TAT Techs (NASDAQ: TATT) released first-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.

TAT 科技（NASDAQ: TATT）于周三发布了第一季度财务业绩并召开了财报电话会议。请阅读完整的会议记录。

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Summary

摘要

TAT Technologies Ltd reported a backlog increase to $580 million due to new contracts and strong customer demand, despite a slight year-over-year revenue decline attributed to supply chain disruptions.

TAT Technologies Ltd 报告称，由于新合同和强劲的客户需求，积压订单增加至 5.8 亿美元，尽管由于供应链中断，收入同比略有下降。

The company is focused on margin expansion and M&A, having built a team to source and execute transactions, aiming for strategic acquisitions to strengthen its platform.

公司专注于利润扩张和并购，已组建团队以寻找和执行交易，旨在通过战略收购来增强其平台。

Management remains confident in growth for 2026, citing strong demand, resolved supply chain issues, and strategic investments, with expectations for revenue and EBITDA growth intact.

管理层对 2026 年的增长保持信心，指出强劲的需求、解决的供应链问题和战略投资，预计收入和 EBITDA 增长将保持不变。

Full Transcript

完整会议记录

OPERATOR

主持人

Good morning everyone and thank you for

大家早上好，感谢您参加

Matt Chesler (Investor Relations Representative)

Matt Chesler（投资者关系代表）

joining the TAT Technologies first quarter 2026 earnings conference call. This call is being recorded. My name is Matt Chesler with FNKIR, a US based investor relations firm supporting Ilan Younger, TAT's Head of Investor Relations. Joining me today are Igal Zamir, TAT's president and CEO and Ehud Benier, TAT's CFO. Before we begin, I would like to remind you that certain statements made on this call may constitute forward looking statements within the meaning of the Private Securities Litigation Reform act of 1995 and other federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks and uncertainties can be found in our filings with the SEC, including our most recent Form 20F. TAT assumes no obligation to update forward looking statements except as required by law. Investors are cautioned not to place undue reliance on these forward looking statements. During this call we may also discuss certain non GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are available in our earnings release and issued earlier today and in our Form 6K filed with the SEC. With all of that, I'd like to turn the call over to igal.

TAT 科技 2026 年第一季度财报电话会议。此次会议正在录音。我是来自美国投资者关系公司 FNKIR 的 Matt Chesler，支持 TAT 投资者关系负责人 Ilan Younger。今天与我一起的是 TAT 的总裁兼首席执行官 Igal Zamir 和首席财务官 Ehud Benier。在我们开始之前，我想提醒您，此次会议中所做的某些陈述可能构成 1995 年《私人证券诉讼改革法案》及其他联邦证券法所定义的前瞻性陈述。这些陈述基于当前的预期和假设，并涉及可能导致实际结果显著不同的风险和不确定性。有关这些风险和不确定性的更多信息可以在我们向 SEC 提交的文件中找到，包括我们最近的 20F 表格。TAT 不承担更新前瞻性陈述的义务，除非法律要求。投资者应谨慎对待这些前瞻性陈述。在此次会议中，我们可能还会讨论某些非 GAAP 指标。这些指标与最直接可比的 GAAP 指标的调节信息可在我们今天早些时候发布的财报和向 SEC 提交的 6K 表格中找到。说完这些，我想把会议交给 Igal。

Igal Zamir (President and CEO)

