Record 2025 for TAT Technologies (NASDAQ: TATT) with $178M revenue

Rhea-AI Filing Summary

TAT Technologies Ltd. reported strong fourth-quarter and full-year 2025 results, marking a third consecutive year of growth and improved profitability. Full-year revenue reached a record $178 million, with margin expansion across all profitability measures and a record high EBITDA margin.

Net income for 2025 was $16.8 million, and Adjusted EBITDA was $25.5 million, both higher than 2024. Fourth-quarter revenue showed organic growth of over 13%. The company ended 2025 with backlog and long-term agreements of about $550 million, up from $429 million, and cash and cash equivalents of $51.3 million, while shareholders’ equity increased to $176.4 million.

Positive

• Record 2025 performance with revenue of $178 million, net income of $16.8 million, and Adjusted EBITDA of $25.5 million, alongside backlog and long-term agreements of about $550 million, indicating strong demand and improved profitability.

Negative

• None.

Insights

Equity research analyst

Record 2025 growth, stronger margins and backlog support a positive fundamental trend.

TAT Technologies delivered record 2025 revenue of $178 million, with net income rising to $16.8 million and Adjusted EBITDA to $25.5 million. Management highlights margin expansion across all profitability metrics and organic growth of over 13% in the fourth quarter.

The backlog and long-term agreements rose to approximately $550 million from $429 million, giving multi-year revenue visibility. The balance sheet also strengthened: cash and cash equivalents increased to $51.3 million and total shareholders’ equity to $176.4 million, helped by public share offerings and retained earnings.

Overall, the combination of higher revenue, improved profitability, larger backlog and stronger liquidity suggests operational momentum heading into 2026, particularly in the company’s core aviation MRO and heat transfer businesses. Future disclosures may show how effectively this backlog converts into revenue and cash flow.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

F O R M 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

TAT TECHNOLOGIES LTD.

(Name of Registrant)

9335 Harris Corners Pkwy, Charlotte, NC 28269

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐           No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________

TAT Technologies Ltd.

TAT Technologies Ltd. (the “Company”) hereby furnishes the following documents:

Item/Exhibit No.		Description
99.1		Press Release dated March 18, 2026 re: TAT Technologies Ltd. Reports 2025 Results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TAT TECHNOLOGIES LTD.
		(Registrant)
	By:	/s/ Ehud Ben-Yair
		Ehud Ben-Yair
		Chief Financial Officer

Date: March 18, 2026

Exhibit 99.1

Press Release

TAT Technologies Reports Fourth Quarter 2025 Results

CHARLOTTE, N.C., March 18, 2026 – TAT Technologies Ltd. (NASDAQ: TATT, TASE: TAT Tech), a leading supplier of products and services for the commercial and military aviation industries and the ground defense industries, reported today its results for the three-month and twelve-month period ended December 31, 2025.

Financial Highlights for The Fourth Quarter and 12 Months of 2025:

• Revenues: increased by 13.4% to $46.5 million compared to $41.0 million for the fourth quarter of 2024. For the twelve months of 2025, revenues increased by 17.0% to $178.0 million compared to $152.1 million for the same period in 2024.

• Gross Profit: increased by 23.6% to $11.7 million (25.2% of revenues) compared to $9.5 million (23.1% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, gross profit increased by 33.6% to $44.1 million (24.8% of revenues) compared to $33.0 million (21.7% of revenues) for the same period in 2024.

• Operating Income: increased by 20.2% to $4.9 million (10.6% of revenues) compared to $4.1 million (10.0% of revenues) for the fourth quarter of 2024. For the twelve months of 2025, operating income increased by 50.5% to $18.8 million (10.6% of revenues) compared to $12.5 million (8.2% of revenues) for the same period in 2024.

• Net Income: increased by 32.2% to $4.7 million compared to $3.6 million for the fourth quarter of 2024. For the twelve months of 2025, net income increased by 50.6% to $16.8 million compared to $11.2 million for the same period in 2024.

• Adjusted EBITDA: increased by 24.0% to $6.9 million (14.8% of revenues) compared to $5.5 million (13.5% of revenues) for the fourth quarter of 2024. Adjusted EBITDA for the twelve months of 2025 increased by 36.7% to $25.5 million (14.3% of revenues) compared to $18.6 million (12.2% of revenues) for the same period in 2024.

• Cash flow provided from operating activities for the three and twelve months ended December 31, 2025, was $5.6 million and $15.0 million, respectively, compared to cash flows used in operating activities of ($1.0) million and $(5.8) million for the three and twelve months ended December 31, 2024, respectively.

Mr. Igal Zamir, TAT’s CEO and President, commented: “We are very pleased with the results for the full year of 2025 and the fourth quarter of 2025. TAT delivered record results marking 2025 as our third consecutive year of growth and improvement across all key financial metrics.

