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• Press Release ITEM 1 TAT Technologies Reports First Quarter 2021 Results GEDERA , Israel , May 13 , 2021 - 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 , 2021 . Financial highlights for the first quarter of 2021 ( unaudited ) : . Revenues for Q1 2021 increased by 11 % to $ 18.3 million compared to revenues of $ 16.5 million in Q4 2020 and decreased by 25 % compared to $ 24.6 million in Q1 2020 . Gross profit for Q1 2021 increased by 259 % to $ 3.4 million compared to $ 0.9 million in Q4 2020 and decreased by 26 % compared to $ 4.6 million in Q1 2020 . . Gross margin for Q1 2021 improved to 18.6 % compared to 5.7 % in Q4 2020 and compared to 18.5 % in Q1 2020 . Adjusted EBITDA for Q1 2021 increased by $ 2.7 million to $ 1.6 million compared to a loss of $ 1.1 million in Q4 2020 and decreased by 36 % compared to $ 2.5 million in Q1 2020 . Net income for Q1 2021 increased to $ 0.6 million compared to a loss of $ 1.9 million in Q4 2020 and compared to net income of $ 0.4 million in Q1 2020 . The Company is proceeding with its recently announced plan to improve its cost structure , and in that respect has recently begun executing on its plan to consolidate the Company's operations in Kiryat Gat , Israel and Tulsa , Oklahoma . Among other things , such actions will enable the Company to concentrate its heat exchanges cores activity in the United States allowing for better operational flow , getting closer to the Company's customer base and cutting fixed costs . To support this process , the Company successfully continued to obtain loans from banks in Israel and the US and has continued in improving its working capital . In connection with such plan , the Company incurred expenses of $ 0.5 million and capital expenditures of $ 0.5 million in Q1 2021 . As part of the consolidation of certain of the Company's operations in the US , the Company secured grants and incentives from the State of Oklahoma in an amount of approximately $ 11 million ( subject to the terms of such grants ) which will be utilized to finance investments and employee - related expenses of the Company's operations in Oklahoma . Mr. Igal Zamir , TAT's CEO and President commented on the results : " In Q1 we increased our revenues and gross margin , improved our working capital and stabled the Company's operational cash flow . In Q1 of 2021 we already started enjoying the fruits of our strategic lease deal with Honeywell that was signed at the end of 2020 as well as a PPP loan forgiveness of $ 1.44 million . We continue with the plan to streamline our operations and expect our cost structure to improve by 2022. " . 3