Tat Technologies Ltd 6-K, filed Nov 18, 2024
Tat Technologies Ltd (TATT)
6-K
2024-11-18
For: 2024-11-18
View Original
Added on
April 10, 2026
About this 6-K
Tat Technologies Ltd filed this 6-K on November 18, 2024.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 2024
TAT TECHNOLOGIES LTD.
(Name of Registrant)
Hamelacha 5, Netanya 4250407, 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): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No
☒
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________
TAT Technologies Ltd.
6-K Items
| 1. |
Press Release dated November 18, 2024 re TAT Technologies Ltd. Reports Third Quarter 2024 Results.
|
2
ITEM 1
|
Press Release
|
Source: TAT Technologies Limited
|
TAT Technologies Grows Revenue by 35%, Increases Net Income by 33% and Adjusted
EBITDA by 70% for the Third Quarter of 2024
Company Delivers 8th Consecutive Quarter of Expanding Revenues
Company will host a webcast to review its financial results and provide a business update
Netanya , Israel, November 18, 2024 - TAT Technologies Ltd. (NASDAQ: TATT - News) (“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 nine months ended September 30, 2024 (Q3’24).
Financial Highlights for Third Quarter and First Nine Months of 2024:
| • |
Revenues increased by 35.2% to $40.5 million in Q3’24 vs. $29.9 million for Q3’23. Year-to-date revenues increased by 36% to $111.1 million compared to $82.0 million for the same period last year.
|
| • |
Gross profit increased by 45.9% to $8.5 million (21% as a percentage of revenues) in Q3’24 compared to $5.8 million (19.4% as a percentage of revenues) for Q3’23. Year-to-date gross profit increased
by 51.8% to $23.5 million (21.2% as a percentage of revenues) vs. $15.5 million (18.9% as a percentage of revenues) for the same period last year.
|
| • |
Net lncome increased by 33% to $2.9 million, or $0.26 per diluted share in Q3’24, compared with net income of $2.2 million, or $0.24 per diluted share, in Q3’23. For the nine-month period that ended
on September 30, 2024, net income increased by 77% to $7.6 million, or $0.69 per diluted share compared with a net income of $4.3 million, or $0.47 per diluted share, in the nine-month period that ended on September 30, 2023.
|
| • |
Adjusted EBITDA increased by 70% to $5.1 million in Q3’24 compared with $3.0 million in Q3’23. Adjusted EBITDA for the nine-month period that ended on September 30, 2024, increased by 70% to $13.1
million compared with $7.7 million in the nine-month period that ended on September 30, 2023.
|
| • |
Cash flow from operations in Q3’24 was positive $2.8 million compared to negative ($3.7) million in Q3’23. For the nine-month period ended on September 30, 2024, cash flow from operations was
negative ($4.9) million compared to positive $0.5 million in the nine-month period that ended on September 30, 2023.
|
| • |
During Q3 2024 the Company raised $9.9 million in shares from the capital markets.
|
Mr. Igal Zamir, TAT's CEO and President commented, "TAT delivered record revenue and profitability in the third quarter as we executed on long-term agreements and onboarded new customers. Our
increased scale, continued operational efficiency and a 160 basis point expansion of our gross margins enabled an 33% improvement in net income and a 70% improvement in Adjusted EBITDA.”
“As we look towards next year, we see the demand for our products and services continues to grow, as our orders and LTA backlog increased to $423 million,” continued Mr. Zamir. “Supply of parts for APUs and landing gears continues to be challenging. We are preparing ourselves with a higher level of parts inventory in order to be able to better support our customers. We are also very focused on internal processes improvements that will yield with improved profitability and a better turnaround time and on-time delivery for the benefit of our customers. We continue being positive of the outcome into 2025.”
3
Investor Call Information
TAT Technologies will host a webcast to review its financial results and provide a business update on Tuesday November 19, 2024, at 8:15 a.m. ET. Interested investors can register for the webcast at
https://shorturl.at/jHNWV 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 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.
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.
