TAT Technologies Grows Revenue by 35%, Increases Net Income by 33% and Adjusted EBITDA by 70% for the Third Quarter of 2024

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].