CHARLOTTE, N.C., March 18, 2026 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (TASE: TAT Tech), a leading supplier of products and services for the commercial and military aviation industries and the ground defense industries, reported today its results for the three-month and twelve-month period ended December 31, 2025.
Financial Highlights for The Fourth Quarter and 12 Months of 2025:
- Revenues: increased by 13.4% to $46.5 million compared to $41.0 million for the fourth quarter of 2024. For the twelve months of 2025, revenues increased by 17.0% to $178.0 million compared to $152.1 million for the same period in 2024.
- Gross Profit: increased by 23.6% to $11.7 million (25.2% of revenues) compared to $9.5 million (23.1% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, gross profit increased by 33.6% to $44.1 million (24.8% of revenues) compared to $33.0 million (21.7% of revenues) for the same period in 2024.
- Operating Income: increased by 20.2% to $4.9 million (10.6% of revenues) compared to $4.1 million (10.0% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, operating income increased by 50.5% to $18.8 million (10.6% of revenues) compared to $12.5 million (8.2% of revenues) for the same period in 2024.
- Net Income: increased by 32.2% to $4.7 million compared to $3.6 million for the fourth quarter of 2024. For the twelve months of 2025, net income increased by 50.6% to $16.8 million compared to $11.2 million for the same period in 2024.
- Adjusted EBITDA: increased by 24.0% to $6.9 million (14.8% of revenues) compared to $5.5 million (13.5% of revenues) for the fourth quarter of 2024. Adjusted EBITDA for the twelve months of 2025 increased by 36.7% to $25.5 million (14.3% of revenues) compared to $18.6 million (12.2% of revenues) for the same period in 2024.
- Cash flow provided from operating activities for the three and twelve months ended December 31, 2025, was $5.6 million and $15.0 million, respectively, compared to cash flows used in operating activities of ($1.0) million and $(5.8) million for the three and twelve months ended December 31, 2024, respectively.
Mr. Igal Zamir, TAT's CEO and President, commented: "We are very pleased with the results for the full year of 2025 and the fourth quarter of 2025. TAT delivered record results marking 2025 as our third consecutive year of growth and improvement across all key financial metrics.
For the full year of 2025 we achieved record revenue of $178 million and margin expansion in all profitability parameters including a record high EBITDA margin. We demonstrated capabilities to grow organically at a rapid pace within our industry while improving margins quarter after quarter.
Fourth-quarter revenue followed a seasonal trajectory, resulting in a stabilization of pace compared to earlier periods. Nevertheless, we achieved organic growth of over 13%, a rate that outperforms broader industry organic growth."
Mr. Zamir added: "We ended the year with a backlog and long-term agreements value of approximately $550 million, up from $429 million entering 2025, providing strong revenue visibility and supporting our objective for continued growth through 2026. With sustained demand across the aviation MRO market, we remain focused on executing our strategy, expanding our capabilities, and pursuing M&A opportunities that strengthen our position in thermal management and power systems".
Investor Call Information
TAT Technologies will host an earnings webcast to review the quarterly and annual results on Thursday, March 19, 2026, at 8 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
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. 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 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. 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.
About TAT Technologies LTD
We are a leading provider of solutions and services to the aerospace and defense industries. We operate four operational units: (i) original equipment manufacturing ("OEM") of heat transfer solutions and aviation accessories through our Kiryat Gat facility (TAT Israel); (ii) maintenance repair and overhaul ("MRO") services for heat transfer components and OEM of heat transfer solutions through our subsidiary Limco Airepair Inc. ("Limco"); (iii) MRO services for aviation components through our subsidiary, Piedmont Aviation Component Services LLC ("Piedmont") (mainly Auxiliary Power Units ("APUs") and landing gear); and (iv) overhaul and coating of jet engine components through our subsidiary, Turbochrome Ltd. ("Turbochrome").
TAT's activities in the area of OEM of heat transfer solutions and aviation accessories through TAT Israel primarily include the design, development and manufacture of (i) a 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 and ground applications; and (iii) a variety of mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.
TAT's activities in the area of MRO and OEM of heat transfer solutions include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT's Limco subsidiary operates a Federal Aviation Administration ("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 and landing gear. 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 jet engine overhaul through its Turbochrome facility includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.
Contact:
Mr. Eran Yunger
Director of IR
erany@tat-technologies.com
Safe Harbor for Forward-Looking Statements
This press release and/or this report contains "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements 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.
