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 2024

TAT TECHNOLOGIES LTD.
(Name of Registrant)

      5 Hamelacha St., 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- ____________


6-K Items

1.
Press Release dated March 6, 2024, re TAT Technologies Ltd. Reports Full Year 2023 Results.


2

Press Release
Source: TAT Technologies Limited

TAT Technologies Reports Full Year 2023 Results

Netanya, Israel, March 6, 2024 - 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 audited results for the twelve months ended December 31, 2023.

Key Financial Highlights:

•
Total revenues for the twelve months ended December 31, 2023, were $113.8 million compared to $84.6 million for the twelve months ended December 31, 2022, an increase of 35%.

•
Gross profit for the twelve months ended December 31, 2023, were $22.5 million (19.7% of revenues) compared to $15.9 million (18.8% of revenues) for the twelve months ended December 31, 2022, an increase of 41%.

•
Adjusted EBITDA for the twelve months ended December 31, 2023, was $11.2 million compared to $4 million for the twelve months ended December 31, 2022, an increase of 176%.

•
GAAP net profit from continued operations for the twelve months ended December 31, 2023, was $4.7 million ($0.51 per share on a fully diluted basis) compared to GAAP net loss from continued operations of $1.6 million (net profit of $0.1 million without a onetime impact of our restructuring plan) ($0.175 loss per share on a fully diluted basis) for the twelve months ended December 31, 2022.

•
Net debt as of December 31, 2023, was $10.3 million compared to net debt of $19.4 million as of December 31, 2022.
•
In December 2023 the Company raised $10.1 million (net from all related expenses) in a private placement sale to Israelis  institutional investors.

Mr. Igal Zamir, CEO and President of TAT Technologies stated “We are very pleased to present the results of 2023. Since Q4 of 2022 we are in constant growth mode. This as a result of the increasing demand to our products and services as well as our new line of services and operation ramp up. The demand continues to grow while our industry is ramping up from the COVID crisis. During 2023 we managed to improve our margins leading to a record year in all relevant aspects of revenue, gross margin and EBITDA. We saw our backlog increase to a record number of over $400 million. We are pleased to see that the strategic shift the Company made over the last 3 years is starting to bear fruit, enabling the Company to compete and win large strategic deals and enjoy improved margin. We ended 2023 with positive operational cash flow despite the revenue increase and the need for working capital to support the growth. The industry supply chain challenges force us to hold much more inventory than what we used to pre COVID”.
Mr Zamir continue: “We remain optimistic for 2024 as we see our increase in backlog and its coverage for the year, new contracts that we believe will yield additional revenue, and the large potential from the new APU MRO capabilities. Various operational initiatives keep us optimistic that our margins will continue to improve.”

3

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents a Non-GAAP presentation of 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 before the Company's share in results and sale of equity investment of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, depreciation and amortization, inventory impairment from exit and dismissal activity and customers relationship write off. Non-GAAP Adjusted EBITDA, however, should not be considered as alternatives to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor they are meant to be predictive of potential future results.  Non-GAAP 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 GAAP Adjusted EBITDA below.

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 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 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.

4
TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
U.S dollars in thousands, except share data

   
December 31,
  
   
2023
    
2022
  
             
ASSETS
            
             
CURRENT ASSETS:
            
   Cash and cash equivalents
  
$
15,979
    
$
7,722
  
   Accounts receivable, net of allowance for credit losses of $345
   and $527 thousand as of December 31, 2023 and December 31, 2022 respectively
    
20,009
      
15,622
  
    Restricted deposit
    
661
      
-
  
   Other current assets and prepaid expenses
    
6,397
      
6,047
  
   Inventory
    
51,280
      
45,759
  
                 
   Total current assets
    
94,326
      
75,150
  
                 
NON-CURRENT ASSETS:
                
   Restricted deposit
    
302
      
304
  
   Investment in affiliates
    
2,168
      
1,665
  
   Funds in respect of employee rights upon retirement
    
664
      
780
  
   Deferred income taxes
    
994
      
1,229
  
Property, plant and equipment, net
    
42,554
      
43,423
  
Operating lease right of use assets
    
2,746
      
2,477
  
Intangible assets, net
    
1,823
      
1,623
  
    Total non-current assets
    
51,251
      
51,501
  
                 
   Total assets
  
$
145,577
    
$
126,651
  

5
TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
U.S dollars in thousands, except share data

   
December 31,
  
   
2023
    
2022
  
             
LIABILITIES AND EQUITY
            
             
CURRENT LIABILITIES:
            
  Current maturities of long-term loans
  
$
2,200
    
$
1,876
  
  Credit line from bank
    
12,138
      
6,101
  
   Accounts payable
    
9,988
      
10,233
  
   Accrued expenses and other
    
13,952
      
9,876
  
   Operating lease liabilities
    
1,033
      
904
  
                 
   Total current liabilities
    
39,311
      
28,990
  
                 
NON-CURRENT LIABILITIES:
                