Igal Zamir（总裁兼首席执行官）

Thank you Matt. Good morning everybody and thanks for joining us. We appreciate your continuous interest in TAT. TAT Technologies entered 2026 with a robust operational foundation and the record customer demand in the first quarter reinforced our confidence in the trajectory we are on. Demand for our services has never been stronger and the value of our long term agreement and backlog reached an all time high growing to approximately $580 million at the end of Q1 reflecting new contracts win and strong customer intake in Maintenance, Repair, and Overhaul (MRO). We continue to make significant progress on our organizational infrastructure and operational plans for margin expansion. M and A remains key priority. We establish a team with direct industry relationships and operating experience required to source and execute the right transactions in this market. We are not in a rush, we are building towards the right outcomes in parallel. During Q1 we experienced supply chain disruptions leading to delays completing open work orders and deliveries. As a result, our revenue slightly declined year over year, not fully utilizing our growing backlog. We expect this obstacle to be resolved in the next few months allowing TAT the growth trajectory. I will walk you through what drove the quarter, what remained fully intact in the business and how we are thinking about the balance of 2026. Ehud will then take you to the financial details. Let me begin with the backlog because it's the most important signal that we can give you about where the business stands today. Backlog and long term agreements increased to $580 million as of March 31 from $550 million at the end of 2025. This is a record for TAT and mostly related to new contract wins when it comes to ongoing Maintenance, Repair, and Overhaul (MRO) demand. To give you a sense of the magnitude of the timing dynamics, we ended the quarter with approximately $15.5 million of APU and landing gear open work ordered at our shops. We estimate that the material portion of this work, which was near completion but could not be released due to missing components, would have been shipped and recognized in the quarter if part has been available. Switching to the first quarter results. So turning into the quarter itself we have a slight decline in revenue year over year. As explained, this softness reflects constraints in components availability from some key OEM partners that delay the completion of release and the release of units in APUs and lending gear operations. The APU components in question are not technically complex, they are standard commodity level parts, but until they arrive, units cannot be released. The associated work remains under contract volume or shifted into future period rather than being lost. The demand is there, the contracts are there, the capacity and workforce is there and our confidence in a full year revenue and EBITDA growth remains intact. Ehud will walk you through the financial details in a moment, including margin, performance and cash flow, both of which tell the more complete story about the health of the business. For the client commentary, let me briefly walk you to the performance across our service line in heat exchangers, we continue to see growing demand. Q1 of 2025 revenue reflected the huge effort to close late orders from 2024. The following quarters of 25 and 26 reflected the ongoing demand for both our OEM and Maintenance, Repair, and Overhaul (MRO) customers. Even against this higher base of Q1 25 we look into 26 and are seeing increasing orders in OEMs and Maintenance, Repair, and Overhaul (MRO) market. This business benefits from our more than 60 years of OEM and Maintenance, Repair, and Overhaul (MRO) experience, long term supply relationship and diversified commercial and different customer base. It continues to generate consistent recurring demand and remains the foundation of the platform. In the heat exchanger business we achieved an operational milestone this quarter delivering more than 97% of customers order on time in APU. intake was at record level at this quarter. We won business and added new customers. We are seeing increased flow of newer engine platforms and we exited the quarter with more contracted work than we entered, achieving a higher level of book to build than usual our customer relationships are strong. We continue to support and engage customers even when the final delivery is delayed. We are in an active ongoing dialogue with our supply partners and have seen improvement in parts flow over the recent months. The business is fully ready to convert volume the moment parts will flow and we expect it to in landing gear. Component availability is a limiting factor and supply situation in this business is at an earlier stage of resolution than what we see on the apu. Once again our market position is unchanged, customer demand has not changed. What I can tell you is that we are not waiting for this to resolve itself. We have ongoing dialogue with our OEM partners and we have established new processes with them to increase transparency and drive towards resolution. The level of engagement and the steps being taken give us more visibility into the path forward than what we had at the beginning of the year. Lending gear is a smaller portion of the overall business, yet we will continue to press for resolution with the same urgency that we have applied from the beginning. Finally, trading and leasing delivered 29% year over year growth. Strong results for a business with inherent variability from quarter to quarter. The timing of assets transactions don't follow a straight line and and the demand picture in this business continue to be very high. Q4 of 2025 was a record quarter for this business and our ability to complete certain engines exchanges in Q1 was limited by the same pulse availability constraints affecting the Maintenance, Repair, and Overhaul (MRO) operations. The underlying demand picture remains strong and we expect the business to be meaningful contribution to our consolidated results. Switching a little bit to the industry stepping back from the quarter. What we hear from our customers and see in our own order flow continues to point to an encouraging direction. Demand for Maintenance, Repair, and Overhaul (MRO) services remains strong and the need to maintain and extend service life of existing fleet is there. That is the environment TAT operates in and it continues to support our long term opportunity. The supply chain dynamics that affected our first quarter is an industry wide phenomenon. Major OEMs and operators across the aerospace ecosystem have commented publicly on similar pressure in the recent weeks. As we shared in the past in order to overcome it, TAT maintains a meaningful strategic inventory of critical APU parts. The recent shortage which started in Q4 of 25 is in standard commodity level components which are required in all APU final assembly after the overall While we have seen improvement in spark flow over the recent months and while part sources express their confidence in their recovery, the broader environment remains dynamic and we are not in a position to predict the precise pace of normalization. Switching to M and A the M and A remains a key priority for TAT and our progress on this front is meaningful. Over the past nine months we have invested in building a team with direct industry relationships and operational experience required to source and execute transactions in this market. We brought a dedicated corporate development leadership with careers spent in aerospace. We upgraded the board with directors who bring scaled company operating backgrounds and add further connectivity into the broader aerospace ecosystem. We developed our internal systems and procedures to enable us to close M and A opportunities and integrate them into our business. That team is now actively engaged directly with potential acquisition targets, with private equity firms that own assets in our addressable market and with a network of advisors and bankers who bring additional deal flow. As a result, our pipeline is expanded, we are evaluating opportunities which is a notable change from where we were six months ago. Our focus continues to be on active bolt on acquisitions that strategically fit into our platform, expand our addressable market and deepen the value we deliver to customers. As we look ahead towards the balance of 2026, our confidence rests on three key factors. First, demand is the strongest it has been ever for TAT and our record backlog of approximately $580 million reflects sustained engagement across all four of our service line and the pipeline of new business continues to build. Second, our customer relationships remain fully intact and our customers have continued to work with us in partnership throughout this period. Third, PAT itself is a stronger company than it was at the beginning of 2025. Operationally, institutionally and strategically, the investments we have made in the team, our processes and our balance sheet position us to convert demand into growth. As the supply environment normalize, we are moving forward with conviction indication from our suppliers are pointing close to normalization. Based on our visibility and what we are hearing directly from our customer partners, we continue to believe that 2026 will be a year of meaningful growth in both revenue and EBITDA. The supply chain timing dynamics we navigated in Q1 does not change that view. When parts flow, we are ready and the backlog tells you exactly what is waiting on the other side. With that, I will turn the call over to ERUD for more detailed revenue on the financial results.

