Here are a few analogies to describe TAT Technologies:

• Honeywell for aircraft thermal systems and MRO.
• BorgWarner for aircraft cooling systems and repair.
• Parker Hannifin for aircraft thermal solutions.

• Heat Management Solutions: Designs and manufactures heat exchangers and cooling systems primarily for aerospace and defense applications.
• Environmental Control Systems (ECS): Develops and produces air conditioning and thermal management systems for aircraft cabins and equipment.
• Fuel Tanks and Aerial Refueling Stores: Manufactures external auxiliary fuel tanks and air-to-air refueling pods for various aircraft types.
• Accessory Drive Systems: Produces gearboxes and other mechanical accessory drive components for aircraft engines and systems.
• MRO (Maintenance, Repair, and Overhaul) Services: Provides comprehensive maintenance, repair, and overhaul services for heat exchangers, ECS components, and other aerospace parts.

TAT Technologies (symbol: TATT) primarily sells its aerospace and defense products and services to other companies (Business-to-Business, or B2B).

Its major customers include:

• The Boeing Company (Symbol: BA on NYSE) - A leading global aerospace company that manufactures commercial jetliners and defense, space, and security systems.
• EL AL Israel Airlines Ltd. (Symbol: ELAL on TASE - Tel Aviv Stock Exchange) - The flag carrier of Israel, an airline customer for TAT's MRO services and components.
• Airbus SE (Symbol: AIR on Euronext Paris) - One of the world's largest aircraft manufacturers, competing directly with Boeing in the commercial aerospace sector.

These customers represent significant players in the commercial aviation, defense, and airline industries, for whom TAT provides original equipment manufacturing (OEM) of aerospace components and Maintenance, Repair, and Overhaul (MRO) services.

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Igal Zamir, President and CEO

Igal Zamir has been the President and CEO of TAT Technologies Group since April 30, 2016. Previously, he served as President at Mapco Express from 2009 to 2013, which was a wholly-owned subsidiary of Delek US Holdings Inc. Prior to that, from 2006 to 2009, he was the CEO of Metrolight, a company specializing in proprietary energy-saving solutions in High Intensity Discharge (HID) lighting systems. He also held the position of CEO at Rostam from 1998 to 2004, a leading provider of private label tampons.

Ehud Ben-Yair, Chief Financial Officer

Ehud Ben-Yair has served as TAT Technologies Group's Chief Financial Officer since May 2018. Before joining TAT Technologies, he was the Chief Financial Officer at SHL Telemedicine, a public company traded on the Swiss stock exchange, from 2016 to 2017. From 2012 to 2016, he held the CFO position at Opgal Optronics, a subsidiary of Elbit Systems. Prior to that, he was the Chief Financial Officer at Orad Hi-Tech Systems, a public company, for eight years between 2005 and 2012. Mr. Ben-Yair is a Certified Public Accountant.

Jason Lewandowski, Chief Operations Officer

Jason Lewandowski was appointed as TAT's Chief Operations Officer in December 2022. He began his career in May 1997 as a Surface Warfare Officer in the United States Navy, serving for seven years. Following his military service, he transitioned to corporate America within Honeywell's Aerospace business, where he held various leadership roles in operations and integrated supply chain teams across more than eight manufacturing locations from 2005 to 2017.

Liron Topaz, General Manager, TAT Israel

Liron Topaz joined TAT in 2017, serving as TAT's Sales and Marketing Executive Vice President. Prior to his time at TAT, Mr. Topaz was the Vice President at A.L. GROUP, where he was responsible for managing and leading the business development structure and marketing strategy for the entire group, which included four manufacturing facilities, five trading companies globally, and 1500 employees.

Matthew Hinkle, Chief Accounting Officer

Matthew Hinkle serves as the Chief Accounting Officer at TAT Technologies, bringing over 15 years of progressive experience in public accounting and corporate finance leadership. Before joining TAT, he worked at The Andersons Inc. for over six years, where his most recent role was Senior Director of Accounting.

TAT Technologies (TATT) operates primarily in the aerospace and ground defense industries, offering a range of products and services, including Maintenance, Repair, and Overhaul (MRO) services for aviation components, and thermal management solutions such as aircraft heat exchangers.

