Core Insights - TAT Technologies Ltd. reported its eighth consecutive quarter of revenue growth, with significant increases in both revenues and profitability for Q3 2024 compared to Q3 2023 [1][7]. Financial Performance - Revenues for Q3 2024 increased by 35.2% to $40.5 million from $29.9 million in Q3 2023. Year-to-date revenues rose by 36% to $111.1 million compared to $82.0 million for the same period last year [2]. - Gross profit for Q3 2024 was $8.5 million, a 45.9% increase from $5.8 million in Q3 2023, representing 21% of revenues compared to 19.4% in the prior year. Year-to-date gross profit increased by 51.8% to $23.5 million [3]. - Net income for Q3 2024 rose by 33% to $2.9 million, or $0.26 per diluted share, compared to $2.2 million, or $0.24 per diluted share, in Q3 2023. For the nine-month period, net income increased by 77% to $7.6 million [4]. - Adjusted EBITDA for Q3 2024 increased by 70% to $5.1 million compared to $3.0 million in Q3 2023, with a similar increase for the nine-month period [5]. Cash Flow and Capital Raising - Cash flow from operations in Q3 2024 was positive at $2.8 million, a turnaround from negative cash flow of ($3.7) million in Q3 2023. However, for the nine-month period, cash flow from operations was negative ($4.9) million compared to positive $0.5 million in the same period last year [6]. - The company raised $9.9 million in shares from the capital markets during Q3 2024 [7]. Business Outlook - The CEO of TAT Technologies indicated that the company is experiencing record revenue and profitability, with a backlog of orders and long-term agreements totaling $423 million. The company is preparing for challenges in the supply of parts for APUs and landing gears by increasing parts inventory [7].

Financial Performance - Revenues increased by 35.2% to $40.5 million in Q3'24 compared to $29.9 million in Q3'23[10] - Gross profit rose by 45.9% to $8.5 million, representing 21% of revenues in Q3'24, up from 19.4% in Q3'23[11] - Net income increased by 33% to $2.9 million, or $0.26 per diluted share in Q3'24, compared to $2.2 million, or $0.24 per diluted share in Q3'23[12] - Adjusted EBITDA surged by 70% to $5.1 million in Q3'24, compared to $3.0 million in Q3'23[13] - Total revenues for the three months ended September 2023 were $40,459 million, a 35.5% increase from $29,935 million in the same period of 2022[29] - Gross profit for the nine months ended September 2023 was $23,531 million, up 42.1% from $15,499 million in the same period of 2022[29] - Operating income for the three months ended September 2023 reached $3,446 million, compared to $1,760 million in the same period of 2022, representing a 95.3% increase[29] - Net income for the nine months ended September 2023 was $7,592 million, a 77.0% increase from $4,283 million in the same period of 2022[31] - Basic net income per share for the three months ended September 2023 was $0.27, compared to $0.24 in the same period of 2022[29] - The company reported total comprehensive income of $2,822 million for the three months ended September 2023, compared to $2,149 million in the same period of 2022[31] - Net income for the three months ended September 30, 2024, was $2,865 million, an increase from $2,151 million in the same period last year, representing a 33% growth[37] - Adjusted EBITDA for the nine months ended September 30, 2024, reached $13,150 million, up from $7,747 million in the previous year, indicating a 70% increase[39] Cash Flow and Capital - Cash flow from operations was positive $2.8 million in Q3'24, a significant improvement from negative ($3.7) million in Q3'23[14] - The company reported a net cash increase of $516 million for the three months ended September 30, 2024, contrasting with a decrease of $(3,470) million in the same period last year[37] - Cash flows used in operating activities for the nine months ended September 30, 2024, were $(4,857) million, compared to $493 million in the same period last year[37] - The company issued common shares, resulting in proceeds of $9,923 million for the nine months ended September 30, 2024[37] - Interest paid during the nine months ended September 30, 2024, totaled $(1,289) million, compared to $(1,071) million in the same period last year[38] Assets and Liabilities - Total assets grew to $157.7 million as of September 30, 2024, up from $145.6 million at the end of 2023[27] - Total liabilities decreased to $49.2 million as of September 30, 2024, down from $54.9 million at the end of 2023[27] - Inventory increased to $61.9 million as of September 30, 2024, compared to $51.3 