TAT Technologies Ltd. Files August 2024 Report (6-K)

TL;DR

TAT Technologies (TATT) filed its August 6-K, standard foreign issuer update.

AI Summary

On August 28, 2024, TAT Technologies Ltd. filed a Form 6-K, reporting its activities for the month of August 2024. The company, an Israeli-based manufacturer of aircraft engines and engine parts, is registered with the SEC under the 1934 Act. This filing serves as a report of a foreign private issuer.

Why It Matters

This filing provides an update on the company's regulatory disclosures as a foreign private issuer, which is important for investors tracking its compliance and reporting activities.

Risk Assessment

Risk Level: low — This filing is a routine report of a foreign private issuer and does not contain significant new financial or operational information that would alter the company's risk profile.

Key Players & Entities

• TAT Technologies Ltd. (company) — Registrant
• August 2024 (date) — Reporting period
• 1934 Act (legal_act) — SEC regulation
• Form 20-F (document) — Annual report form
• Form 40-F (document) — Annual report form
• Form 6-K (document) — Report type

FAQ

Key Financial Figures

• $36.5 million — f 2024: Revenues increased by 36.2% to $36.5 million compared to $26.8 million for the secon
• $26.8 million — d by 36.2% to $36.5 million compared to $26.8 million for the second quarter of 2024. For the
• $52 million — sed by 36% to 70.6$ million compared to $52 million in the first half of 2023. Gross profi
• $8 million — 23. Gross profit increased by 47.1% to $8 million compared to $5.4 million for the second
• $5.4 million — ased by 47.1% to $8 million compared to $5.4 million for the second quarter of 2023 (21.9% o
• $15.1 million — 2024 gross profit increase by 55.4% to $15.1 million compared to $9.7 million in the first h
• $9.7 million — e by 55.4% to $15.1 million compared to $9.7 million in the first half of 2023 (20.9% of rev
• $2.7 million — Operating Income increased by 78.5% to $2.7 million compared to $1.5 million in Q2\23, (7.5
• $1.5 million — ed by 78.5% to $2.7 million compared to $1.5 million in Q2\23, (7.5% of revenues in Q2\24 co
• $4.9 million — 24 operating income increased by 99% to $4.9 million compared to $2.5 million in the first h
• $2.5 million — ased by 99% to $4.9 million compared to $2.5 million in the first half of 2023 (7% of revenu
• $2.6 million — H1\23). Net Income increased by 78% to $2.6 million compared to $1.5 million in the second
• $2.1 million — sed by 122% to 4.7$ million compared to $2.1 million in the first half of 2023. Adjusted EB
• $4.3 million — Adjusted EBITDA increased by 69.4% to $4.3 million (11.9% of revenues) compared to $2.6 mi
• $4.6 — increased by 73% to $8 million compared $4.6 in the first half of 2023 (11.4% of rev

Filing Documents

• zk2431952.htm (6-K) — 604KB
• 0001178913-24-002835.txt ( ) — 605KB

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 August 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 August 28, 2024 re TAT Technologies Ltd. Reports Second Quarter 2024 Results. 2 ITEM 1 Press Release TAT Technologies Reports Second Quarter 2024 Results Netanya, Israel, August 28, 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 and six-month period ended June 30, 2024. Financial highlights for the second quarter of 2024: Revenues increased by 36.2% to $36.5 million compared to $26.8 million for the second quarter of 2024. For the first half of 2024 revenues increased by 36% to 70.6$ million compared to $52 million in the first half of 2023. Gross profit increased by 47.1% to $8 million compared to $5.4 million for the second quarter of 2023 (21.9% of revenues in Q2\24 compared to 20.2% of revenues in Q2\23) . For the first half of 2024 gross profit increase by 55.4% to $15.1 million compared to $9.7 million in the first half of 2023 (20.9% of revenues in H1\24 compared to 18.6% of revenues in H1\23) Operating Income increased by 78.5% to $2.7 million compared to $1.5 million in Q2\23, (7.5% of revenues in Q2\24 compared to 6.5% of revenues in Q2\23). For the first half of 2024 operating income increased by 99% to $4.9 million compared to $2.5 million in the first half of 2023 (7% of revenues in H1\24 compared to 4.8% of revenues in H1\23). Net Income increased by 78% to $2.6 million compared to $1.5 million in the second quarter of 2023. For the first half of 2024 net income increased by 122% to 4.7$ million compared to $2.1 million in the first half of 2023. Adjusted EBITDA increased by 69.4% to $4.3 million (11.9% of revenues) compared to $2.6 million (9.6% of revenues) in the second quarter of 2023. Adjusted EBITDA for the first half of 2024 increased by 73% to $8 million compared $4.6 in the first half of 2023 (11.4% of revenues in H1\24 compared to 9% in H1\23). Cash flow from operating activities was negative $(4.1) million compared to positive cash flow of $2.45 million in the second half of 2023 2023. Cash flow from operating activities for the first half of 2024 was negative $(7.65) million compared to positive cash flow of $4.22 million in the first half of 2023. Mr. Igal Zamir, TAT's CEO and President commented: "We are very proud to report another record quarter marked by revenue growth, margin expansion, and profitability improvement. Our results demonstrate increasing demand for our products and services, which are aligned with our growth strategy. This was the seventh consecutive quarter of growth in revenue and EBITDA, and given our growing momentum and backlog, we expect this trend to continue." "During the second quarter, we secured orders of more than $40 million, resulting in a record backlog and LTA Value of over $414 million," continued Mr. Zamir. "These new orders give us significant visibility into revenue potential over the coming quarters and bolster our confidence in continued success. On top of the continued revenue growth, we invest efforts in improving our operational efficiency and cost structure. This resulted in an improved Gross Margin and EBITDA margin. 3 During the first six months of 2024 we started serving APU of the newly certified 131 and 331-500 which serves a fleet of close to 20,000 aircraft (with a total addressable annual market of about $2 Billion). The revenue obtained during the first half of 2024 is mainly driven from TAT's historical products and services. The revenue from these new engines' capabilities is yet insignificant. We are very excited about our future revenue growth and profits, as we start leveraging the potential of this new market. We will continue to expand our customer base

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