For the full year of 2025 we achieved record revenue of $178 million and margin expansion in all profitability parameters including a record high EBITDA margin. We demonstrated capabilities to grow organically at a rapid pace within our industry while improving margins quarter after quarter.

Fourth-quarter revenue followed a seasonal trajectory, resulting in a stabilization of pace compared to earlier periods. Nevertheless, we achieved organic growth of over 13%, a rate that outperforms broader industry organic growth.”

Mr. Zamir added: “We ended the year with a backlog and long-term agreements value of approximately $550 million, up from $429 million entering 2025, providing strong revenue visibility and supporting our objective for continued growth through 2026. With sustained demand across the aviation MRO market, we remain focused on executing our strategy, expanding our capabilities, and pursuing M&A opportunities that strengthen our position in thermal management and power systems”.

Investor Call Information

TAT Technologies will host an earnings webcast to review the quarterly and annual results on Thursday, March 19, 2026, at 8 a.m. ET. Interested investors can register for the webcast at the link below or visit the investor relations section of the Company’s website at https://tat-technologies.com/investors/. 

Conference call

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA.  The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income excluding the impact of: the Company's share in results of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Adjusted EBITDA, however, should not be considered as an alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA below.

About TAT Technologies LTD

We are a leading provider of solutions and services to the aerospace and defense industries. We operate four operational units: (i) original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through our Kiryat Gat facility (TAT Israel); (ii) maintenance repair and overhaul (“MRO”) services for heat transfer components and OEM of heat transfer solutions through our subsidiary Limco Airepair Inc. (“Limco”); (iii) MRO services for aviation components through our subsidiary, Piedmont Aviation Component Services LLC (“Piedmont”) (mainly Auxiliary Power Units (“APUs”) and landing gear); and (iv) overhaul and coating of jet engine components through our subsidiary, Turbochrome Ltd. (“Turbochrome”).

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories through TAT Israel primarily include the design, development and manufacture of (i) a broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft and ground applications; and (iii) a variety of mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO and OEM of heat transfer solutions include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates a Federal Aviation Administration (“FAA”)-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of MRO services for aviation components include the MRO of APUs and landing gear. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of jet engine overhaul through its Turbochrome facility includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

Contact:

Mr. Eran Yunger

Director of IR

erany@tat-technologies.com

Safe Harbor for Forward-Looking Statements

This press release and/or this report contains “forward-looking statements” within the meaning of the United States federal securities laws. These forward-looking statements include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, LTAs and backlog, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

TAT TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands

		December 31,
		2025				2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	51,259			$	7,129
Accounts receivable, net of allowance for credit losses of $172    and $400 thousands as of December 31, 2025 and 2024, respectively			33,420				29,697
Inventory			75,549				68,540
Prepaid expenses and other current assets			6,071				7,848
Total current assets			166,299				113,214
NON-CURRENT ASSETS:
Property, plant and equipment, net			46,922				41,576
Operating lease right of use assets			5,807				2,282
Intangible assets, net			1,452				1,553
Investment in affiliates			4,905				2,901
Restricted deposit			307				305
Funds in respect of employee rights upon retirement			398				654
Deferred tax assets			639				877
Total non-current assets			60,430				50,148
Total assets		$	226,729			$	163,362

TAT TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands

		December 31,
		2025				2024
LIABILITIES AND SHAREHOLDERS 'EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loans		$	2,227			$	2,083
Short term loans			-				4,350
Accounts payable			12,986				12,158
Accrued expenses and other			17,296				18,594
Current maturities of operating lease liabilities			1,474				939
Total current liabilities			33,983				38,124
NON-CURRENT LIABILITIES:
Long-term loans			9,485				10,938
Operating lease liabilities			4,448				1,345
Liability in respect of employee rights upon retirement			770				986
Deferred tax liabilities			1,652				-
Total non-current liabilities			16,355				13,269
COMMITMENTS AND CONTINGENCIES (NOTE 11)
Total liabilities			50,338				51,393
SHAREHOLDERS 'EQUITY:
Ordinary shares of NIS 0 par value. Authorized: 19,000,000 shares at December 31, 2025 and 13,000,000 shares at December 31, 2024 Issued:13,257,610 and 11,214,831 shares at December 31, 2025 and 2024, respectively Outstanding: 12,983,137 and 10,940,358 shares at December 31, 2025 and 2024, respectively			-				-
Additional paid-in capital			136,578				89,697
Treasury shares, at cost, 274,473 shares at December 31, 2025 and 2024			(2,088	)			(2,088	)
Accumulated other comprehensive income (loss)			643				(76	)
Retained earnings			41,258				24,436
Total shareholders' equity			176,391				111,969
Total liabilities and shareholders' equity		$	226,729			$	163,362

