6-K 1 zk2533228.htm 6-K

UNITED STATES
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 2025

Commission file number: 0-16050

TAT TECHNOLOGIES LTD.
(Name of Registrant)

5 Hamelacha St, 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 ☐


TAT Technologies Ltd.

6-K Items

1.
Press Release dated May 19, 2025 re: TAT Technologies Ltd. Reports First Quarter 2025 Results.

2
ITEM 1

Press Release
  

TAT Technologies Reports First Quarter 2025 Results

TAT Technologies Delivers 23.6% Revenue Growth, 80.7% Increase in Net Profit, and
56.2% Increase in adjusted EBITDA, and Continued Margin Expansion for the First
Quarter of 2025

Netanya, Israel, May 19, 2025 - 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 months ended March 31, 2025.

Financial Highlights for the First Quarter of 2025:
 
•
Revenue for the first quarter of 2025 increased by 23.6% to $42.1 million compared to $34.1 million in the first quarter of 2024.
 
•
Gross profit for the first quarter of 2025 increased by 40.9% to $10.0 million compared to $7.1 million in the first quarter of 2024.

•
Gross margin for the first quarter of 2025 improved by 290bp to 23.6% of revenue compared to 20.7% of revenue in the first quarter of 2024.

•
Adjusted EBITDA for the first quarter of 2025 increased by 56.2% to $5.7 million (13.6% of revenue) compared to $3.7 million (10.8% of revenue) in the first quarter of 2024.
 
•
Operating income for the first quarter of 2025 increased by 89.0% to $4.2 million (9.9% of revenue) compared to $2.2 million (6.5% of revenue) in the first quarter of 2024.

•
Net income for the first quarter of 2025 increased by 80.7% to $3.8 million compared to a net income of $2.1 million in the first quarter of 2024.
 
•
Cash flow from operating activities was negative ($4.9) million in the first quarter of 2025 compared to negative ($3.5) million in the first quarter of 2024.

Mr. Igal Zamir, TAT’s CEO and President, commented: “Driven by strong execution and robust market demand, TAT Technologies continues to demonstrate its earnings power. During the first quarter, we delivered revenue growth of 23.6% and an increase of 56.2% in adjusted EBITDA, compared to the same period in 2024, expanding our bottom line even more rapidly than our top line. TAT has developed a multi-year track record of consistent profitability, delivering double-digit year-over-year growth for the last three years, while expanding profit margins.”

“Our strategic growth initiatives, implemented over the past few years, have significantly expanded our addressable market and diversified our revenue streams,” continued Mr. Zamir. “Despite industry wide supply chain challenges, our ‘Customer First’ initiative, which includes bolstering parts and rotatable inventory in key areas, enabled us to achieve our financial goals, fulfill customer demand, and strengthen our market position. While we expanded inventory levels and utilized additional cash, these strategic investments enhance our resilience and position us to capture market share in a dynamic supply environment.”

3
 
“In the first quarter, we secured over $52 million in new orders and long-term agreements, bringing our total backlog to $439 million.  This provides us with strong visibility and confidence in our continued growth and profitability. While broader market dynamics may influence near-term order flow, the demand for our expertise and capacity remains robust, positioning us well to further expand our backlog throughout the year.”
 
“To mitigate the evolving trade policy landscape, we’re closely monitoring recent tariff changes and taking measured steps to minimize any impact on our operations. Our teams are in active, solution-focused discussions with key suppliers to ensure material flow remains uninterrupted and cost increases are controlled. At the same time, we’re working closely with our customers to align expectations, adjust planning as needed, and maintain the high service levels they rely on.”
 
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. The Adjusted EBITDA is calculated as net income, excluding the impact of: the Company's share in profit of equity investment of affiliated companies, share-based compensation, provision for income taxes, financial (expenses) income, net, and depreciation and amortization. The 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. The 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.

Investor Call Information

TAT Technologies will host a webcast to review the quarterly results on Tuesday, May 20, 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/.


 •
Conference call

4

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’s controlling shareholder 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 about TAT Technologies Ltd., please visit our website:
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, [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.

