TAT Technologies(US:TATT)2023-03-29 20:13Financial Performance - Total revenues for the twelve months ended December 31, 2022, were $84.6 million, an increase of 8.4% compared to $78 million in 2021[10] - Gross profit for the same period was $15.9 million, representing 18.8% of revenues, up 41% from $11.3 million (14.5% of revenues) in 2021[10] - Adjusted EBITDA for 2022 was $4 million, a 21% increase from $3.3 million in 2021[10] - GAAP net loss from continued operations decreased by 60% to $1.6 million in 2022, compared to a loss of $4 million in 2021[10] - Total revenue for TAT Technologies Ltd. in 2022 was $77,973,000, a slight increase from $75,359,000 in 2021, representing a growth of 2.14%[24] - The net loss for 2022 was $1,562,000, an improvement compared to a net loss of $3,562,000 in 2021, indicating a reduction in losses by approximately 56%[26] - Gross profit for 2022 was $11,270,000, up from $8,435,000 in 2021, reflecting a gross profit margin increase from 11.2% to 14.5%[24] - The total comprehensive loss for 2022 was $1,621,000, compared to $3,657,000 in 2021, indicating a reduction in comprehensive losses by approximately 56%[28] Expenses and Cash Flow - Operating expenses increased to $15,305,000 in 2022 from $12,481,000 in 2021, marking a rise of 22.5%[24] - Research and development expenses rose to $517,000 in 2022, compared to $185,000 in 2021, showing a significant increase of 179%[24] - Cash flows from operating activities showed a net outflow of $4,867,000 in 2022, worsening from an outflow of $2,269,000 in 2021[31] - Cash flows from financing activities provided net cash of $15,798 thousand in 2022, compared to $6,042 thousand in 2021, marking a significant increase of 161.5%[33] - Total cash and cash equivalents at the end of 2022 were $8,026 thousand, down from $13,215 thousand at the end of 2021, representing a decrease of 39.1%[33] - The company reported a net cash decrease of $(5,189) thousand in 2022, compared to a decrease of $(11,089) thousand in 2021, showing an improvement in cash flow management[33] Restructuring and Investments - The company recorded restructuring expenses of $1.7 million for both 2021 and 2022[10] - The company incurred restructuring expenses of $1,755,000 in 2022, compared to no restructuring expenses in 2021[24] - The company incurred restructuring expenses of $1,715 thousand in 2022, slightly down from $1,755 thousand in 2021[35] - The company had a share in results of equity investment of $(184) thousand in 2022, compared to $76 thousand in 2021, indicating a decline in investment performance[35] Strategic Developments - The expected total value of long-term commercial agreements and backlog reached $400 million, nearly double compared to 2021[11] - The company secured several strategic contracts in the second half of 2022, increasing the expected value of long-term agreements by $130 million[11] - TAT Technologies plans to benefit from a new line of business in 2023, including MRO for APU331-500 and Gulfstream Landing gear platforms[11] - The company completed the transition of heat exchange activity from Israel to the US and merged two facilities in Israel into one modern facility[11] Debt and Financial Obligations - Net debt increased to $19.4 million as of December 31, 2022, from $0.5 million in 2021, due to significant capital investments[10] - Proceeds from long-term loans received in 2022 amounted to $16,680 thousand, a substantial increase from $3,042 thousand in 2021[33] - Interest paid in 2022 was $(796) thousand, compared to $(251) thousand in 2021, indicating an increase in financial expenses[33] Shareholder Information - The company reported a net loss per share of $0.175 for 2022, an improvement from a loss of $0.45 per share in 2021[26] - TAT Technologies Ltd. had a weighted average number of shares outstanding of 8,911,546 in 2022, slightly up from 8,874,696 in 2021[26] Risks and Challenges - The company is subject to various risks that could impact future performance, including changes in demand and supply chain issues[36]