TAT Technologies Reports Third Quarter 2025 Results
NETANYA, Israel, Nov. 12, 2025 /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, reported today its unaudited results for the three-month and nine-month period ended September 30, 2025.
Financial highlights for the third quarter of 2025:
- Revenues increased by 14.3% to $46.2 million compared to $40.5 million for the third quarter of 2024. For the nine months of 2025 revenues increased by 18.4% to $131.5 million compared to $111.1 million in the nine months of 2024.
- Gross profit increased by 36.8% to $11.6 million (25.1% of revenues) compared to $8.5 million (21.0% of revenues) for the third quarter of 2024. For the nine months of 2025 gross profit increased by 37.6% to $32.4 million (24.6% of revenues) compared to $23.5 million (21.2% of revenues) in the nine months of 2024.
- Operating Income increased by 52.6% to $5.3 million (11.4% of revenues) compared to $3.4 million (8.5% of revenues) for the third quarter of 2024. For the nine months of 2025 operating income increased by 65.3% to $13.9 million (10.5% of revenues) compared to $8.4 million (7.6% of revenues) in the nine months of 2024.
- Net Income increased by 69.0% to $4.8 million compared to $2.9 million for the third quarter of 2024. For the nine months of 2025 net income increased by 59.3% to $12.1 million compared to $7.6 million in the nine months of 2024.
- Adjusted EBITDA increased by 34.4% to $6.8 million (14.6% of revenues) compared to $5.0 million (12.4% of revenues) for the third quarter of 2024. Adjusted EBITDA for the nine months of 2025 increased by 42.2% to $18.6 million (14.1% of revenues) compared to $13.1 million (11.8% of revenues) in the nine months of 2024.
- Cash flow provided by operating activities for the three and nine months ended September 30, 2025, was $7.5 million and $9.4 million, respectively, compared to cash flows provided by operating activities of $2.7 million and cash flows used in operating activities of $(4.8) million for the three and nine months ended September 30, 2024, respectively.
Mr. Igal Zamir, TAT's CEO and President, commented: "TAT Technologies continues to deliver organic growth that exceeds the broader MRO market, reflecting the diversification and depth of our business model. Growth this quarter was broad-based, with APU activity rebounding following the softness seen earlier in the spring and incremental contributions from landing gear maintenance. We have positioned the Company as a trusted partner to carriers by addressing underserved parts of the market. Our agility and responsiveness are valued by our customers and continue to translate incremental growth opportunities."
"Our performance increasingly reflects the company's earnings power, as incremental growth is translating into meaningful operating leverage and cash flow conversion," continued Mr. Zamir. "Gross margin expanded by 410 basis points, driven by higher margin revenue streams, and disciplined operational management enabled us to grow net income by 69% and Adjusted EBITDA by 34%. Combined with improved working capital efficiency, we generated $7.5 million in cash flow from operations in the quarter, and on a year-to-date basis, $20.4 million in incremental revenue has translated to more than $14 million in incremental cash from operations."
Mr. Zamir continued, "TAT now operates from a position of strength with sustainable profitability, strong cash generation, and a balance sheet that includes more than $47 million in cash and over $94 million in working capital. With this foundation, we are beginning to actively explore accretive opportunities to compliment and expand our capabilities and scale. Organically, we are confident in our ability to sustain growth and drive continued margins expansion through 2026 and beyond."
Investor Call Information
TAT Technologies will host a webcast to review the quarterly results on Thursday, November 13, 2025, at 8:30 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/ .
