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TAT Technologies(TATT) - 2024 Q3 - Quarterly Report
TATTTAT Technologies(TATT)2024-11-18 21:56
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Financial Performance - Revenues increased by 35.2% to 40.5millioninQ3′24comparedto40.5 million in Q3'24 compared to 29.9 million in Q3'23[10] - Gross profit rose by 45.9% to 8.5million,representing218.5 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 0.26perdilutedshareinQ3′24,comparedto0.26 per diluted share in Q3'24, compared to 2.2 million, or 0.24perdilutedshareinQ3′23[12]−AdjustedEBITDAsurgedby700.24 per diluted share in Q3'23[12] - Adjusted EBITDA surged by 70% to 5.1 million in Q3'24, compared to 3.0millioninQ3′23[13]−TotalrevenuesforthethreemonthsendedSeptember2023were3.0 million in Q3'23[13] - Total revenues for the three months ended September 2023 were 40,459 million, a 35.5% increase from 29,935millioninthesameperiodof2022[29]−GrossprofitfortheninemonthsendedSeptember2023was29,935 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 15,499millioninthesameperiodof2022[29]−OperatingincomeforthethreemonthsendedSeptember2023reached15,499 million in the same period of 2022[29] - Operating income for the three months ended September 2023 reached 3,446 million, compared to 1,760millioninthesameperiodof2022,representinga95.31,760 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 4,283millioninthesameperiodof2022[31]−BasicnetincomepershareforthethreemonthsendedSeptember2023was4,283 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 0.24inthesameperiodof2022[29]−Thecompanyreportedtotalcomprehensiveincomeof0.24 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 2,149millioninthesameperiodof2022[31]−NetincomeforthethreemonthsendedSeptember30,2024,was2,149 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 2,151millioninthesameperiodlastyear,representinga332,151 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 7,747millioninthepreviousyear,indicatinga707,747 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)millioninQ3′23[14]−Thecompanyreportedanetcashincreaseof3.7) 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)millioninthesameperiodlastyear[37]−CashflowsusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,were(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 493millioninthesameperiodlastyear[37]−Thecompanyissuedcommonshares,resultinginproceedsof493 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,comparedto(1,289) million, compared to (1,071) million in the same period last year[38] Assets and Liabilities - Total assets grew to 157.7millionasofSeptember30,2024,upfrom157.7 million as of September 30, 2024, up from 145.6 million at the end of 2023[27] - Total liabilities decreased to 49.2millionasofSeptember30,2024,downfrom49.2 million as of September 30, 2024, down from 54.9 million at the end of 2023[27] - Inventory increased to 61.9millionasofSeptember30,2024,comparedto61.9 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 423million,indicatingstrongdemandforproductsandservices[15]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember2023were423 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 194millioninthesameperiodof2022[29]−SellingandmarketingexpensesfortheninemonthsendedSeptember2023totaled194 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 3,807millioninthesameperiodof2022[29]−Thecompanyexperiencedasignificantincreaseintradeaccountspayable,whichroseby3,807 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 1,565million,comparedto1,565 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]