谢谢你，Matt。大家早上好，感谢你们的参与。我们感谢你们对 TAT 的持续关注。TAT 科技在 2026 年开始时拥有强大的运营基础，第一季度创纪录的客户需求增强了我们对当前发展轨迹的信心。我们的服务需求从未如此强劲，长期协议和未完成订单的价值在第一季度末达到了 580 万美元的历史新高，这反映了新合同的赢得和在维护、修理和大修（MRO）方面的强劲客户吸纳。我们在组织基础设施和利润扩展的运营计划上继续取得显著进展。并购仍然是我们的关键优先事项。我们建立了一支拥有直接行业关系和运营经验的团队，以便在这个市场中寻找和执行合适的交易。我们并不急于求成，而是在并行推进正确的结果。在第一季度，我们经历了供应链中断，导致未完成的工作订单和交付延迟。因此，我们的收入同比略有下降，未能充分利用我们不断增长的未完成订单。我们预计这一障碍将在未来几个月内得到解决，从而使 TAT 能够实现增长轨迹。我将向你们介绍推动本季度的因素、业务中保持不变的部分，以及我们对 2026 年下半年的思考。Ehud 将随后为您提供财务细节。让我先从未完成订单开始，因为这是我们能给你们的关于业务现状最重要的信号。截至 3 月 31 日，未完成订单和长期协议增加至 580 万美元，较 2025 年底的 550 万美元有所上升。这是 TAT 的历史新高，主要与新合同的赢得有关，涉及持续的维护、修理和大修（MRO）需求。为了让你们了解时机动态的规模，我们在季度末时在我们的车间有大约 1550 万美元的 APU 和起落架未完成工作订单。我们估计，这部分工作在接近完成时，由于缺少组件而无法释放，如果零件可用，原本应该在本季度内发货并确认。转到第一季度的结果。因此，进入本季度后，我们的收入同比略有下降。如前所述，这种疲软反映了来自一些关键 OEM 合作伙伴的组件可用性限制，延迟了 APU 和起落架操作中单位的释放。相关的 APU 组件并不复杂，它们是标准商品级零件，但在它们到达之前，单位无法释放。相关工作仍在合同量之内，或转移到未来的时期，而不是被损失。需求依然存在，合同也在，产能和劳动力也在，我们对全年收入和 EBITDA 增长的信心依然坚定。Ehud 将稍后为您详细介绍财务细节，包括利润、表现和现金流，这些都能更全面地反映业务的健康状况。关于客户评论，让我简要介绍一下我们在热交换器服务线上的表现，我们继续看到需求增长。2025 年第一季度的收入反映了我们在 2024 年关闭逾期订单的巨大努力。接下来的 2025 年和 2026 年季度反映了我们 OEM 和维护、修理和大修（MRO）客户的持续需求。即使在 2025 年第一季度的高基数下，我们展望 2026 年，看到 OEM 和维护、修理和大修（MRO）市场的订单在增加。这个业务受益于我们超过 60 年的 OEM 和维护、修理和大修（MRO）经验、长期供应关系以及多样化的商业和客户基础。它继续产生稳定的重复需求，并仍然是平台的基础。在热交换器业务中，我们在本季度实现了一个运营里程碑，APU 的客户订单按时交付率超过 97%。本季度的吸纳量达到了创纪录的水平。我们赢得了业务并增加了新客户。我们看到新发动机平台的流入增加，我们在季度末的合同工作量超过了进入时的水平，达到了比平常更高的订单与生产比率，我们的客户关系也很强大。即使最终交付延迟，我们仍继续支持和与客户保持互动。我们与供应合作伙伴保持积极的对话，并在最近几个月看到零件流动有所改善。业务完全准备好在零件流动的那一刻转换产量，我们预计在起落架方面会如此。组件可用性是一个限制因素，该业务的供应情况比我们在 APU 方面看到的解决阶段要早一些。再一次，我们的市场地位没有改变，客户需求没有变化。我可以告诉你的是，我们并没有等待这一问题自行解决。我们与 OEM 合作伙伴保持持续对话，并与他们建立了新的流程，以增加透明度并推动解决方案的达成。参与程度和采取的步骤使我们对未来的路径有了比年初时更多的可见性。起落架是整体业务中较小的一部分，但我们将继续以从一开始就施加的紧迫感推动解决方案。最后，交易和租赁实现了 29% 的同比增长。对于一个季度间固有变动性较大的业务来说，强劲的结果。资产交易的时机并不遵循直线，且该业务的需求情况仍然非常高。2025 年第四季度是该业务的创纪录季度，而我们在第一季度完成某些发动机交换的能力受到影响，原因是影响维护、修理和大修（MRO）操作的相同零件可用性限制。基础需求情况依然强劲，我们预计该业务将对我们的合并结果产生重要贡献。稍微转向行业，回顾一下本季度。我们从客户那里听到的和在我们自己的订单流中看到的继续指向一个令人鼓舞的方向。维护、修理和大修（MRO）服务的需求依然强劲，维护和延长现有机队的服务寿命的需求依然存在。这是 TAT 所处的环境，并继续支持我们的长期机会。影响我们第一季度的供应链动态是一个行业普遍现象。主要 OEM 和航空生态系统中的运营商在最近几周公开评论了类似的压力。正如我们过去所分享的，为了克服这一点，TAT 保持了重要的关键 APU 零件战略库存。最近的短缺始于 2025 年第四季度，涉及所有 APU 最终组装所需的标准商品级组件。尽管我们在最近几个月看到零件流动有所改善，并且零件来源对其恢复表示信心，但更广泛的环境仍然动态变化，我们无法预测正常化的确切速度。转向并购，并购仍然是 TAT 的关键优先事项，我们在这方面的进展是显著的。在过去九个月中，我们投资于建立一支拥有直接行业关系和运营经验的团队，以便在这个市场中寻找和执行交易。我们引入了一位专注的企业发展领导，职业生涯专注于航空航天领域。我们升级了董事会，增加了具有规模公司运营背景的董事，并进一步增强了与更广泛航空生态系统的联系。我们开发了内部系统和程序，使我们能够关闭并购机会并将其整合到我们的业务中。该团队现在正积极与潜在的收购目标、拥有我们可寻址市场资产的私募股权公司以及带来额外交易流的顾问和银行家网络直接接触。因此，我们的管道得到了扩展，我们正在评估机会，这与六个月前的情况有显著变化。我们的重点仍然是积极的附加收购，这些收购在战略上适合我们的平台，扩大我们的可寻址市场，并加深我们为客户提供的价值。展望 2026 年下半年，我们的信心基于三个关键因素。首先，需求是 TAT 有史以来最强劲的，我们约 580 万美元的创纪录未完成订单反映了我们四个服务线的持续参与，新的业务管道也在不断增加。其次，我们的客户关系保持完全不变，客户在此期间继续与我们保持合作伙伴关系。第三，PAT 本身是一家比 2025 年初更强大的公司。在运营、机构和战略上，我们在团队、流程和资产负债表上的投资使我们能够将需求转化为增长。随着供应环境的正常化，我们正在坚定前行，供应商的指示接近正常化。根据我们的可见性和我们直接从客户合作伙伴那里听到的信息，我们继续相信 2026 年将是收入和 EBITDA 实现显著增长的一年。我们在第一季度所经历的供应链时机动态并没有改变这一看法。当零件流动时，我们已做好准备，未完成订单准确地告诉你们另一边在等待什么。至此，我将电话转给 Ehud，以便他为您提供更详细的财务结果。