million at the end of 2023[26] Operational Metrics - Orders and long-term agreement (LTA) backlog increased to $423 million, indicating strong demand for products and services[15] - Research and development expenses for the three months ended September 2023 were $326 million, an increase from $194 million in the same period of 2022[29] - Selling and marketing expenses for the nine months ended September 2023 totaled $5,647 million, up from $3,807 million in the same period of 2022[29] - The company experienced a significant increase in trade accounts payable, which rose by $3,825 million for the three months ended September 30, 2024[37] - Depreciation and amortization expenses for the three months ended September 30, 2024, were $1,565 million, compared to $1,240 million in the same period last year, reflecting a 27% increase[39] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[29]

Company Overview - TAT Technologies Ltd. is a leading provider of products and services for the commercial and military aviation industries as well as ground defense industries [3] - The company operates under four segments: Original Equipment Manufacturing (OEM) of heat transfer solutions, MRO services for heat transfer components, MRO services for aviation components, and overhaul and coating of jet engine components [3] Financial Results Announcement - TAT Technologies will release its third quarter results for 2024 on November 18, 2024, after market close [1] - A webcast to review the financial results and provide a business update will be hosted by TAT's CEO and CFO on November 19, 2024, at 8:15 a.m. ET [2] Product and Service Segments - The OEM segment focuses on designing, developing, and manufacturing heat transfer solutions and aviation accessories, including heat exchangers and cooling systems for aircraft [4] - The MRO services for heat transfer components are provided through the Limco subsidiary, which operates an FAA-certified repair station [5] - The MRO services for aviation components are managed by the Piedmont subsidiary, also operating an FAA-certified repair station [6] - The overhaul and coating segment includes services for jet engine components such as turbine vanes and blades [7]

Group 1 - TAT Technologies Ltd. will participate in the LD Micro Main Event XVII on October 29, 2024, in Los Angeles, CA, with management available for one-on-one meetings [1] - The LD Micro Main Event will feature around 150 companies presenting and attending private meetings with investors from October 28 to 30, 2024 [2] - TAT Technologies operates under four segments: OEM of heat transfer solutions, MRO services for heat transfer components, MRO services for aviation components, and overhaul and coating of jet engine components [2][4] Group 2 - TAT's OEM activities include the design and manufacture of heat transfer solutions and aviation accessories for commercial and military aircraft [3] - The MRO services provided by TAT's Limco subsidiary include heat transfer component repairs for airlines and military, while Piedmont subsidiary focuses on MRO for various aircraft components [4] - TAT's overhaul and coating services involve jet engine components, including turbine vanes and blades, ensuring high-quality maintenance for aviation engines [5]

Core Insights - TAT Technologies (NASDAQ: TATT) has shown strong stock performance with a 54.7% return since April and a 25.8% return since July [1] Group 1: Company Performance - The recent earnings report for TAT Technologies is discussed, highlighting its significant growth prospects in the aerospace, defense, and airline industry [1] - The stock's performance indicates a positive market response and investor confidence in the company's future [1] Group 2: Industry Context - The aerospace, defense, and airline sectors are characterized by complex dynamics and substantial growth opportunities, which are analyzed to inform investment strategies [1] - The analysis is supported by data-driven insights, emphasizing the importance of analytics in understanding industry developments [1]

CHARLOTTE, N.C., Aug. 29, 2024 /PRNewswire/ -- TAT Technologies Ltd. (TASE: TAT Tech) (NASDAQ: TATT), a leading supplier of products and services for the commercial and military aviation industries and the ground defense industries, today announced that management will present at the Lake Street Capital Markets 8th Annual Best Ideas Growth "Big8" Conference on September 12th in New York City. Management will conduct one-on-one meetings with institutional investors, discussing its growth strategy, recent exp ...