5

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)


 
March 31,
    
December 31,
  
   
2025
    
2024
  
   
(unaudited)
    
(audited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
   $
5,020
    
$
7,129
  
Accounts receivable, net of allowance for credit losses of $350
   and $400 thousand as of March 31, 2025 and December 31, 2024, respectively
    
33,223
      
29,697
  
Inventory
    
72,980
      
68,540
  
Prepaid expenses and other current assets
    
8,375
      
7,848
  
                 
Total current assets
    
119,598
      
113,214
  
                 
NON-CURRENT ASSETS:
                
Property, plant and equipment, net
    
42,474
      
41,576
  
Operating lease right of use assets
    
2,115
      
2,282
  
Intangible assets, net
    
1,633
      
1,553
  
Investment in affiliates
    
3,722
      
2,901
  
Funds in respect of employee rights upon retirement
    
641
      
654
  
Deferred income taxes
    
358
      
877
  
Restricted deposit
    
315
      
305
  
                 
Total non-current assets
    
51,258
      
50,148
  
Total assets
  
$
170,856
    
$
163,362
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
                 
CURRENT LIABILITIES:
                
Current maturities of long-term loans
  
$
1,976
    
$
2,083
  
Short-term loans
    
10,719
      
4,350
  
Accounts payable
    
12,592
      
12,158
  
Accrued expenses and other
    
15,572
      
18,594
  
Current maturities of operating lease liabilities
    
839
      
939
  
                 
Total current liabilities
    
41,698
      
38,124
  
                 
NON-CURRENT LIABILITIES:
                
    Long-term loans
    
10,391
      
10,938
  
Liability in respect of employee rights upon retirement
    
966
      
986
  
Operating lease liabilities
    
1,269
      
1,345
  
                 
 Total non-current liabilities
    
12,626
      
13,269
  
Total liabilities
    
54,324
      
51,393
  
STOCKHOLDERS’ EQUITY:
            
Share capital, no par value
    
-
      
-
  
Additional paid-in capital
    
89,919
      
89,697
  
Treasury stock at cost
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive income (loss)
    
452
      
(76
)
Retained earnings
    
28,249
      
24,436
  
Total shareholders' equity
    
116,532
      
111,969
  
                 
Total liabilities and stockholders' equity
  
$
170,856
    
$
163,362
  
                 


6
TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                   
Revenues:
                  
Products
  
$
12,724
    
$
11,935
    
$
47,710
  
Services
    
29,418
      
22,153
      
104,406
  
     
42,142
      
34,088
      
152,116
  
                         
Cost of goods:
                        
Products
    
8,331
      
8,986
      
33,986
  
Services
    
23,857
      
18,036
      
85,116
  
     
32,188
      
27,022
      
119,102
  
Gross profit
    
9,954
      
7,066
      
33,014
  
                         
Operating expenses:
                        
Research and development, net
    
324
      
277
      
1,248
  
Selling and marketing, net
    
1,928
      
1,660
      
7,746
  
General and administrative, net
    
3,532
      
3,309
      
11,901
  
Other income
    
-
      
(388
)
    
(383
)
     
5,784
      
4,858
      
20,512
  
                         
Operating income
    
4,170
      
2,208
      
12,502
  
                         
Interest expenses
    
(335
)
    
(343
)
    
(1,472
)
Other financial income (expenses), net
    
277
      
(106
)
    
(477
)
                         
Income before taxes on income (taxes benefit)
    
4,112
      
1,759
      
10,553
  
                         
Provision for taxes on income(taxes benefit)
    
592
      
(153
)
    
195
  
                         
Profit before share of equity investment
    
3,520
      
1,912
      
10,358
  
                         
Share in profits of equity investment of affiliated companies
    
293
      
198
      
809
  
Net income
  
$
3,813
    
$
2,110
    
$
11,167
  
                         
Basic and diluted earnings per share:
                        
    Basic
  
$
0.35
    
$
0.20
    
$
1.08
  
    Diluted
  
$
0.34
    
$
0.19
    
$
1.00
  
                         
Weighted average number of shares outstanding:
                        
Basic
    
10,940,358
      
10,378,978
      
10,363,978
  
Diluted
    
11,211,271
      
10,554,351
      
11,215,827
  

7

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                   
Net income
  
$
3,813
    
$
2,110
    
$
11,167
  
Other comprehensive income (loss), net
                        
Net unrealized losses from derivatives
    
-
      
(27
)
    
(27
)
Change in foreign currency translation adjustments
    
528
      
-
      
(76
)
        Total comprehensive income
  
$
4,341
    
$
2,083
    
$
11,064
  


8

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)

   
Share capital
      
Additional paid-in capital
    
Accumulated
other comprehensive income (loss)
      
Treasury shares
      
Retained earnings
      
Total equity
  
   
Number of shares issued
    
Amount
                      
                                           
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 option
    
164,406
      
12
      
(12
)
    
-
      
-
      
-
      
-
  
Cancel of shares par value
    
-
      
(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
  
CHANGES DURING THE PERIOD ENDED MARCH 31, 2025 (unaudited):
                                                        