   Long-term loans
    
12,886
      
19,408
  
   Liability in respect of employee rights upon retirement
    
1,000
      
1,148
  
   Operating lease liabilities
    
1,697
      
1,535
  
                 
   Total non-current liabilities
    
15,583
      
22,091
  
                 
COMMITMENTS AND CONTINGENCIES (NOTE 15)
                
                 
Total liabilities
    
54,894
      
51,081
  
                 
EQUITY:
                
Ordinary shares of NIS 0.9 par value:
Authorized: 13,000,000 shares at December 31, 2023 and at December 31, 2022;
Issued: 10,377,085 and 9,186,019 shares at December 31, 2023 and at
December 31, 2022 respectively; Outstanding: 10,102,612 and 8,911,546
shares at December 31, 2023 and at December 31, 2022 respectively
    
3,140
      
2,842
  
Additional paid-in capital
    
76,335
      
66,245
  
Treasury shares, at cost, 274,473 shares at December 31, 2023 and 2022
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive income (loss)
    
27
      
(26
)
Retained earnings
    
13,269
      
8,597
  
Total shareholders' equity
    
90,683
      
75,570
  
                 
Total liabilities and shareholders' equity
    
145,577
    
$
126,651
  

6

TAT TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS
U.S dollars in thousands
 
   
Year ended December 31,
  
   
2023
    
2022
    
2021
  
                   
Revenue:
                  
Products
  
$
35,241
    
$
25,460
    
$
25,870
  
Services
    
78,553
      
59,096
      
52,103
  
     
113,794
      
84,556
      
77,973
  
                         
Cost of revenue, net:
                        
Products
    
30,517
      
21,631
      
23,761
  
Services
    
60,809
      
46,997
      
42,942
  
     
91,326
      
68,628
      
66,703
  
                         
Gross profit
    
22,468
      
15,928
      
11,270
  
                         
Operating expenses:
                        
Research and development, net
    
715
      
479
      
517
  
Selling and marketing, net
    
5,523
      
5,629
      
5,147
  
General and administrative, net
    
10,588
      
9,970
      
8,354
  
Other (income) expenses
    
(433
)
    
(90
)
    
(468
)
Restructuring expenses, net
    
-
      
1,715
      
1,755
  
                         
     
16,393
      
17,703
      
15,305
  
                         
Operating income (loss)
    
6,075
      
(1,775
)
    
(4,035
)
                         
Interest expenses,net
    
(1,683
)
    
(902
)
    
(250
)
Other financial income (expenses), net
    
353
      
1,029
      
(290
)
                         
Income profit (loss) before taxes on income (tax benefit)
    
4,745
      
(1,648
)
    
(4,575
)
                         
Taxes on income (tax benefit)
    
576
      
98
      
(662
)
                         
Loss before share of equity investment
    
4,169
      
(1,746
)
    
(3,913
)
                         
Share in profit (losses) of equity investment of affiliated companies
    
503
      
184
      
(76
)
                         
Net income (loss) from continued operation
  
$
4,672
    
$
(1,562
)
  
$
(3,989
)
                         

7

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S dollars in thousands

    Year ended December 31,
 
   
2023
    
2022
    
2021
  
Net income (loss) from discontinued operation
    
-
      
-
    
$
427
  
Net income loss
  
$
4,672
    
$
(1,562
)
  
$
(3,562
)
                         
Net income (loss) per share from continued operation —basic
  
$
0.52
    
$
(0.175
)
  
$
(0.45
)
Net income (loss) per share from continued operation —diluted
  
$
0.51
    
$
(0.175
)
  
$
(0.45
)
Net income (loss) per share from discontinued operation - basic and diluted
    
-
      
-
    
$
0.05
  
Net income (loss) per share — basic
  
$
0.52
    
$
(0.175
)
  
$
(0.4
)
Net income (loss) per share — diluted
  
$
0.51
    
$
(0.175
)
  
$
(0.4
)
                         
Weighted average number of shares outstanding:
                        
Basic
    
8,961,689
      
8,911,546
      
8,874,696
  
 Diluted
    
9,084,022
      
8,911,546
      
8,874,696
  

    Year ended December 31,
 
    2023     2022     2021  
Net loss)
  
$
4,672
    
$
(1,562
)
  
$
(3,562
)
Other comprehensive income (loss), net
                        
Net unrealized gains (losses) from derivatives
    
53
      
(89
)
    
(76
)
Reclassification adjustments for loss (gains) from derivatives included in net income
    
-
      
30
      
(19
)
Total other comprehensive income (loss)
    
53
    
$
(59
)
  
$
(95
)
Total comprehensive income (loss)
  
$
4,725
    
$
(1,621
)
  
$
(3,657
)

8

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 equity
  
                                           
BALANCE AT DECEMBER 31, 2020
    
9,149,169
    
$
2,809
    
$
65,711
    
$
128
    
$
(2,088
)
    
13,721
    
$
80,281
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2020:
                                                        
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, 2021:
                                                        
Comprehensive loss
    
-
      
-
      
-
      
(59
)
    
-
      
(1,562
)
    
(1,621
)
Exercise of Options
    
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 YEAR ENDED DECEMBER 31, 2022:
                                                        
