Company Delivers 9th Consecutive Quarter of
Expanding Revenues
NETANYA, Israel, March 26,
2025 /PRNewswire/ -- TAT Technologies Ltd. (TASE: TAT
Tech) (NASDAQ: 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 and 12 months ended December
31, 2024 (Q4'24).
Financial Highlights for the 12 Months Ended December 31, 2024:
- Revenue increased by 34% to $152.1 million, compared to $113.8 million for the same period in 2023.
- Gross profit increased by 47% to $33 million (21.7% of revenue) up from
$22.5 million (19.7% of revenues) in
the prior year.
- Net lncome increased by 139% to $11.2 million, or $1.0 per diluted share, compared to $4.7 million, or $0.51 per diluted share, in 2023.
- Adjusted EBITDA increased by 67% to $18.6 million, compared to $11.1 million in the prior year.
- Cash flow from operations was negative ($5.8) million compared to a positive
$2.3 million in 2023.
Mr. Igal Zamir, CEO and President
of TAT Technologies commented: "TAT Technologies continues to
deliver solid execution, marking our ninth consecutive quarter of
revenue growth and improved profitability. This positive momentum
reflects the early impact of the strategic growth engines
introduced over the past years, which we believe will continue to
drive our results in the years ahead."
"In the fourth quarter, we launched our strategic 'Customer
First' initiative, which is our key goal for 2025," continued Mr.
Zamir. "Our commitment is to deliver exceptional customer service
and best-in-class performance, even as the industry continues to
face supply chain challenges. As part of this effort, we
strategically increased our parts and rotatable inventory in areas
where the supply chain is unstable, anticipating continued revenue
growth in 2025. While this investment in inventory had a negative
effect on our operational cash flow, it positions us to mitigate
supply chain risks as we move forward".
"Also in the fourth quarter, TAT won contracts and new orders
totaling $47 million, increasing our
backlog to a record high of $429
million, and validating our continued confidence in the
company's growth trajectory," added Mr. Zamir.
"In 2024, we expanded our engagement with the US and Israeli
investors community, which contributed to a successful $10 million overnight capital raise and a 153%
increase in our share price. We remain optimistic about the outlook
for 2025. In addition to pursuing continued revenue growth, we are
advancing several initiatives to improve our operational efficiency
and our cost structure, which we expect to begin delivering results
during 2025".
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 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
alternative to net income and operating income for the period and
may not be indicative of the historic operating results of the
Company; nor it is meant to be predictive of potential future
results. Adjusted EBITDA is not 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 in pages 13 below.
Investor Call Information
TAT Technologies will host two webcasts to review its financial
results and provide a business update, on Thursday, March 27, 2025, at 7:30 a.m. ET a call in Hebrew, followed by an
additional call at 8:30 a.m. ET in
English. Interested investors can register for the webcast at the
links below or visit the investor relations section of the
Company's website at
https://tat-technologies.com/investors/.
- Conference call in English
- Conference call in Hebrew
About TAT Technologies LTD
TAT Technologies Ltd. is a leading provider of services and
products to the commercial and military aerospace and ground
defense industries. TAT operates under four segments: (i) Original
equipment manufacturing ("OEM") of heat transfer solutions and
aviation accessories through its Gedera facility; (ii) MRO services
for heat transfer components and OEM of heat transfer solutions
through its Limco subsidiary; (iii) MRO services for aviation
components through its Piedmont subsidiary; and (iv) Overhaul and
coating of jet engine components through its Turbochrome
subsidiary. TAT controlling shareholders is the FIMI Private Equity
Fund.
TAT's activities in the area of OEM of heat transfer solutions
and aviation accessories primarily include the design, development
and manufacture of (i) 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 in and ground applications; and (iii) a variety of other
mechanical aircraft accessories and systems such as pumps, valves,
and turbine power units.
TAT's activities in the area of MRO Services for heat transfer
components and OEM of heat transfer solutions primarily include the
MRO of heat transfer components and to a lesser extent, the
manufacturing of certain heat transfer solutions. TAT's Limco
subsidiary operates an 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, landing gears and other
aircraft components. 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 overhaul and coating of jet
engine components includes the overhaul and coating of jet engine
components, including turbine vanes and blades, fan blades,
variable inlet guide vanes and afterburner flaps.
For more information of TAT Technologies Ltd., please visit our
website: www.tat-technologies.com
Contact:
Mr. Eran
Yunger
Director of IR
erany@tat-technologies.com
|
|
TAT TECHNOLOGIES
LTD.
