TAT Technologies Files Routine 6-K Report

TL;DR

TAT Technologies filed a standard 6-K, no major news here.

AI Summary

On May 22, 2024, TAT TECHNOLOGIES LTD. filed a Form 6-K. This report is for the month of May 2024 and indicates that the company files annual reports under Form 20-F. The filing does not contain specific financial figures or operational updates beyond its routine reporting status.

Why It Matters

This filing confirms TAT Technologies' ongoing compliance with SEC reporting requirements for foreign private issuers. Investors can use this to track the company's regulatory status.

Risk Assessment

Risk Level: low — This is a routine filing that does not contain new material information or indicate significant changes in the company's operations or financial health.

Key Players & Entities

• TAT TECHNOLOGIES LTD. (company) — Registrant
• May 2024 (date) — Reporting period
• 20240522 (date) — Filing date
• Form 20-F (document) — Annual report form
• Form 6-K (document) — Report type

FAQ

Key Financial Figures

• $34.1 million — enues for Q1 2024 increased by 35.3% to $34.1 million compared to $25.2 million in Q1 2023.
• $25.2 million — d by 35.3% to $34.1 million compared to $25.2 million in Q1 2023. Gross profit for Q1 2024 i
• $7.1 million — rofit for Q1 2024 increased by 65.1% to $7.1 million compared to $4.3 million in Q1 2023. G
• $4.3 million — ed by 65.1% to $7.1 million compared to $4.3 million in Q1 2023. Gross Margin for Q1 2024 i
• $3.7 million — BITDA for Q1 2024 increased by 76.8% to $3.7 million (10.8% of Revenues) compared to $2.08 m
• $2.08 million — million (10.8% of Revenues) compared to $2.08 million (8.25% of revenues) in Q1 2023. Operat
• $2.2 million — Income for Q1 2024 increased by 133% to $2.2 million (6.5% of Revenues) compared to $0.95 mi
• $0.95 million — million (6.5% of Revenues) compared to $0.95 million (3.8% of revenues) in Q1 2023. Net inc
• $2.1 million — income for Q1 2024 increased by 221% to $2.1 million compared to a net Income of $0.6 millio
• $0.6 million — 2.1 million compared to a net Income of $0.6 million in Q1 2023. Cash flow from Operating a
• $3.5 million — from Operating activities was negative $3.5 million in Q1 2024 compared to positive $1.7 mi
• $1.7 million — million in Q1 2024 compared to positive $1.7 million in Q1 2023. Mr. Igal Zamir, TAT's CEO
• $40 m — long-term agreements at a value of over $40 million, increasing our backlog and LTA V
• $410 million — asing our backlog and LTA Value of over $410 million. This strength will drive continued mom
• $345 — , net of allowance for credit losses of $345 and $345 thousand as of March 31, 2024

Filing Documents

• zk2431502.htm (6-K) — 454KB
• 0001178913-24-001811.txt ( ) — 455KB

From the Filing

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 May 2024 TAT TECHNOLOGIES LTD. (Name of Registrant) Hamelacha 5, Netanya 4250540, 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 May 22, 2024 re TAT Technologies Ltd. Reports First Quarter 2024 Results. 2 ITEM 1 Press Release TAT Technologies Reports First Quarter 2024 Results Netanya, Israel, May 22, 2024 - TAT Technologies Ltd. (NASDAQ and TASE: TATT - News) ("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 period ended March 31, 2024. Financial highlights for the first quarter of 2024: Revenues for Q1 2024 increased by 35.3% to $34.1 million compared to $25.2 million in Q1 2023. Gross profit for Q1 2024 increased by 65.1% to $7.1 million compared to $4.3 million in Q1 2023. Gross Margin for Q1 2024 improved by 3.8bp to 20.7% of revenues, compared to 16.9% of revenues in Q1 2023. Adjusted EBITDA for Q1 2024 increased by 76.8% to $3.7 million (10.8% of Revenues) compared to $2.08 million (8.25% of revenues) in Q1 2023. Operating Income for Q1 2024 increased by 133% to $2.2 million (6.5% of Revenues) compared to $0.95 million (3.8% of revenues) in Q1 2023. Net income for Q1 2024 increased by 221% to $2.1 million compared to a net Income of $0.6 million in Q1 2023. Cash flow from Operating activities was negative $3.5 million in Q1 2024 compared to positive $1.7 million in Q1 2023. Mr. Igal Zamir, TAT's CEO and President commented on the results: "The first quarter of 2024 marked the seventh straight quarter of Revenue and EBITDA growth, demonstrating consistent demand for our solutions and the sustainability of our business model. As we grow our business and further scale our capacity to meet near-term demand, we are prioritizing operational efficiency to reduce backorders, better navigate industry wide supply chain dynamics, improve customer satisfaction and maximize our profitability. During the first quarter we secured orders and long-term agreements at a value of over $40 million, increasing our backlog and LTA Value of over $410 million. This strength will drive continued momentum in our business and support our revenue growth plan for the rest of 2024 and for years to come." 3 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 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 i

View Full Filing

View this 6-K filing on SEC EDGAR