Non-GAAP Financial Measures
To 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 LTD
We 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
[email protected]
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, 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 STATEMENTS |
|
|||
| TAT TECHNOLOGIES LTD . AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|||
| U.S dollars in thousands |
|
|||
| |
|
|
|
|
| |
||||
| September 30, |
|
December 31, |
|
|
| |
|
|
|
|
| ASSETS |
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
| Cash and cash equivalents |
$ 47,094 |
|
$ 7,129 |
|
| Accounts receivable, net of allowance for credit losses of $321 and $400 as of September 30, 2025, and December 31, 2024, respectively |
33,330 |
|
29,697 |
|
| Inventory |
78,171 |
|
68,540 |
|
| Prepaid expenses and other current assets |
6,301 |
|
7,848 |
|
| |
|
|
|
|
| Total current assets |
164,896 |
|
113,214 |
|
| |
|
|
|
|
| NON-CURRENT ASSETS: |
|
|
|
|
| Property, plant and equipment, net |
46,172 |
|
41,576 |
|
| Operating lease right of use assets |
5,363 |
|
2,282 |
|
| Intangible assets, net |
1,528 |
|
1,553 |
|
| Investment in affiliates |
4,460 |
|
2,901 |
|
| Funds in respect of employee rights upon retirement |
736 |
|
654 |
|
| Deferred income taxes |
683 |
|
877 |
|
| Restricted deposit |
297 |
|
305 |
|
| |
|
|
|
|
| Total non-current assets |
59,239 |
|
50,148 |
|
| Total assets |
$ 224,135 |
|
$ 163,362 |
|
| |
|
|
|
|
| |
|
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
| |
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
| Current maturities of long-term loans |
$ 2,151 |
|
$ 2,083 |
|
| Short-term loans |
- |
|
4,350 |
|
| Accounts payable |
16,898 |
|
12,158 |
|
| Accrued expenses and other |
16,709 |
|
18,594 |
|
| Current maturities of operating lease liabilities |
1,358 |
|
939 |
|
| |
|
|
|
|
| Total current liabilities |
37,116 |
|
38,124 |
|
| |
|
|
|
|
| NON-CURRENT LIABILITIES: |
|
|
|
|
| Long-term loans |
9,884 |
|
10,938 |
|
| Liability in respect of employee rights upon retirement |
1,109 |
|
986 |
|
| Deferred tax liabilities |
1,272 |
|
- |
|
| Operating lease liabilities |
4,066 |
|
1,345 |
|
| |
|
|
|
|
| Total non-current liabilities |
16,331 |
|
13,269 |
|
| |
|
|
|
|
| COMMITMENTS AND CONTINGENCIES (NOTE 4) |
- |
|
- |
|
| Total liabilities |
53,447 |
|
51,393 |
|
| |
|
|
|
|
| TAT TECHNOLOGIES LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
| U.S dollars in thousands |
|
|
|
| |
|
|
|
| SHAREHOLDERS' EQUITY: |
|
|
|
| Ordinary shares of NIS 0 par value at September 30, 2025 and at Authorized: 15,000,000 shares at September 30, 2025 and |
- |
|
- |
| Additional paid-in capital |
135,745 |
|
89,697 |
| Treasury stock at cost |
(2,088) |
|
(2,088) |
| Accumulated other comprehensive income (loss) |
499 |
|
(76) |
| Retained earnings |
36,532 |
|
24,436 |
| Total shareholders' equity |
170,688 |
|
111,969 |
| |
|
|
|
| Total liabilities and shareholders' equity |
$ 224,135 |
|
$ 163,362 |
| |
|
|
|
| TAT TECHNOLOGIES LTD. AND SUBSIDIARIES |
|||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
| U.S dollars in thousands |
|||||||
| |
Three Months Ended |
|
Nine Months Ended |
||||
| |
2025 |
|
2024 |
|
2025 |
|
2024 |
| |
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
| Products |
$12,617 |
|
$12,164 |
|
$37,804 |
|
$35,831 |
| Services |
33,618 |
|
28,295 |
|
93,677 |
|