4
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 web-site:
www.tat-technologies.com
Contact:
Mr. Eran Yunger
Director of IR
erany@tat-technologies.com
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which 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, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company’s shares
held by our previously controlling stockholders, 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. Stockholders 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.
5
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
|
September 30,
|
December 31,
|
|||||||
|
2024
|
2023
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
8,570
|
$
|
15,979
|
||||
|
Accounts receivable, net of allowance for credit losses of $345 as of September 30, 2024 and December 31, 2023 respectively
|
29,693
|
20,009
|
||||||
|
Restricted deposit
|
-
|
661
|
||||||
|
Other current assets and prepaid expenses
|
7,269
|
6,397
|
||||||
|
Inventory
|
61,875
|
51,280
|
||||||
|
Total current assets
|
107,407
|
94,326
|
||||||
| NON-CURRENT ASSETS: | ||||||||
|
Restricted deposit
|
298
|
302
|
||||||
|
Investment in affiliates
|
2,890
|
2,168
|
||||||
|
Funds in respect of employee rights upon retirement
|
652
|
664
|
||||||
|
Deferred income taxes
|
1,085
|
994
|
||||||
|
Intangible assets, net
|
1,620
|
1,823
|
||||||
|
Property, plant and equipment, net
|
41,108
|
42,554
|
||||||
|
Operating lease right of use assets
|
2,627
|
2,746
|
||||||
|
Total non-current assets
|
50,280
|
51,251
|
||||||
|
Total assets
|
$
|
157,687
|
$
|
145,577
|
||||
|
LIABILITIES AND EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Current maturities of long-term loans
|
$
|
2,089
|
$
|
2,200
|
||||
|
Short term loans
|
2,623
|
12,138
|
||||||
|
Accounts payable
|
12,904
|
9,988
|
||||||
|
Accrued expenses and other
|
16,617
|
13,952
|
||||||
|
Operating lease liabilities
|
1,127
|
1,033
|
||||||
|
Total current liabilities
|
35,360
|
39,311
|
||||||
|
NON CURRENT LIABILITIES:
|
||||||||
|
Long-term loans
|
11,383
|
12,886
|
||||||
|
Liability in respect of employee rights upon retirement
|
953
|
1,000
|
||||||
|
Operating lease liabilities
|
1,489
|
1,697
|
||||||
|
Total non-current liabilities
|
13,825
|
15,583
|
||||||
|
Total liabilities
|
$
|
49,185
|
$
|
54,894
|
||||
|
EQUITY:
|
||||||||
|
Share capital
|
-
|
3,140
|
||||||
|
Translation reserves
|
121
|
-
|
||||||
|
Additional paid-in capital
|
89,608
|
76,335
|
||||||
|
Treasury stock at cost
|
(2,088
|
)
|
(2,088
|
)
|
||||
|
Accumulated other comprehensive income
|
-
|
27
|
||||||
|
Retained earnings
|
20,861
|
13,269
|
||||||
|
Total shareholders' equity
|
108,502
|
90,683
|
||||||
|
Total liabilities and shareholders' equity
|
$
|
157,687
|
$
|
145,577
|
||||
6
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
Revenues:
|
||||||||||||||||||||
|
Products
|
$
|
12,164
|
$
|
10,003
|
$
|
35,831
|
$
|
25,461
|
$
|
35,241
|
||||||||||
|
Services
|
28,295
|
19,932
|
75,241
|
56,496
|
78,553
|
|||||||||||||||
|
40,459
|
29,935
|