Comprehensive income
    
-
      
-
      
-
      
528
      
-
      
3,813
      
4,341
  
 Share based compensation
    
-
      
-
      
222
      
-
      
-
      
-
      
222
  
BALANCE AT MARCH 31, 2025 (unaudited)
    
11,214,831
    
$
-
    
$
89,919
    
$
452
    
$
(2,088
)
  
$
28,249
    
$
116,532
  

9

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
   
(Unaudited)
    
(Unaudited)
    
(audited)
  
                   
CASH FLOWS FROM OPERATING ACTIVITIES:
                  
Net income
  
$
3,813
    
$
2,110
    
$
11,167
  
Adjustments to reconcile net income to net cash used in operating activities:
                        
 Depreciation and amortization
    
1,305
      
1,374
      
5,455
  
 Loss from change in fair value of derivatives
    
-
      
22
      
22
  
 Change in funds in respect of employee rights upon retirement
    
13
      
5
      
10
  
 Net change in operating right of use asset and operating lease liability
    
(9
)
    
4
      
18
  
 Non-cash financial expenses
    
(83
)
    
(214
)
    
(187
)
 Decrease in restructuring plan provision
    
-
      
(20
)
    
(63
)
Change in allowance for credit losses
    
(50
)
    
-
      
55
  
Share in profits of equity investment of affiliated companies
    
(293
)
    
(198
)
    
(809
)
Share based compensation
    
222
      
41
      
395
  
Liability in respect of employee rights upon retirement
    
(20
)
    
3
      
(14
)
Gain on disposal of property, plant and equipment
    
-
      
(354
)
    
(478
)
Deferred income taxes, net
    
519
      
(409
)
    
117
  
Changes in operating assets and liabilities:
                        
    Increase in trade accounts receivable
    
(3,476
)
    
(820
)
    
(9,743
)
Increase in prepaid expenses and other current assets
    
(527
)
    
(181
)
    
(1,473
)
Increase in inventory
    
(3,861
)
    
(2,637
)
    
(17,165
)
    Increase (decrease) in trade accounts payable
    
434
      
(700
)
    
2,170
  
    Increase (decrease) in accrued expenses and other
    
(3,022
)
    
(1,573
)
    
4,705
  
Net cash used in operating activities
    
(5,035
)
    
(3,547
)
    
(5,818
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                        
Proceeds from sale of property and equipment
    
-
      
1,306
      
1,275
  
Purchase of property and equipment
    
(2,862
)
    
(989
)
    
(5,126
)
Purchase of intangible assets
    
-
      
-
      
-
  
Net cash provided by (used in) investing activities
    
(2,862
)
    
317
      
(3,851
)
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                        
Repayments of long-term loans
    
(571
)
    
(440
)
    
(2,016
)
Net change in short term credit from banks
    
6,369
      
(4,000
)
    
(7,650
)
Proceeds from issuance of common shares, net
    
-
      
-
      
9,827
  
Exercise of options
    
-
      
1
      
-
  
Net cash provided by (used in) financing activities
    
5,798
      
(4,439
)
    
161
  
Net decrease in cash and cash equivalents and
     restricted cash
    
(2,099
)
    
(7,669
)
    
(9,508
)
Cash and cash equivalents and restricted cash at beginning of period
    
7,434
      
16,942
      
16,942
  
Cash and cash equivalents and restricted cash at the end of period
  
$
5,335
    
$
9,273
    
$
7,434
  
                         
SUPPLEMENTARY INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH FLOW:
                        
Additions to operating lease right-of-use assets and operating lease liabilities
    
147
      
345
      
983
  
Reclassification between inventory and property, plant and equipment
    
579
      
60
      
155
  
                         
Supplemental disclosure of cash flow information:
                        
Interest paid
    
267
      
(442
)
    
(1,400
)
Income taxes paid
    
-
      
-
      
(39
)


10

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
 
 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
                   
Net income
  
$
3,813
    
$
2,110
    
$
11,167
  
Adjustments:
                        
Provision for income taxes (taxes benefit)
    
592
      
(153
)
    
195
  
Financial expense, net
    
58
      
449
      
1,949
  
Depreciation and amortization
    
1,353
      
1,428
      
5,717
  
Share based compensation
    
222
      
41
      
395
  
Share in profits of equity investment of affiliated companies
    
(293
)
    
(198
)
    
(809
)
Adjusted EBITDA
  
$
5,745
    
$
3,677
    
$
18,614
  


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: May 19, 2025


12