Ehud Benier (Chief Financial Officer)

埃胡德·贝尼尔（首席财务官）

Thank you El Good morning everyone. Good afternoon to those that are on the other side of the ocean. As I walk you through the first quarter financial details, the headline is straightforward. While the supply chain disruption affected the timing of revenue recognition during this period, we extended gross margin year over year, generated positive operating cash flow and ended the quarter with a balance sheet that continues to support both organic growth and our M&A priorities. First quarter revenue was $41.1 million compared to $42.1 million in the first quarter of 2025. As Igal described, the year over year decline reflected industry wide aerospace supply chain timing, not demand. The increase in our WIP inventory and parts is a reflection of the amount of work that could be recognized and at the end of the quarter gross Profit increased by 0.8% year over year to $10 million. Gross margin expanded approximately 80 basis points to 24.4 compared to 23.6 in 1Q25. This margin expansion reflects the operational discipline and structural progress we have made across the businesses including improvement in our cost structure, structure and operating efficiencies and continued focus on cost management across our operations. As we move forward towards the year, we are monitoring expenses very close until revenue will start ramping up again. This is without harming our operational capabilities to ramp production when missing parts arise. Operating income for the quarter was $3 million or 7.3% of revenue compared to $4.2 million or 9.9% of revenue in the first quarter of 2025. While gross profit increased year over year, operating expenses were higher in the period. This increase reflects our planned investment in next generation R and D, the strengthening of our organizational structure and executive teams to pursue strategic ma, strengthening the strategic sales team and the enhancement of our finance infrastructure to support SOX compliance, ongoing regulatory demands and expansions net income was $3.4 million compared to $3.8 million in the first quarter of 2025. Diluted earning per share were $0.26 compared to $0.34 in 1Q25. Net interest income in Q1 of 2026 were $39,000 compared to net expenses of $58,000 in the parallel quarter. This is mainly due to a lower level of debt offset by the impact of the Israeli Shekel against the US Dollar exchange rate which impacted some of our long term loans. Taxes on income were 0.1 million for the three months ended March 31, 2026 compared to 0.6 million for the same period in 2025. The decrease primarily reflects lower taxable income and the impact of jurisdictional mix during the period. I want to remind the audience again that while taxes expenses are booked, these are mainly accounting movements between deferred tax assets and liability. The new bill allowed us to defer tax payment in the United States to the end of 2026 while previously expected to start in Q1 of 26. Also in Israel, we have enough carry forward losses that will take us through the end of 2026, adjusted EBTATDA was $4.9 million, or 11.8% of revenue, compared to 5.7 million, or 13.6% of revenue in the first quarter of 2025. Moving to the Cash Flow Cash flow from operating activities was positive at $1.9 million in the first quarter compared to negative of $5 million in the first quarter of 2025. Turning to the balance sheet, we ended the quarter with $51.2 million in cash and $11.2 million in total debt, resulting in a debt to EBTATDA ratio of 0 point calculated over the last four quarters of EBTATDA shareholders. Equity stood at 180.5 million, resulting in an equity to balance ratio of 77.5%. Our strong financial position give us meaningful flexibility to continue investing in organic growth opportunities and advance the M and A pipeline. To summarize, the volume deferred during the period is contracted and supported by a record backlog gross margin continue to expand, operating cash flow remains positive and our balance sheet is well positioned to support our growth strategy. While supply chain constraints affected the timing of revenue recognition in the quarter, the underlying demand remains intact and we are well positioned to realize this contracted volume as supply conditions normalized. And with that, I will return the call back to igal. Thank you eud.

