TAT Technologies Ltd. Aktienkurs
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 494,06 Mio. $ | Umsatz (TTM) = 177,02 Mio. $
Marktkapitalisierung = 494,06 Mio. $ | Umsatz erwartet = 203,12 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 454,03 Mio. $ | Umsatz (TTM) = 177,02 Mio. $
Enterprise Value = 454,03 Mio. $ | Umsatz erwartet = 203,12 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
TAT Technologies Ltd. Aktie Analyse
Analystenmeinungen
13 Analysten haben eine TAT Technologies Ltd. Prognose abgegeben:
Analystenmeinungen
13 Analysten haben eine TAT Technologies Ltd. Prognose abgegeben:
TAT Technologies Ltd. Events
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AUG
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Q2 2026 Earnings Call
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vor 4 Monaten
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19
Q4 2025 Earnings Call
vor 6 Monaten
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NOV
13
Q3 2025 Earnings Call
vor 10 Monaten
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aktien.guide Basis
TAT Technologies Ltd. — Q2 2026 Earnings Call
1. Management Discussion
Good morning, and thank you for joining the TAT Technologies Second Quarter 2026 Earnings Conference Call. This call is being recorded. My name is Matt Chesler with FNK IR, a U.S.-based Investor Relations firm supporting Eran Yunger, TAT's Head of Investor Relations.
Joining me today are Igal Zamir, TAT's President and CEO; and Ehud Ben-Yair, TAT's CFO.
Before we begin, I'd like to remind you that certain statements made on this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.
Additional information regarding these risks and uncertainties can be found in our filings with the SEC, including our most recent Form 20-F. TAT assumes no obligation to update forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.
During this call, we may disclose certain non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings release issued earlier today and in our Form 6-K filed with the SEC.
And with that, I'll turn the call over to Igal.
Thank you, Matt. Good morning, everybody, and thank you for joining us. We appreciate your continued interest in TAT. The strong second quarter marked an important inflection point for TAT. We delivered another record quarter, converting strong demand into the highest backlog in our history and grew revenue by nearly 23%. Improving supply chain conditions allowed us to convert previously constrained customer demand into revenue, further bolstering our strong performance while continuing to expand profitability and grow our record backlog.
TAT's competitive position continues to strengthen. We are becoming an increasingly important aftermarket partner to airlines, OEM and MRO providers, leveraging the breadth of our capabilities, the quality of our execution and long-standing relationship across aviation ecosystem. An important milestone this quarter was the expansion of our strategic relationship with Honeywell Aerospace. We are now Honeywell's sole global authorized distributor for spare parts for the 331-200, 250 APU platform. We also extended our MRO license for that platform to 2036 and acquired 3 Honeywell Aerospace 131-9A APUs to expand our trading and leasing business.
The expanded Honeywell agreement adds a distribution capability we didn't have on this platform before. Historically, we supported the 331-200, 250 platform to MRO and serviced alone. And now we are also a part supplier, giving operators lessors and MRO partners one source across the full life cycle from parts to repair and return. Also, extending the agreement to 2036 further strengthened the long-term visibility and secure the profitability of this important business while reinforcing one of our most valuable OEM relationships.
When it comes to the industry, commercial aviation fundamentals remain exceptionally healthy. Aircraft are staying in service longer than historically norms. Utilization rates are high and operators continue to prioritize reliable aftermarket support. These trends continue to support healthy demand across our repairs overall and components business. While supply chain conditions have improved significantly, they have not fully normalized. We will continue to prioritize customer support even when that requires targeted inventory investment or higher procurement costs. Although these actions have somewhat dampened our profitability gains in the short term, they help keep the aircraft in service and reinforce our reputation as a trusted aftermarket partner.
We expect inventory requirement to become more efficient as supply chain continues to improve. We believe that investments we are making today will strengthen customer relationship, expand future business opportunities and create long-term value for [Audio Gap].
On the strategic priorities and M&A front, M&A remains an important component of our long-term growth strategy. We see acquisition as a way to expand our MRO capability, strengthen our thermal system business and broaden our platform portfolio and, finally, establish a greater presence in geographies that brings us closer to customers. These opportunities have the potential to enhance our competitive position while expanding our relevance across the global aviation aftermarket.
We believe that we are well positioned to execute this strategy. Our strong balance sheet provides the financial flexibility to pursue acquisitions, while our operating platforms and integration capabilities enable us to successfully incorporate complementary businesses. As always, we remain disciplined on valuations and strategic fit, and we will not pursue acquisitions simply for the sake of growth.
Our M&A efforts continue to move front and center. We have built a robust pipeline of potential acquisition targets, completed initial due diligence on a number of opportunities and are actively evaluating them. M&A is becoming an important focus of our team, reflecting both the quality and the opportunities we are seeing and our commitment to execute this important element of our long-term growth strategy.
In terms of the outlook for the rest of the year, our performance in the second quarter and the first 6 months of 2026 demonstrates the progress we have made and the strong position TAT occupies in the industry. Customer demand remains exceptionally strong with our record backlog of $650 million, providing excellent visibility into the future revenue. Simultaneously, supply chain conditions continue to improve, giving us increasing confidence in our ability to convert our record backlog into revenue while maintaining service levels to our customers.
Building on the existing relationship, we continue to strengthen our competitive position through expanding OEM relationship and broader platform coverage, highlighted by the recent Honeywell agreement, which enhanced our service offering while extending an important long-term partnership through 2036.
Finally, our strong balance sheet provides the financial flexibility for strategic acquisitions that can further expand our capabilities and addressable market. Taken together, these factors reinforce our confidence in TAT's ability to continue delivering profitable growth while creating long-term value for our shareholders.
With that, I will turn the call over to Ehud for a more detailed review of the financial results.
Thank you, Igal, and good morning, everyone. Good afternoon for the guys in Israel. As noted, the second quarter benefited from strong demand and the record backlog. Also, the improvement in supply chain environment enabled us to convert a significant portion of work into revenue as supply constraints eased. We have won several new contracts. We are now starting to see the benefit of these wins following through our financials. All in all, it was a great quarter.
That said, while profit margin improved, our operating leverage would have been higher if not for some ongoing supply chain issues and weaker exchange rate of the U.S. dollar against the Israeli shekel. Second quarter revenue was $52.9 million compared to $43.1 million in the second quarter of 2025, an increase of nearly 23%. All product segments contributed to the growth in this quarter.
Demand remains exceptionally strong as reflected in a record backlog and a long-term agreement, which increased to a record of $615 million at the end of June 30, 2026.
Gross profit increased by 23% year-over-year to $13.3 million with gross margin remaining above 25%. This reflected healthy pricing and operating execution despite continued supply chain inefficiencies that increased procurement costs in certain product lines.
We are closely monitoring the supply chain issues, which are impacting revenue growth while we continue to maintain full expense level for this segment. We still have a low visibility of when supply chain issues within this segment will be resolved.
Operating income was $5.6 million or 10.6% of revenue compared to $4.4 million or 10.3% of revenue in the second quarter of 2025. With parts availability in certain areas of our business remaining challenging, we have continued to prioritize customer delivery schedule by securing certain components at higher cost when necessary. Absent the ongoing supply chain challenges, our margin expansion would have been even stronger.
We continue to invest in the company's growth, infrastructure and M&A capabilities. This led to an increase of SG&A expenses. We also continue to invest in development of future thermal system, resulting in a modestly higher R&D expenses.
Net income were $8.1 million compared to $3.4 million in the second quarter of 2025. Diluted earnings per share were $0.61 compared to $0.30 in the second quarter of 2025. The second quarter of 2026 included a nonrecurring one-time gross gain of approximately $4.3 million from the sale of a minority interest in an unconsolidated entity and a nonrecurring charge of $900,000 related to tax expenses. The net impact was $3.4 million on the net profit. Excluding the nonrecurring gain from the minority interest sale, net income was $4.6 million or $0.35 per diluted share.
The foreign exchange of USD against the Israeli shekel was a headwind in the second quarter of 2026. The strength of the shekel to the U.S. dollar during Q2 led to foreign exchange losses of over $600,000. We are working with our customers and suppliers on finding solution to these issues without harming the flow of operation in Israel.
Adjusted EBITDA, excluding the one-time gain was $7.4 million or 14% of revenue compared to $6.1 million or 14% of revenue in the second quarter of 2025. For the cash, cash used in operating activity was $0.6 million compared to $7 million and a positive cash flow in the second quarter of 2025. A portion of the revenue that we recognized had not yet converted to cash collection by quarter end, and we expect that to convert during the third quarter.
Working capital requirements are expected to remain elevated in the near term as we support the expanded distribution agreement through strategic inventory investments. We view these investments as an attractive use of capital to support future revenue growth.
Briefly summing the results for the first 6 months of 2026. Revenue increased by 10.4% compared to the same period in 2025 and reached to $94.1 million. Gross profit increased by 12.4% to $23.4 million. This represents 24.8% gross margin, up approximately 40 basis points year-over-year. Operating income was flat at $8.6 million. Net income, which includes a $3.4 million one-time benefit, increased by 58.1% to $11.5 million. And excluding the nonrecurring benefit, net income would have increased approximately by 11% to $8.1 million.
Diluted earnings per share, inclusive of the one-time gain, were $0.87 versus $0.64. The one-time gain represented approximately $0.26 in diluted earnings per share in the current period. Adjusted EBITDA, excluding the one-time gain, increased by 4.1% to $12.3 million or 13.1% EBITDA margin.
For the balance sheet, our balance sheet remains a competitive advantage. We ended the quarter with net cash of $43 million with a 0.2 debt-to-cash ratio and 0.43 debt to last 4 quarter EBITDA ratio. We also recently secured a new $100 million 5-year revolving line of credit with several U.S.-based banks, giving us significant flexibility to support our M&A strategy and future growth of the company.
Diving into the product line, heat exchanger's revenue increased by 7.8% in the second quarter of 2026 and 4.2% in the first half compared to the same period last year. Heat exchanger business is both OEM and MRO and the growth is single digit and steady according with our expectation. In APU, this quarter results are affected by the supply chain recovery as communicated on the previous earnings call as well as by new long-term contract wins. We expect to continue the positive trend. Overall, this product line grew by 22.2% in the first half of 2026 despite the supply chain impact.
Trading & Leasing increased by 17% this quarter with several good trades and steady revenue from leasing activities, which will now benefit from 3 additional 131-9A and engines that were purchased, ending year at 5% of our total revenue, is still affected by supply chain constraints.
To summarize, the backlog is at record level. We announced 2 new and important contracts with customers that include both the legacy platform and the new platform. Gross margins continue to be stable above 25%, and the balance sheet is positioned to support our growth strategy. The supply chain is improving and has an incremental growth, and we are very optimistic about TAT's future in general and especially for 2026 results in particular.
And with that, I will turn the call back to Igal.
Thank you, Ehud. Before we move to questions, I would like to thank our employees around the world. Their professionalism, especially the close coordination with our customers and the suppliers this quarter, is what makes the results like this possible. As we close, there are 3 quick takeaways.
First, our fundamentals have never been stronger. Customer demand keeps growing and backlog and long-term agreements reached a new record. Second, we are deepening our competitive position. Our expanded relationship with Honeywell adds new distribution rights and extends our MRO authorization through 2036. And third, our balance sheet gives us flexibility to be growing organically, but more importantly to support our strategic inorganic growth to create long-term value for our shareholders.
We are entering the second half of 2026 with more momentum, more visibility and a stronger competitive position than at any point in our history. I would like to thank you for your continued support, and we look forward to updating you in our progress.
With that, I will turn over to Matt for questions.
Thank you, Igal. We're now going to open up to the Q&A session. [Operator Instructions] First question is from Jeff Van Sinderen at B. Riley Securities.
Let's move on, and Jeff, you can jump back into the queue. The next question is from Josh Sullivan at Jones Trading.
Let's move on to the next question. The next question is from Ben Klieve at Benchmark.
2. Question Answer
All right. Is that working? Can you guys hear me?
Yes.
All right. Well, first of all, congratulations on a very good quarter here. First, I have a question about the APU business and the parts availability dynamic. And I'm curious if you can give us a bit of context around the number of APU units that have been sitting, awaiting that parts availability to unlock. So I'm just curious if you can kind of level set us on kind of where the number of units waiting to be worked on ended your 2025, kind of where that peaked at the height of the parts challenge earlier this year and kind of where that sits right now.
I think that if you come to the Greensboro facility, give or take at any time, you will see a couple of dozens of APUs in the shop in different stages. Those of you who visited us when we had the Analyst Day in Greensboro, so back then, we had about 50, 60 in the shop on a certain day, [indiscernible] day. We peaked at the end of Q1 because we had a couple of -- we have several engines that were ready to ship but missing the last part that we couldn't farm.
Obviously, all these engines were shipped during Q2. the overall amount of engines kind of normalized a little bit back. But at any point, even at the end of second quarter, if you show up at the facility, you will see 40, 50 engines easy in any certain day. I would say that now it's back to normal. You need to remember that the other factor is that we won several new businesses, which we published. So obviously, with new customers sending more engines, you should expect to see a gradual increase in the amount of engines a week in the process.
Got it. Very good. That's very helpful. And then for my follow-up, and then I'll get back in queue is also around the parts availability dynamic. I mean I'm curious, one, the degree to which the second quarter results were kind of a positive surprise for you relative to where you thought this may end up during your fourth quarter call, if the parts availability kind of came in faster than you were expecting? And then also, can you give us any kind of context around your expectations here for really when this will fully normalize on a full quarter basis, if you even have that visibility? And then I'll get back in queue.
