TAT Technologies Reports Cumulative Defense Sector Contracts of TAT Israel with Expected Revenues of Approximately $22 million Year to Date
Rhea-AI Summary
TAT Technologies (NASDAQ:TATT) has announced a new $10 million contract with a leading Israeli defense integrator for OEM components supply. The company's total defense sector contracts through TAT Israel have reached $22 million in expected revenues year-to-date.
The contracts encompass both OEM and MRO services, reinforcing TAT's position as a key supplier to the Israeli Air Force and defense integrators. CEO Igal Zamir highlighted the company's strategic importance in light of increased Israeli defense spending and growing demand for aerial platform components and maintenance services.
Positive
- New $10 million contract secured with leading Israeli defense integrator
- Total defense sector contracts reached $22 million year-to-date
- Strategic positioning to benefit from increased Israeli defense budget
- Expanded service offering including both OEM and MRO services
Negative
- None.
News Market Reaction – TATT
On the day this news was published, TATT gained 4.81%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $21M to the company's valuation, bringing the market cap to $453M at that time.
Data tracked by StockTitan Argus on the day of publication.
This latest agreement brings the cumulative expected revenues from contracts secured with defense sector customers of TAT Israel to
"The contracts supporting the Israeli Air Force and global defense leaders underscore TAT's strategic role as a supplier of components and a provider of critical maintenance services across multiple aerial platforms," commented Igal Zamir, President and Chief Executive Officer of TAT. "In light of recent geopolitical developments and the resulting increase in
About TAT Technologies LTD
TAT Technologies Ltd. (Nasdaq: TATT) (TASE: TATT) is a leading provider of services and products to the commercial and military aerospace and ground defense industries, providing OEM heat transfer solutions and aviation accessories, MRO services for aviation components, including heat transfer solutions, overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps and MRO services on APU's, landing gears and other aircraft components for airlines, air cargo carriers, maintenance service centers and the military. For more information, please visit www.tat-technologies.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding the issuance and sale of the shares, the closing date of the transaction, and the Company's intended use of the proceeds from the sale of the Shares. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected, including, without limitation, as a result of the war and hostilities between Israel and Hamas, Hezbollah and Iran. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 6, 2024. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
Contact:
Eran Yunger
Director of IR
Tel: +1-980-451-1115
erany@tat-technologies.com
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SOURCE TAT Technologies Ltd
FAQ
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