谢谢你，El，大家早上好。对于在海洋另一边的人来说，下午好。在我向您介绍第一季度的财务细节时，重点是明确的。尽管供应链中断影响了这一时期的收入确认时机，但我们实现了同比毛利率的提升，产生了正的经营现金流，并以一份继续支持有机增长和我们的并购优先事项的资产负债表结束了这一季度。第一季度的收入为 4110 万美元，而 2025 年第一季度为 4210 万美元。正如 Igal 所描述的，同比下降反映了整个行业航空航天供应链的时机，而非需求。我们在在制品库存和零部件上的增加反映了可以确认的工作量，在季度末毛利润同比增长了 0.8%，达到了 1000 万美元。毛利率同比扩大了约 80 个基点，达到了 24.4，而 2025 年第一季度为 23.6。这一毛利率的扩张反映了我们在各项业务中所取得的运营纪律和结构性进展，包括成本结构的改善、结构和运营效率的提升，以及在我们运营中持续关注成本管理。随着我们向前推进，我们将非常密切地监控支出，直到收入再次开始上升。这不会损害我们在缺少零部件时提升生产能力的运营能力。本季度的营业收入为 300 万美元，占收入的 7.3%，而 2025 年第一季度为 420 万美元，占收入的 9.9%。尽管毛利润同比增长，但本期的营业费用较高。这一增长反映了我们在下一代研发上的计划投资、加强我们的组织结构和执行团队以追求战略并购、强化战略销售团队以及增强我们的财务基础设施以支持 SOX 合规、持续的监管要求和扩展。净收入为 340 万美元，而 2025 年第一季度为 380 万美元。稀释后每股收益为 0.26 美元，而 2025 年第一季度为 0.34 美元。2026 年第一季度的净利息收入为 39,000 美元，而同期的净费用为 58,000 美元。这主要是由于债务水平较低，抵消了以色列谢克尔对美元汇率的影响，这影响了我们的一些长期贷款。2026年3月31日止三个月的所得税为 10 万美元，而 2025 年同期为 60 万美元。减少主要反映了应税收入的降低和期间的司法管辖区组合的影响。我想再次提醒大家，尽管税费已入账，但这些主要是递延税资产和负债之间的会计变动。新法案允许我们将美国的税款支付推迟到 2026 年底，而之前预计将在 2026 年第一季度开始。此外，在以色列，我们有足够的递延亏损，可以持续到 2026 年底，调整后的 EBTATDA 为 490 万美元，占收入的 11.8%，而 2025 年第一季度为 570 万美元，占收入的 13.6%。接下来是现金流，第一季度的经营活动现金流为正，达到了 190 万美元，而 2025 年第一季度为负 500 万美元。转向资产负债表，我们在季度末拥有 5120 万美元的现金和 1120 万美元的总债务，导致 EBTATDA 的债务比率为 0，计算基于过去四个季度的 EBTATDA。股东权益为 1.805 亿美元，导致权益与负债比率为 77.5%。我们强大的财务状况为我们提供了重要的灵活性，以继续投资于有机增长机会并推进并购管道。总结一下，期间的递延量是合同的，并得到了创纪录的积压支持，毛利率继续扩大，经营现金流保持正值，我们的资产负债表良好地支持我们的增长战略。尽管供应链限制影响了本季度的收入确认时机，但潜在需求依然存在，我们在供应条件正常化时能够实现这一合同量。至此，我将话筒交还给 Igal。谢谢你，Ehud。

Igal Zamir (President and CEO)

伊加尔·扎米尔（总裁兼首席执行官）

Before we move to questions, I would like to leave you with a few clear takeaways. From today, customer demand at TAT is at record level with our backlog growing to approximately $580 million, the majority of which reflects new business wins. The supply chain disruption that affected our quarter is bounded and temporary. The deferred volume is contracted business that we expect to convert when supply conditions will allow and TAT itself is a more capable company than what we were a year ago with the operational, institutional and strategic infrastructure to continue advancing our growth priorities, including maa. I want to thank our employees around the world. Their professionalism, particularly in the quarter and required hand on coordination with our customers and suppliers is what makes our continued progress possible. With that, I will turn over to Matt for questions.

