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 May 2023

TAT TECHNOLOGIES LTD.
(Name of Registrant)

Giborei Israel 7, Netanya 4250540, Israel
(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.

6-K Items

1.
Press Release dated May 30, 2023 re TAT Technologies Ltd. Reports First Quarter 2023 Results.

2

ITEM 1

Press Release
  

TAT Technologies Reports First Quarter 2023 Results

Netania, Israel, May 30, 2023 - TAT Technologies Ltd. (NASDAQ: TATT - News) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three-month period ended March 31, 2023.

Financial highlights for the first quarter of 2023:
 
•
Revenues for Q1 2023 increased by 26.6% to $25.2 million compared to $19.9 million in Q1 2022.

•
Gross profit for Q1 2023 increased to $4.3 million (16.9% of revenues) compared to $3 million in Q1 2022 (15.2% of revenues).

•
Adjusted EBITDA for Q1 2023 increased by 328% to $2.2 million compared to $0.5 million in Q1 2022.

•
Net income for Q1 2023 was $0.66 million compared to a net loss of $1.6 million in Q1 2022.

•
Operational cash flow was positive $1.4 million compared to $0 million in Q1 2021.

Mr. Igal Zamir, TAT’s CEO and President commented on the results: “We are excited with the results of the first quarter of 2023. As our industry continues to ramp up, it is the second consecutive quarter that we continue to increase our revenues, improve gross profits, and improve EBITDA and net income. Cash flow from operations continues to be positively strong. The world’s supply chain challenges continue to negatively affect our results and customer satisfaction. As of the end of March 2023 our past due customers’ orders amount to $33 million.

Our order backlog and LTA continue to grow as the demand for our products and services rapidly increases and as we enter the second half of the year, we expect to see the fruits of the strategic deals that we signed with Honeywell both for the APU 331-500 and APU 131. These strategic deals represent a major growth engine and are expected to yield a much better profitability.”

Mr. Zamir continued: “We are optimistic with the coming quarters of 2023 and expect substantial growth in revenues and EBITDA compared to 2022”.

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 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 alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor it is meant to be predictive of potential future results. Adjusted EBITDA is not 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 in pages 13 below.

3

About TAT Technologies LTD
 
TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) 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 in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an 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, landing gears and other aircraft components. 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 overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

For more information of TAT Technologies Ltd., please visit our web-site:
www.tat-technologies.com

Contact:
Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
ehudb@tat-technologies.com

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which 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, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company’s shares held by our previously controlling stockholders, 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. Stockholders 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.

4

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)

 
March 31,
    
December 31,
  
   
2023
    
2022
  
   
(unaudited)
    
(audited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
9,196
    
$
7,722
  
Accounts receivable, net
    
17,643
      
15,622
  
Inventory, net
    
42,848
      
45,759
  
                 
Other current assets and prepaid expenses
    
4,912
      
6,047
  
                 
Total current assets
    
74,599
      
75,150
  
                 
NON-CURRENT ASSETS:
                
 Restricted deposit
    
302
      
304
  
 Investment in affiliates
    
1,733
      
1,665
  
Funds in respect of employee rights upon retirement
    
710
      
780
  
 Deferred income taxes
    
1,207
      
1,229
  
Intangible assets, net
    
1,722
      
1,623
  
Property, plant and equipment, net
    
42,560
      
43,423
  
Operating lease right of use assets
    
2,257
      
2,477
  
                 
Total non-current assets
    
50,491
      
51,501
  
Total assets
  
$
125,090
    
$
126,651
  
                 
LIABILITIES AND EQUITY
                
                 
CURRENT LIABILITIES:
                
Current maturities of long-term loans
  
$
1,975
    
$
1,876
  
Credit line from bank
    
6,112
      
6,101
  
Accounts payable
    
9,112
      
10,233
  
Accrued expenses
    
9,395
      
9,686
  
Operating lease liabilities
    
866
      
904
  
Provision for restructuring plan
    
132
      
190
  
                 
Total current liabilities
    
27,592
      
28,990
  
                 
NON CURRENT LIABILITIES:
                
    Long-term loans
    
18,764
      
19,408
  
Liability in respect of employee rights upon retirement
    
1,069
      
1,148
  
Operating lease liabilities
    
1,347
      
1,535
  
                 
 Total non-current liabilities
    
21,180
      
22,091
  
Total liabilities
  
$
48,772
      
51,081
  

EQUITY:
            