75,241 |
| |
46,235 |
|
40,459 |
|
131,481 |
|
111,072 |
| |
|
|
|
|
|
|
|
| Cost of goods: |
|
|
|
|
|
|
|
| Products |
9,170 |
|
8,535 |
|
26,613 |
|
25,194 |
| Services |
25,464 |
|
23,443 |
|
72,488 |
|
62,347 |
| |
34,634 |
|
31,978 |
|
99,101 |
|
87,541 |
| Gross profit |
11,601 |
|
8,481 |
|
32,380 |
|
23,531 |
| |
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
| Research and development, net |
323 |
|
326 |
|
887 |
|
946 |
| Selling and marketing |
1,993 |
|
1,994 |
|
6,106 |
|
5,647 |
| General and administrative |
4,025 |
|
2,715 |
|
11,522 |
|
8,940 |
| Other income |
- |
|
- |
|
- |
|
(390) |
| |
6,341 |
|
5,035 |
|
18,515 |
|
15,143 |
| Operating income |
5,260 |
|
3,446 |
|
13,865 |
|
8,388 |
| |
|
|
|
|
|
|
|
| Interest expenses |
(176) |
|
(420) |
|
(835) |
|
(1,183) |
| Other financial income (expenses), net |
206 |
|
(315) |
|
(293) |
|
(308) |
| Income before taxes on income (taxes benefit) |
5,290 |
|
2,711 |
|
12,737 |
|
6,897 |
| |
|
|
|
|
|
|
|
| Provision for taxes on income (taxes benefit) |
821 |
|
15 |
|
1,624 |
|
(94) |
| Profit before share of equity investment |
4,469 |
|
2,696 |
|
11,113 |
|
6,991 |
| |
|
|
|
|
|
|
|
| Share in profits of equity investment of affiliated companies |
372 |
|
169 |
|
983 |
|
601 |
| Net income |
$4,841 |
|
$2,865 |
|
$12,096 |
|
$7,592 |
| |
|
|
|
|
|
|
|
| TAT TECHNOLOGIES LTD . AND ITS SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
| U.S dollars in thousands, except share and per share data |
|||||||
| |
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
| Basic |
$ 0.37 |
|
$ 0.27 |
|
$ 1.03 |
|
$ 0.73 |
| Diluted |
$ 0.37 |
|
$ 0.26 |
|
$1.02 |
|
$ 0.69 |
| |
|
|
|
|
|
|
|
| Weighted average number of shares outstanding |
|
|
|
|
|
|
|
| Basic |
12,911,050 |
|
10,609,867 |
|
11,776,747 |
|
10,462,012 |
| Diluted |
13,078,467 |
|
10,829,749 |
|
11,904,044 |
|
11,055,263 |
| |
|
|
|
|
|
|
|
| TAT TECHNOLOGIES LTD . AND ITS SUBSIDIARIES |
|||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||
| U.S dollars in thousands |
|||||||
| |
Three Months Ended |
|
Nine Months Ended |
||||
| |
2025 |
|
2024 |
|
2025 |
|
2024 |
| |
|
|
|
|
|
|
|
| Net income |
$4,841 |
|
$2,865 |
|
$12,096 |
|
$ 7,592 |
| Other comprehensive income (loss), net |
|
|
|
|
|
|
|
| Net unrealized losses from derivatives |
- |
|
- |
|
- |
|
(27) |
| Change in foreign currency translation adjustments |
(102) |
|
(43) |
|
575 |
|
121 |
| Total comprehensive income |
$4,739 |
|
$2,822 |
|
$12,671 |
|
$ 7,686 |
| TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES |
|||||||||||||||
| |
|||||||||||||||
| 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, 202 3 |
|
10,377,085 |
|
$3,140 |
|
$76,335 |
|
$ 27 |
|
$(2,088) |
|
$13,269 |
|
$90,683 |
|
| CHANGES DURING THE NINE MONTHS ENDED SEPTEMBER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
- |
|
- |
|
- |
|
94 |
|
- |
|
7,592 |
|
7,686 |
|
| Exercise of option |
|
84,006 |
|
12 |
|
(12) |
|
- |
|
- |
|
- |
|
- |
|
| Cancellation of par value |
|
- |
|
(3,152) |
|
3,152 |
|
- |
|
- |
|
- |
|
- |
|
| Issuance of common shares on public offering, net of issuance costs of |
|
673,340 |
|
- |
|
9,923 |
|
- |
|
- |
|
- |
|
9,923 |
|
| Share based compensation |
|
- |
|
- |
|
210 |
|
- |
|
- |
|
- |
|
210 |
|
| BALANCE AT SEPTEMBER 30, 20 2 4 |
|
11,134,431 |
|
- |
|
89,608 |
|
121 |
|
(2,088) |
|
20,861 |
|