111,072
|
81,957
|
113,794
|
||||||||||||||||
|
Cost of revenue, net:
|
||||||||||||||||||||
|
Products
|
8,535
|
7,550
|
25,194
|
19,372
|
30,517
|
|||||||||||||||
|
Services
|
23,443
|
16,571
|
62,347
|
47,086
|
60,809
|
|||||||||||||||
|
31,978
|
24,121
|
87,541
|
66,458
|
91,326
|
||||||||||||||||
|
Gross Profit
|
8,481
|
5,814
|
23,531
|
15,499
|
22,468
|
|||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||
|
Research and development, net
|
326
|
194
|
946
|
450
|
715
|
|||||||||||||||
|
Selling and marketing, net
|
1,994
|
1,350
|
5,647
|
3,807
|
5,523
|
|||||||||||||||
|
General and administrative, net
|
2,715
|
2,547
|
8,940
|
7,482
|
10,588
|
|||||||||||||||
|
Other income
|
-
|
(37
|
)
|
(390
|
)
|
(478
|
)
|
(433
|
)
|
|||||||||||
|
5,035
|
4,054
|
15,143
|
11,261
|
16,393
|
||||||||||||||||
|
Operating income
|
3,446
|
1,760
|
8,388
|
4,238
|
6,075
|
|||||||||||||||
|
Interest expenses
|
(420
|
)
|
(408
|
)
|
(1,183
|
)
|
(1,214
|
)
|
(1,683
|
)
|
||||||||||
|
Other financial income (expenses), Net
|
(315
|
)
|
283
|
(308
|
)
|
433
|
353
|
|||||||||||||
|
Income before taxes on income (tax benefit)
|
2,711
|
1,635
|
6,897
|
3,457
|
4,745
|
|||||||||||||||
|
Taxes on income (tax benefit)
|
15
|
(390
|
)
|
(94
|
)
|
(479
|
)
|
576
|
||||||||||||
|
Income before share of equity investment
|
2,696
|
2,025
|
6,991
|
3,936
|
4,169
|
|||||||||||||||
|
Share in profits of equity investment of affiliated companies
|
169
|
126
|
601
|
347
|
503
|
|||||||||||||||
|
Net Income
|
$
|
2,865
|
$
|
2,151
|
$
|
7,592
|
$
|
4,283
|
$
|
4,672
|
||||||||||
|
Basic and diluted income per share
|
||||||||||||||||||||
|
Net income per share
|
$
|
0.27
|
$
|
0.24
|
$
|
0.73
|
$
|
0.48
|
$
|
0.52
|
||||||||||
|
Net income per diluted shares
|
$
|
0.26
|
$
|
0.24
|
$
|
0.69
|
$
|
0.47
|
$
|
0.51
|
||||||||||
|
Weighted average number of shares outstanding
|
||||||||||||||||||||
|
Basic
|
10,609,867
|
8,929,332
|
10,462,012
|
8,929,332
|
8,961,689
|
|||||||||||||||
|
Diluted
|
10,829,749
|
9,134,476
|
11,055,263
|
9,134,476
|
9,084,022
|
|||||||||||||||
7
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
Net income
|
$
|
2,865
|
$
|
2,151
|
$
|
7,592
|
$
|
4,283
|
$
|
4,672
|
||||||||||
|
Other comprehensive income (loss), net
|
||||||||||||||||||||
|
Change in foreign currency translation Adjustments
|
(43
|
)
|
-
|
121
|
-
|
-
|
||||||||||||||
|
Net unrealized gain (loss) from derivatives
|
-
|
(24
|
)
|
(27
|
)
|
2
|
53
|
|||||||||||||
|
Total comprehensive income
|
$
|
2,822
|
$
|
2,149
|
$
|
7,686
|
$
|
4,285
|
$
|
4,725
|
||||||||||
8
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
|
Share capital
|
Accumulated
|
|||||||||||||||||||||||||||||||
|
Number of shares issued
|
Amount
|
Additional paid-in capital
|
Translation reserves
|
other comprehensive income (loss)
|
Treasury shares
|
Retained earnings
|
Total equity
|
|||||||||||||||||||||||||
|
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 loss
|
-
|
-
|
-
|
53
|
-
|
4,672
|
4,725
|
|||||||||||||||||||||||||
|
Exercise of option