Share capital
    
2,842
      
2,842
  
Additional paid-in capital
    
66,335
      
66,245
  
Treasury stock at cost
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive income
    
(26
)
    
(26
)
Retained earnings
    
9,255
      
8,597
  
Total shareholders' equity
    
76,318
      
75,570
  
                 
Total liabilities and shareholders' equity
  
$
125,090
    
$
126,651
  

5

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2023
    
2022
    
2022
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
  
Revenues:
                  
Products
  
$
7,291
    
$
6,319
    
$
25,460
  
Services
    
17,926
      
13,635
      
59,096
  
     
25,217
      
19,954
      
84,556
  
Cost of goods:
                        
Products
    
6,274
      
5,744
      
21,631
  
Services
    
14,685
      
11,165
      
46,997
  
     
20,959
      
16,909
      
68,628
  
Gross Profit
    
4,258
      
3,045
      
15,928
  
                         
Operating expenses:
                        
Research and development, net
    
99
      
(27
)
    
479
  
Selling and marketing
    
1,159
      
1,335
      
5,629
  
General and administrative
    
2,459
      
2,385
      
9,970
  
Other income
    
(406
)
    
(81
)
    
(90
)
Restructuring and other expenses
    
-
      
927
      
1,715
  
     
3,311
      
4,539
      
17,703
  
                         
Operating income (loss)
    
948
      
(1,494
)
    
(1,775
)
                         
Interest expenses
    
(366
)
    
(104
)
    
(902
)
Other financial income (expenses), net
    
(19
)
    
170
      
1,029
  
                         
Income (loss) before taxes on income (tax benefit)
    
563
      
(1,428
)
    
(1,648
)
                         
Taxes on income (tax benefit)
    
(27
)
    
107
      
98
  
                         
Income (loss) before share of equity investment
    
590
      
(1,535
)
    
(1,746
)
                         
Share in results of affiliated companies
    
68
      
(27
)
    
184
  
Net income (loss) from continued operation
  
$
658
    
$
(1,562
)
  
$
(1,562
)
Net income from discontinued operation
    
-
      
-
      
-
  
Net income (loss)
  
$
658
    
$
(1,562
)
  
$
(1,562
)
                         
Basic and diluted income per share
                        
                         
Net income (loss) per share basic and diluted
  
$
0.074
    
$
(0.17
)
  
$
(0.175
)
                         
Weighted average number of shares outstanding:
    
     
     
 
Basic and Diluted
    
8,911,546
      
8,886,546
      
8,911,546
  

6

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2023
    
2022
    
2022
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
  
Net income (loss)
  
$
658
    
$
(1,562
)
  
$
(1,562
)
Other comprehensive income (loss)
                        
Net unrealized losses from derivatives
    
-
      
(32
)
    
(89
)
       Reclassification adjustments for gains included in net     income and inventory
    
-
      
-
      
30
  
Total comprehensive income (loss)
  
$
658
    
$
(1,594
)
  
$
(1,621
)

7

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)

   
Share capital
          
Accumulated
                    
   
Number of
shares issued
    
Amount
    
Additional
paid-in
capital
    
other
comprehensive
income (loss)
    
Treasury
shares
    
Retained
earnings
    
Total equity
  
                                           
BALANCE AT DECEMBER 31, 2010
    
9,149,169
    
$
2,809
    
$
65,711
    
$
128
    
$
(2,088
)
  
$
13,329
    
$
80,281
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2021:
                                                        
Comprehensive loss
    
-
      
-
      
-
      
(95
)
    
-
      
(3,562
)
    
(3,657
)
 Share based compensation
    
-
      
-
      
160
      
-
      
-
      
-
      
160
  
BALANCE AT DECEMBER 31, 2021
    
9,149,169
    
$
2,809
    
$
65,871
    
$
33
    
$
(2,088
)
  
$
10,159
    
$
76,784
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2022:
                                                        
Comprehensive loss
    
-
      
-
      
-
      
(59
)
    
-
      
(1,562
)
    
(1,621
)
Exercise of option
    
36,850
      
33
      
156
      
-
      
-
      
-
      
189
  
Share based compensation
    
-
      
-
      
218
      
-
      
-
      
-
      
218
  
BALANCE AT DECEMBER 31, 2022
    
9,186,019
    
$
2,842
    
$
66,245
    
$
(26
)
  
$
(2,088
)
  