Company Delivers 7th Consecutive Quarter of Expanding Revenues and Profits Management Reviews Financial Results and Provides Business Update on Quarterly Webcast CHARLOTTE, N.C., Aug. 28, 2024 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (TASE: 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 and six-month period ended June 30, 2024. Financial Hi ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the month of August 2024 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Yes ☐ No ☒ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Hamelacha 5, Netanya 4250540, Israel (Address of Principal Executive Office) Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T R ...

NETANYA, Israel, May 22, 2024 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (TASE: 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, 2024. Financial highlights for the first quarter of 2024: Mr. Igal Zamir, TAT's CEO and President commented on the results: "The first quarter of 2024 marked the seventh straight quarter of Reve ...

Company Overview [Introduction](index=7&type=section&id=Introduction) TAT Technologies provides thermal management and power/actuation solutions to the global aerospace and defense industries - The company's business is concentrated in two main areas: **Thermal Management** and **Power and Actuation**[19](index=19&type=chunk) - TAT operates through four distinct operational units: **TAT Israel (OEM)**, **Limco (Heat Transfer MRO & OEM)**, **Piedmont (Aviation Components MRO)**, and **Turbochrome (Jet Engine MRO)**[19](index=19&type=chunk) - Key customers include prominent aerospace and defense entities such as **Boeing**, **Embraer**, **Lockheed Martin**, **Collins**, and the **U.S. Armed Forces**[20](index=20&type=chunk) - The company has faced challenges from the **COVID-19 pandemic**, **supply chain shortages**, **inflation**, and **geopolitical conflicts**, impacting operations and costs[27](index=27&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - A **2021 restructuring plan** relocated activities to improve operational efficiency and reduce costs[29](index=29&type=chunk) Key Information [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) The company faces significant business, industry, and geopolitical risks, including customer concentration and regional instability - A significant portion of revenue comes from a few major customers, with the top five accounting for **28.46% of revenues in 2023**[56](index=56&type=chunk) - The company depends on a limited number of suppliers for critical components, such as **Honeywell for APU spare parts**[62](index=62&type=chunk) - The company's principal shareholders, **FIMI Funds**, beneficially own **52% of outstanding shares**, and substantial sales could depress the share price[92](index=92&type=chunk) - Significant operations in Israel expose the company to **political, economic, and military risks**, including the ongoing war with Hamas and Hezbollah[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - The call-up of employees for **military reserve duty** since October 7, 2023, could adversely affect business operations[100](index=100&type=chunk) Information on the Company [Business Overview](index=23&type=section&id=A.%20Business%20Overview) The company's strategy focuses on enhancing OEM capabilities, expanding MRO services, and pursuing organic and inorganic growth - The company's business strategy includes enhancing OEM capabilities, expanding MRO services, increasing market share, creating synergy, and pursuing **organic growth and M&A opportunities**[141](index=141&type=chunk)[148](index=148&type=chunk) - Piedmont has expanded into APU leasing and holds strategic **10-year MRO license agreements with Honeywell** for key APU lines[132](index=132&type=chunk)[134](index=134&type=chunk) - The company's backlog as of December 31, 2023, was **$434 million**, consisting of $85 million in firm orders and $349 million from long-term agreements[185](index=185&type=chunk)[186](index=186&type=chunk) - The company faces **intense competition** in both OEM and MRO markets from larger, more resourceful competitors[188](index=188&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk) - A strategic restructuring in 2021-2022 transferred heat exchanger manufacturing from Israel to the US to create a **unified MRO/OEM center**[151](index=151&type=chunk) [Government Regulations](index=39&type=section&id=B.