I have to split my answer into 3 different levels, parallel tracks. On a macro level, what we see in the industry more and more is more parts producers or raw material producers that are extending their lead times. There is so much pain around on-time delivery and some of the vendors just choose to increase lead time, so they can meet their turnaround expectations or delivery expectations. So that's one factor that affects you because when they announced that they have a new extended lead time, all of a sudden, it creates a rupture in the system.
Some of the OEMs that were used to keep very large inventory to support shops like ours are also under pressure to reduce inventory, and they are as a measure to reduce their inventory, reducing their level of inventories, more aligned with their subcontractors lead times. and the availability or ability to react fast to changing demand.
We need to remember on the OEM, it's fairly easy to project and to anticipate 6 to 12 months in advance and to provide the vendors enough lead time. And general saying, we don't have problems there at all. Going to your last question, OEM stabilized as a general thing. But on the MRO, because of the nature of the business and because of the large fluctuations in power consumption between different airlines, between different times of the year, there is much more volatility. And that's more challenging. And now that the lead times are expanding, it's becoming more and more challenging.
The last factor is the specific crisis that we had in Q1 with one major OEM that just couldn't ship. And when we announced it first time when we published our annual results, we said that we have a problem and we didn't see the light at the end of the tunnel, but we've been getting a lot of promises for recovery, which took a lot of time. Eventually, they caught up. So this major crisis that we experienced in Q1 is behind us. And now we are more into general supply chain challenges in MRO and aerospace with extended lead times and the need to predict much more in advance, which is difficult, what you will need and when you will need and be able to give the vendors enough time to react. So obviously, it's a challenge, and we are adjusting our systems to these new expectations and new lead times, mainly affecting landing gear and APU.
And the next question is from Alexandra Mandery from Truist.
Great results. So I was wondering how your progress is on gaining content on APU, MRO for Boeing 737 and A320 series. What is your strategy like to gain content there? And has it shifted at all over time?
I think I remember that you asked me more or less the same question 3 months ago in the last call, and it's pretty much the same. I think that we are gaining traction on the -- nice traction on the 500 engine. And on the Boeing 737 and the Airbus 320, it's more of a one-off opportunities than long-term contracts. And I believe that given the very competitive nature from the 131 and it's expected, and I don't anticipate any major -- by the way, we are competing all the time on RFPs and hoping to win some of them, but we are not targeting the large airlines as a key opportunity for growth in this platform.
All right. And then are you seeing any impacts of higher jet fuel prices or conflict in the Middle East impacting your customers or the business? And what have you heard from your airline customers?
Obviously, they are concerned about it, but we didn't see any impact. If you look at industry data, utilization of aircraft is in a very healthy position and the fleets are flying. It puts some constraint on the airline profitability, but it doesn't affect -- they need to keep the fleet flying and the utilization is high. So it doesn't affect MRO, general saying.
Let's now ask the -- answer the question from Josh Sullivan at Jones Trading, who submitted it via chat. And here's the question. With the supply chain improving here, how do we think about backlog conversion going forward? Should we expect the impressive backlog to release here? Or can it extend even as you deliver more? Can it expand even as you deliver more?
Ehud, feel free to add after, I'll give my 2 cents. But as a general thing, most -- the vast majority of the of the backlog increase, the value of the long-term agreement is long-term agreement. So we're not expecting any, I call it, miracles quarter-over-quarter. Obviously, Q1 was a one-time dip that we recover from it. But moving forward, any new win that we published is going to be spread over 3 to 5 years, and we are expecting a steady growth, not any major jump.
There was a little bit of factor this quarter of specific backlogs of engines that were stuck in the bidding, and we couldn't bring them to the finish line. Obviously, we recognized them in Q2. But looking forward, I don't see -- there is no expectation. Obviously, things can change, and we may be surprised by very large intake, but I don't have any indication today that suggests that such a jump is expected. Ehud, I don't know if you have any further color to add.
Yes. I think the only thing to add is just we want to make sure that the audience and the analysts that are covering the company understand that this quarter had some catch-up from the previous quarter. So I'm suggesting all those who are trying to understand the past and try to forecast the future, obviously, is to look at the average of the first 6 months of the year rather than thinking that the second quarter is the baseline for the future. Obviously, the company will continue to grow, but I need to make sure that people understand exactly the results.
Josh's follow-up question is on M&A. He's asking what leverage levels are you comfortable with? And what areas are in the strategic interest at this point? Does the extended lead time dynamic influence your M&A thoughts as well?
Ehud, would you like to take it?
Yes. So first of all, I would say that with the M&A in general, we are doing very good progress. I think we're looking now at a very healthy funnel of very interesting opportunities. And as I said a few minutes ago, we are very disciplined about it. We define the strategic deals that we're looking for. We define what are the prices that we are willing to pay, and we are going to be very, very disciplined. But in general, I'm very encouraged with the fact that there is a very, very healthy funnel.
With regards to the other financial aspect that we communicated in the past and this is still the plan, any deal that will be executed will be at a lower multiple than we are trading for sure. And we usually go for -- to finance it with a 50% credit and 50% the money that will come from the capital market. We're not going to expose the company too much in terms of leverage, and we want to keep it as a healthy leverage, nothing more than that. We're not going to take any risk.
Let's move back to a live question. We have Jaeson Schmidt from Lake Street.
Just curious if you could discuss the supply chain dynamics in the landing gear market. I know you had some open work orders last quarter, but given the sequential and year-over-year improvement in the landing gear business, just wondering if we should take that the supply conditions have eased there as well.
Jaeson, before we start, just let's all make sure that we remember landing gear is a very small portion of the business, about 5%. And we don't see the recovery as we reported in the last few quarters, the dynamics that we see is a drastic extension of lead times, in some cases, to more than 12 months, major -- which has a major impact on the ability to adjust to the needs. These are very expensive parts. You need to remember that on landing gear, not like the APU where you can use USM parts and find solutions from the market when the OEM gets stuck. On landing gear, there is a general saying there is much more usage of new parts from the OEM. And when these parts are not available, then you cannot complete the work. I don't -- we don't have a visibility to when this trend is going to stabilize, but it really affects the lending gear business.
Understood. And then just as a follow-up, can you help us think about operating expenses and that trend through the second half of this year?
Yes, you need to remind that and we discussed it second half of last year, we invested a lot in establishing infrastructure to support the good strategic growth and to support M&A. So we expanded our overhead at the group level in a meaningful way in the second half of last year in preparation. Obviously, we are working very hard to get going with M&A and to show the first deal whenever we will be ready. And moving forward, I think that we have the infrastructure today that we need to support the growth. And as we continue growing, it will help us improve the operating margin.
The next question is a follow-up from Jeff Van Sinderen at B. Riley.
Great. Can you guys hear me now?
Yes, Jeff.
Let me add my congratulations on the strong results for the quarter. Just wanted to circle back to supply chain for a moment, if we could. Wondering what still needs to happen for normalization there? Are there specific remaining bottlenecks that you're working on? And then what do you think is the time frame for normalization?
That, I would say, is a tricky question because in most cases, we are dealing with the OEMs that have their own supply chain challenges. So it's a pass-through from subcontractors to the OEMs, not something that we can definitely impact one way or the other. So we are more dependent on the OEM actions. When it comes to direct material -- as I said it before, when it comes to direct material [indiscernible] from the source, it stabilized when you look at all the raw materials for our thermal components, as example, we have no issues.
When it comes to parts that we are sourcing from OEMs, and these OEMs have a very large network of subcontractors and some of them are really struggling to catch up, I still that we are seeing after COVID effect. So many, many small subcontractors disappeared or shut down their business during COVID, lots of single source dependency and now they need to develop new sources and to certify them, which is a very long process in aerospace. But that's my personal thought.
What we experience is the relationship with the OEM and what we are projecting to you guys is more based on what the OEMs are telling us. There's another factor that affects some of the businesses. In normal times, there is a large market of USM parts available as a substitution for OEM parts when there is a shortage of parts. But these days, airlines, the retirement of old fleets are much slower than normal because airline are forced to keep on flying old fleets. Everybody is searching for the USM parts, which makes them -- which makes it much more difficult to find them. And even if you find them, you pay much more than what we used to pay in the past. So that's the dynamic. We see it all over the place, and we see many of our competitors and other industry players sharing the same dynamic. The only thing that we can do, and we've been doing it is to drastically increase our inventory to keep much more buffers to deal with all of this.
Okay. That's really helpful. It seems like you're handling it very effectively. Could you maybe elaborate a little bit more on your expanded relationship with Honeywell and how you expect that relationship to benefit your business in the future?
First of all, the relationship with Honeywell is extremely important to us. It's one of our -- the APUs in general is one of our strategic product lines and represents the fastest growth opportunity for TAT. We are making good -- we made great strides on the 250 platform over the last few years. We are growing this type of engine very, very fast. And now with distribution, it gives us the full -- we can support the full ecosystem, not just providing MRO services and leasing, but now also supporting customers and other industry players, including competitors with parts when they need them. I see it as an opportunity also to grow the distribution.
In general, we find the distribution business very interesting. And this first deal basically on top of being a good deal for TAT and expanding the business and everything that we mentioned is also the first time that we are going to experiment and get proficient in dealing with distribution, which hopefully we can do in distribution services, which hopefully we can do more in the future. And I think that the expansion of the agreement in 6 more years is also a critical component, a major advantage for TAT, which provides a lot of visibility and help us to secure a profitable growth for the next 10 years.
We have a question that was e-mailed in from [ Sergio Heber ], who's asking us to walk through the working capital dynamic in the second quarter in terms of operating cash flow. And then related to that, is there anything that we should be thinking about in terms of working capital and cash flow as it relates to the expanded relationship with Honeywell?
Yes. So the operating cash flow in the second quarter of 2026 was impacted from 2 things mainly. One thing is continued increasing inventory as explained before. We started purchasing inventory for the distribution and deal. Also we strategically invested in inventory on areas where we felt that the shortages and risk in the market in order to again with the situation that we were in Q1 of this year. Looking forward for the rest of the year, I'm expecting inventory to continue growing. Again, that's a strategic decision here, and it will have some impact on the working capital.
On the other hand, as I mentioned before, there were several deals that were not collected during the second quarter of the year, and they were pushed for collection in Q3 for this year, which will create a positive impact on the cash flow. So all in all, just to summarize all those details, I'm expecting operating cash flow to continue to trend in this way. I'm expecting inventory to continue growing. As I said, there are 2 factors, the distribution thing and the lack of parts in the market. On the other hand, as the CFO of the company, I'm not concerned. We have enough cash. We are generating profit. So we have the internal resources to deal with those demands without increasing any line of credit or taking [indiscernible].
Thank you, Ehud. With that, there are no more questions in the queue that haven't already been addressed at some point during the conversation today. So with that, we are going to bring the conference call to a close. I wanted to thank everyone for joining us today, and we look forward to keeping you updated on the company's progress on future earnings calls. With that, you may now disconnect your lines.
Thank you very much.
Thanks.
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TAT Technologies Ltd. — Q2 2026 Earnings Call
TAT Technologies Ltd. — Q1 2026 Earnings Call
1. Management Discussion
Let's get started. Good morning, everyone, and thank you for joining the TAT Technologies First Quarter 2026 Earnings Conference Call. This call is being recorded. My name is Matt Chesler with FNK IR, a U.S.-based Investor Relations firm supporting Iran Younger, TAT's Head of Investor Relations. Joining me today are Igal Zamir, TAT's President and CEO; and Ehud Ben-Yair, TAT's CFO. Before we begin, I would like to remind you that certain statements made on this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks and uncertainties can be found in our filings with the SEC, including our most recent Form 20-F. TAT assumes no obligation to update forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements. During this call, we may also discuss certain non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings release issued earlier today and in our Form 6-K filed with the SEC. With all of that, I'd like to turn the call over to Igal.
Thank you, Matt. Good morning, everybody, and thanks for joining us. We appreciate your continued interest in TAT. TAT Technologies entered 2026 with a robust operational foundation and the record customer demand in the first quarter reinforce our confidence in the trajectory we are on. Demand for our services has never been stronger and the value of our long-term agreement and backlog reached an all-time high, growing to approximately $580 million at the end of Q1, reflecting new contracts win and strong customer intake in MRO. We continue to make significant progress on our organizational infrastructure and operational plans for margin expansion.
M&A remains a key priority. We established a team with direct industry relationships and operating experience required to source and execute the right transactions in this market. We are not in a rush. We are building towards the right outcomes. In parallel, during Q1, we experienced supply chain disruptions, leading to delayed completing open work orders and deliveries. As a result, our revenue slightly declined year-over-year, not fully utilizing our growing backlog. We expect this obstacle to be resolved in the next few months, allowing TAT the growth trajectory. I will walk you through what drove the quarter, what remains fully intact in the business and how we are thinking about the balance of 2026. Ehud will then take you through the financial details. Let me begin with the backlog because it's the most important signal that we can give you about where the business stands today.
Backlog and long-term agreements increased to $580 million as of March 31 from $550 million at the end of 2025. This is a record for TAT and mostly related to new contract wins. When it comes to ongoing MRO demand, to give you a sense of the magnitude of the timing dynamics, we ended the quarter with approximately $15.5 million of APU and Landing Gears open work orders at our shops. We estimate that a material portion of this work, which was near completion, but could not be released due to missing components would have been shipped and recognized in the quarter if part has been available. Switching to the first quarter results. So turning into the quarter itself, we have a slight decline in revenue year-over-year. As explained, this softness reflects constraints in component availability from some key OEM partners that delayed the completion of release -- and the release of units in APUs and Landing Gear operations.
