Business
TAT Technologies Reports First Quarter 2023 Results
NETANIA, Israel, May 31, 2023 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) ("TAT" or the "Company"), a leading provider of products and services to
About this update from Tat Technologies Ltd.
[{"type":"text","content":"NETANIA, Israel, May 31, 2023 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (\"TAT\" or the \"Company\"), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three-month period ended March 31, 2023.\nFinancial highlights for the first quarter of 2023: \nRevenues for Q1 2023 increased by 26.6% to $25.2 million compared to $19.9 million in Q1 2022.Gross profit for Q1 2023 increased to $4.3 million (16.9% of revenues) compared to $3 million in Q1 2022 (15.2% of revenues).Adjusted EBITDA for Q1 2023 increased by 328% to $2.2 million compared to $0.5 million in Q1 2022.Net income for Q1 2023 was $0.66 million compared to a net loss of $1.6 million in Q1 2022.Operational cash flow was positive $1.4 million compared to $0 million in Q1 2021.Mr. Igal Zamir, TAT's CEO and President commented on the results: \"We are excited with the results of the first quarter of 2023. As our industry continues to ramp up, it is the second consecutive quarter that we continue to increase our revenues, improve gross profits, and improve EBITDA and net income. Cash flow from operations continues to be positively strong. The world's supply chain challenges continue to negatively affect our results and customer satisfaction. As of the end of March 2023 our past due customers' orders amount to $33 million.\nOur order backlog and LTA continue to grow as the demand for our products and services rapidly increases and as we enter the second half of the year, we expect to see the fruits of the strategic deals that we signed with Honeywell both for the APU 331-500 and APU 131. These strategic deals represent a major growth engine and are expected to yield a much better profitability.\"\nMr. Zamir continued: \"We are optimistic with the coming quarters of 2023 and expect substantial growth in revenues and EBITDA compared to 2022\".\nNon-GAAP Financial Measures\nTo supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income exclud...