%20Government%20Regulations) Operations are subject to extensive regulation by global aviation, defense, environmental, and worker safety authorities - The aerospace industry is highly regulated, requiring certifications from bodies like the **FAA, EASA, and U.S. Department of Defense**[219](index=219&type=chunk) - Export of military and dual-use products from Israel requires permits from the **Israeli Ministry of Defense**, while U.S. subsidiaries are subject to **U.S. export regulations**[215](index=215&type=chunk)[217](index=217&type=chunk) - Operations are subject to stringent environmental laws in both the U.S. and Israel governing the **handling and disposal of hazardous substances**[224](index=224&type=chunk) [Property, Plants and Equipment](index=40&type=section&id=C.%20Property%2C%20Plants%20and%20Equipment) The company operates from key owned and long-term leased facilities in Kiryat Gat, Israel, and several locations in the United States - The company completed a strategic transfer of activities to a facility in **Kiryat Gat, Israel (leased until 2045)** and its facility in Tulsa, Oklahoma[226](index=226&type=chunk) - Limco owns a **55,000 sq. ft. plant in Tulsa, OK**, and leases multiple additional buildings[229](index=229&type=chunk)[230](index=230&type=chunk) - Piedmont leases significant space in **Greensboro, NC (~82,000 sq. ft.)** and **Kernersville, NC** to support its MRO operations[232](index=232&type=chunk)[233](index=233&type=chunk) Operating and Financial Review and Prospects [Operating Results](index=42&type=section&id=Operating%20Results) The company reported a significant revenue increase and a return to profitability in 2023, driven by growth across all segments Consolidated Operating Results (in thousands USD) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Total revenues** | **$113,794** | **$84,556** | **$77,973** | | Gross profit | $22,468 | $15,928 | $11,270 | | Operating income (loss) | $6,075 | $(1,775) | $(4,035) | | Net income (loss) | $4,672 | $(1,562) | $(3,562) | Revenues by Segment (in thousands USD) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | OEM of heat transfer solutions & aviation accessories | $27,555 | $21,844 | 26.1% | | MRO services for heat transfer components & OEM | $32,995 | $24,796 | 33.1% | | MRO services for aviation components | $50,760 | $35,879 | 41.5% | | Overhaul and coating of jet engine components | $6,854 | $5,770 | 18.8% | | **Total Revenues (after eliminations)** | **$113,794** | **$84,556** | **34.5%** | - Gross margin as a percentage of revenues increased to **19.7% in 2023** from 18.8% in 2022, due to higher revenue growth and better employee utilization[265](index=265&type=chunk)[271](index=271&type=chunk) - The company achieved a **net income of $4.7 million in 2023**, compared to a net loss of $1.6 million in 2022, driven by strong revenue growth[263](index=263&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) Cash reserves more than doubled, bolstered by a $10 million private placement and improved operating cash flow - In December 2023, TAT completed a private placement of 1,158,600 Ordinary Shares, raising net proceeds of approximately **$10.0 million**[298](index=298&type=chunk) Cash and Cash Equivalents (in thousands USD) | | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $16,942 | $8,026 | Summary of Cash Flows (in thousands USD) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,255 | $(4,867) | $(2,269) | | Net cash used in investing activities | $(3,579) | $(16,120) | $(5,407) | | Net cash provided by financing activities | $10,240 | $15,798 | $7,652 | - Capital expenditures decreased significantly to **$2.9 million in 2023** from $16.1 million in 2022, as restructuring investments were completed[304](index=304&type=chunk) [Contractual Obligations](index=56&type=section&id=D.%20Tabular%20Disclosure%20of%20Contractual%20Obligations) The company has total contractual obligations of $27.7 million, with the majority due within one year Contractual Obligations as of December 31, 2023 (in thousands USD) | Contractual Obligations | Total | Less than 1 year | 1-3 Years | 3-5 Years | More than 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease obligations | $2,730 | $1,033 | $1,147 | $550 | - | | Purchase commitments | $24,927 | $10,732 | $4,195 | - | - | | **Total** | **$27,657** | **$21,765** | **$4,342** | **$550** | **-** | Directors, Senior Management and Employees [Directors and Senior Management](index=57&type=section&id=A.