108,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BALANCE AT DECEMBER 31, 202 4 |
|
11,214,831 |
|
- |
|
89,697 |
|
(76) |
|
(2,088) |
|
24,436 |
|
111,969 |
|
| CHANGES DURING THE NINE MONTHS ENDED SEPTEMBER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
- |
|
- |
|
- |
|
575 |
|
- |
|
12,096 |
|
12,671 |
|
| Exercise of option |
|
142,981 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
| Issuance of common shares on public offering, net of issuance costs of |
|
1,625,000 |
|
- |
|
39,415 |
|
- |
|
- |
|
- |
|
39,415 |
|
| Exercise of the underwriters' option on public offering, net of issuance |
|
242,298 |
|
- |
|
5,953 |
|
- |
|
- |
|
- |
|
5,953 |
|
| Share based compensation |
|
- |
|
- |
|
680 |
|
- |
|
- |
|
- |
|
680 |
|
| BALANCE AT SEPTEMBER 30, 202 5 |
|
13,225,110 |
|
- |
|
$135,745 |
|
$499 |
|
$(2,088) |
|
$36,532 |
|
$170,688 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES |
|||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY |
|||||||||||||||
| U.S dollars in thousands, except share data |
|||||||||||||||
| |
|
Share capital |
|
|
|
|
|
|
|
|
|
|
|||
| |
|
Number of |
|
Amount |
|
Additional |
|
Accumulated |
|
Treasury shares |
|
Retained |
|
Total equity |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BALANCE AT JUNE 30, 202 4 |
|
10,426,194 |
|
$3,152 |
|
$76,512 |
|
$164 |
|
$(2,088) |
|
$17,996 |
|
$95,736 |
|
| CHANGES DURING THE THREE MONTHS ENDED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
34,897 |
|
- |
|
- |
|
(43) |
|
|
|
2,865 |
|
2,822 |
|
| Exercise of option |
|
|
|
(3,152) |
|
3,152 |
|
- |
|
- |
|
- |
|
- |
|
| Issuance of common shares net of issuance costs of $152 |
|
673,340 |
|
- |
|
9,923 |
|
- |
|
- |
|
- |
|
9,923 |
|
| Share based compensation |
|
|
|
- |
|
21 |
|
- |
|
- |
|
- |
|
21 |
|
| BALANCE AT SEPTEMBER 30, 20 2 4 |
|
11,134,431 |
|
- |
|
89,608 |
|
121 |
|
(2,088) |
|
20,861 |
|
108,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BALANCE AT JUNE 30, 20 2 5 |
|
13,161,762 |
|
- |
|
135,578 |
|
600 |
|
(2,088) |
|
31,691 |
|
165,781 |
|
| CHANGES DURING THE THREE MONTHS ENDED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
- |
|
- |
|
- |
|
(101) |
|
- |
|
4,841 |
|
4,740 |
|
| Exercise of stock option |
|
63,348 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
| Share based compensation |
|
- |
|
- |
|
167 |
|
- |
|
- |
|
- |
|
167 |
|
| BALANCE AT SEPTEMBER 30, 202 5 |
|
13,225,110 |
|
- |
|
$135,745 |
|
$499 |
|
$(2,088) |
|
$36,532 |
|
$170,688 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES |
|||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
| U.S. dollars in thousands |
|||||||
| |
Three Months Ended |
|
Nine Months Ended |
||||
| |
2025 |
|
2024 |
|
2025 |
|
2024 |
| |
|
|
|
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
| Net income |
$4,841 |
|
$2,865 |
|
$12,096 |
|
$7,592 |
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
1,249 |
|
1,514 |
|
3,762 |
|
4,319 |
| Non-cash financial (income) expenses |
126 |
|
220 |
|
634 |
|
(266) |
| Change in allowance for credit losses |
(104) |
|
(40) |
|
(79) |
|
- |
| Share in profits of equity investment of affiliated companies |
(372) |
|
(169) |
|
(983) |
|
(601) |
| Share based compensation |
167 |
|
21 |
|
680 |
|
210 |
| Gain on disposal of property, plant and equipment |
- |
|
- |
|
- |
|
(355) |
| Deferred income taxes, net |
884 |
|
12 |
|
1,466 |
|