The APU components in questions are not technically complex. They are standard commodity level parts, but until they arrive, units cannot be released. The associated work remains under contract, volume shifted into future periods rather than being lost. The demand is there, the contracts are there, the capacity and workforce is there, and our confidence in the full year revenue and EBITDA growth remains intact. Ehud will walk you through the financial details in a moment, including margin performance and cash flow, both of which tells a more complete story about the health of the business.
Product line commentary. Let me briefly walk you through the performance across our service lines. In heat exchangers, we continue to see growing demand. Q1 of 2025 revenue reflected a huge effort to close late orders from 2024. The following quarters of '25 and '26 reflected the ongoing demand for our -- for both our OEM and MRO customers. Even against this higher base of Q1 '25, we look into '26 and are seeing increasing orders in both OEMs and MRO market. This business benefits from our -- more than 60 years of OEM and MRO experience, long-term supply relationship and diversified commercial and defense customer base. It continues to generate consistent recurring demand and remains the foundation of the platform. In the heat exchanger business, we achieved an operational milestone this quarter, delivering more than 97% of customers order on time.
In APU, intake was at a record level at this quarter. We won business and added new customers. We are seeing increased flow of newer engine platforms. And we exited the quarter with more contracted work than we entered, achieving a higher level of book-to-bill than usual. Our customer relationships are strong. We continue to support and engage customers even when the final delivery is delayed. We are in an active ongoing dialogue with our supply partners and have seen improvement in parts flow over the recent months. The business is fully ready to convert volume at the moment parts will flow and we expect it to.
In Landing Gear, component availability is a limiting factor and supply situation in this business is at an earlier stage of resolution than what we see on the APU. Once again, our market position is unchanged. Customer demand has not changed. What I can tell you is that we are not waiting for this to resolve itself. We have ongoing dialogue with our OEM partners, and we have established new processes with them to increase transparency and drive towards resolution. The level of engagement and the steps being taken give us more visibility into the path forward than what we had at the beginning of the year. Landing Gear is a smaller portion of the overall business, yet we will continue to press for resolution with the same urgency that we have applied from the beginning.
Finally, Trading and Listing delivered 29% year-over-year growth strong results for a business with inherent variability from quarter-to-quarter. The timing of asset transactions don't follow a straight line and the demand picture in this business continue to be very high. Q4 of 2025 was a record quarter for this business and our ability to complete certain engines exchanges in Q1 was limited by the same parts availability constraints affecting the MRO operations. The underlying demand picture remains strong, and we expect the business to be a meaningful contribution to our consolidated results. Switching a little bit to the industry. Stepping back from the quarter, what we hear from our customers and see in our own order flow continues to point to an encouraging direction. Demand for MRO services remained strong and the need to maintain and extend service life of existing fleet is there. That is the environment TAT operates in, and it continues to support our long-term opportunity.
The supply chain dynamics that affected our first quarter is an industry-wide phenomenon. Major OEMs and operators across the aerospace ecosystem have commented publicly on similar pressure in the recent weeks. As we shared in the past, in order to overcome it, TAT maintains a meaningful strategic inventory of critical APU parts. The recent shortage, which started in Q4 of '25 is in standard commodity level components, which are required in all APUs final assembly after the overhaul. While we have seen improvement in part flow over the recent months and while part sources expressed their confidence in their recovery, the broader environment remains dynamic, and we are not in a position to predict the precise pace of normalization.
Switching to M&A. M&A remains a key priority for TAT and our progress on this front is meaningful. Over the past 9 months, we have invested in building a team with direct industry relationships and operational experience required to source and execute transactions in this market. We brought a dedicated corporate development leadership with career spent in aerospace. We upgraded the Board with directors who bring scaled company operating backgrounds and add further connectivity into the broader aerospace ecosystem. We developed our internal systems and procedures to enable us to close M&A opportunities and integrate them into our business. That team is now actively engaged directly with potential acquisition targets with private equity firms that own assets in our addressable market and with a network of advisers and bankers who brings additional deal flow. As a result, our pipeline has expanded. We are evaluating opportunities, which is a notable change from where we were 6 months ago. Our focus continues to be on accretive bolt-on acquisitions that strategically fit into our platform, expand our addressable market and deepen the value we deliver to customers.
As we look ahead towards the balance of 2026, our confidence rests on three key factors. First, demand is the strongest it has been ever for TAT. Our record backlog of approximately $580 million reflects sustained engagement across all four of our service lines and the pipeline of new business continues to build. Second, our customer relationships remain fully intact and our customers have continued to work with us in partnership throughout this period. Third, TAT itself is a stronger company than it was at the beginning of 2025 operationally, institutionally and strategically. The investments we have made in the team, our processes and our balance sheet position us to convert demand into growth as the supply environment normalize. We are moving forward with conviction and indications from our suppliers are pointing close to normalization. Based on our visibility and what we are hearing directly from our customer partners, we continue to believe that 2026 will be a year of meaningful growth in both revenue and EBITDA. The supply chain timing dynamics we navigated in Q1 does not change that view. When parts flow, we are ready. And the backlog tells you exactly what is waiting on the other side. With that, I will turn the call over to Ehud for more detailed review on the financial results.
Thank you, Igal. Good morning, everyone. Good afternoon to those that are on the other side of the ocean. As I walk you through the first quarter financial details, the headline is straightforward. While the supply chain disruption affected the timing of revenue recognition during this period, we expanded gross margin year-over-year, generated positive operating cash flow and ended the quarter with a balance sheet that continues to support both organic growth and our M&A priorities. First quarter revenue was $41.1 million compared to $42.1 million in the first quarter of 2025. As Igal described, the year-over-year decline reflected industry-wide aerospace supply chain timing, not demand. The increase in our WIP inventory and parts is a reflection of the amount of work that could be recognized at the end of the quarter. Gross profit increased by 0.8% year-over-year to $10 million. Gross margin expanded approximately 80 basis points to 24.4% compared to 23.6% in the first quarter of '25. This margin expansion reflects the operational discipline and structural progress we have made across the businesses, including improvement in our cost structure and operating efficiencies and continued focus on cost management across our operations.
As we move forward, towards the year. We are monitoring expenses very close until revenue will start ramping up again. This is without harming our operational capabilities to ramp production when missing parts arrive. Operating income for the quarter was $3 million or 7.3% of revenue compared to $4.2 million or 9.9% of revenue in the first quarter of 2025. While gross profit increased year-over-year, operating expenses were higher in the period. This increase reflects our planned investment in next-generation R&D, the strengthening of our organizational structure and executive teams to pursue strategic M&A, strengthening the strategic sales team and the enhancement of our finance infrastructure to support SOX compliance, ongoing regulatory demand and expansions. Net income was $3.4 million compared to $3.8 million in the first quarter of 2025. Diluted earnings per share were $0.26 compared to $0.34 in the first quarter of '25. Net interest income in Q1 of 2026 were $39,000 compared to net expenses of $58,000 in the prior quarter. This is mainly due to a lower level of debt, offset by the impact of the Israeli shekel against the U.S. dollar exchange rate, which impacted some of our long-term loans. Taxes on income were $0.1 million for the 3 months ended March 31, 2026, compared to $0.6 million for the same period in 2025. The decrease primarily reflects lower taxable income and the impact of jurisdictional mix during the period. I want to remind the audience again that while taxes expenses are booked, the these are mainly accounting movements between deferred tax assets and liability. The new bill allowed us to defer tax payment in the United States to the end of 2026, while previously expected to start in Q1 of '26.
Also in Israel, we have enough carryforward losses that will take us through the end of 2026. Adjusted EBITDA was $4.9 million or 11.8% of revenue compared to $5.7 million or 13.6% of revenue in the first quarter of 2025. Moving to the cash flow. Cash flow from operating activities was positive at $1.9 million in the first quarter compared to negative of $5 million in the first quarter of 2025. Turning to the balance sheet. We ended the quarter with $51.2 million in cash and $11.2 million in total debt, resulting in a debt-to-EBITDA ratio of 0.45 calculated over the last 4 quarters of EBITDA. Shareholders' equity stood at $180.5 million, resulting in an equity-to-balance ratio of 77.5%. Our strong financial position gives us meaningful flexibility to continue investing in organic growth opportunities and advance the M&A pipeline.
To summarize, the volume deferred during the period is contracted and supported by a record backlog. Gross margin continued to expand, operating cash flow remains positive and our balance sheet is well positioned to support our growth strategy. While supply chain constraints affected the timing of revenue recognition in the quarter, the underlying demand remains intact, and we are well positioned to realize this contracted volume as supply conditions normalize. And with that, I will return the call back to Igal.
Thank you, Ehud. Before we move to questions, I would like to leave you with a few clear takeaways from today. Customer demand at TAT is at record level with our backlog growing to approximately $580 million, the majority of which reflects new business wins. The supply chain disruptions that affected our quarter is bounded and temporary. The deferred volume is contracted business that we expect to convert when supply conditions will allow. And TAT itself is a more capable company than what we were a year ago with the operational, institutional and strategic infrastructure to continue advancing our growth priorities, including M&A. I want to thank our employees around the world. Their professionalism, particularly in the quarter and acquired hand-on coordination with our customers and suppliers is what makes our continued progress possible. With that, I will turn over to Matt for questions.
Thank you, Igal. We're now going to open up to the Q&A session. [Operator Instructions] The first question is from Ben Klieve at Benchmark. Ben, please go ahead.
2. Question Answer
First question around the backlog. It's great to hear really a steadfast belief here that the supply chain problems are not having an impact on your backlog. And I want to lean into this. Clearly, your backlog ramped considerably in the first quarter. You had a couple of really nice wins. And I'm wondering if below those really nice wins, if there is any slippage either in the first quarter or second quarter to date from any of these customers that have been negatively impacted by the parts dynamic or perhaps customers that have had more macro challenges here around the price of jet fuel, any of the low-cost commercial providers, anything like that. So has there been any slippage out of backlog here, again, either in the first quarter or second quarter to date?
So let me address -- I'll try to address the question in several ways. First of all, maybe just to expand on what we just covered in the opening remarks. When you think -- when you look -- I mentioned earlier that we finished the quarter with $15.5 million of APUs and Landing Gear in open orders. And we believe that a material portion of it should have been released and recognized during the quarter if the parts would have been there. And also, if you look -- so that's kind of a reflection of the -- you can estimate what could have been in the quarter. We're entering the quarter and during the quarter, we were expecting Q1 to be to continue the trajectory of the growth that we had in the last few years.
So from a demand perspective, we were expecting and hoping for a very strong quarter. The second way to look at the -- and where we were at the end of the quarter is looking at the balance sheet, and I mentioned something about it. If you look at the inventory -- substantial inventory increase that we had during Q1, a big portion of this inventory increase that you see on the balance sheet relates to the open work orders, the value of the work that was done into the open work orders, another indicator for how much could have been added. As a general saying to the third question -- that I believe that you asked, as a general saying, the work is there. The demand is there, and we see the buildup of intake. We don't have -- so far, we don't see any indications. There are always exceptions here and there. But as a general saying, we don't see any impact on intake due to the environment. We actually see continuing strong momentum on intake.
Okay. That's very helpful. And then one other one for me and then I'll get back in queue is around your expectations, not necessarily for the timing of the parts, your access to the parts, but kind of the progression of getting from where you are today to when you'll be fully -- have full inventory. Are you expecting kind of a one-time event where these parts unlocks, especially on the APU side, all come in at once? Or do you think this is going to be kind of a trickling over several months or several quarters for you to get to the full inventory position that you need?
So okay. Again, I will split the answer into a few segments. First of all, let's start with APU, which is the vast majority of the opportunity that we have ahead of us in terms of catch-up. So first of all, we did a few things. While we are working very, very actively with our OEM partners to resolve the part situation, we are also extensive efforts to bring alternative solutions and to make sure that we have the parts from -- not just from the OEM agreements that we have, and it's contributing to the ramp-up. The OEM partners themselves are reporting on a substantial improvement on their side. But in the same time, they have a huge backlog, not just for TAT. We are only one of many, many customers that they have and the problems affect everybody. And therefore, I believe that the back to normal will take a couple of months. I don't expect any one go where all of a sudden next week or whatever we see all the parts in one day. It will be a process. They are optimistic that the problem -- the root cause of the problem is behind them and that they are on a recovery trajectory. We do see increase in -- a substantial increase in the last few weeks in deliveries, but it will take a few months.
The next question is going to be from Jonathan Siegmann from Stifel.
Maybe just to talk a little bit more about the parts shortage. Is there any risk that given these OEM suppliers who are having some problems delivering these parts are not -- are prioritizing their own internal use of these parts and you as a third-party partner are lower priority? Just maybe if you could address that concern, I would appreciate it.
I would say, again, I need to split the answer on the APU, there is 0 risk. There is no risk. And as we stated in the comments at the beginning, when it comes to the APU, you have the main engine components, all the -- we call it the core of the engine component, the impeller, the big parts and whatever, we have plenty of them in stock. We established a meaningful strategic inventory a year ago. So when an engine come and we need to do the work, we have all the parts in-house. This is why we have so much work orders that are very close to completion where the overhaul was done. But the challenge that we have today is on the all kinds of commodity level parts without going into too many details that you need in order to reassemble the engine after the overhaul was done.