|
32,466
|
8
|
157
|
-
|
-
|
-
|
165
|
|||||||||||||||||||||||||
|
Issuance of common shares net of issuance costs of $141
|
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 PERIOD ENDED SEPTEMBER 30, 2024 (unaudited):
|
||||||||||||||||||||||||||||||||
|
Comprehensive profit
|
121
|
(27
|
)
|
-
|
7,592
|
7,686
|
||||||||||||||||||||||||||
|
Exercise of option
|
84,006
|
12
|
(12
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
|
Cancel of shares per value
|
(3,152
|
)
|
3,152
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
|
Issuance of common shares net of issuance costs of $152
|
673,340
|
-
|
9,923
|
-
|
-
|
-
|
-
|
9,923
|
||||||||||||||||||||||||
|
Share based compensation
|
-
|
-
|
210
|
-
|
210
|
|||||||||||||||||||||||||||
|
BALANCE AT SEP 30, 2024 (unaudited)
|
11,134,431
|
-
|
$
|
89,608
|
$
|
121
|
-
|
$
|
(2,088
|
)
|
$
|
20,861
|
$
|
108,502
|
||||||||||||||||||
9
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
|
Net income
|
$
|
2,865
|
$
|
2,151
|
$
|
7,592
|
$
|
4,283
|
$
|
4,672
|
||||||||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
|
Depreciation and amortization
|
1,514
|
1,099
|
4,319
|
3,040
|
4,710
|
|||||||||||||||
|
Loss (gain) from change in fair value of derivatives
|
-
|
-
|
22
|
-
|
(9
|
)
|
||||||||||||||
|
Change in funds in respect of employee rights upon retirement
|
(8
|
)
|
22
|
12
|
119
|
116
|
||||||||||||||
|
Change in operating right of use asset and operating leasing liability
|
4
|
(1
|
)
|
5
|
(7
|
)
|
22
|
|||||||||||||
|
Non cash finance (income) expenses
|
217
|
(254
|
)
|
(271
|
)
|
(502
|
)
|
(172
|
)
|
|||||||||||
|
Decrease in provision for restructuring expenses
|
-
|
(15
|
)
|
(63
|
)
|
(105
|
)
|
(126
|
)
|
|||||||||||
|
Change in allowance for credit losses
|
(40
|
)
|
(83
|
)
|
-
|
(88
|
)
|
(182
|
)
|
|||||||||||
|
Share in results of affiliated Company
|
(170
|
)
|
(126
|
)
|
(601
|
)
|
(347
|
)
|
(503
|
)
|
||||||||||
|
Share based compensation
|
21
|
8
|
210
|
129
|
159
|
|||||||||||||||
|
Liability in respect of employee rights upon retirement
|
(45
|
)
|
(28
|
)
|
(47
|
)
|
(155
|
)
|
(148
|
)
|
||||||||||
|
Capital gain from sale of property, plant and equipment
|
-
|
(43
|
)
|
(355
|
)
|
(529
|
)
|
(530
|
)
|
|||||||||||
|
Deferred income taxes, net
|
12
|
(388
|
)
|
(91
|
)
|
(464
|
)
|
235
|
||||||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||||||
|
Increase in trade accounts receivable
|
(3,456
|
)
|
(4,051
|
)
|
(9,706
|
)
|
(2,927
|
)
|
(4,205
|
)
|
||||||||||
|
Decrease (increase) in other current assets and prepaid expenses
|
(547
|
)
|
(23
|
)
|
(872
|
)
|
1,416
|
(341
|
)
|
|||||||||||
|
Increase in inventory
|
(5,112
|
)
|
(4,450
|
)
|
(10,655
|
)
|
(4,734
|
)
|
(5,400
|
)
|
||||||||||
|
Increase (decrease) in trade accounts payable
|
3,825
|
480
|
2,916
|
(1,675
|
)
|
(245
|
)
|
|||||||||||||
|
Increase in accrued expenses and other
|
3,710
|
1,976
|
2,728
|
3,039
|
4,202
|
|||||||||||||||
|
Net cash used in operating activities
|
$
|
2,790
|
$
|
(3,726
|
)
|
$
|
(4,857
|
)
|