(91) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| Increase in trade accounts receivable |
(960) |
|
(3,456) |
|
(3,554) |
|
(9,706) |
| Decrease (increase) in prepaid expenses and other current assets |
281 |
|
(555) |
|
1,464 |
|
(838) |
| Increase in inventory |
(1,757) |
|
(5,112) |
|
(9,052) |
|
(10,655) |
| Increase in trade accounts payable |
1,334 |
|
3,825 |
|
4,740 |
|
2,916 |
| Increase (decrease) in accrued expenses and other |
1,806 |
|
3,665 |
|
(1,765) |
|
2,618 |
| Net cash provided by (used in) operating activities |
7,495 |
|
2,790 |
|
9,409 |
|
(4,857) |
| |
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
| Purchase of property and equipment |
(2,743) |
|
(1,621) |
|
(8,910) |
|
(3,588) |
| Proceeds from sale of property and equipment |
- |
|
- |
|
- |
|
1,306 |
| Net cash used in investing activities |
(2,743) |
|
(1,621) |
|
(8,910) |
|
(2,282) |
| |
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
| Repayments of long-term loans |
(473) |
|
(504) |
|
(1,560) |
|
(1,454) |
| Proceeds from issuance of ordinary shares and exercise of underwriters' option |
- |
|
9,923 |
|
48,550 |
|
9,923 |
| Issuance costs of ordinary shares and exercise of the underwriters' option |
(362) |
|
- |
|
(3,182) |
|
- |
| Net change in short term loans from banks |
- |
|
(10,072) |
|
(4,350) |
|
(9,404) |
| Net cash provided by (used in) financing activities |
(835) |
|
(653) |
|
39,458 |
|
(935) |
| |
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
3,917 |
|
516 |
|
39,957 |
|
(8,074) |
| Cash and cash equivalents and restricted cash at beginning of period |
43,474 |
|
8,352 |
|
7,434 |
|
16,942 |
| Cash and cash equivalents and restricted cash at the end of period |
$47,391 |
|
$ 8,868 |
|
$47,391 |
|
$ 8,868 |
| |
|
|
|
|
|
|
|
| Supplementary information on investing and financing activities not involving cash flows: |
|
|
|
|
|
|
|
| Additions of operating lease right-of-use assets and operating lease liabilities |
1,948 |
|
$228 |
|
3,783 |
|
$818 |
| Reclassification between inventory and property, plant and Equipment |
- |
|
- |
|
579 |
|
60 |
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
| Interest paid |
430 |
|
437 |
|
946 |
|
1,289 |
| Income taxes paid |
21 |
|
- |
|
197 |
|
- |
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED) |
|||||||||||
| TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES |
|||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED) |
|||||||||||
| (U.S dollars in thousands) |
|||||||||||
| |
Three months ended |
|
Nine months ended |
||||||||
| |
September 30, |
|
September 30, |
||||||||
| |
2025 |
|
|
2024 |
|
2025 |
|
2024 |
|
||
| |
|
|
|
|
|
|
|
|
|
||
| |
|
|
|
|
|
|
|
|
|
||
| Net income |
$4,841 |
|
|
$2,865 |
|
$12,096 |
|
$7,592 |
|
||
| Adjustments: |
|
|
|
|
|
|
|
|
|
||
| Share in results and sale of equity investment of affiliated companies |
(372) |
|
|
(169) |
|
(983) |
|
(601) |
|
||
| Taxes on income (tax benefit) |
821 |
|
|
15 |
|
1,624 |
|
(94) |
|
||
| Financial expenses, net |
(30) |
|
|
735 |
|
1,128 |
|
1,491 |
|
||
| Depreciation and amortization |
1,334 |
|
|
1,565 |
|
4,025 |
|
4,463 |
|
||
| Share based compensation |
167 |
|
|
21 |
|
680 |
|
210 |
|
||
| Adjusted EBITDA |
$6,761 |
|
|
$5,032 |
|
$18,570 |
|
$13,061 |
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SOURCE TAT Technologies Ltd.
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