CONSOLIDATED
BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
$
7,129
|
|
$
15,979
|
|
Accounts
receivable, net of allowance for credit losses of $400
and $345 thousand as of December 31, 2024 and 2023
respectively
|
|
|
29,697
|
|
20,009
|
|
Restricted
deposit
|
|
|
-
|
|
661
|
|
Other
current assets and prepaid expenses
|
|
|
7,848
|
|
6,397
|
|
Inventory
|
|
|
68,540
|
|
51,280
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
113,214
|
|
94,326
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
Restricted
deposit
|
|
|
305
|
|
302
|
|
Investment
in affiliates
|
|
|
2,901
|
|
2,168
|
|
Funds in
respect of employee rights upon retirement
|
|
|
654
|
|
664
|
|
Deferred
income taxes
|
|
|
877
|
|
994
|
|
Property, plant and
equipment, net
|
|
|
41,576
|
|
42,554
|
|
Operating lease right
of use assets
|
|
|
2,282
|
|
2,746
|
|
Intangible assets,
net
|
|
|
1,553
|
|
1,823
|
|
Total non-current assets
|
|
|
50,148
|
|
51,251
|
|
|
|
|
|
|
|
Total
assets
|
|
|
163,362
|
|
145,577
|
|
TAT TECHNOLOGIES
LTD.
CONSOLIDATED
BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS 'EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Current
maturities of long-term loans
|
|
|
$
2,083
|
|
$
2,200
|
|
|
Short term
loans
|
|
|
4,350
|
|
12,138
|
|
|
Accounts
payable
|
|
|
12,158
|
|
9,988
|
|
|
Accrued
expenses and other
|
|
|
18,594
|
|
13,952
|
|
|
Current
maturities of operating lease liabilities
|
|
|
939
|
|
1,033
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
|
38,124
|
|
39,311
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
10,938
|
|
12,886
|
|
|
Liability
in respect of employee rights upon retirement
|
|
|
986
|
|
1,000
|
|
|
Operating
lease liabilities
|
|
|
1,345
|
|
1,697
|
|
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
13,269
|
|
15,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (NOTE 11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
51,393
|
|
54,894
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS
'EQUITY:
|
|
|
|
|
|
|
|
Ordinary shares of NIS
0 par value and NIS 0.9 par value
at December 31, 2024 and at December 31, 2023
respectively:
Authorized: 13,000,000
shares at December 31, 2024
and at December 31, 2023; Issued: 11,214,831 and
10,377,085 shares at December 31, 2024 and at
December 31, 2023 respectively; Outstanding:
10,940,358 and 10,102,612 shares at
December 31, 2024 and at December 31, 2023
respectively
|
|
|
-
|
|
3,140
|
|
|
Additional paid-in
capital
|
|
|
89,697
|
|
76,335
|
|
|
Treasury shares, at
cost, 274,473 shares at
December 31, 2024 and 2023
|
|
|
(2,088)
|
|
(2,088)
|
|
|
Accumulated other
comprehensive income
|
|
|
(76)
|
|
27
|
|
|
Retained
earnings
|
|
|
24,436
|
|
13,269
|
|
|
Total shareholders'
equity
|
|
|
111,969
|
|
90,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
|
163,362
|
|
145,577
|
|
|
TAT TECHNOLOGIES LTD.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands
|
|
Year ended December
31,
|
|
|
|
|
|
|
|
|
|
2024
|
2023
|
2022
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
Products
|
|
|
$
47,710
|
|
$
35,241
|
|
$ 25,460
|
|
|
Services
|
|
|
104,406
|
|
78,553
|
|
59,096
|
|
|
|
|
152,116
|
|
113,794
|
|
84,556
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue,
net:
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
33,986
|
|
30,517
|
|
21,631
|
|
|
Services
|
|
|
85,116
|
|
60,809
|
|
46,997
|
|
|
|
|
119,102
|
|
91,326
|
|
68,628
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
33,014
|
|
22,468
|
|
15,928
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
|
1,248
|
|
715
|
|
479
|
|
|
Selling and marketing,
net
|
|
|
7,746
|
|
5,523
|
|
5,629
|
|
|
General and
administrative, net
|
|
|
11,901
|
|
10,588
|
|
9,970
|
|
|
Other
income
|
|
|
(383)
|
|
(433)
|
|
(90)
|
|
|
Restructuring
expenses, net
|
|
|
|
|
-
|
|
1,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,512
|
|
16,393
|
|
17,703
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
12,502
|
|
6,075
|
|
(1,775)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses
|
|
|
(1,472)
|
|
(1,683)
|
|
(902)
|
|
|
Other financial income