在我们进入提问之前，我想给大家留下几个明确的要点。从今天开始，TAT 的客户需求处于创纪录水平，我们的积压订单增长到约 5.8 亿美元，其中大部分反映了新的业务胜利。影响我们季度的供应链中断是有限且暂时的。递延量是我们预期在供应条件允许时转化的合同业务，而 TAT 本身是一家比一年前更具能力的公司，拥有运营、制度和战略基础设施，以继续推进我们的增长优先事项，包括并购。我想感谢我们全球的员工。他们的专业精神，特别是在这一季度与我们的客户和供应商之间的协调，是我们持续进步的可能性所在。至此，我将把时间交给 Matt 进行提问。

Matt Chesler (Investor Relations Representative)

马特·切斯勒（投资者关系代表）

Thank you igal. We're now going to open up to the Q and A session from Zoom. There are two ways you can participate. The first is to raise your hand icon to use the raise your hand icon which is at the bottom of the screen. Clicking it will alert us that you would like to ask a live question and we'll place you in queue and call on you. You will remain on mute until that takes place. The second way to participate in Q and A is to use the Q and A widget which allows you to type in your question. We will take questions from there as well. If we run into a time constraint, someone from the IR team will follow up with you if you and your question will be answered as soon as practical. With that, let's pause for a moment to build a queue. The first question is from Ben Cleve at Benchmark. Ben, please go ahead.

谢谢你，igal。我们现在将开始 Zoom 的问答环节。您可以通过两种方式参与。第一种是点击屏幕底部的举手图标，点击后会提醒我们您想要提问，我们会将您放入队列并呼叫您。在此之前，您将保持静音。第二种参与问答的方式是使用问答小工具，您可以在其中输入您的问题。我们也会从那里提问。如果我们遇到时间限制，投资者关系团队的某位成员会跟进您，尽快回答您的问题。接下来，让我们暂停一下以建立队列。第一个问题来自 Benchmark 的 Ben Cleve。Ben，请继续。

Ben Cleve (Equity Analyst)

Ben Cleve（股票分析师）

All right, thanks for taking my questions. First question around the backlog. It's great to hear really a steadfast belief here that the supply chain problems are not having an impact on your backlog. And I want to lean into this. Clearly your backlog ramps can considerably in the first quarter you had a couple really nice wins and I'm wondering if below those really nice wins, if there was any slippage either in the first quarter or second quarter to date from any of these customers that have been negatively impacted by the parts dynamic or perhaps customers that have had more macro challenges here around the price of jet fuel, any low cost commercial providers, anything like that. So has there been any slippage out of backlog here again either in the first quarter or second quarter to date?

好的，谢谢您回答我的问题。第一个问题是关于积压订单的。很高兴听到您坚信供应链问题不会影响您的积压订单。我想对此深入探讨一下。显然，您的积压订单在第一季度有了显著增长，您获得了一些非常不错的胜利。我想知道在这些胜利背后，是否有任何客户在第一季度或第二季度至今受到零部件动态的负面影响，或者受到航空燃料价格、低成本商业供应商等宏观挑战的影响而出现了任何积压订单的滑落。是否在第一季度或第二季度至今有任何积压订单的滑落？

Igal Zamir (President and CEO)

Igal Zamir（总裁兼首席执行官）

So let me address I try to address the question in several ways. First of all, maybe just to expand on what we just covered in the opening remarks. When you think when you look I mentioned earlier that we finished the quarter with 15 and a half million dollar of Auxiliary Power Unit (APU) s and landing gear in open work and we believe that material, the material portion of it should have been released and recognized during the quarter is the part for the window. And also if you look so that's kind of a reflection of the you can estimate what could have been the quarter we entering the quarter and during the quarter we were expecting Q1 to be to continue the trajectory of the growth that we had in the last few years. So from a demand perspective we were expecting and hoping for a very strong quarter. Second, the second way to look at second way to look at the and where we were at the end of the quarter is looking at the balance sheet and I already mentioned something about it. If you look at the inventory substantial inventory increase that we had during Q1, a big portion of this inventory increase that you see on the balance sheet relates to the open work order. The value of the work that was done into the open work order is another indicator for how much could have been added as a general saying today. So the third question that I believe that you asked as a general saying the work is there, the demand Is there and we see the buildup of intake we don't have so far. We don't see any indications. You know, there are always exceptions here and there, but as a general saying, we don't hear any, any impact on intake due to the environment. We actually see continuing strong momentum on intake.