$
|
493
|
$
|
2,255
|
||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
|
Proceeds from sale of property and equipment
|
-
|
37
|
1,306
|
1,972
|
2,002
|
|||||||||||||||
|
Purchase of property and equipment
|
(1,621
|
)
|
(569
|
)
|
(3,588
|
)
|
(3,024
|
)
|
(5,102
|
)
|
||||||||||
|
Purchase of intangible assets
|
-
|
-
|
-
|
-
|
(479
|
)
|
||||||||||||||
|
Net cash provided by (used in) investing activities
|
$
|
(1,621
|
)
|
$
|
(532
|
)
|
$
|
(2,282
|
)
|
$
|
(1,052
|
)
|
$
|
(3,579
|
)
|
|||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
|
Repayments of long-term loans
|
(504
|
)
|
(461
|
)
|
(1,454
|
)
|
(1,307
|
)
|
(1,701
|
)
|
||||||||||
|
Net change in short term credit from banks
|
(10,072
|
)
|
1,000
|
(9,404
|
)
|
1,000
|
1,000
|
|||||||||||||
|
Proceeds from long-term loans received
|
-
|
249
|
-
|
249
|
712
|
|||||||||||||||
|
Issuance of common shares
|
-
|
-
|
12
|
-
|
-
|
|||||||||||||||
|
Proceeds from issuance of common shares, net
|
9,923
|
-
|
9,923
|
-
|
10,064
|
|||||||||||||||
|
Exercise of options
|
-
|
-
|
(12
|
)
|
165
|
165
|
||||||||||||||
|
Cash flows provided by (used in) financing activities
|
$
|
(653
|
)
|
$
|
788
|
$
|
(935
|
)
|
$
|
107
|
$
|
10,240
|
||||||||
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
516
|
(3,470
|
)
|
(8,074
|
)
|
(452
|
)
|
8,916
|
||||||||||||
|
Cash and cash equivalents and restricted cash at beginning of period
|
8,352
|
11,044
|
16,942
|
8,026
|
8,026
|
|||||||||||||||
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
8,868
|
$
|
7,574
|
$
|
8,868
|
$
|
7,574
|
$
|
16,942
|
||||||||||
|
SUPPLEMENTARY INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH FLOW:
|
||||||||||||||||||||
|
Additions of operating lease right-of-use assets and operating lease liabilities
|
228
|
-
|
818
|
-
|
1,345
|
|||||||||||||||
|
Reclassification of inventory to property, plant and equipment
|
-
|
-
|
60
|
-
|
68
|
|||||||||||||||
|
Supplemental disclosure of cash flow information:
|
||||||||||||||||||||
|
Interest paid
|
(437
|
)
|
(373
|
)
|
(1,289
|
)
|
(1,071
|
)
|
(1,438
|
)
|
||||||||||
10
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
September 30,
|
December 31,
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
Net income (loss)
|
$
|
2,865
|
$
|
2,151
|
$
|
7,592
|
$
|
4,283
|
$
|
4,672
|
||||||||||
|
Adjustments:
|
||||||||||||||||||||
|
Share in results and sale of equity
|
||||||||||||||||||||
|
investment of affiliated companies
|
(169
|
)
|
(126
|
)
|
(601
|
)
|
(347
|
)
|
(503
|
)
|
||||||||||
|
Taxes on income (tax benefit)
|
15
|
(390
|
)
|
(94
|
)
|
(480
|
)
|
576
|
||||||||||||
|
Financial expenses (income), net
|
735
|
125
|
1,491
|
781
|
1,330
|
|||||||||||||||
|
Depreciation and amortization
|
1,565
|
1,240
|
4,463
|
3,381
|
4,902
|
|||||||||||||||
|
Share based compensation
|
112
|
9
|
299
|
129
|
159
|
|||||||||||||||
|
Adjusted EBITDA
|
$
|
5,123
|
$
|
3,009
|
$
|
13,150
|
$
|
7,747
|
$
|
11,136
|
||||||||||
11
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: November 18, 2024
12