There is no conflict between us and -- that I'm aware of between us and the OEM production. And so I don't see any risk there. On the Landing Gear, it's a different story because the Landing Gear -- the OEM itself that is producing the main Landing Gear parts is supplying to us and also supplying to their own shop. So in theory, there can be a conflict. We are working very actively with them and trying to verify that we are going to make sure that the allocation is done according to the customer needs and not just based on prioritizing the OEM versus the partners. So there is more risk there, but it's a much, much smaller portion of the problem.
And your freight customers, sometimes they can be the most sensitive to changing macro conditions. Any color on what they may be saying or thinking at current time?
I would say just as -- At least one of our largest customers, freight customer is suffering from the same OEM, from the same part issue on another -- on their needs, unrelated to what we do for them. And so we are -- it's a known problem in the industry, among the industry players and everybody is affected. So not only that we get a good collaboration and actually, our customers are part of the solution in the sense that they are helping us to put pressure to resolve the problem. But we also -- and also we work very closely with our customers to make sure that we take care of the needs. No customer will get stuck without spare units and very openly and very engaging with our customers. So it looks like it's under -- we are managing it properly, and we are on the right direction in terms of the trajectory.
Thank you. Next on to Josh Sullivan from Jones Trading, who has submitted a question. Josh is asking whether the supply chain disruptions opened up any conversation around vertical integration or mergers and acquisitions.
I think it's -- by the way, Josh, good question. I would say in general, there is a potential here, and we are looking at several ideas. But I must say that currently, there's nothing on the table or something that will mature in the next quarter or 2.
He's also asking -- so you're saying, I know your visibility points to a recovery in the latter half of the year. However, if the supply chain disruptions were to continue to linger, when does the OEM issue become an operational issue for the flying industry?
[Technical Difficulty]
I couldn't hear the question. Can you please repeat?
I think Josh was asking you to look at your crystal ball. No, he's saying, I know your visibility points to a recovery in the latter half of the year. However, if the supply chain disruption were to continue to linger longer, when does the OEM issue become more of an operational issue or an industry-wide issue for the flying ecosystem?
Just again, I'm sorry, I could barely hear the question. Let me try and address the -- what I believe was the question. We are already -- as we stated before, we are in an active recovery mode. We see more parts coming and we feel that the direction is the right direction. So a combination of what we actually...
[Technical Difficulty]
I think Igal has some connectivity issues. Let me try to answer this question. I think at the end of the -- again, I want to split the answer to two to the APU and the landing gear. On the APU, I don't see any risk like this. We are seeing it recovering, and we believe that, as we said, it will be end by the second half of the year. I don't see any -- currently, we don't see any risk to the whole industry -- continue flying or something like this. On the landing gear, it's a good question. Currently, the situation is not that...
We don't see the supply chain getting better. As I said, we're working very close with the OEM trying to solve the issue, try to find creative ways to solve them. But there is a concern. There is a concern. There are some parts of the currently we don't get any answer from -- any complete answer from the OEM, and it may evolve to maybe a larger problem, but not right now. Again, we keep monitoring the situation and understand what's going on and solve the issues.
Okay. Thank you for that. Let's move on to some questions that have been submitted by investors in advance and during the call. So thinking more broadly in light of the implications of the conflict in the Middle East, are you seeing -- Iran -- are you seeing any delays in securing new APU maintenance contracts for the 131 and 500 models?
Actually, as we already demonstrated during the quarter, we are on a very strong trajectory on securing new business, including the 500, and we published substantial wins during the first quarter, and we continue to work to expand. So the conflict by itself did not affect the ability to close more business.
Okay. Next question. Has TAT Israel experienced any increased activity as a result of the Israeli Air Force's operations during the current conflict?
So I think in general, on the military side, we see -- on one hand, we definitely see increasing demand due to the global unrest. And in parallel, some of the capabilities that we have and services that we provide are focused on the fleet that is currently is in use in the Middle East, both by Israel and the U.S. Air Force. And so I think that there is more focus on keeping the aircraft flying than taking them to our MRO cycles. So it's kind of, let's call it, a counter trend. On one hand, there is a growing demand. On the other hand, in some short-term we may experience here and there some delays. All in all, it's positive trend.
By the way, when I'm talking about delays, if an aircraft is flying in operations in the Middle East, the Air Force will try to push the scheduled maintenance until the conflict is over. So you may see less intake coming on the immediate term. And on the other hand, when you look at it more mid term and long term, the overall demand is growing and the positive impact -- the overall blended impact of these two trends is positive.
Okay. Here's a financial question. Do you still expect gross margin expansion of several percentage points over the next 12 months despite the current challenges?
I don't want to relate to the numbers or the amount of percentage, but I can say definitely that the gross margin is going to improve in 2026, given everything that we mentioned before, we are working on our operational efficiencies. We're monitoring expenses very closely this year. We have our own initiatives that we are executing. I commented on this in several earnings calls in the past. Every quarter, we are completing more and more and more cost efficiencies initiatives, and we see them in the results.
You can also see this quarter that even though the revenue was lower compared to previous quarters, we managed to keep a very high level of gross margin and even improve it compared to the previous quarter. And obviously, as revenue will pick up during the year, the more revenue growth, we see an upward trend in the gross margin and in the EBITDA margin as well.
Great. There's a question around cargo. I guess to what extent is the strait of hormuz situation affecting demand from cargo customers, if any?
So from where we see it, we see a steady demand. We didn't see any major change that we can measure in terms of more demand growing because of the need to use more air-freight than sea-freight. So we see the demand meets our expectation. Nothing that is notable that I can speak about.
So we're going to go back and take a live question. We have one that just came in from Sergey Glinyanov from Freedom Capital Markets. Sergey, please go ahead, ask your question.
You hear me?
Yes, we do.
Yes. Great. So I just would like to clarify, do you expect next quarter will be weak as well, especially in APU line? Because previously, some analysts asked about backlog, and I see that it's really strong. But timing is really -- we need to clarify the timing when your revenue will continue to grow again.
Yes. So, I'll try to compile what we discussed before into a few comments. First of all, we have lots of APUs where the work was done. We are just waiting for the last remaining parts for us that are required for assembly, so we can assemble the units and sell them. We stated that we see a part -- we see a recovery. The recovery in the parts availability is already happening. And we are forecasting that the revenue will grow. So it's not going to be a [ 0-1 ] impact, and it's -- we are not promising a full recovery, but we are on a positive recovery trend. And we have plenty of work. Actually, we have a huge amount of work in the company. And while when the parts arrive, these units, a few days later, are the engines are assembled and shipped to the customer. So we expect a recovery, but the recovery is gradual over the coming few months.
Yes. And maybe you can put some color on what parts particularly we were exposed to supply chain. So you mentioned, Igal, that some commodity level parts were exposed, but maybe you can name some particular parts.
I prefer to keep it at this level, not to expose our OEM and to be too specific. But if you think about it, when you think about an engine, you have the main engine component where we don't have any issue and we have the general thing, we don't have any issue, and we have substantial amounts of inventory. So you can do all the work on the components. You take the engine, you break it into all the pieces, then you have to overhaul and repair pieces that are not or replace the main parts if they are not functioning well. And when all the work is done, you need to assemble the engine. For the final assembly, there is a long list of small parts that are more commodity parts that are required, and this is where the challenge is.
The next question is from Alexandra Mandery from Truist. Please go ahead.
Can you guys hear me?
Yes, we can.
Yes. Good morning, Alexandra.
So that's great to hear that you're in the process of discussing solutions to the supply chain issues with the OEMs. Can you provide additional color on some potential solutions with the OEM not ease the issue? And I guess the second question kind of tied to that is, do you have any interest in acquisitions that could include PMA capabilities for the commodity level parts that could ease the supply chain?
So when it comes -- as a general thing, without going to specifics, theoretical solutions for OEM parts can be PMA or can be sourcing the same parts from other sources in the market that happen to keep them in inventory. And in parallel to overcoming the problem with the OEM and in collaboration with the OEMs as we find these alternative solutions on the short-term, we are utilizing them. And in terms of the second question, it really depends on your question about potentially acquiring PMA capabilities. It depends on the type of product and the relationship or the contracts that we have with our existing OEMs. In some cases, we can do it in some cases not. But as a general thing, as we think about expanding our MRO capabilities and adding more capabilities that we don't have today with PMA. And PMA facilities is definitely something that we will be looking at.
So I'd like to ask a question for Ehud that was submitted from through the chat function around M&A. Ehud, can you talk a little bit about the M&A funnel, what you're prioritizing and how the current environment might factor into that thinking?
Yes, sure. Thank you for the question. So as Igal mentioned at the beginning of his speech, we first -- in the last couple of months, we built the infrastructure. So we hired the people, we set the routine. We set the connection, the network. We defined the strategy. And then in the last couple of months, we went to the market started getting opportunities and started sourcing opportunities by ourself. The strategy in general, again, it was communicated in the past. I'll just repeat it. We're looking for companies, either an OEM or MRO, something close to our areas that we're working right now. And the main issue is to provide additional benefit or additional added value to our customers. We raised the money several months ago. The money that was raised was mainly to give us some kind of a first cushion to start being active in the M&A market as we see it right now. There are several interesting opportunities. And I want to indicate to everybody that we are committed to be very, very disciplined.
So on one hand, we want to make our first acquisition, and we promised ourselves and promised everybody else that we're going to do at least one deal this year. But on the other, we're not in a rush. We will be very disciplined. We'll find the right target in the right price that fits our strategy and then that will be very swift and very quick to close a deal. There is another thing which is very interesting in the last 2 months, I would say, is the multiples in the industry. So in the previous quarter, we saw multiples for the aviation industry climbing up very fast. And then when the oil crisis started and the turbulence in the market started, we saw multiples for our type of companies going down. It creates a certain dynamic also in the M&A area. And it's very interesting for us to see where it's going to land.
But the one thing I can say is that in any case, we will -- any company that we will acquire will be at a lower multiple than the multiple that we are trading right now. To summarize, there are a few opportunities which are interesting right now. We're looking at them. But again, as I said, we are not promising anything. We're -- but the only thing I'm promising is to be very strategic and very disciplined on it.
At this time, Igal, I'd like to turn the call back over to you for some closing remarks. Igal, if you can hear us...
Yes. Thank you, Matt. So thank you all for joining us today and for your continued engagement with TAT. The first quarter highlights both the strength of the customer demand of our services and the impact of an industry-wide supply chain dynamics that we expect to resolve over time. Beneath that timing dynamic, we -- the underlying business is operating well. Demand is at record level. Our backlog continues to grow. Gross margin is expanding and our balance sheet supports strategic priorities we are pursuing, including M&A. We look forward to updating you on our progress through the balance of 2026. Thank you again for your time today and for your continued confidence in TAT.
Thank you, everyone, for joining us today. You may now disconnect your lines.
Thank you very much.
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TAT Technologies Ltd. — Q1 2026 Earnings Call
TAT Technologies Ltd. — Q4 2025 Earnings Call
1. Management Discussion
Good morning, and thank you for joining the TAT Technologies Fourth Quarter and Full Year 2025 Earnings Conference Call. This call is being recorded. My name is Matt Chesler with FNK IR, a U.S.-based Investor Relations firm, supporting Iron Younger, TAT's Internal Head of Investor Relations. Joining me today are Igal Zamir, TAT's President and CEO; and Ehud Ben-Yair, TAT's CFO.
Before we begin, I'd like to remind you that certain statements made on this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and [indiscernible] federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks and uncertainties can be found in our filings with the SEC, including our most recent Form 20-F. TAT assumes no obligation to update forward-looking statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.
During this call, we may discuss certain non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measure are available in our earnings release issued -- earlier issued yesterday and in our Form 6-K filed with the SEC.
With that, I'd like to turn the call over to Igal.
Thank you, Matt, and good day, everyone, and thanks for joining us. We appreciate the continued interest in TAT and thanks to our shareholders, analysts and partners for your ongoing support. We are summarizing here 2025, which was another strong year for TET Technologies. We delivered record revenue, record profitability and significant growth in the value of our long-term agreements. We're especially pleased that we accomplished this performance unmissed the backdrop of industry challenges, including tariff and ongoing supply chain constraints across the aviation ecosystem.
Equally important, we continued strengthening the organization itself. Over the past year, we have invested in building the team and operational capabilities needed to support the next phase of growth and scaling the company. We also completed an important corporate milestone transitioning from a controlled company into a widely held public company with a growing base of U.S. institutional investors. This represents a meaningful step in the evolution of TAT and further aligns with our global capital markets.
TAT operates as a diversified multiproduct aviation platform, and our performance continues to outpace the broader maintenance, repair and overall market. As we enter 2026, we do so from a position of strength with the right team, the right capability, strong financial position and expanding high-quality backlog. Looking at the results, when I'm looking at the full year 2025, revenue increased in 70%, while fourth quarter revenue grew 13%, this marked wealth. -- consecutive quarters of double-digit revenue growth for TAT, all organic.
Our growth during the year was broad-based across the business and reflects the strength of our diversified portfolio as well as continued market share gains. While the growth rates moderate somewhat in the fourth quarter, overall, it was another very strong year. profitability during the quarter was affected by ongoing supply and volatility, particularly within our APU and lending gear segments yet, it was still a record for TAT.
Importantly, backlog and long-term agreements continue strengthen in the fourth quarter. The number and the value of contracts with our customers continues to increase, reflecting sustained demand for our services. As a result, the value of our long-term agreements and backlog reached approximately $550 million, up from $520 million at the end of third quarter and significantly higher than the $429 million reported at the end of 2024.