TAT TECHNOLOGIES LTD
.
CONSOLIDATED BALANCE SHEETS
U.S dollars in thousands
December 31,
2025 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $51,259 $7,129
Accounts receivable, net of allowance for credit losses of $172 33,420 29,697
and $400 thousands as of December 31, 2025 and 2024, respectively
Inventory 75,549 68,540
Prepaid expenses and other current assets 6,071 7,848
Total current assets 166,299 113,214
NON-CURRENT ASSETS:
Property, plant and equipment, net 46,922 41,576
Operating lease right of use assets 5,807 2,282
Intangible assets, net 1,452 1,553
Investment in affiliates 4,905 2,901
Restricted deposit 307 305
Funds in respect of employee rights upon retirement 398 654
Deferred tax assets 639 877
Total non-current assets 60,430 50,148
Total assets $226,729 $163,362
TAT TECHNOLOGIES LTD
.
CONSOLIDATED BALANCE SHEETS
U.S dollars in thousands
December 31
2025 2024
LIABILITIES AND SHAREHOLDERS 'EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loans $2,227 $2,083
Short term loans 4,350
Accounts payable 12,986 12,158
Accrued expenses and other 17,296 18,594
Current maturities of operating lease liabilities 1,474 939
Total current liabilities 33,983 38,124
NON-CURRENT LIABILITIES:
Long-term loans 9,485 10,938
Operating lease liabilities 4,448 1,345
Liability in respect of employee rights upon retirement 770 986
Deferred tax liabilities 1,652
Total non-current liabilities 16,355 13,269
COMMITMENTS AND CONTINGENCIES (NOTE 11)
Total liabilities 50,338 51,393
SHAREHOLDERS 'EQUITY:
Ordinary shares of NIS 0 par value. Authorized: 19,000,000 shares at
December 31, 2025 and 13,000,000 shares at December 31, 2024
Issued:13,257,610 and 11,214,831 shares at December 31, 2025 and 2024,
respectively
Outstanding: 12,983,137 and 10,940,358 shares at December 31, 2025
and 2024, respectively
Additional paid-in capital 136,578 89,697
Treasury shares, at cost, 274,473 shares at December 31, 2025 and 2024 (2,088) (2,088)
Accumulated other comprehensive income (loss) 643 (76)
Retained earnings 41,258 24,436
Total shareholders' equity 176,391 111,969
Total liabilities and shareholders' equity $226,729 $163,362
TAT TECHNOLOGIES LTD
.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S dollars in thousands
Three Months Ended
December 31 Year ended December
31,
2025 2024 2025 2024
Revenues:
Products $13,046 $11,879 $50,850 $47,710
Services 33,488 29,165 127,165 104,406
46,534 41,044 178,015 152,116
Cost of revenue:
Products 9,180 8,792 35,793 33,986
Services 25,636 22,769 98,124 85,116
34,816 31,561 133,917 119,102
Gross profit 11,718 9,483 44,098 33,014
Operating expenses:
Research and development, net 497 302 1,384 1,248
Selling and marketing 2,470 2,099 8,576 7,746
General and administrative 4,208 2,961 15,730 11,901
Other (income) expense (404) 7 (404) (383)
6,771 5,369 25,286 20,512
Operating income 4,947 4,114 18,812 12,502
Interest expenses 175 289 1,010 1,472
Other financial expenses, net 32 169 325 477
Income before taxes on income 4,740 3,656 17,477 10,553
Provision for taxes on income 519 289 2,143 195
Income before share of equity investment 4,221 3,367 15,334 10,358
Share in profits of equity investment of 505 1,488 809
affiliated companies
208
Net income $4,726 $3,575 $16,822 $11,167
TAT TECHNOLOGIES LTD
.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S dollars in thousands
Three Months Ended
December 31 Year ended December
31,
2025 2024 2025 2024
Net income $4,726 $3,575 $16,822 $11,167
Earnings per share
Basic $0.36 $0.33 $1.39 $1.08
Diluted $0.36 $0.32 $1.37 $1.00
Weighted average number of shares
outstanding
Basic 12,959,476 10,887,540 12,075,678 10,363,978
Diluted 13,093,285 11,707,622 12,283,312 11,215,827
TAT TECHNOLOGIES LTD
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
U.S dollars in thousands
Three Months Ended
December 31, Year ended December
31,
2025 2024 2025 2024
Net income $4,726 $3,575 $16,822 $11,167
Other comprehensive income (loss), net:
Net unrealized losses from derivatives - (27)
Change in foreign currency translation adjustments 144 (197) 719 (76)
Total comprehensive income $4,870 $3,378 $17,541 $11,064
Ordinary shares Accumulated
Number of Amount Additional paid- other Treasury Retained
in capital shares earnings Total