%20Directors%20and%20Senior%20Management) The company is led by an experienced executive team and a five-member Board of Directors with diverse industry expertise - Key leadership includes **Amos Malka (Chairman)**, **Igal Zamir (CEO & President)**, and **Ehud Ben-Yair (CFO)**[324](index=324&type=chunk) - The Board of Directors is composed of five members, including **two external directors** and **one independent director** as required by Israeli law and NASDAQ rules[324](index=324&type=chunk)[348](index=348&type=chunk) [Compensation](index=59&type=section&id=B.%20Compensation) Total 2023 compensation for 11 directors and executives was approximately $2.24 million, including salary, bonuses, and equity Compensation of Five Most Highly Compensated Executives for 2023 (in thousands USD) | Name and Principal Position | Base Salary | Benefits and Perquisites | Variable Compensation | Equity-Based Compensation | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Igal Zamir, CEO and President | 350 | 116 | 174 | 11 | 651 | | Ehud Ben- Yair, CFO | 248 | 77 | 75 | 7 | 408 | | Jason Lewandowski, COO | 260 | 40 | - | 68 | 368 | | Lars Hebjerg, VP Sales | 187 | 24 | 65 | - | 276 | | Liron Topaz, GM TAT Israel | 161 | 70 | 12 | 17 | 260 | - Total compensation for all 11 directors and executive officers in 2023 was **$2,202 thousand** in salaries, fees, commissions, and bonuses, plus $41 thousand in other benefits[339](index=339&type=chunk) [Board Practices](index=61&type=section&id=C.%20Board%20Practices) Board practices are governed by Israeli law, with exemptions from certain NASDAQ rules due to its "controlled company" status - The company is a **"controlled company"** under NASDAQ rules because FIMI Funds beneficially own over 50% of voting shares, exempting it from certain independence requirements[394](index=394&type=chunk) - The Board has an **Audit Committee** and a **Compensation Committee**, both structured to comply with Israeli Companies Law[357](index=357&type=chunk)[361](index=361&type=chunk) - The company has adopted a formal **compensation policy** for its executives and directors, requiring committee, board, and shareholder approval[375](index=375&type=chunk) - In 2023, the company adopted a **Clawback Policy** to recover excess incentive-based compensation following an accounting restatement[393](index=393&type=chunk) [Employees](index=70&type=section&id=D.%20Employees) As of year-end 2023, the company employed 540 people, primarily in manufacturing roles across the U.S. and Israel Employee Distribution as of Dec 31, 2023 | Category | Number of Employees | | :--- | :--- | | Manufacturing & Quality Control | 449 | | Engineering & R&D | 24 | | General & Admin, Sales & Marketing | 67 | | **Total** | **540** | - Geographically, **372 employees are based in the U.S.** and **168 are in Israel**[396](index=396&type=chunk) - New **collective bargaining agreements** for employees at TAT Israel and Turbochrome were signed in September 2022 and are effective until April 2025[397](index=397&type=chunk)[398](index=398&type=chunk) [Share Ownership](index=71&type=section&id=E.%20Share%20Ownership) The company maintains two stock option plans for executives, with 625,000 options outstanding at year-end 2023 - The company has two active stock option plans, the 2012 Plan and the 2022 Plan, with a combined pool of **1,530,000 ordinary shares**[405](index=405&type=chunk)[407](index=407&type=chunk) - As of December 31, 2023, there were **625,000 options outstanding** at a weighted average exercise price of **$7.31 per share**[410](index=410&type=chunk) - Options generally vest over a **4-year period**, with 25% vesting after the first year and the remainder vesting quarterly[408](index=408&type=chunk) Major Shareholders and Related Party Transactions [Major Shareholders](index=73&type=section&id=A.%20Major%20Shareholders) FIMI Funds is the controlling shareholder with 52% ownership, followed by Yelin Lapidot with 7% Major Shareholders as of December 31, 2023 | Name | Number of Ordinary Shares Beneficially Owned | Percentage of Ownership | | :--- | :--- | :--- | | FIMI Funds | 5,254,908 | 52% | | Yelin Lapidot | 704,406 | 7.00% | - A private placement in December 2023 involved the issuance of **1,158,600 new shares**, representing approximately 11.5% of the company's post-issuance shares[415](index=415&type=chunk) Financial Information [Consolidated Statements and Other Financial Information](index=75&type=section&id=A.