While we are facing continuous -- continuing supply chain challenges in Q1, overall, we remain very optimistic about the outlook for 2026. In terms of the -- some comments about the product lines, in our APU business, we delivered a strong year of growth with activity rebounding steadily after the slower start of the year. We made meaningful progress on several strategic contracts and increased our market share in the 500 and the 200 APU categories, further strengthening our position with key customers.
Our OEM license capabilities continue to support the competitive turnaround time and a high level of service quality. While intake in this segment can remain somewhat volatile from quarter-to-quarter. As we saw in fourth quarter, the underlying demand fundamentals remained structurally very strong -- moving to it Exchanger, which remains the largest and most stable segment. The business continued to generate consistent recurring demand. this business benefits for more than 60 years of technical expertise and our unique combination of OEM manufacturing and MRO capability.
We serve both commercial and defense customers across the broad installed base of aircraft platforms. While we experienced some timing-related impact on fourth quarter, these do not change the long-term growth trajectory of the business, which continues to be supported by new aircraft platform and fleet convergence program. On the lending year side, the segment continues to show growth. The aviation industry enters major MRO maintenance cycle, while supply chain constraints across the industry, particularly related to parts availability and material lead times remains a challenge that we continue to actively manage demand for our lending maintenance remains strong.
Our in-house machining and plating capabilities provide airline customers with significant advantage in both cost efficiency and turnaround time. Finally, our trading and leasing services remains as an important strategic component to our core MRO operation. This business helps customers manage supply chain constraints while improving fleet availability. Our APU leasing put in particular, benefits from our in-house maintenance capabilities that allow us to keep unit service ready. As expected, quarterly results in this business can vary significantly depending on trading activity and parts availability. But on a full year basis, performance remains very strong and continues to support our broader customer solution offering.
Another key highlight for the year was the continued strengthening of our financial position. We generated positive operational cash flow and maintained a strong cash conversion across the business. During the year, we successfully raised capital in the public market and expanded our credit facility, positioning us well to support the next phase of growth. This financial foundation provides both flexibility and discipline. Our objective is clear: to maintain the financial strength needed to pursue strategic acquisition while continuing to invest in organic growth opportunities across the business.
When I'm looking at the industry and the broader industry environment, global aviation demand continues to grow and with it, the need for MRO services. At the same time, constraints in delivering of new aircraft or leading airlines to keep exiting or keep existing fleets in service longer, further supporting maintenance demand across the industry. That said, supply chain constraints remain 1 of the primary challenges affecting the MRO ecosystem. And this dynamic continues throughout 2025.
We continue to see normal fluctuation in maintenance intake as airline sometimes extend service interval due to parts availability, while in other periods, demand accelerated as a deferred maintenance return to the system. Our diversification and operational agility remains important competitive advantage in navigating this environment, although they do not eliminate this industry-wide pressures. In fourth quarter, we started experiencing another wave of supply chain disruptions that are continuing into the first quarter of '26, especially, we're seeing parts availability delays from a major supplier that slowing certain APUs and lending gear services, turnaround time. Our teams are working intensively with the suppliers and customers to address these issues, although we do not yet see a broad recovery in overall supply chain performance.
All being said, underlying demand across the aviation market remains very strong, and our teams execute extremely well during the year, delivering another set of record results for TAT. Strategic outlook and inorganic growth. Looking ahead, we believe 2026 will be another strong year for TAT. This outlook is supported by new long-term agreements that we already signed. -- and additional opportunities in our pipeline. And our record backlog, along with the sustained demand for operation for the aviation MRO services. That said, we do expect some operational challenges during the first part of the year, preliminary related to ongoing supply chain environment. based on the increase -- but based on the increased backlog and the intake levels we are seeing over the past 3 months, we remain extremely confident in our overall trajectory for the business.
M&A is also a clear strategic priority for us in 2026. Our balance sheet and cash position provide the financial capability capacity to act. Over the past year, we have further defined our acquisition strategy and developed a pipeline of opportunities that could expand our capabilities and market presence. Our focus is on accretive bolt-on acquisitions that expand our addressable market and natural adjacencies to our existing operations and deepen the value that we provide to our customers.
Scale is increasingly important in MRO sector as a larger platform enables better inventory management, greater diversification and stronger customer relationships. Overall, we remain confident in our ability to drive revenue growth and margin expansion throughout 2026 and beyond.
With that, I will now turn the call over to Ehud for a more detailed review of our financial results.
Thank you, Igal, and good morning, everyone. As I review the financial results, I would highlight that 2025 reflects the continued strength of our operational model. We delivered strong revenue growth, expanded margins and generated strong cash flow while continuing to invest in the capabilities needed to support the company's next phase of growth. The results of the fourth quarter of 2025 and the full year represent another record year for TAT. Fourth quarter revenue increased by 13% and to $46.5 million, up from $41.1 million in the same period last year.
For the full year, revenue grew more than 17% driven by strong demand across our core businesses line as well as continued market share gains. The growth in revenue was contributed from all 4 strategic product lines with higher growth in the APU landing gear and trading, offset by lower growth for the heat transfer solutions, both on the OEM and MRO side. This is fully aligned with our growth expectation for 2025. During 2025, the MRO side of business grew to a level of 71.4% of the total revenue compared to 68.6% in 2024. This is again aligned with the revenue growth that was planned for MRO and less for the OEM side of business as these are mainly dependent on the aircraft manufacturer scale of capacity.
Our gross profit for the quarter increased by 23.6% and gross margin expanded by 210 basis points to the level of 25.2% compared to 23.1% in the fourth quarter last year. This improvement reflects our continued focus on optimizing our cost structure improving operational efficiencies and benefiting from a favorable product and service mix. This is the third consecutive quarter that we are achieving a gross margin level above 25%. And as previously communicated and was expected for the second half of 2025.
During 2025, we implemented part of our cost saving and efficiencies improvement initiative -- this resulted in an improved gross margin for the MRO side of business by 430 basis points, while gross margin for the OEM improved by 80 basis points. Operating income for the quarter reached to the level of $4.9 million, an increase of 20.2% year-over-year, demonstrating the operating leverage in our model as higher volumes translate into improved profitability.
For the full year, operating income was $18.8 million compared to $12.5 million 2024 representing a growth of 50.4%. During the fourth quarter of 2025, we hired several key executives that will be taking an important part in our growth strategy execution. The salaries and benefits were recorded during the end of Q3 and in full in Q4, which caused a slight increase in OpEx for this quarter. Net income for the quarter was $4.7 million compared to $3.6 million a year ago. And for the full year, net income was $16.8 million compared to $11.2 million in 2024. This is an increase of 50.6%. Please note that while tax expenses are booked, these are mainly noncash movement between deferred tax assets and tax liabilities.
The new bill allowed us to defer tax payment in the United States towards the end of 2026, while previously expected to start in Q1 of 2026. And in Israel, we have enough past losses that will carry forward until Q4 of 2026. On the net financial expenses, during June 2025 immediately after the equity round, we decided to use some of the proceeds to reduce the amount of short-term loans and the remaining of the funds were deposited in a short-term bank deposits; however, in the second half of the year, there was a negative impact on the exchange rate between the Israeli shekel and the U.S. dollar. This had over a 10% impact on the long-term loans taken from Israeli Bank's institutions.
Adjusted EBITDA for the quarter increased by 24% to $6.9 million, translating to an adjusted EBITDA margin of 14.8% and a notable improvement from 13.5% margin in the same period last year. For the full year, adjusted EBITDA was $25.5 million which are 14.3% of revenue compared to $18.6 million, which were 12.2% of revenue in 2024. The adjusted EBITDA grew by 37% and EBITDA margin improved by 210 basis points year-over-year. That continued to deliver operating leverage as a result of our disciplined expense management and healthy revenue growth.
For the cash flow, cash flow from operations in the quarter was $5.6 million, positive and $50 million positive for the full year compared to a negative cash flow of $5.8 million in the previous period. The improvement was driven by higher profits and better working capital management. Cash flow for the full year of 2025, representing a 60% operating cash flow conversion from the adjusted EBITDA another notable achievement. Turning to the balance sheet. Following the equity round in June 2025 and the strong operational cash flow management, cash went up to the level of $51.6 million and loans decreased to $11.7 million in total debt. resulting in a low debt-to-EBITDA ratio of 0.46.
Shareholders' equity stood at $176.4 million supporting the strong equity-to-asset ratio of 78%. The cash position and the overall balance of the company gives us the flexibility to finance future acquisitions and investments for a position of strength. To sum it up, we were entering -- we are entering 2026 with a record level of backlog, long-term agreement and a very strong balance sheet. These factors should support the growth that we are expecting for this year and support our strategic priorities.
At the same time, as mentioned, we continue to operate in an environment where external elements can create some viability in the timing of maintenance activity and revenue recognition from quarter-to-quarter, We are currently managing parts availability issues from several suppliers in the APU and landing gear segment, as noted, which may affect revenue recognition in the near term; however, based on the backlog and the level of current intake, we remain confident in the underlying demand for our services and the long-term growth trajectory for all 4 strategic product segments.
Overall, TAT enters the year with a strong financial foundation, disciplined cost management and the flexibility to continue investing in both organic growth and strategic opportunity. And now before I conclude, I would like to note a small change to our reporting schedule beginning next quarter. Historically, that has released results after the NASDAQ market close and had the earnings call the following morning. Starting with our first quarter of 2026 results, we plan to release the financial reports in the morning before opening markets in the U.S. and host the call shortly thereafter. We believe this format will make it easier for our covering analysts and our increasingly global shareholder base to engage with the result.
And with that, I will return the call back to Igal.
Thank you, Ehud. And closing 2025 was a landmark year for 2018. It marked our third year, consecutive year of record results with improvement across every key metric. -- including revenue, margin, backlog value of long-term agreement and profitability. And as I would mention as well as the cash flow and the strengthening the balance sheet. We entered 2026 in the strongest financial and operational position in the company history. I would like to thank our employees around the world. Their dedication and professionalism are what makes these achievements possible. This performance reflects the resilience and commitment of our employees across the organization to success.
I'd like to open the call for questions.
Matt?
Thank you, Yigal. So we're now going to open up the call to the Q&A session. From Zoom, there are 2 ways where you can participate. The first is to use the razor hand icon, which is at the bottom of the screen. -- clicking this will alert us that you want to be called out to ask a live question and then you'll be placed into queue when called upon. Just note, you're going to be on mute until you're called upon -- the second way to participate in Q&A is to use the Q&A widget, which will allow you to type in and text the questioning. We'll then select questions from there as well. But just note, if we do run into a time constraint, someone from the IR team will get back to you. If your question is not asked on the call.
With that, we'll now begin and pause for a moment to begin the queue. The first question is going to be from Ben Cle from Benchmark.
2. Question Answer
So first question here is regarding the dynamic you noted throughout the prepared remarks on the supply chain. And I'm curious about that in the context of the backlog increase, particularly the -- it looks like cash order increase that came in year-over-year. Can you really just talk about that dynamic? Was that backlog increase largely a function of kind of deferred revenue that wasn't realized from the supply chain disruptions? Or was there some notable contract -- long-term contract wins that were in there that drove that backlog number?
Yes. So the vast majority of the increase that we've seen in Q4 comes from a new contract in long-term agreements. And we -- as a general saying the backlog or the intake, what we call of MRO work during the fourth quarter, as expected, is softening. If you recall, I mentioned it several times in the last 4, 5 quarters. We did see a huge increase in intake towards the -- really at the end of the year going into Q1. So those of you who were in our facility in Greensboro. So the amount of engines that we have, it's just getting just it's increasing every day that goes by, but this is mostly in Q1 of this year.
So going back to your question and the vast majority of the increase comes from new contracts that were signed. and OEM POs that we received for later this year. And a small portion that started showing up at the end of the year is only a small portion, if I may say, is the backlog of...
Okay. That's helpful. And then for my follow-up question, let me get back in queue is related to this. And you noted that those -- that the increase in the facility here in early February was pretty substantial. And so I'm wondering about the turnaround time for these orders that came in late in '25 in the context of the supply chain dynamic. Are you seeing a significant extension here of the turnaround time and just kind of creating a log jam in those facilities or -- are you able to kind of manage the turnaround time in the context of the supply chain disruptions?
So in the I give you a slightly longer answer here because during 2025, I was asked several times about my view of supply chain, and I was mentioning that while the disruption is very much in place. we see improvement, and we don't know -- we still don't see the right at the end of the tunnel, but we did notice constant improvement. In the last quarter of last year, it completely reversed. And all of a sudden, we are facing challenges, again, especially in APUs and lending gear and dramatically extended lead times with no advanced warning or just lack of supply and whatever. You need to remember that when it comes to an engine, there are hundreds of different parts that we need to repair or replace engine.
Olitex is 1 boat or 1 seal or 1 school that we need to replace, and we cannot send the engine. So potentially, theoretically, the supply chain challenges can definitely impact turnaround time.
Thank you, Ben. The next question is from Jonathan Sigman at Stifel.
Congratulations on the strong end of the year. I was hoping you might be able to comment on what impact, if any, you are expecting to be seeing from your customers absorbing some higher oil prices and the potential for an extended conflict in the Mid East. -- any hesitancy on MRO activity? And is there a duration of this conflict that you think could materialize some risks of some interruption in the strong cycle?
So far, I say it in the following way, -- we have -- if we look at Q1 and the intake in Q1 and so far and how it's going, we don't see any impact on the opposite. We see a very strong intake of work coming to our shops across all business lines. Relating to your second part of the question, I really don't know how to answer it. It's -- I feel like it's about my paygrade geopolitical environment and what may happen and how long -- but so far, we don't see any impact.