The addressable markets for their main products and services are as follows:

• Global Aircraft Maintenance, Repair, and Overhaul (MRO) Market:

  The global aircraft MRO market was estimated at approximately USD 90.85 billion in 2024 and is projected to reach USD 120.96 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.75% from 2025 to 2030. Other estimates place the market size at USD 96.29 billion in 2025, forecasted to reach USD 122.55 billion by 2030, with a CAGR of 4.94%. For 2025, the market is calculated at USD 92.23 billion, with a forecast to reach around USD 144.97 billion by 2034, at a CAGR of 5.16%. North America held a significant share of this market, accounting for over 25% of the revenue in 2024 and approximately 35% of the global aircraft maintenance services market.

• Global Aircraft Engine MRO Market:

  A sub-segment of the broader MRO market, the global aircraft engine MRO market size was valued at USD 37.56 billion in 2022. It is projected to grow from USD 42.81 billion in 2023 to USD 59.01 billion by 2030, exhibiting a CAGR of 4.69% during this period. Engine overhaul constituted a significant portion of the commercial aircraft MRO market, accounting for 46.80% of the revenue share in 2024.

• Global Aircraft Heat Exchanger Market (Thermal Management Solutions):

  The global aircraft heat exchanger market was valued at approximately USD 1.8 billion in 2024 and is expected to reach USD 2.0 billion in 2025. It is projected to grow to USD 2.7 billion by 2034, at a CAGR of 3.5% from 2025 to 2034. Another projection indicates growth from USD 1.775 billion in 2024 to USD 3.5498 billion by 2032, with a CAGR of 9.05%. North America holds the largest share in this market, accounting for approximately 37% of the global revenue.

Here are 3-5 expected drivers of future revenue growth for TAT Technologies (TATT) over the next 2-3 years:

1. Increased Demand in OEM and MRO Services: TAT Technologies anticipates continued high global demand for both original equipment manufacturer (OEM) products and Maintenance, Repair, and Overhaul (MRO) services in the commercial and military aviation sectors. This growth is driven by the ongoing need for new aircraft and the increasing requirements for maintaining existing, older aircraft fleets as manufacturers face challenges in ramping up production. The company's CEO noted a growing demand for products and services, with orders and long-term agreement (LTA) backlog increasing.
2. Growing Backlog and Long-Term Agreements (LTAs): The company has successfully grown its backlog of orders and secured new long-term agreements. For instance, by the end of 2024, the backlog and LTA value increased to $429 million, demonstrating potential for future revenue. More recently, in Q2 2025, the LTA and backlog value grew by approximately $85 million to $524 million, which is expected to translate into revenue over the coming years. This strategy of securing long-term contracts, particularly in the OEM segment, is a key focus.
3. Expansion of Customer Base and New Contract Wins: TAT Technologies is actively expanding its customer base and winning new business. The company has identified significant opportunities in attracting non-contractual customers due to underperforming competitors. Recent successes include securing a three-year contract valued at $12 million with an international airline for Boeing 777 Auxiliary Power Unit (APU) MRO services. Additionally, the company recorded $47 million in new contracts and orders in Q4 2024, further boosting its backlog.
4. Strategic Focus and Expansion in Key Product Segments (APU and Heat Exchangers): TAT Technologies is strategically expanding its capabilities and market presence in specific areas like APU and heat exchanger solutions. A partnership with Honeywell International Inc. has reportedly opened access to a $2.5 billion annual market within these segments. The company is also well-positioned to benefit from upcoming MRO cycles for platforms like the Boeing 737 and Airbus A320 APU lines, as well as the commencement of landing gear MRO cycles for the Embraer E170 platform.
5. Operational Efficiencies and Supply Chain Management: While acknowledging ongoing supply chain challenges, TAT Technologies is implementing internal process improvements and strategically building inventory. This focus on operational efficiency and a higher level of parts inventory aims to better support customer needs, improve turnaround times, and ensure on-time delivery. These enhancements, combined with cost management, are expected to contribute to sustained profitability and indirectly support revenue growth by improving the company's ability to meet demand.

Share Issuance

• In June 2025, TAT Technologies completed a public offering where it issued 1,625,000 ordinary shares.
• As part of the same June 2025 public offering, the underwriters fully exercised their option, leading to TAT Technologies selling and issuing an additional 242,298 ordinary shares at $26.00 per share, generating gross proceeds of approximately $6.3 million for general corporate purposes, including working capital and capital expenditures.
• The number of shares outstanding for TAT Technologies has increased by 16.54% over the past year.

Capital Expenditures

• Capital expenditures were approximately $2.9 million in 2023, $16.1 million in 2022, and $15.6 million in 2021.
• In 2020 and 2021, significant capital investments were focused on three major strategic agreements with Honeywell and a company restructuring plan.
• The company has funded capital expenditures primarily from its own cash resources, cash flows from operations, and new credit lines from banks.