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S dollars in thousands

		Three Months Ended December 31								Year ended December 31,
		2025				2024				2025				2024
Revenues:
Products		$	13,046			$	11,879			$	50,850			$	47,710
Services			33,488				29,165				127,165				104,406
			46,534				41,044				178,015				152,116
Cost of revenue:
Products			9,180				8,792				35,793				33,986
Services			25,636				22,769				98,124				85,116
			34,816				31,561				133,917				119,102
Gross profit			11,718				9,483				44,098				33,014
Operating expenses:
Research and development, net			497				302				1,384				1,248
Selling and marketing			2,470				2,099				8,576				7,746
General and administrative			4,208				2,961				15,730				11,901
Other (income) expense			(404	)			7				(404	)			(383	)
			6,771				5,369				25,286				20,512
Operating income			4,947				4,114				18,812				12,502
Interest expenses			175				289				1,010				1,472
Other financial expenses, net			32				169				325				477
Income before taxes on income			4,740				3,656				17,477				10,553
Provision for taxes on income			519				289				2,143				195
Income before share of equity investment			4,221				3,367				15,334				10,358
Share in profits of equity investment of affiliated companies			505				208				1,488				809
Net income		$	4,726			$	3,575			$	16,822			$	11,167

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S dollars in thousands

		Three Months Ended December 31								Year ended December 31,
		2025				2024				2025				2024
Net income		$	4,726			$	3,575			$	16,822			$	11,167
Earnings per share
Basic		$	0.36			$	0.33			$	1.39			$	1.08
Diluted		$	0.36			$	0.32			$	1.37			$	1.00
Weighted average number of shares outstanding
Basic			12,959,476				10,887,540				12,075,678				10,363,978
Diluted			13,093,285				11,707,622				12,283,312				11,215,827

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

U.S dollars in thousands

		Three Months Ended December 31,								Year ended December 31,
		2025				2024				2025				2024
Net income		$	4,726			$	3,575			$	16,822			$	11,167
Other comprehensive income (loss), net:
Net unrealized losses from derivatives			-				-				-				(27	)
Change in foreign currency translation adjustments			144				(197	)			719				(76	)
Total comprehensive income		$	4,870			$	3,378			$	17,541			$	11,064

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

U.S dollars in thousands, except share data

		Ordinary shares												Accumulated
		Number of shares issued				Amount				Additional paid-in capital				other comprehensive income (loss)				Treasury shares				Retained earnings				Total shareholders’ equity
BALANCE AT DECEMBER 31, 2022			9,186,019			$	2,842			$	66,245			$	(26	)		$	(2,088	)		$	8,597			$	75,570
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2023:
Comprehensive income			-				-				-				53				-				4,672				4,725
Exercise of options			32,466				8				157				-				-				-				165
Issuance of common shares net of issuance costs of $141 thousands			1,158,600				290				9,774				-				-				-				10,064
Share based compensation			-				-				159				-				-				-				159
BALANCE AT DECEMBER 31, 2023			10,377,085				3,140				76,335				27				(2,088	)			13,269				90,683
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2024:
Comprehensive income (loss)			-				-				-				(103	)			-				11,167				11,064
Exercise of options			164,406				12				(12	)			-				-				-				-
Cancel of shares par value			-				(3,152	)			3,152				-				-				-				-
Issuance of common shares net of issuance costs of $162 thousands			673,340				-				9,827				-				-				-				9,827
Share based compensation			-				-				395				-				-				-				395
BALANCE AT DECEMBER 31, 2024			11,214,831				-				89,697				(76	)			(2,088	)			24,436				111,969
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2025:
Comprehensive income			-				-				-				719				-				16,822				17,541
Exercise of options			175,481				-				282				-				-				-				282
Issuance of common shares on public offering, net of issuance costs of $2,769 thousands			1,625,000				-				39,415				-				-				-				39,415
Exercise of the underwriters' option on public offering, net of issuance costs of $413 thousands			242,298				-				5,953				-				-				-				5,953
Share based compensation			-				-				1,231				-				-				-				1,231
BALANCE AT DECEMBER 31, 2025			13,257,610			$	-			$	136,578			$	643			$	(2,088	)		$	41,258			$	176,391