That's great. And your manufacturing in Israel. -- just I hope families and everything are safe. But just any comment on continuing to operate in this environment would be helpful.
We are extremely -- I would say we are extremely proud in our Israeli team. We never shut down the facility, continuing with major, major challenges, as you can only imagine, continuing to work nonstop and delivering solid results despite of everything that is going on over there. So it looks really solid.
The next question here is going to be Josh Sullivan at Jones Trading.
Can you just comment on maybe what the bid environment looks like this year for APU customer engagements versus last year? What does that demand cyclically look like?
Are you asking about the bid environment?
Yes, as customers look at their APU needs this year versus last year. What are you guys looking at as far as bid engagement this year versus last year?
I don't think that -- I'm looking at it differently from my experience, and I may be wrong, but airlines have contracts for each type of component that they have in their fleet. And they typically -- and the vast majority of the cases, they don't open a contract in the middle of the term. So there is almost 0 calendar impact as far as I see on their decision. So they are under contract. They get to the -- to the end of the contract a few months before they open an RFP. So the RFPs are coming on a steady pace and even -- I would say even when there are challenges, it's rarely that an airline will decide to break a contract in -- actually, I don't remember ever seeing it breaking a contract at the middle of the contract and opening a new bid.
Now from time to time, if you have -- if an airline has a customer that is struggling or a vendor that is struggling, they may choose to send several units without a contract and that's something that we see from time to time, meaning airlines that are not under contract with TAT and they're sending us APUs or gears or thermal components for repairs without the contract. Obviously, this is more related to the existing vendor challenges they have. But even in this case, even when they have challenges, they don't tend to open RFPs. I think that they have -- if I'm trying to put myself in their shoes, they have much higher priorities on other systems and components. -- on the mechanical systems and APUs that will -- they typically don't change.
So all in all, it's a steady state. It's a steady flow of new RFPs that are opening. -- with opportunities when I'm looking at this year opportunity leads to airlines that are probably going to open RFPs in the next few months and existing RFPs. We just announced a week ago, we announced a very nice win of an RFP. So it's continuing, give or take, in the same pace.
Okay. Got it. And then just supply chain constraints impacting margin, you guys are still at records. Can you just help us frame what margins are going to look like once the constraints are resolved? What are we planning for with TAT on the margin side once we get past these constraints.
I would say, 4 years, I was talking about the 25 and 15 , 25 crores and 15 EBITDA. And now that we are there for a couple of quarters in the range, we definitely see more opportunities. Some of them for supply chain, some of them is continuing improvement of efficiencies as the business scales. But definitely, I would say a few points without committing to anything, we believe that we can be -- what I consider to be -- if you look at companies which I consider to be best-in-class really the top performing companies in the industry in our line of business, you see EBITDA is in the range of 20%, a little bit more. That's where we aspire to be.
It's not a forecast, and it's -- I'm not providing time line, but we definitely aspire to be there. And I think that we have a road nestor how to get there. Supply chain challenges is a key component. We need to remember, again, hundreds of parts per APUs and dozens of parts or landing gear, if your contractual vendor is struggling, and you have to buy apart in the market to satisfy the customer needs, you typically pay way more than your contractual price. So it has a significant impact on profitability. And the second factor that has -- that affects profitability is the lack of teardowns.
And the MRO industry on the APUs, especially a big component in managing profit is the ability to buy all the engines from aircraft turn down and break them into PCs and then repair the pieces and use the pieces. Typically, in most cases, the sum of the pieces the value of the business is much higher than buying than the engine itself. So you save a lot of money by buying as removed engines from an old aircraft and overall in the parts. The challenge -- the challenge over the last 2 years have been that there are barely any engines for sale. Very little tear down comparing to the activity the industry used to see before that.
So that's another factor. As the industry continues to stabilize, and airlines want to renew their fleets. I believe that we will see a growing activity of all the aircraft retirement, which turn -- which will increase the availability of engines in the market and then we will be able to use more best remove parts after overall which definitely helps to further improve the margin.
The next question is from Sergey Gunjan from Freedom Capital Markets.
Yes, good day, gentlemen. So that our or staying safe in this time of uncertainty. And my question is about, do you see increase in demand on your defense products and services. Are you able to catch some orders for new platforms for them.
Serge, I'm not sure that I understood. Are you asking about the impact of the situation -- global situation on our defense orders?
Partially yes, but I'm interested in your ability to cash some new orders or your defense programs to supply defense products and services.
So we definitely in the I'll split it into 2 sections. First of all, let's remember that defense is a small portion of TAT overall revenue. So that's 1 thing that we have to bear in mind. On the MRO side, we definitely see -- actually on both OEM and MRO side, defense sector, we definitely see a substantial increase. both on the MRO side, as air forces are trying to keep their fleet in operational condition. And on the new orders that we are receiving to support the systems that -- where we are the component supplier to the system. So we see a very nice increase. We need to remember, though, that it's not -- it's still a small portion of the overall portfolio of TAT. Most of our business is OEM, is commercial, I'm sorry.
Yes. Got it. And any thoughts about M&A, whatever is are you interested in currently.
On the M&A activity, we -- as we mentioned in the last quarter, we started -- we launched the effort early fourth quarter. We hired a VP of Corporate Development for the company. We developed a strategy, and we are actively looking for -- we are in active process looking for opportunities and for deals. Obviously, we go about it with lots of discipline and wanting to make sure that we will add value and the deals that we write for 28 and whatever, but very actively working on it. That's what I can say at this point. Obviously, we will share more as we make more progress.
This time, let's move to a question that was submitted to us directly. And it's from Michael Ciarmoli from Truist Securities. And Mike asks -- can you give us an update on your expectations for the 131 APU for 2026 and beyond. Should we see -- should we expect to see a growth inflection at some point this year as you start to increase your penetration and grow share with this product line.
Yes. So I think first of all, the answer is yes, we are expecting to see growth from the $131 million. I think that it was discussed. Those of you who we've visited our facility in Greensboro for the Investor Day, we spoke about it back then. When we look across the businesses on the 200 engine, we are doing extremely well. We are gaining more and more market share. I feel that we are in a great position to continue and grow the market share this year. And the [indiscernible] what we made a huge stride forward last year with contracts with long-term agreements, with engines and whatever. Over there, we need to remember that there are -- it was we have less competitors, if you will, and comparing to the 131.
And -- and I think that we are in a very strong position in terms of our performance and whatever, going to the -- I'm sorry, on the 500. Going into the 131 , we have 2 things that we are doing this year. First of all, in terms of priorities and as our COO mentioned during the Greensboro visit, this year, we make -- the operational focus is to make us way more efficient and profitable on the 131 to become more competitive in the market. That's 1 key effort for this year. And in parallel, we are definitely looking at nice list of opportunities and leads that we are going to bid on. So we have a new -- we extended our sales team at the end of last year. We hired a new VP of MRO business to run our entire MRO business.
And now the team is really focusing on expanding the outage behind the large American airliners expanding across the globe into midsized airlines and smaller airlines and chasing these opportunities. So I think it's just a matter of time. We are expecting to see deals come.
There are several additional questions that are overlapping. So what I'm going to do is I'm going to summarize them and it goes like this. did Q4 sales compared to Q3 surprised you? Do they indicate anything for the coming quarters? And what's your basis for optimism regarding 2026?
So I don't know who have you -- any of you that participate in third quarter, third quarter call of 2024. This was before fourth quarter of '24. And I took the time and energy to explain back then that fourth quarter is traditionally softened for TAT. We see it across the board. -- and kind of preparing the stage for fourth quarter of 24, that will be soft. And eventually, it wasn't soft at all. It was a very strong quarter. But what -- the only difference is that back then, we still had plenty of back orders, meaning we had work that we accumulated during the years of Cove than whatever that we will -- that add us as a buffer.
From a financial standpoint, it helped us as a buffer in quarters that are softened. So up until the end of '24, the results of the MRO business segment of TAT were less related to intake on a specific quarter, and we were less exposed to the quarter fluctuation. And we -- because we had all this spare work from the past that every time that the intake was slightly lower, we could use as a buffer -- having said this, needless to say that having a buffer of work is not a good thing because our key concern and my key objective is to provide good great service to our customers. I think that this is really differentiating us from competition.
Bottom line is that starting Q1, and we reported it, we completely caught up. We have 0 -- almost 0 back orders on MRO. So basically, what we have every month, every quarter to sell is what we get during the quarter, and obviously, it will be more seasonal. So bottom line, there was no surprise in Q4, we expected cargo carriers in Q4 tend to switch only to emergency maintenance. They prefer to keep all their focus on flying during the holiday season. And in our line of businesses, what we see, typically, especially in the thermal components during the summer, we see a huge increase in intake, airlines going into the summer, into the hot season are trying to make sure that they have very -- that the entire spare pool of heat exchangers is an operational condition because this is where they see more events. And so they overflooded their pool. And then in fourth quarter, they are reducing the size of the pool. -- in order to save money and to improve their annual performance on maintenance expenses.
We see it every year since 18, nothing surprised going into fourth quarter this year. We're just knowing it, we placed way more focus on trading and making sure that we will have assets available for exchanges on the trading side and to compensate for the expected softness on the on the MRO, and it worked very well for us. I'm happy to see that it's a countercycle so it worked well. Going into this year, and it started in the last 10, 14 days of December, we see -- and again, we see it from time to time, a major increase in the amount of the amount of work that we received across all business lines. I think on the APU side, we never saw the amount of engines when we visited the Greensboro or they were at the time that we were at Greensboro, there were close to 100 engines in the shop. It's phenomenal numbers, very strong going into this year.
Okay. Thank you for that, Ygal. I'm going to now turn the call back over to you for concluding remarks.
Again, all I can do is just repeat what we just said. We are very pleased with the results. Another amazing year for TAT, very strong. We started by increasing -- if you think about the last 2 years' messages that I've been conveying, we -- we started with just recovery from Covid. And then it was about good growth. And then we added the layer of -- we added a layer of improving profitability, and we can see the results now. Then we were challenged more than a year ago about our cash flow, and we explained that cash flow is going to come as we stabilize the business, and now we see the results and the drastic improvement in cash flow.
We were asked about inventory. And if you look at our inventory, it's stable and actually going down, So we spoke about M&A and strengthening the organization. And all of this was -- all of this happen. So if you think about if we go back 1.5 years and the plans that we shared and focus, there is a full alignment and I'm very happy to see that we achieved all of this. We are going into '26 with a very strong position and expecting to see the growth continuing in 2026 both organically and inorganically, the value of the backlog and the long-term agreement is really encouraging. The pipeline of opportunities that we have ahead of us is just adding to it.
So we remain optimistic and looking forward to continue developing the organization. With that, thank you again for joining us today. We appreciate your continued confidence in us, and happy to continue the discussion offline.
Thank you, everyone, for joining us today. You might now disconnect your lines.
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TAT Technologies Ltd. — Q4 2025 Earnings Call
TAT Technologies Ltd. — Q3 2025 Earnings Call
1. Management Discussion
[Audio Gap] A U.S. based Investor Relations firm supporting Eran Yunger, TAT's Internal Head of Investor Relations.
Hosting today's call is Igal Zamir, TAT's President and CEO; and Ehud Ben-Yair, TAT's CFO.
Before getting started, we would like to draw your attention to the fact that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance. Actual results could differ materially from those expressed in or implied by these forward-looking statements.
The forward-looking statements are made as of the date of this call, and except as required by law, TAT assumes no obligation to update or revise them.
Investors are cautioned not to place undue reliance on these forward-looking statements.
For a more detailed discussion of how these and other risks and uncertainties could cause TAT's actual results to differ materially from those indicated in these forward-looking statements, please see our annual report on Form 20-F and other filings we make with the SEC.
The financial measures discussed today include non-GAAP measures. We believe investors focus on non-GAAP financial measures in comparing results between periods and among our peer companies that publish similar non-GAAP financial measures. Please see this morning's Form 6-K, our earnings release and the Investors section of our website for a reconciliation of non-GAAP financial measures to GAAP measures.
Non-GAAP financial information should not be considered in isolation from as a substitute for or superior to GAAP financial information, but is included because management believes it provides meaningful information about the financial performance of our business and is useful to investors for informational and comparative purposes.
The non-GAAP financial measures that we use have limitations and may differ from those used by other companies. And now with all that, I'd like to turn the call over to Igal.
Good morning, everyone, and thank you for joining us for the TAT Technologies Third Quarter Earnings Call. I appreciate your interest and continued support as we review our performance and discuss our strategic direction moving forward.
TAT continues to deliver organic growth that exceeds the broader MRO driven by intentional diversification and strategic positioning serving in-demand and often underserved areas of the commercial aviation industry. We delivered another solid quarter in Q3, highlighted by double-digit revenue growth, record EBITDA margin and increased cash generation. These results reflect disciplined execution, strong demand across our core business lines and importantly, the operational leverage we have worked hard to build into our business model.
Incremental revenues is now flowing through the bottom line in a more meaningful way, representing a significant accomplishment and foundation upon which we can continue to build.
Our consistent growth and expanding profitability demonstrate that our model is performing as intended, efficient, diversified and designed to capture value across multiple segments of the aviation market.
The broader aviation market continues to benefit from a constructive operating environment. Fleet utilization remains high, aircraft retirements are occurring at a lower pace than past cycles and OEM deliveries constraints are extending the service life of existing aircraft.
