TAT Technologies Grows Revenue by 34%, Net Income by 139%, and Adjusted EBITDA by 67% for the full year of 2024

Core Insights - TAT Technologies Ltd. reported its ninth consecutive quarter of revenue growth, with a 34% increase in revenue to $152.1 million for the year ended December 31, 2024, compared to$113.8 million in 2023 [2][13] - The company achieved a net income of $11.2 million, representing a 139$4.7 million in the previous year, and an adjusted EBITDA of $18.6 million, up 67$11.1 million [13][25] - TAT's backlog reached a record high of $429 million following new contracts and orders totaling$47 million in the fourth quarter [3] Financial Performance - Revenue for 2024 increased by 34% to $152.1 million from$113.8 million in 2023 [13] - Gross profit rose by 47% to $33 million, representing 21.7$22.5 million or 19.7% of revenue in the prior year [13] - Net income increased by 139% to $11.2 million, or$1.0 per diluted share, compared to $4.7 million, or$0.51 per diluted share, in 2023 [13][17] - Adjusted EBITDA increased by 67% to $18.6 million from$11.1 million in the previous year [13][25] Strategic Initiatives - The company launched a 'Customer First' initiative aimed at enhancing customer service and performance, while also increasing parts and rotatable inventory to mitigate supply chain risks [2] - TAT Technologies expanded its engagement with US and Israeli investors, resulting in a successful $10 million capital raise and a 153% increase in share price [4] Operational Highlights - 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 [7] - The company strategically increased its inventory in response to supply chain challenges, which negatively impacted operational cash flow but is expected to support future revenue growth [2] Market Position - TAT Technologies is positioned as a leading provider of products and services to the commercial and military aerospace and ground defense industries, with a strong focus on operational efficiency and cost structure improvements [4][7]