$
8,597
    
$
75,570
  
CHANGES DURING THE PERIOD ENDED MARCH 31, 2023 (unaudited):
                                                        
Comprehensive profit
    
-
      
-
      
-
      
-
      
-
      
658
      
658
  
Exercise of option
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Share based compensation
    
-
      
-
      
90
      
-
      
-
      
-
      
90
  
BALANCE AT MARCH 31, 2023 (unaudited)
    
9,186,019
    
$
2,842
    
$
66,335
    
$
(26
)
  
$
(2,088
)
    
9,255
    
$
76,318
  

8

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2023
    
2022
    
2022
  
   
(Unaudited)
    
(Unaudited)
    
(audited)
  
                   
CASH FLOWS FROM OPERATING ACTIVITIES:
                  
Net income (loss) from continued operations
    
658
      
(1,562
)
    
(1,562
)
                         
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                        
                         
Depreciation and amortization
    
1,041
      
973
      
3,706
  
Loss (gain) from change in fair value of derivatives
    
-
      
17
      
8
  
Provision for doubtful accounts
    
(3
)
    
-
      
138
  
Share in results of affiliated Company
    
(68
)
    
27
      
(184
)
Share based compensation
    
90
      
49
      
218
  
 Noncash finance expense
    
(6
)
    
(35
)
    
-
  
Lease modification
    
-
      
-
      
(82
)
Increase (decrease) in provision for restructuring expenses
    
(58
)
    
(345
)
    
(467
)
Liability in respect of employee rights upon retirement
    
(79
)
    
(117
)
    
(356
)
Capital gain from sale of fixed assets
    
(456
)
    
(81
)
    
(90
)
Deferred income taxes, net
    
22
      
107
      
23
  
Changes in operating assets and liabilities:
                        
    Increase in trade accounts receivable
    
(2,012
)
    
(895
)
    
(2,659
)
    Decrease (increase) in other current assets and prepaid expenses
    
1,205
      
(62
)
    
(1,459
)
Decrease (increase) in inventory
    
2,959
      
(2,222
)
    
(5,069
)
    Decrease (increase) in trade accounts payable
    
(1,121
)
    
536
      
1,143
  
    Increase (decrease) in accrued expenses
    
(290
)
    
42
      
2,727
  
    Decrease in other long-term liabilities
    
(115
)
    
(161
)
    
(902
)
Net cash provided by (used in) operating activities
  
$
1,767
    
$
(3,729
)
  
$
(4,867
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                        
Proceeds from sale of property and equipment
    
1,560
      
84
      
93
  
Purchase of property and equipment
    
(1,433
)
    
(4,010
)
    
(16,213
)
Purchase of intangible assets
    
-
      
-
      
-
  
Cash flows provided by (used in) investing activities
  
$
127
    
$
(3,926
)
  
$
(16,120
)
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                        
Short-term credit received (Repayments) from banks
    
-
      
(3,000
)
    
(1,071
)
Proceeds (repayments) from long-term loans received
    
(422
)
    
10,504
      
16,680
  
Exercise of options
    
-
      
67
      
189
  
Cash flows provided by (used in) financing activities
 
$
(422
)
  
$
7,571
    
$
15,798
  
                         
Net increase (decrease) in cash and cash equivalents and restricted cash
    
1,472
      
(84
)
    
(5,189
)
Cash and cash equivalents and restricted cash at beginning of period
    
8,026
      
13,215
      
13,215
  
                         
Cash and cash equivalents and restricted cash at the end of period
  
$
9,498
    
$
13,131
      
8,026
  

9

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)

   
Three months ended
    
Year ended
  
   
March 31,
    
December 31,
  
   
2023
    
2022
    
2022
  
                   
Net income (Loss)
  
$
658
    
$
(1,562
)
  
$
(1,562
)
Adjustments:
                        
Share in results and sale of equity investment of affiliated companies
    
(68
)
    
27
      
(184
)
Taxes on income (tax benefit)
    
(27
)
    
107
      
98
  
Financial expense/ (income), net
    
385
      
(66
)
    
(127
)
Depreciation and amortization
    
1,041
      
1,025
      
3,878
  
Restructuring expenses
    
-
      
927
      
1,715
  
Share based compensation
    
90
      
49
      
218
  
Adjusted EBITDA
  
$
2,079
    
$
507
    
$
4,036
  

10

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: May 30, 2023

11
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