(expenses), net
|
|
|
(477)
|
|
353
|
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
Income profit (loss)
before taxes on income
|
|
|
10,553
|
|
4,745
|
|
(1,648)
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
|
195
|
|
576
|
|
98
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) before
share of equity investment
|
|
|
10,358
|
|
4,169
|
|
(1,746)
|
|
|
|
|
|
|
|
|
|
|
|
Share in profit of
equity investment of affiliated companies
|
|
|
809
|
|
503
|
|
184
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
11,167
|
|
$
4,672
|
|
$
(1,562)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
Year ended December 31,
|
|
|
|
2024
|
2023
|
|
|
2022
|
|
Net income
(loss)
|
|
|
$
11,167
|
|
$
4,672
|
|
$ (1,562)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share basic
|
|
|
$ 1.08
|
|
$ 0.52
|
|
$
(0.175)
|
|
Net income (loss) per
share diluted
|
|
|
$ 1.00
|
|
$ 0.51
|
|
$
(0.175)
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
10,363,978
|
|
8,961,689
|
|
8,911,546
|
|
Basic
Diluted
|
|
|
11,215,827
|
|
9,084,022
|
|
8,911,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
|
U.S. dollars in
thousands
|
|
|
|
|
Year ended December
31,
|
|
|
|
|
|
|
2024
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
11,167
|
|
$
4,672
|
$ (1,562)
|
|
|
Other comprehensive
income (loss), net
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
|
|
(27)
|
|
53
|
(89)
|
|
|
Change in foreign
currency translation
Adjustments
|
|
|
(76)
|
|
-
|
-
|
|
|
Reclassification
adjustments for loss from derivatives included in net
income
|
|
|
-
|
|
-
|
30
|
|
|
Total other
comprehensive income (loss)
|
|
|
(103)
|
|
53
|
(59)
|
|
|
Total comprehensive
income (loss)
|
|
|
$
11,064
|
|
$
4,725
|
$ (1,621)
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
|
|
U.S. dollars in
thousands, except share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares issued
|
|
Amount
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Treasury
shares
|
|
Retained
earnings
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT DECEMBER
31, 2021
|
|
9,149,169
|
|
$
2,809
|
|
$
65,871
|
|
$
33
|
|
$
(2,088)
|
|
$
10,159
|
|
$
76,784
|
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
(59)
|
|
-
|
|
(1,562)
|
|
(1,621)
|
|
|
Exercise of
Options
|
|
36,850
|
|
33
|
|
156
|
|
|
|
|
|
|
|
189
|
|
|
Share based
compensation
|
|
|
|
|
|
218
|
|
|
|
|
|
|
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT DECEMBER
31, 2022
|
|
9,186,019
|
|
$
2,842
|
|
$
66,245
|
|
$
(26)
|
|
$
(2,088)
|
|
$
8,597
|
|
$
75,570
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
53
|
|
-
|
|
4,672
|
|
4,725
|
|
Exercise of
Options
|
|
32,466
|
|
8
|
|
157
|
|
|
|
-
|
|
-
|
|
165
|
|
Issuance of common
shares net of issuance costs of $141 thousands
|
|
1,158,600
|
|
290
|
|
9,774
|
|
|
|
-
|
|
-
|
|
10,064
|
|
Share based
compensation
|
|
|
|
|
|
159
|
|
|
|
-
|
|
-
|
|
159
|
|
BALANCE AT DECEMBER
31, 2023
|
|
10,377,085
|
|
$
3,140
|
|
$ 76,335
|
|
$
27
|
|
$
(2,088)
|
|
$
13,269
|
|
$
90,683
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income(loss)
|
|
-
|
|
-
|
|
-
|
|
(103)
|
|
-
|
|
11,167
|
|
11,064
|
|
Exercise of
Options
|
|
164,406
|
|
12
|
|
(12)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Cancel of shares par
value )see note 12a(
|
|
|
|
(3,152)
|
|
3,152
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Issuance of common
shares net of issuance costs of $162 thousands
|
|
673,340
|
|
-
|
|
9,827
|
|
-
|
|
-
|
|
-
|
|
9,827
|
|
Share based
compensation
|
|
|
|
-
|
|
395
|
|
-
|
|
-
|
|
-
|
|
395
|
|
BALANCE AT DECEMBER
31, 2024
|
|
11,214,831
|
|
-
|
|
$
89,697
|
|
$
(76)
|
|
$
(2,088)
|
|
$
24,436
|
|
$
111,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
Year ended December
31,
|
|
|
2024
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
11,167
|
|
$ 4,672
|
|
$
(1,562)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
5,455
|
|
4,710
|
|
3,706
|
|
Loss (gain) from change
in fair value of derivatives
|
|
22
|
|
(9)
|
|
8
|
|
Change in funds in
respect of employee rights upon retirement