Together, these dynamics are driving sustained demand of maintenance, repairs and overall activities as well as components, parts, distribution and leasing. This backdrop reinforced the importance of our diversified MRO platform and flexibility -- the flexibility that we provide to both commercial and cargo operators.
As I stated in previous calls, normal quarterly fluctuations are expected in MRO industry, especially since the substantial portion of our MRO activity involve discretionary maintenance.
Airlines tend to shift work between months and quarters based on budget cycles, expected flight loads and other operational considerations.
External factors occasionally influence intake timing as well, particularly in defense-related work, though these factors typically affect timing rather than underlying demand.
For these reasons, we believe in a multi-quarter year-over-year view as best captured the strength and the momentum of our business. We believe that this perspective, supported by the year-to-date and trailing 12 months trend provide a clearer picture of the consistency of our growth, margin expansion and cash generation.
Over the past several years, we've added capabilities, strengthened operation and diversified revenue stream. These strategic initiatives has positioned TAT to sustain performance and long-term value creation. In particular, we have expanded into several underserved MRO markets, adding in-demand capabilities.
And looking ahead, potential inorganic growth through the acquisitions of accretive bolt-on capabilities will further expand this proven foundation. With an increasingly stronger balance sheet and the leadership bench in place, we are sharpening our focus on identifying strategic opportunities to accelerate our existing growth strategy. We have recently added experienced corporate development executives to help us evaluate strategic M&A activities, and we are continuing to broaden our governance structure.
At last week's Annual and Special General Meeting, shareholders elected 3 new independent directors to the company, Sagit Manor, Eitan Oppenheim and Amir Harel, each bringing deep financial and corporate development experience from leading global companies. These appointments enhance our governance and leadership capabilities as we position TAT for its next phase of growth.
With this context, I'll turn it over to our CFO, Ehud Ben-Yair, to talk -- to take us through the financial results in more details.
Thank you, Igal, and good morning, everyone. I will review the key financial results, balance sheet highlights and cash flow performance for the third quarter and for the first 9 months of 2025.
Third quarter revenue increased by 14% to $46.2 million, up from $40.5 million in the same period last year.
For the first 9 months of the year, revenue was up more than 18%. This growth was fueled by strong demand across our core businesses line, along with market share gains.
Even while delivering another quarter of double-digit revenue growth, we essentially maintained our backlog and LTA value at $520 million -- this robust backlog validates our belief in durable customer demand and reinforce our business strategy of expanding our addressable market by adding new capabilities.
From the beginning of the year, the backlog grew by close to $100 million, representing a huge increase compared to the increase in the revenue, which is representing a strong signal to our capabilities to further grow our revenue line.
Gross profit increased by 37%, and our gross margin expanded by 410 bps to 25.1% compared to 21% in the third quarter last year. This improvement reflects our ongoing effort to optimize cost structure, improve operational efficiencies and enhance product mix.
Operating income reached to $5.2 million, up by 52.6% year-over-year, demonstrating the leverage in our model as volume growth translated to profitability.
Our net income for the quarter was $4.8 million compared to $2.9 million a year ago.
Taxes on income for the quarter were $800,000 versus minimal amount in the same period last year.
The new U.S. tax legislation enacted under the One Big Beautiful Bill Act had only a modest effect on our results, while changes such as the restoration of 100% bonus depreciation and updates to the R&D expenses alerted certain deferred taxes positions.
The overall impact of our effective tax was not significant. However, the main benefit of implementing the new Act is an increase in the carryforward losses that will enable us to deduct them through the first 3 quarters of 2026, preventing us from paying any taxes in the U.S. for additional 4 quarters.
While prior to the new act, we were supposed to start paying taxes by the end of this year, by the end of 2025.
Our net financial expenses are close to 0 this quarter, mainly due to a favorable exchange rate differences between the Israeli shekel and the U.S. dollar, which were offset by the ongoing interest on our long-term loans.
And finally, adjusted EBITDA increased by 34% to $6.8 million, translating to an adjusted EBITDA margin of 14.6% a record adjusted EBITDA margin and a notable improvement from 12.4% margin in the same period last year. That continues to deliver operating leverage as a result of our disciplined expense management.
Moving to the cash flow. Cash flow from operation in the quarter was $7.5 million, driven by improved profitability and working capital efficiency and disciplined cost management.
For the first 9 months, cash flow from operation was $9.5 million, representing an EBITDA cash conversion of 51%.
Turning into the balance sheet. We ended the quarter with $47.1 million in cash and $12.1 million in total debt, resulting in a low debt-to-EBITDA ratio of 0.5x.
Shareholders' equity stood at $170.7 million, supporting a strong equity-to-asset ratio of 76%.
I'm going now to discuss a little bit about the results by the key product segments. In our APU businesses, after a modest sequential decline from Q1 to Q2, we saw a surge in intake in the third quarter with revenue increased by 39% year-over-year and 27% on a sequential basis.
On a year-to-date basis, APU revenue is up by 26% from last year, aligned with our expectation and market penetration plan. Heat exchanger revenue increased by 6% between Q3 '25 and Q3 of 2024 -- on a year-to-date basis, revenue grew by 14%. The increase in OEM is very stable and aligned with the industry growth, while MRO growth was a little bit slow in the last 2 quarters, but expected to increase in the coming following quarters.
In the landing gear area, revenue more than doubled year-over-year and nearly doubled on a sequential basis, reflecting a surge in intake and operational ramp-up, validating our strategy of supporting this underserved market. As communicated in the past, the E170 cycles started, and we are well positioned with contracts that needs to be served in the next 3 years.
And last, trading and Leasing. After a particularly strong second quarter, we're down both sequentially and year-over-year basis, reflecting normal quarterly volatility as we explained in the previous earnings call. On a year-to-date basis, trading and leasing revenue is up by 17%.
In summary, TAT delivered another period of solid growth and improving profitability, supported by disciplined expense management and strong cash conversion.
Our balance sheet remains a strategic asset, providing flexibility to invest in both organic and inorganic growth opportunity.
And by this, I'm returning the call back to our CEO, Mr. Zamir.
Thank you, Ehud. The broader aviation market continues to experience viability, but our diversification helped offset these dynamics. While we are not immune [Audio Gap] is our agility. We have built the ability to adjust capabilities and capacity resources in real time, ensuring that we meet customer needs and sustain operational efficiency even in a changing environment. That adaptability remains one of our competitive advantages.
We plan to leverage our strong balance sheet to pursue acquisitions that expand our addressable market, deepen customer relationship and natural adjacencies to our platforms.
Over the past 2 years, we significantly increased our long-term backlog. I expect this overall trend to continue as customers seek nimble partners to support their maintenance needs.
RFPs activity has its own cadence with quarter-to-quarter volatility, much like our intake volume. But the overall trend is encouraging, and I continue to believe that we are well positioned to capture more market share.
In summary, TAT continues to deliver performance that exceeds the industry and our operational discipline is driving greater earning power.
Supply chain dynamic continue to require active management, and we have made significant progress in relationship to our inventory levels, helping to increase our cash generation capabilities, and I remain optimistic about the years ahead.
Before opening the call for questions, I'd like to thank our employees for their professionalism and hard work. Their commitment continues to set the standard for the industry and sorry, and underpins everything we've achieved.
I also like to welcome our new independent directors. Their additional reflect our broader efforts to strengthen and diversify our Board as we prepare for the next phase of our growth.
Over time, we expect to further expand the Board with additional U.S.-based and industry-oriented expertise to complement our strategy. I would now like to open the call for questions. Matt?
Matt, you are on mute?
Thank you. Thank you for telling me about that. And thank you, Igal, for those remarks. As you know, we're now going to open up to the Q&A session. We're going to be taking live questions as well as submitted questions as I know a number of you have been submitting them already. [Operator Instructions] Please go ahead and raise your hands.
Jonathan Siegmann, would you like to raise your hand or would you like me to read your question? I'll go ahead and read Jonathan Siegmann's question from Stifel.
Congrats on the strong quarter, strong results and strong cash. Last quarter, you explained how TATT was able to make use of the tariff-driven slowdown in MRO intake activity and switched to repair APU.
Can you talk about how TAT was able to flex your operating platform to manage this quarter's change in demand. We were particularly surprised by the more than doubling in landing gear. How should we think about TAT's revenue capacity for landing gear MRO activity?
I think that I would like to answer this question in a more broader perspective. As I stated every quarter, I remember starting to make the same statement since Q4 of last year and being very consistent about it. I don't know that we can look at TAT on the MRO portion of TAT business on a quarter-to-quarter basis. There are many, many variables and things are changing based on the factors that I stated earlier when I -- in my opening remarks. I don't think that we need to look at it year-over-year.
The lending gear was -- the lending year increase was expected. We stated it in previous calls. We are getting into a new cycle of lending gear overall with expectation to substantial growth in revenue going into the coming few years. Nothing is new here. We saw it coming and it came. There may still be fluctuations between quarter, but the overall trend is very strong. And going back to the flexibility and how to adjust, and I think that I truly think that this is our biggest advantage as a player that is not a huge player like many of our competitors. It's our ability to shift focus and to shift employees and manpower from one area to the other as needed. There is fluctuation.
And the question is what do you do when the intake is surprising you comparing to the plan, which happens quite often. And we became pretty good in diverting a workforce and making sure that we adjust fast and that we don't just accept things as they are.
Last quarter, we've been asked about the APUs and what happened for those of you who attended, how come that last quarter was strong. And I said the same thing. I have no concerns whatsoever about the APU intake, and we see this quarter with a substantial increase in APU. So I think that when we look year-over-year and the growth in all the segments, it's very promising. It's encouraging, and we see a continuing trend moving forward, especially when we look at the backlog. There's another submitted question.
This one is from Ben Klieve with Benchmark.
Congratulations on another outstanding quarter. You mentioned your increased interest in looking at underserved MRO opportunities. I understand that you cannot get specific about what these opportunities are, but can you please discuss the characteristics of these opportunities and discuss why you think they've been underserved historically?
So I think that the industry is in overall, especially over the last few years, is going through a post-COVID crisis. And part shortages and big players that are struggling and ramping up and many -- as an outcome, there is a -- it represents a big opportunities for fast companies, fast-moving companies, I would say, more flexible that can get ready and demonstrate that they have the ability to adjust to the situation and provide great service.
One of the things that we are really proud of as a company in the last 2 years is the dramatic improvement that we have made comparing to many of our competitors in our on-time delivery, availability of parts. We made major investments in inventory to make sure that we will have the right parts on time.
And we are performing well as an outcome and the new capabilities that we added on the APU side when the market is struggling and when airlines around the world are suffering from lack of capacity and you have the capacity and you are ready and you can demonstrate performance, you gain momentum.
When it comes to the acquisition, just the M&A activity, we are not just looking -- just to be clear, and I would maybe elaborate on this for 2 minutes. We are not -- we are looking in several verticals and not necessarily just on the MRO, but also on the OEM side.
When it comes to MRO, though, we are looking to add value to our customers. I think that what we hear from airlines around the world is that one of the challenges that they are facing is with a relatively small supply chain management team, they need to manage hundreds and hundreds of vendors around the world. And everybody is looking to consolidate work and to grow to work with a larger vendor that can support them across more product lines. So our M&A strategy when it comes to MRO will be to look for companies that can add high-quality, meaningful MRO services that we can add to our portfolio and be more meaningful to our customers kind of a general answer to the question.
Having said this, as I said before, we are also looking for acquisitions on the OEM side to expand our thermal system capabilities, expand into new segments of thermal systems where we are not active today and become a more meaningful player in the thermal system world.
I'm going to summarize a question around backlog that I received from a couple of investors. Thank you, Tal, and thank you, Yuval, for submitting them. Essentially, it's -- that the backlog declined by a few million sequentially from last quarter. Can you comment on that?
Yes. I almost -- I don't want to -- basically, it's a nonissue. I think that if you look year-to-date, we are way above where we started the year. We showed a huge growth. We cannot -- you need to remember that we publish wins and add them to the backlog and LTA value only when we sign them. And we cannot -- there are several factors. We cannot control when the airlines are opening the RFPs. We cannot control when they determine who is the winning bidder. And in many cases, even after we win, we cannot control when our legal team and the airline legal team will eventually sign the contract so we can publish.
So as I stated before, we are enjoying a very strong opportunity pipeline larger than ever in the past. And we will keep on announcing and adding to the LTA new wins as we get them. And we remain very optimistic about it. That's the only thing that I can say right now.
In the last 3 months, we have -- we were not -- we didn't sign any win yet. So we saw a tiny reduction, but it's a nonissue.
Next, there is a question from Chen and a question from Othick that I think relates to your exposure to potential external disruptions. For example, how are your operations affected by the federal government shutdown that apparently just ended? Or is the grounding of some of the UPS and FedEx aircraft found the incident in Kentucky expected to affect any loads and schedules at your service centers?
I think that everything can have a -- every one of these interruptions or disruptions can cause some short-term hiccups. But when you look at the overall trend, none of them represent -- obviously, unless something turns into a macro global issue or challenge, none of them should have any sustained impact on our growth patterns for the future. I don't see right now any -- there is no drama here or any big impact with the exception of short hiccups here and there.
And again, that we can easily -- in reality, we are overcoming them because we have different product lines coming from different customers and a very large customer base and OEM versus MRO and other factors. So, so far, we haven't seen any major impact or concern that should be noted here.
Okay. I have a follow-up question from Ben Klieve at Benchmark that relates to the landing gear business, which is scaling and seeing some lumpiness. Do you expect that the lumpiness is going to decrease or perhaps even get more pronounced?
I'm expecting it to stay as it is through the -- again, the volatility between the quarters, but the overall trend is very strong.