%20Consolidated%20Statements%20and%20Other%20Financial%20Information) The company is involved in routine litigation and its dividend policy is governed by Israeli law based on profitability - The company is involved in **ongoing litigation** as part of its normal business operations[422](index=422&type=chunk) - Dividend distributions are determined by the board of directors and are limited by Israeli Companies Law based on **retained earnings or recent profits**[423](index=423&type=chunk)[424](index=424&type=chunk) Additional Information [Taxation](index=78&type=section&id=E.%20Taxation) The company benefits from reduced Israeli corporate tax rates under the 'Preferred Enterprise' regime - The general corporate tax rate in Israel is 23%; however, the company benefits from reduced rates as a **'Preferred Enterprise'**[447](index=447&type=chunk)[459](index=459&type=chunk) - TAT's main operations in Israel are taxed at a reduced rate of **16%**, while its subsidiary Turbochrome is taxed at **7.5%**[460](index=460&type=chunk) - U.S. subsidiaries are subject to a **21% federal statutory tax rate**, in addition to state taxes[295](index=295&type=chunk) - Dividends paid from a 'Preferred Enterprise' are subject to a **20% withholding tax**, which may be reduced by an applicable tax treaty[458](index=458&type=chunk) Controls and Procedures [Controls and Procedures](index=89&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal controls over financial reporting were effective - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2023[526](index=526&type=chunk) - Based on the COSO 2013 framework, management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2023[530](index=530&type=chunk) - The annual report does not include an attestation report from the independent auditor on internal controls, as **permitted by SEC rules**[531](index=531&type=chunk) Corporate Governance and Other Matters [Principal Accountant Fees and Services](index=91&type=section&id=Item%2016C.%20Principal%20Accountant%20Fees%20and%20Services) Total fees paid to the independent auditor in 2023 were $413,444, primarily for audit services Fees Paid to Independent Public Accountant (in USD) | Services Rendered | 2023 | 2022 | | :--- | :--- | :--- | | Audit | $396,873 | $248,524 | | Tax | $19,571 | $23,262 | | **Total** | **$413,444** | **$271,786** | [Cybersecurity](index=93&type=section&id=Item%2016K.%20Cybersecurity) The Audit Committee oversees cybersecurity risks, with no material incidents identified to date - The **Audit Committee** is responsible for overseeing cybersecurity risks[547](index=547&type=chunk) - The **Chief Operating Officer** is responsible for implementing cybersecurity protection measures[549](index=549&type=chunk) - As of the report date, **no known cybersecurity threats or incidents** have materially affected the company[549](index=549&type=chunk) Financial Statements [Auditor's Report and Critical Audit Matters](index=98&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor issued an unqualified opinion and identified the write-down of obsolete inventory as a critical audit matter - The auditor issued an **unqualified opinion** on the consolidated financial statements as of December 31, 2023[563](index=563&type=chunk) - A **Critical Audit Matter** was identified concerning the **write-down of obsolete and unmarketable inventory** due to significant management judgment required[567](index=567&type=chunk)[569](index=569&type=chunk)[570](index=570&type=chunk) [Consolidated Financial Statements](index=100&type=section&id=Consolidated%20Financial%20Statements) The financial statements reflect a strong 2023 with increased assets, higher revenue, and a return to net income Consolidated Balance Sheet Highlights (in thousands USD) | | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $94,326 | $75,150 | | Total Assets | $145,577 | $126,651 | | Total Current Liabilities | $39,311 | $28,990 | | Total Liabilities | $54,894 | $51,081 | | Total Shareholders' Equity | $90,683 | $75,570 | Consolidated Statement of Operations Highlights (in thousands USD) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Revenue | $113,794 | $84,556 | $77,973 | | Gross Profit | $22,468 | $15,928 | $11,270 | | Operating Income (Loss) | $6,075 | $(1,775) | $(4,035) | | Net Income (Loss) | $4,672 | $(1,562) | $(3,562) | Consolidated Statement of Cash Flows Highlights (in thousands USD) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $2,255 | $(4,867) | $(2,269) | | Net Cash from Investing Activities | $(3,579) | $(16,120) | $(15,639) | | Net Cash from Financing Activities | $10,240 | $15,798 | $6,042 |