|
|
10
|
|
116
|
|
377
|
|
Net change in operating
right of use asset and operating lease liability
|
|
18
|
|
22
|
|
(82)
|
|
Non cash financial
expenses
|
|
(187)
|
|
(172)
|
|
(902)
|
|
Decrease in
restructuring plan provision
|
|
(63)
|
|
(126)
|
|
(467)
|
|
Change in allowance for
credit losses
|
|
55
|
|
(182)
|
|
138
|
|
Share in results of
affiliated companies
|
|
(809)
|
|
(503)
|
|
(184)
|
|
Share based
compensation
|
|
395
|
|
159
|
|
218
|
|
Liability in respect of
employee rights upon retirement
|
|
(14)
|
|
(148)
|
|
(356)
|
|
Capital gain from sale
of property, plant and equipment
|
|
(478)
|
|
(530)
|
|
(90)
|
|
Deferred income taxes,
net
|
|
117
|
|
235
|
|
23
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Increase in trade accounts receivable
|
|
(9,743)
|
|
(4,205)
|
|
(2,659)
|
|
Increase in other
current assets and prepaid expenses
|
|
(1,473)
|
|
(341)
|
|
(1,836)
|
|
Increase in inventory
|
|
(17,165)
|
|
(5,400)
|
|
(5,069)
|
|
Increase (decrease) in trade accounts payable
|
|
2,170
|
|
(245)
|
|
1,143
|
|
Increase in accrued expenses and other
|
|
4,705
|
|
4,202
|
|
2,727
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities from continued operation
|
|
$
(5,818)
|
|
$ 2,255
|
|
$
(4,867)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
1,275
|
|
2,002
|
|
93
|
|
Purchase of property
and equipment
|
|
(5,126)
|
|
(5,102)
|
|
(16,213)
|
|
Purchase of intangible
assets
|
|
-
|
|
(479)
|
|
-
|
|
Net cash used in
investing activities from continued operations
|
|
$
(3,851)
|
|
$
(3,579)
|
|
$
(16,120)
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(NON-GAAP) (UNAUDITED)
|
|
|
U.S. dollars in
thousands
|
|
|
|
Year ended December
31,
|
|
|
|
2024
|
|
2023
|
|
2022
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Repayments of
long-term loans
|
|
(2,016)
|
|
(1,701)
|
|
(1,071)
|
|
Net change in short
term credit from banks
|
|
(7,650)
|
|
1,000
|
|
-
|
|
|
Proceeds from long-term
loans received
|
|
-
|
|
712
|
|
16,680
|
|
|
Proceeds from issuance
of common shares, net
|
|
9,827
|
|
10,064
|
|
-
|
|
|
Exercise of
options
|
|
-
|
|
165
|
|
189
|
|
|
Net cash provided by
financing activities from continued operations
|
|
$
161
|
|
$
10,240
|
|
$ 15,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents and
restricted
cash
|
|
(9,508)
|
|
8,916
|
|
(5,189)
|
|
|
Cash and cash
equivalents and restricted cash at
beginning of
period
|
|
16,942
|
|
8,026
|
|
13,215
|
|
|
Cash and cash
equivalents and restricted cash at end of
period
|
|
7,434
|
|
16,942
|
|
8,026
|
|
|
SUPPLEMENTARY
INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH
FLOW:
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment on credit
|
|
-
|
|
-
|
|
196
|
|
Additions of operating
lease right-of-use assets and operating lease
liabilities
|
|
983
|
|
1,345
|
|
318
|
|
Reclassification of
inventory to property, plant and equipment
|
|
155
|
|
68
|
|
284
|
|
Capital contribution to
equity method investee
|
|
-
|
|
-
|
|
787
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
|
|
|
Interest
paid
|
|
(1,400)
|
|
(1,438)
|
|
(796)
|
|
Income taxes received
(paid), net
|
|
$
(39)
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
(UNAUDITED)
|
|
U.S. dollars in
thousands
|
|
Year
ended
|
|
December
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income
|
$11,167
|
|
$4,672
|
|
Adjustments:
|
|
|
|
|
Share in results and
sale of equity
|
|
|
|
|
investment of
affiliated companies
|
(809)
|
|
(503)
|
|
Taxes on income (tax
benefit)
|
195
|
|
576
|
|
Financial expenses
(income), net
|
1,949
|
|
1,330
|
|
Depreciation and
amortization
|
5,717
|
|
4,902
|
|
Share based
compensation
|
395
|
|
159
|
|
Adjusted
EBITDA
|
$ 18,614
|
|
$11,136
|
|
|
|
|
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.
TAT TECHNOLOGIES LTD.
(Registrant)
By: /s/ Ehud Ben-Yair
Ehud Ben-Yair
Chief Financial Officer
Date: March 26, 2025
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-grows-revenue-by-34-net-income-by-139-and-adjusted-ebitda-by-67-for-the-full-year-of-2024-302412534.html
SOURCE TAT Technologies Ltd