让我尝试从几个方面来回答这个问题。首先，可能只是扩展一下我们在开场白中提到的内容。当您考虑时，我之前提到我们在季度末有 1500 万美元的辅助动力装置（APU）和起落架的未完成工作，我们相信这些材料部分应该在季度内被释放和确认，作为窗口的零件。此外，如果您查看，这也是您可以估算进入季度时和季度内可能发生的情况的反映。我们预计第一季度将继续我们过去几年的增长轨迹。因此，从需求的角度来看，我们期待并希望有一个非常强劲的季度。其次，第二种看待季度末情况的方式是查看资产负债表，我已经提到过一些内容。如果您查看我们在第一季度的库存大幅增加，这部分库存的增加与未完成工作订单有关。未完成工作订单中完成工作的价值是另一个指标，表明可以添加多少。第三个问题，我认为您问的是，整体而言，工作是存在的，需求是存在的，我们看到需求的积累。到目前为止，我们没有看到任何由于环境影响而导致的需求下降。实际上，我们看到需求持续强劲的势头。

Ben Cleve (Equity Analyst)

Ben Cleve（股票分析师）

Okay, that's very helpful, thank you. And then one other one for me and then I'll get back in queue. Is around your expectations, not necessarily for the timing of the parts, your access to the parts, but kind of the, the progression of getting from where you are today to when you'll be fully, you will have full inventory. Are you expecting kind of a one time event where these parts unlocks, especially on the APU side, all come in at once or do you think this is going to be kind of a trickling over several months or several quarters for you to get to the full inventory position that you need?

好的，这非常有帮助，谢谢。然后我还有一个问题，然后我会回到队列中。关于您对零部件的预期，不一定是零部件的时间安排或获取，而是从您今天的状态到您将拥有完整库存的进展。您是否预计这将是一个一次性事件，尤其是在 APU 方面，所有零部件会一次性到位，还是您认为这将是一个逐渐的过程，可能需要几个月或几个季度才能达到您所需的完整库存？

Igal Zamir (President and CEO)

Igal Zamir（总裁兼首席执行官）

So. Okay, again I will split the answer into two segments. First of all, let's start with APU, which is the vast majority of the opportunity that we have ahead of us in terms of catch up. So first of all we did a few things while we are working very, very actively with our OEM partners to resolve the past situation. We are also extensive efforts to bring alternative solutions and to make sure that we have the part not just from the OEM agreements that we have and it's contributing to the ramp up. The OEM partners themselves are reporting on a substantial improvement on their side, but in the same time they have huge backlog not just for TAT. We are only one of many, many customers that they have and the problems affect everybody. And therefore I believe that back to normal will take a couple of months. I don't expect any one-time event where all of a sudden next week or whatever, we see all the parts in one day. It will be a process. They are optimistic that the problem, the root cause of the problem is behind them and that they are on recovery trajectory. We do see increase in a substantial increase in the last few weeks in delivery, but it will take few months.

好的，我将答案分为两个部分。首先，让我们从 APU 开始，这是我们面前大多数机会的主要部分。首先，我们在与我们的 OEM 合作伙伴积极合作以解决过去的问题的同时，也在进行广泛的努力，以寻找替代解决方案，确保我们不仅依赖 OEM 协议中的零部件，这也有助于我们的增长。OEM 合作伙伴自己报告说他们的情况有了显著改善，但与此同时，他们也有巨大的积压，不仅仅是针对 TAT。我们只是他们众多客户中的一个，这些问题影响了所有人。因此，我相信恢复正常将需要几个月。我不期望会有一次性事件，突然下周或某一天我们看到所有零部件一次性到位。这将是一个过程。他们对问题的根本原因已经过去并且正在恢复的轨迹持乐观态度。我们确实看到在过去几周交付量有了显著增加，但这将需要几个月。

Ben Cleve (Equity Analyst)

Ben Cleve（股票分析师）

Okay, very good. That makes sense. Well, I appreciate you taking my questions. Best of luck here navigating this and I'll get back in queue.

好的，非常好。这很有道理。感谢您回答我的问题。祝您在这个过程中好运，我会回到队列中。

Igal Zamir (President and CEO)

Igal Zamir（总裁兼首席执行官）

Thank you. Thank you. Thanks Ben.

谢谢。谢谢你，Ben。

Matt Chesler (Investor Relations Representative)

Matt Chesler（投资者关系代表）

The next question is going to be from Jonathan Sigman from Sifel. Jonathan, please go ahead. Good morning.

