TAT Technologies Posts Record 2025 Results, Cautions on Supply-Chain Drag in Early 2026

Management signals near-term volatility from APU and landing‑gear parts shortages.

Overview

TAT reported Q4 revenue of $46.5 million, up 13% year over year, with full-year revenue up more than 17%, a 25.2% gross margin, and net income up about 50%.
Backlog and long-term agreements rose to approximately $550 million, up from $520 million at the end of Q3 and $429 million at the end of 2024.
Liquidity strengthened to $51.6 million in cash following a June equity raise, with total debt of $11.7 million, debt to EBITDA of 0.46, and $15 million in operating cash flow at roughly 60% conversion of adjusted EBITDA.
Management warned that renewed supply constraints could extend turnaround times and delay near-term revenue recognition.
Executives pointed to resilient MRO demand as airlines keep older fleets flying longer, though parts availability continues to shift maintenance timing.