shares comprehensive shareholders'
issued equity
income (loss)
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, 202
3
:
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, 202
3 10,377,085 3,140 76,335 27 (2,088) 13,269 90,683
CHANGES DURING THE YEAR ENDED DECEMBER 31, 202
4
:
Comprehensive income (loss) (103) 11,167 11,064
Exercise of options 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 YEAR ENDED DECEMBER 31, 202
5
:
Comprehensive income 719 16,822 17,541
Exercise of options 175,481 282 282
Issuance of common shares on public offering, net of issuance costs of $2,769 thousands 1,625,000 39,415 39,415
Exercise of the underwriters' option on public offering, net of issuance costs of $413 thousands 242,298 5,953 5,953
Share based compensation 1,231 1,231
BALANCE AT DECEMBER 31, 2025 13,257,610
$- $136,578 $643 $(2,088) $41,258 $176,391
TAT TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three Months Ended Year ended
December 31,
December 31,
2025 2024 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $4,726 $3,575 $16,822 $11,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 1,339 1,136 5,101 5,455
Loss (gain) from change in fair value of derivatives 22 22
Net change in operating right of use asset and operating lease liability 112 18
112 18
Noncash financial expenses (income) 1,247 79 1,881 (187)
Decrease in restructuring plan provision (63) (63)
Change in allowance for credit losses (149) 55 (228) 55
Share in results of affiliated companies (505) (208) (1,488) (809)
Share based compensation 551 185 1,231 395
Capital gains from sale of property, plant and equipment (401) (123) (401) (478)
Deferred income taxes, net 424 208 1,890 117
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable 59 (37) (3,495) (9,743)
Decrease (increase) in other current assets and prepaid expenses 394 (625) 2,235 (1,463)
Decrease (increase) in inventory 1,520 (6,510) (7,532) (17,165)
Increase (decrease) in trade accounts payable (4,381) (746) 359 2,170
Increase (decrease) in accrued expenses and other 629 2,073 (1,513) 4,691
Net cash provided by (used in) operating activities 5,565 (961) 14,974 (5,818)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, plant and equipment 900 900 1,275
Purchase of property, plant and equipment (2,044) (1,569) (10,954) (5,126)
Net cash used in investing activities (1,144) (1,569) (10,054) (3,851)
TAT TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three Months Ended Year ended
December 31,
December 31,
2025 2024 2025 2024
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term loans $(528) $(562) $(2,088) $(2,016)
Net change in short term loans 1,754 (4,350) (7,650)
Proceeds from issuance of ordinary shares and exercise of underwriters' option 48,550 9,827
Issuance costs of ordinary shares and exercise of the underwriters' option (3,182)
(96)
Proceeds from exercise of options 282 282
Net cash provided by (used in) financing activities (246) 1,096 39,212 161
Net increase (decrease) in cash and cash equivalents and restricted cash 44,132 (9,508)
4,175 (1,434)
Cash and cash equivalents and restricted cash at 7,434 16,942
beginning of period 47,391 8,868
Cash and cash equivalents and restricted cash at end of period $51,566 $7,434
$51,566 $7,434
Supplementary information on investing and financing activities not involving cash flows:
Additions of operating lease right-of-use assets and operating lease liabilities 3,859 983
104 165
Reclassification of inventory to property, plant and equipment 579 155
95
Supplemental disclosure of cash flow information:
Interest paid 55 111 1,001 1,400
TAT TECHNOLOGIES LTD
.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
U.S. dollars in thousands
Three Months Ended Year ended December
31,
December 31,
2025 2024 2025 2024
Net income $4,726 $3,575 $16,822 $11,167
Adjustments:
Share in results and sale of equity investment of affiliated companies (505) (208) (1,488) (809)
Provision for income taxes 519 289 2,143 195
Financial expenses, net 207 458 1,335 1,949
Depreciation and amortization 1,385 1,254 5,410 5,717
Share based compensation 551 185 1,231 395
Adjusted EBITDA $25,453 $18,614
$6,883 $5,553
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SOURCE TAT Technologies Ltd