下一个问题将来自 Sifel 的 Jonathan Sigman。Jonathan，请继续。早上好。

Jonathan Sigman

Thanks for taking my question. Maybe just to talk a little bit more about the parts shortage. Is there any risk that given these OEM suppliers who are having some problems delivering these Parts are not are prioritizing their own internal use of these parts and you as a third party partner are lower priority. Just maybe if you discuss that concern, I appreciate it. I would say again, I need to split the answer on the apu. There is zero risk. There is no risk. And as we stated in the comments at the beginning, when it comes to the apu, you have the main engine components, all the,

感谢您提出我的问题。也许可以多谈谈零部件短缺的问题。是否存在风险，考虑到这些原始设备制造商（OEM）供应商在交付这些零部件时遇到一些问题，可能会优先考虑他们内部对这些零部件的使用，而您作为第三方合作伙伴的优先级较低。如果您能讨论一下这个担忧，我将非常感激。我想再次强调，我需要将答案分开谈论关于 APU 的部分。没有任何风险。没有风险。正如我们在开头的评论中所述，关于 APU，您有主要的发动机组件，所有的，

Igal Zamir (President and CEO)

伊戈尔·扎米尔（Igal Zamir）(总裁兼首席执行官)

how do you call it, the time core of the time engine component, the time impeller, the time big part and whatever. We have plenty of the timem in stock. We established a meaningful strategic inventory a year ago. So when an engine come and we need to do the time work, we have all the time parts in house. This is why we have so much work order that are very close to completion. Well, the time overhaul was done, but the time challenge that we have today is on the time all kinds of commodity level parts without going too many details that you need in order to reassemble the time engine after the time overhaul was done. There is no conflict between us and the time time of year-end between us and the time OEM production. And so I don't see any risk the timere. On the time landing gear, it's a different story because the time landing gear, the time OEM itself that is producing the time main landing gear parts is supplying to us and also supplying to their own shop. So in theory there can be a conflict. We are working very actively with them and trying to verify that we are going to make sure that the allocation is done according to the customer needs and not just based on prioritizing the OEM versus the partners. So there is more risk there, but it's a much, much smaller portion of the problem. Thank you. And your freight customers, sometimes they can be the most sensitive to changing macro conditions, any color on what they may be saying or thinking at the current time. Thank you very much. I would say just as a

怎么说呢，时间引擎组件的时间核心，时间叶轮，时间大部件等等。我们有大量的时间部件库存。我们在一年前建立了有意义的战略库存。因此，当发动机到来并且我们需要进行时间工作时，我们有所有的时间部件在手。这就是为什么我们有如此多的工作订单接近完成。好吧，时间大修已经完成，但我们今天面临的时间挑战是关于各种商品级别的零部件，详细情况不多，这些零部件是您在完成时间大修后重新组装时间引擎所需的。我们与时间 OEM 生产之间没有冲突。因此，我不认为存在任何风险。关于时间起落架，这是一个不同的故事，因为生产时间主起落架部件的时间 OEM 本身正在向我们供应，同时也向他们自己的车间供应。因此，理论上可能会存在冲突。我们正在积极与他们合作，并努力确保分配是根据客户需求进行的，而不仅仅是基于 OEM 与合作伙伴之间的优先级。因此，那里存在更多风险，但这只是问题的一个小部分。谢谢。至于您的货运客户，有时他们对宏观条件变化的敏感度可能是最大的，您能否分享一下他们目前可能在说什么或想什么。非常感谢。我想说的是，

Jonathan Sigman

乔纳森·西格曼（Jonathan Sigman）

at least one of our largest customers weight customer is suffering from the same OEM from the same part on another on their needs unrelated to what we do for them. And so we are, you know, it's a known problem in the industry, among the industry players and everybody is affected. So not only that, we get good collaboration and actually our customers are part of the solution in the sense that they are helping us to put pressure to resolve the problem. Thank you. But we also, and also we work very closely with our customers to make sure that we take care of the needs that more customers will get stuck without spare units and very openly and very engaging with our customers.

至少我们最大的客户之一的货运客户正在遭受同样的 OEM 问题，涉及他们的其他需求，这与我们为他们做的事情无关。因此，我们知道这是行业内的一个已知问题，行业参与者都受到影响。不仅如此，我们得到了良好的合作，实际上我们的客户在解决问题方面是解决方案的一部分，因为他们正在帮助我们施加压力以解决问题。谢谢。但我们也与客户密切合作，以确保满足他们的需求，以免更多客户在没有备用单元的情况下被困住，并且与我们的客户非常开放和积极地互动。

Igal Zamir (President and CEO)

伊戈尔·扎米尔（Igal Zamir）(总裁兼首席执行官)

So it looks like it's under we are managing it properly and we are on the right direction in terms of the trajectory.

所以看起来我们正在妥善管理这一切，并且在轨迹上朝着正确的方向前进。

Jonathan Sigman

乔纳森·西格曼（Jonathan Sigman）

Thank you.

谢谢。

Igal Zamir (President and CEO)

伊戈尔·扎米尔（Igal Zamir）(总裁兼首席执行官)

Thank you.

谢谢。

Matt Chesler (Investor Relations Representative)

马特·切斯勒（Matt Chesler）(投资者关系代表)

Next on to Josh Sullivan from Jones Trading, who has submitted a question. Josh is asking whether the supply chain disruptions open up any conversation around vertical integration or mergers and acquisitions.

接下来是来自琼斯交易的乔什·沙利文（Josh Sullivan），他提交了一个问题。乔什在问供应链中断是否会引发关于垂直整合或并购的讨论。

Josh Sullivan

乔什·沙利文（Josh Sullivan）

I think it's a potential here and we are.

我认为这里有潜力，我们正在考虑。

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TAT 科技 2026 年第一季度财报电话会议实录