96)
(3,182)
-Proceeds from exercise of options
282
-
282
-Net cash provided by (used in) financing activities
(246)
1,096
39,212
161
Net increase (decrease) in cash and cash equivalents and restricted cash
4,175
(1,434)
44,132
(9,508)Cash and cash equivalents and restricted cash at beginning of period
47,391
8,868
7,434
16,942Cash and cash equivalents and restricted cash at end of period
$51,566
$7,434
$51,566
$7,434
Supplementary information on investing and financing activities not involving cash flows:
Additions of operating lease right-of-use assets and operating lease liabilities
104
165
3,859
983Reclassification of inventory to property, plant and equipment
-
95
579
155
Supplemental disclosure of cash flow information:
Interest paid
55
111
1,001
1,400
TAT TECHNOLOGIES LTD.RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)U.S. dollars in thousands
Three Months EndedDecember 31,
Year ended December 31,
2025
2024
2025
2024
Net income $4,726
$3,575
$16,822
$11,167Adjustments:
Share in results and sale of equity investment of affiliated companies(505)
(208)
(1,488)
(809)Provision for income taxes 519
289
2,143
195Financial expenses, net207
458
1,335
1,949Depreciation and amortization1,385
1,254
5,410
5,717Share based compensation551
185
1,231
395Adjusted EBITDA $6,883
$5,553
$25,453
$18,614
View original content:https://www.prnewswire.com/news-releases/tat-technologies-reports-fourth-quarter-2025-results-302717996.htmlSOURCE TAT Technologies Ltd
Original: TAT Technologies Reports Fourth Quarter 2025 Results