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

		Three Months Ended December 31,								Year ended December 31,
		2025				2024				2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	4,726			$	3,575			$	16,822			$	11,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			1,339				1,136				5,101				5,455
Loss (gain) from change in fair value of derivatives			-				22				-				22
Net change in operating right of use asset and operating lease liability			112				18				112				18
Noncash financial expenses (income)			1,247				79				1,881				(187	)
Decrease in restructuring plan provision			-				(63	)			-				(63	)
Change in allowance for credit losses			(149	)			55				(228	)			55
Share in results of affiliated companies			(505	)			(208	)			(1,488	)			(809	)
Share based compensation			551				185				1,231				395
Capital gains from sale of property, plant and equipment			(401	)			(123	)			(401	)			(478	)
Deferred income taxes, net			424				208				1,890				117
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable			59				(37	)			(3,495	)			(9,743	)
Decrease (increase) in other current assets and prepaid expenses			394				(625	)			2,235				(1,463	)
Decrease (increase) in inventory			1,520				(6,510	)			(7,532	)			(17,165	)
Increase (decrease) in trade accounts payable			(4,381	)			(746	)			359				2,170
Increase (decrease) in accrued expenses and other			629				2,073				(1,513	)			4,691
Net cash provided by (used in) operating activities			5,565				(961	)			14,974				(5,818	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, plant and equipment			900				-				900				1,275
Purchase of property, plant and equipment			(2,044	)			(1,569	)			(10,954	)			(5,126	)
Net cash used in investing activities			(1,144	)			(1,569	)			(10,054	)			(3,851	)

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

		Three Months Ended December 31,								Year ended December 31,
		2025				2024				2025				2024
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term loans		$	(528	)		$	(562	)		$	(2,088	)		$	(2,016	)
Net change in short term loans			-				1,754				(4,350	)			(7,650	)
Proceeds from issuance of ordinary shares and exercise of underwriters’ option			-				-				48,550				9,827
Issuance costs of ordinary shares and exercise of the underwriters' option			-				(96	)			(3,182	)			-
Proceeds from exercise of options			282				-				282				-
Net cash provided by (used in) financing activities			(246	)			1,096				39,212				161
Net increase (decrease) in cash and cash equivalents and restricted cash			4,175				(1,434	)			44,132				(9,508	)
Cash and cash equivalents and restricted cash at beginning of period			47,391				8,868				7,434				16,942
Cash and cash equivalents and restricted cash at end of period		$	51,566			$	7,434			$	51,566			$	7,434
Supplementary information on investing and financing activities not involving cash flows:
Additions of operating lease right-of-use assets and operating lease liabilities			104				165				3,859				983
Reclassification of inventory to property, plant and equipment			-				95				579				155
Supplemental disclosure of cash flow information:
Interest paid			55				111				1,001				1,400

TAT TECHNOLOGIES LTD.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)

U.S. dollars in thousands

		Three Months Ended December 31,								Year ended December 31,
		2025				2024				2025				2024
Net income		$	4,726			$	3,575			$	16,822			$	11,167
Adjustments:
Share in results and sale of equity investment of affiliated companies			(505	)			(208	)			(1,488	)			(809	)
Provision for income taxes			519				289				2,143				195
Financial expenses, net			207				458				1,335				1,949
Depreciation and amortization			1,385				1,254				5,410				5,717
Share based compensation			551				185				1,231				395
Adjusted EBITDA		$	6,883			$	5,553			$	25,453			$	18,614

FAQ

How did TAT Technologies (TATT) perform financially in 2025?

TAT Technologies posted record 2025 results with higher revenue and profit. Revenue reached $178 million and net income was $16.8 million, both up from 2024, while Adjusted EBITDA rose to $25.5 million, reflecting stronger margins and operating leverage across its aviation and defense businesses.

What were TAT Technologies’ fourth-quarter 2025 results?

In fourth-quarter 2025, TAT Technologies continued its growth trend. Quarterly revenue rose to $46.5 million, generating net income of $4.7 million. Management reported organic growth of over 13% in the quarter, with continued margin expansion versus the prior year and solid demand in aviation MRO markets.

How large was TAT Technologies’ backlog at the end of 2025?

TAT Technologies ended 2025 with substantial backlog and long-term agreements. The combined value was approximately $550 million, up from $429 million entering 2025. This expanded backlog provides strong revenue visibility and underpins management’s objective of continued growth through 2026 across key aerospace and defense programs.

What happened to TAT Technologies’ profitability metrics in 2025?

Profitability improved across all key metrics in 2025. Net income increased to $16.8 million and Adjusted EBITDA climbed to $25.5 million, as the company expanded margins and reported a record high EBITDA margin while growing revenue, highlighting better cost control and operating efficiency.

How strong is TAT Technologies’ balance sheet after 2025?

The balance sheet strengthened significantly by year-end 2025. Cash and cash equivalents rose to $51.3 million from $7.1 million, shareholders’ equity increased to $176.4 million, and short-term loans were eliminated, supported by profitable operations and equity capital raised through public share offerings.

What non-GAAP measure does TAT Technologies highlight for 2025?

TAT Technologies emphasizes Adjusted EBITDA as a key non-GAAP metric. Adjusted EBITDA reached $25.5 million in 2025, excluding items like equity income, taxes, net financial expenses, depreciation, amortization and share-based compensation, to better reflect underlying operating performance compared with standard GAAP net income.

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• EX-99.1 EXHIBIT 99.1 524.5 KB