Business
TAT Technologies Reports Full Year 2022 Results
NETANYA, Israel, March 29, 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":"NETANYA, Israel, March 29, 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 audited results for the twelve months ended December 31, 2022.\nKey Financial Highlights:\nTotal revenues for the twelve months ended December 31, 2022, were $84.6 million compared to $78 million for the twelve months ended December 31, 2021, an increase of 8.4%.Gross profit for the twelve months ended December 31, 2022, were $15.9 million (18.8% of revenues) compared to $11.3 million (14.5% of revenues) for the twelve months ended December 31, 2021, an increase of 41%.Adjusted EBITDA for the twelve months ended December 31, 2022, was $4 million compared to $3.3 million for the twelve months ended December 31, 2021, an increase of 21%.GAAP net loss from continued operations for the twelve months ended December 31, 2022, was $1.6 million (net profit of $0.1 million without a onetime impact of our restructuring plan) compared to GAAP net loss from continued operations of $4 ($2.2 million without a onetime impact of our restructuring plan) million for the twelve months ended December 31, 2021. A decrease of 60% in net loss.Net debt for December 31, 2022, was $19.4 million compared to net debt of $0.5 million for December 31, 2021. During the years 2021 and 2022, the Company made significant capital investments related to large strategic agreements and the restructuring plan.During 2021 and 2022 the company recorded a reduction of expenses due to ERC grants in the amount of $3.6Millions and $1.2Millions respectively.During the years 2021 and 2022 the company recorded restructuring expenses in the amount of $1.7M for each of the years. \n Proforma results comparison, representing 2021 and 2022 without grants and restructuring cost: Thousands USD\nYTD 22\nYTD 21\nYTD 20\nRevenues\n84,556\n77,973\n75,359\nCOGS\n69,582\n69,550\n68,274\nGross Profit\n14,974\n8,423\n7,085\nGM\n17.7 %\n10.8 %\n9.4 %\nR&D & SG&M\n16,236\n14,524\n12,831\nEBITDA\n2,832\n(461)\n(2,816)\n \nMr. Igal Zamir, CEO and President of TAT Technologies stated that 2022 was a unique year for TAT and the aviation industry. Throughout the year, we suffered from the impact of COVID and the war in Ukraine on our supply chain, res...