Okay, next…
Maybe I can add to it. On the landing gear side, we are trying to be more proactive with our customers, and you always try to come up with a predetermined schedule of removals and when exactly they are going to park the aircraft to remove the gear and to replace. And looking at next year on paper, it looks great and very little volatility from my 10 years of experience at TAT, the plan is great until the year starts. And there are always changes and unexpected events. It can be that, I don't know, a catering truck hit a gear in another aircraft, and now they have to change there. I'm giving it as one example. But there are always changes in and surprises.
So I'm expecting volatility, but the overall trend and looking at where we are in the plan for next year, we expect to continue and to grow very nicely.
The next question is from Michael Ciarmoli from Truist.
Operator, can you assist in activating Michael?
Yes.
Michael, I think if we can hear you.
2. Question Answer
Okay. Perfect. Nice results. Just on the margins, really nice margin performance. I mean it looks like at the operating level incremental is about 31%. I think you've kind of talked about the EBITDA margins, 15%. You're basically almost there. Can maybe we think about or can you share with us how you're thinking about further operating leverage as you get some more volumes? And maybe even -- do you think you can get some pricing to be additive as well?
Yes. So for those of you who listened to the calls in the last 2.5 years, 3 years, I've been pretty consistent about saying that I believe that the best-in-class company in our line of business should be at the 15% EBITDA and above. And yes, Michael, as you stated, we are very -- we are getting there, mainly due to operational efficiencies initiatives that we had and things that we are doing. I'm happy to say that now that we are almost there, we still have a lot of opportunities and a lot of initiatives to continue and improve the margin moving forward. And I'm not even before increasing revenue or before increasing pricing. And it's a very high priority for us on our plans for next year to continue and improve our efficiency to remove waste and to become -- to reduce purchasing costs and to become more effective company. Some of it may be used to be more competitive in RFPs and some of it will result in increasing -- in further increasing the EBITDA.
Regarding pricing, we typically -- we try to be very careful about not using it as just as a tool because we are in a very competitive landscape. And we have -- obviously, we have escalation -- price escalation built into our contracts, but they are tied into predetermined indexes and like labor and materials. So prices are -- traditionally, if I'm looking years back, they were increased year-over-year, but that's not something that we are using as a tool for margin.
Got it. Okay. Helpful. And then just if I may, you guys break out your percent of revenues by MRO and OEM. And it looks like if I look at the OE percentage, it was up year-over-year, maybe close to 3%. And I just wanted to know your products on the thermal side, where you've got 737 exposure, what are you seeing there now that Boeing has gotten the FAA approval to rate break higher? Is there any destocking? Do you see any inventory? Or do you think that side of your business starts to grow as we see the volumes increase on the MAX?
Yes. I think that -- Michael, I think that specifically, if you talk about the MAX and our effect, there is a minimal impact, but not something that will have any dramatic impact on the future business one way or the other. I can say that if you look at overall aircraft production rate in our OEM business, our OEM -- obviously, our business is growing in a linear line together with the increase in production rates.
So again, without going into any specific platform, if you look across the board, if you look at the book of orders and planned capacity for Boeing, Embraer, Textron and others, we are enjoying it. And we plan to -- hopefully, we will continue to enjoy it in the years to come because we see more -- we see an increase in NPOs.
The next question is a 2-parter from Richard Kay, who said, you generate strong cash flow, again, is that sustainable? And how would you characterize your balance sheet strength today?
So I'll answer the first question about the cash flow and Ehud, if you may want to answer about the balance sheet. I think we spoke about it last quarter. We were in a very fast growth in a very unstable market with gigantic supply chain issues and other challenges with customers. And we wanted to make sure that we will be ready to the customers. So we made strategic decisions to dramatically increase inventories and a few other things to support our customers that were -- as they were struggling.
And last quarter, I mentioned that we are in a very healthy situation today that we don't believe that we need to increase and we can turn more of the EBITDA into cash. Our collection is better. We don't need to continue increasing inventories. As long as we don't go into a new product line that will require a new line of inventory, spare inventories, we are now at a position that we can start moving the inventory faster and increase inventory turns rather than inventory -- overall inventory increases.
From a CapEx perspective, we made substantial investments over the last 4 years and getting ready for the growth facilities, equipment and everything else that was required. And I think that we are moving more -- we are scaling back because we already -- we feel that we are ready with what we need for the next year or 2. And so the substantial investments are kind of behind us. There is always going to be a certain level of investment, mainly focused on 2 aspects, the maintenance, let's call it, maintenance CapEx and the second type is CapEx associated with continuing to improve our efficiency. And we are -- but all in all, we see a substantial reduction in CapEx needs, and this is also going to impact the cash. So again, cash may fluctuate mainly based on collections versus payments from quarter-to-quarter, but we do expect to continue and enjoy very strong cash flow.
And Ehud, I wonder if you would like to address the balance sheet.
Yes. [indiscernible] I'm expecting the balance sheet to continue or the equity ratio to balance sheet to continue to stay very high and very strong in the area of 70% to 75% in the coming quarters, given the profitability forecast and the capital -- the working capital needs that we're seeing. I must say that, however, as we indicated in the past that in case we'll execute an acquisition deal, part of financing of this deal will come from debt leverage, and this will change a little bit the ratios in the balance sheet.
We have a follow-up question from Michael Ciarmoli from Truist.
Okay. Perfect. Just a follow-up. I think last quarter, I mean, you had a really good landing year performance, assuming that the internal supply chain challenges and inefficiencies you've had are kind of totally resolved. And then just one more on the APUs. I wanted to know what you're seeing on penetrating the market for the 131.
You are asking about the 131 specifically. We are currently -- we have several opportunities that we are trying to bid on. We haven't won any meaningful in the last -- so far, I would say we haven't won any meaningful RFP. The opportunities are out there. And we still have some learning curve. The demand is there. The RFPs are coming. And I believe that with time we start showing substantial growth there. We're just -- we are basically at the beginning, if you will, as we stated in the last few quarters.
We have an additional submitted question, which is asking about the supply chain and whether conditions and capacity utilization are improving or how are they trending?
I would say it depends on the product lines. I believe that on the thermal components supply chain, where we purchase basically raw materials, supply chain pretty much stabilized to where it used to be pre-COVID. No major stories there. And APUs and landing gear still -- APUs is more reliable, but still very long lead times from the vendors. And on the landing gear is still unstable, both on the lead time and reliability of the vendors. So different phases. All in all, I can say across all product lines, the trend is very positive, but we are not there on the APUs and landing gear, the industry is not where it needs to be.
Here's a question from Ehun [indiscernible]. Asking about gross margins, can you -- I guess, I'm looking at the question, can you talk about the sort of the mix of gross margins across your businesses because he's observing that some of the gross margins, excluding leasing and trading did increase substantially over the quarter. And I'm just wondering what that mix looks like across the businesses?
Ehun, would you like to address it?
Guys, do you hear me? Yes. I'm sorry, my line is not so good. Could you please repeat the question, Matt?
Yes, the question would be just maybe a comment on how gross margins varies across the various business lines because there was an observation about the increase in gross margins this quarter, excluding leasing and trading.
Yes. So obviously, what you saw -- and again, I don't want to make a long-term point on one quarter. We need to look at the trend of the couple of quarters in order to determine our mind what's going to be -- what is the right gross margin because product mix is playing on the level of each revenue within the segment is also determining the gross profit due to our operational leverage. But in general, I would say that in this segment, we see an improving -- we see a trend of improving in the gross margin.
And then again, looking for the long term, we expect the margin in this segment to go up a little bit. And it is mainly due to all of the things that were mentioned during the pitch by Igal and me, where we have many plans of improving operational efficiencies. We are also leveraging our employees' utilization and also, again, having more work, more revenue on the same labor is improving by itself the gross margin.
If you look at -- maybe just to add a few things. First of all, just to add to what Ehud said, looking at gross margin from quarter-to-quarter is almost impossible because even within the same product line within everything, if you compare apples-to-apples between the quarters, you have different customers with different margin. We need to remember that on the MRO side, there are lots of variations.
On the OEM, once you have a deal and it's closed and you have the supply and you know the cost, it's pretty much stable gross margin. You know what to expect. When you receive an engine for an overall with hundreds of different parts that needs to be inspected, there is a huge variance between one engine to the other. Sometimes you get the engine and it's very easy and you replace few parts. And sometimes you get what we call a very heavy shop visit with many parts. And you need to remember that in many cases, our pricing to our customers are fixed customer -- fixed pricing. Basically, it's built on a statistical model over time. But sometimes you get -- all it takes is 2 engines or 3 engines with very heavy replacement and the margin this quarter is going to look less favorable.
And the following quarter, you got some light engines and everything is going to look great. So it's very risky to -- or not the right approach in mind, mind, I would say, to compare quarter-to-quarter, but rather to look at the long-term trend.
The final question before we turn it back to Igal, for concluding remarks is from Robbie from [ Essex Fs Capital ], asking how should investors think about Q4 and 2026?
So as I stated in the beginning, I'm going to talk only about 2026. We are very optimistic. The trend is strong. We have a very strong backlog, as you see in the numbers. We have a very large pipeline of opportunities in different stages, significant amount of potential business that we believe that we are going to -- some of it at least, a substantial portion of it we can secure.
The market trend is continuing to be strong. Both OEM demand is growing and the MRO needs are there. So all in all, all the indicators are very positive, and we are continuing to increase our internal efficiency. So we remain very optimistic about the ability to continue to grow the business next year. I think this is the best answer that I can give right now.
Igal, now turning to you for concluding remarks.
So just as final remarks. First of all, thank you for joining us today. The financial performance in the quarter further validates our business model and strategy. We are currently participating in multiple RFPs, as I said 2 minutes ago, and the growth opportunities we are pursuing giving us the confidence in long-term growth trajectory for TAT.
On top of this, we believe these are -- there are opportunities to accelerate our growth and increase our scale through targeted and strategic M&A activities. And I continue to think we are better positioned than many others in the industry for long-term growth. And I'm increasingly confident in our future.
So with that, I just want to thank everybody again for joining us today and happy to answer further questions via...
Thank you, everyone, for joining us today. You may now disconnect your lines.
Thank you. Bye.
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TAT Technologies Ltd. — Q3 2025 Earnings Call
Finanzdaten von TAT Technologies Ltd.
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Mär '26 |
+/-
%
|
||
| Umsatz | 177 177 |
11 %
11 %
100 %
|
|
| - Direkte Kosten | 133 133 |
6 %
6 %
75 %
|
|
| Bruttoertrag | 44 44 |
26 %
26 %
25 %
|
|
| - Vertriebs- und Verwaltungskosten | 25 25 |
26 %
26 %
14 %
|
|
| - Forschungs- und Entwicklungskosten | 1,63 1,63 |
25 %
25 %
1 %
|
|
| EBITDA | 23 23 |
7 %
7 %
13 %
|
|
| - Abschreibungen | 5,10 5,10 |
25 %
25 %
3 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 18 18 |
22 %
22 %
10 %
|
|
| Nettogewinn | 16 16 |
27 %
27 %
9 %
|
|
Angaben in Millionen USD.
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Firmenprofil
TAT Technologies Ltd. bietet eine Vielzahl von Dienstleistungen und Produkten für die zivile und militärische Luft- und Raumfahrt- sowie Bodenverteidigungsindustrie an. Sie ist in den folgenden Geschäftsbereichen tätig: Original Equipment Manufacturing (OEM) von Wärmeübertragungslösungen & Luftfahrtzubehör; Wartung, Reparatur & Überholungsdienstleistungen (MRO) für Wärmeübertragungskomponenten & OEM von Wärmeübertragungslösungen; MRO-Dienstleistungen für Luftfahrtkomponenten; und Überholung und Beschichtung von Flugzeugtriebwerkskomponenten. Das Segment OME für Wärmeübertragungslösungen & Luftfahrt-Zubehör umfasst die Konstruktion, Entwicklung und Herstellung einer breiten Palette von Wärmeübertragungslösungen, wie z.B. Vorkühler-Wärmetauscher und hydraulische Öl-/Brennstoff-Wärmetauscher, die in mechanischen und elektronischen Systemen an Bord von Verkehrs-, Militär- und Geschäftsflugzeugen verwendet werden; Kühlsysteme für Umweltkontrolle und Leistungselektronik, die an Bord von Flugzeugen in und am Boden installiert sind; sowie eine Vielzahl anderer mechanischer Flugzeugzubehörteile und -systeme wie Pumpen, Ventile und Turbinenaggregate. Das Segment MRO-Dienstleistungen für Wärmeübertragungskomponenten & OEM of Heat Transfer Solutions umfasst die MRO von Wärmeübertragungskomponenten und in geringerem Umfang die Herstellung bestimmter Wärmeübertragungslösungen. Das Segment MRO-Dienstleistungen für Luftfahrtkomponenten umfasst die MRO von APUs, Fahrwerken und anderen Flugzeugkomponenten. Das Segment Überholung und Beschichtung von Strahltriebwerkskomponenten umfasst die Überholung und Beschichtung von Strahltriebwerkskomponenten, darunter Turbinenschaufeln und -blätter, Fanschaufeln, variable Einlassleitschaufeln und Nachbrennklappen. TAT Technologies wurde im April 1985 gegründet und hat seinen Hauptsitz in Gedera, Israel.
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| Hauptsitz | Israel |
| CEO | Mr. Zamir |
| Mitarbeiter | 659 |
| Gegründet | 1985 |
| Webseite | tat-technologies.com |