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
  

9


TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

   
Year ended December 31,
  
   
2023
    
2022
    
2021
  
                   
CASH FLOWS FROM OPERATING ACTIVITIES:
                  
Net income (loss) from continued operations
  
$
4,672
    
$
(1,562
)
  
$
(3,989
)
                         
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                        
Depreciation and amortization
    
4,710
      
3,706
      
4,881
  
Loss (gain) from change in fair value of derivatives
    
(9
)
    
8
      
(19
)
Change in funds in respect of employee rights upon retirement
    
116
      
377
      
76
  
Change in operating right of use asset and operating leasing liability
    
22
      
(82
)
    
(73
)
Lease modification
    
-
      
-
      
(1,315
)
Non cash financial expenses
    
(172
)
    
(902
)
    
8
  
Increase (decrease) in restructuring plan provision
    
(126
)
    
(467
)
    
657
  
change in allowance for credit losses
    
(182
)
    
138
      
248
  
Share in results of affiliated companies
    
(503
)
    
(184
)
    
76
  
Share based compensation
    
159
      
218
      
160
  
Liability in respect of employee rights upon retirement
    
(148
)
    
(356
)
    
94
  
Impairment of fixed assets
    
-
      
-
      
1,820
  
Capital gain from sale of property, plant and equipment
    
(530
)
    
(90
)
    
(468
)
Deferred income taxes, net
    
235
      
23
      
(686
)
Government loan forgiveness
    
-
      
-
      
(1,442
)
Changes in operating assets and liabilities:
                        
    increase in trade accounts receivable
    
(4,205
)
    
(2,659
)
    
(2,934
)
 increase in other current assets and prepaid expenses
    
(341
)
    
(1,836
)
    
(1,035
)
    increase in inventory
    
(5,400
)
    
(5,069
)
    
(681
)
    Increase (decrease) in trade accounts payable
    
(245
)
    
1,143
      
2,571
  
    Increase (decrease) in accrued expenses and other
    
4,202
      
2,727
      
(218
)
                         
Net cash provided by (used in) operating activities from continued operation
  
$
2,255
    
$
(4,867
)
  
$
(2,269
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                        
Proceeds from sale of property and equipment
    
2,002
      
93
      
1,163
  
Purchase of property and equipment
    
(5,102
)
    
(16,213
)
    
(16,247
)
Purchase of intangible assets
    
(479
)
    
-
      
(555
)
Net cash used in investing activities from continued operations
  
$
(3,579
)
  
$
(16,120
)
  
$
(15,639
)

10

TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

   
Year ended December 31,
  
   
2023
    
2022
    
2021
  
CASH FLOWS FROM FINANCING ACTIVITIES:
                  
  Repayments of long-term loans
    
(1,701
)
    
(1,071
)
    
-
  
Short-term credit received from banks
    
1,000
      
-
      
3,000
  
Proceeds from long-term loans received
    
712
      
16,680
      
3,042
  
Proceeds from issuance of common shares, net
    
10,064
      
-
      
-
  
Exercise of options
    
165
      
189
      
-
  
Net cash provided by financing activities from continued operations
  
$
10,240
    
$
15,798
    
$
6,042
  
                         
CASH FLOWS FROM DISCONTINUED ACTIVITIES:
                        
Net cash provided by operating activities
    
-
      
-
      
777
  
Net cash provided by (used in) discontinued activities
    
-
      
-
    
$
777
  
                         
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
    
8,916
      
(5,189
)
    
(11,089
)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT BEGINNING OF YEAR
    
8,026
      
13,215
      
24,304
  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR
    
16,942
      
8,026
      
13,215
  

SUPPLEMENTARY INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH FLOW:
                  
Purchase of property, plant and equipment on credit
  
$
-
    
$
196
    
$
199
  
Additions of operating lease right-of-use assets and operating lease liabilities
  
$
1,345
    
$
318
    
$
399
  
Reclassification of inventory to property, plant and equipment
  
$
68
    
$
284
    
$
829
  
Capital contribution to equity method investee
  
$
-
    
$
787
    
$
-
  
                         
Supplemental disclosure of cash flow information:
                        
Interest paid
  
$
(1,438
)
  
$
(796
)
  
$
(251
)
Income taxes received (paid), net
   $
-
     $
-
     $
(3
)

11
TAT TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

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

 
December 31,
    
December 31,
  
   
2023
    
2022
  
             
Net income (loss)
  
$
4,672
    
$
(1,562
)
Adjustments:
                
Share in results of equity investment of affiliated companies
    
(503
)
    
(184
)
Taxes on income (tax benefit)
    
576
      
98
  
Financial expenses/ (income), net
    
1,330
      
(127
)
Depreciation and amortization
    
4,902
      
3,878
  
Share base compensation
    
159
      
218
  
Restructuring expenses
    
-
      
1,715
  
                 
Adjusted EBITDA
    
11,136
      
4,036
  


12

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 war and hostilities between Israel and Hamas and Israel and Hezbollah, 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, except as required by law.

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

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


13


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 6, 2024

14




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