TAT Technologies Ltd. — Interim / Quarterly Report 2026

May 20, 2026

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 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 May 2026

TAT TECHNOLOGIES LTD.

(Name of Registrant)

9335 Harris Corners Pkwy, Charlotte, NC 28269

(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-

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TAT Technologies Ltd.

TAT Technologies Ltd. (the "Company") hereby furnishes the following documents:

Item/Exhibit No.	Description
99.1	Unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2026 and 2025
99.2	Operating and financial review and prospects

This Report on Form 6-K and related exhibits are incorporated by reference into the Company's registration statements on Form F-3 (File No. 333-286699 and 333-294411) and Form S-8 (File Nos.333-268906, and 333-286702), and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

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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: May 20, 2026

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Exhibit 99.1

TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Period Ended March 31, 2026

TABLE OF CONTENTS

Financial statements	Page
Unaudited Condensed Consolidated Balance Sheets	F - 2
Unaudited Condensed Consolidated Statements of Income	F - 4
Unaudited Condensed Consolidated Statements of Comprehensive Income	F - 6
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity	F - 7
Unaudited Condensed Consolidated Statements of Cash Flows	F - 8
Unaudited Condensed Notes to Financial Statements	F - 9

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands
	March 31, 2026	December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$ 51,235	$ 51,259
Accounts receivable, net of allowance for credit losses of $241 and $172 as of March 31, 2026, and December 31, 2025, respectively	30,456	33,420
Inventory	81,736	75,549
Prepaid expenses and other current assets	8,423	6,071
Total current assets	171,850	166,299
NON-CURRENT ASSETS:
Property, plant and equipment, net	47,162	46,922
Operating lease right of use assets	5,484	5,807
Intangible assets, net	1,375	1,452
Investment in affiliates	5,520	4,905
Funds in respect of employee rights upon retirement	400	398
Deferred tax assets	706	639
Restricted deposit	310	307
Total non-current assets	60,957	60,430
Total assets	$ 232,807	$ 226,729

The accompanying notes are an integral part of these unaudited condensed consolidated financial Statements.

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

U.S dollars in thousands

	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term loans	$ 2,272	$ 2,227
Accounts payable	15,529	12,986
Accrued expenses and other	17,396	17,296
Current maturities of operating lease liabilities	1,448	1,474
Total current liabilities	36,645	33,983
NON-CURRENT LIABILITIES:
Long-term loans	8,937	9,485
Operating lease liabilities	4,174	4,448
Liability in respect of employee rights upon retirement	772	770
Deferred tax liabilities	1,804	1,652
Total non-current liabilities	15,687	16,355
COMMITMENTS AND CONTINGENCIES (NOTE 4)	-	-
Total liabilities	52,332	50,338
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0 par value
Authorized: 15,000,000 shares at March 31, 2026 and at December 31, 2025
Issued: 13,257,610 shares at March 31, 2026 and at December 31, 2025
Outstanding: 12,983,137 shares at March 31, 2026 and at December 31, 2025	-	-
Additional paid-in capital	137,071	136,578
Treasury stock at cost	(2,088)	(2,088)
Accumulated other comprehensive income	834	643
Retained earnings	44,658	41,258
Total shareholders' equity	180,475	176,391
Total liabilities and shareholders' equity	$ 232,807	$ 226,729

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F - 3

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

U.S dollars in thousands

	Three Months Ended March 31,
	2026	2025
Revenues:
Products	$ 13,906	$ 12,724
Services	27,241	29,418
	41,147	42,142
Costs:
Products	10,099	8,331
Services	21,017	23,857
	31,116	32,188
Gross profit	10,031	9,954
Operating expenses:
Research and development, net	571	324
Selling and marketing	2,182	1,928
General and administrative	4,293	3,532
	7,046	5,784
Operating income	2,985	4,170
Interest expenses	(148)	(335)
Other financial income, net	187	277
Income before taxes on income	3,024	4,112
Provision for income taxes	145	592
Income before share of equity investment	2,879	3,520
Share in profits of equity investment of affiliated companies	521	293
Net income	$ 3,400	$ 3,813

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

U.S dollars in thousands, except share and per share data

	Three Months Ended March 31,
	2026	2025
Earnings per share
Basic	$ 0.26	$ 0.35
Diluted	$ 0.26	$ 0.34
Weighted average number of shares outstanding
Basic	12,983,137	10,940,358
Diluted	13,204,290	11,211,271

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

U.S dollars in thousands

	Three Months Ended March 31,
	2026	2025
Net income	$ 3,400	$ 3,813
Other comprehensive income, net:
Change in foreign currency translation adjustments	191	528
Total comprehensive income	$ 3,591	$ 4,341

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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TAT TECHNOLOGIES LTD.

U.S dollars in thousands, except share data

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

	Share capital		Additional paid-in capital	Accumulated other comprehensive income (loss)	Treasury shares	Retained earnings	Total equity
	Number of shares issued	Amount
BALANCE AT DECEMBER 31, 2024	11,214,831	$ -	$ 89,697	$ (76)	$ (2,088)	$ 24,436	$ 111,969
CHANGES DURING THE THREE MONTHS ENDED MARCH 31, 2025:
Comprehensive income	-	-	-	528	-	3,813	4,341
Share based compensation	-	-	222	-	-	-	222
BALANCE AT MARCH 31, 2025	11,214,831	$ -	$ 89,919	$ 452	$ (2,088)	$ 28,249	$ 116,532
BALANCE AT DECEMBER 31, 2025	13,257,610	$ -	$ 136,578	$ 643	$ (2,088)	$ 41,258	$ 176,391
CHANGES DURING THE THREE MONTHS ENDED MARCH 31, 2026:
Comprehensive income	-	-	-	191	-	3,400	3,591
Share based compensation	-	-	493	-	-	-	493
BALANCE AT MARCH 31, 2026	13,257,610	$ -	$ 137,071	$ 834	$ (2,088)	$ 44,658	$ 180,475

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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TAT TECHNOLOGIES LTD.

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

	Three Months Ended March 31,
	2026	2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,400	$ 3,813
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,313	1,305
Non-cash financial (income) expenses	331	(99)
Change in allowance for (recovery of) credit losses	69	(50)
Share in profits of equity investment of affiliated companies	(521)	(293)
Share based compensation	493	222
Deferred income taxes, net	85	519
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable	2,894	(3,476)
Increase in prepaid expenses and other current assets	(2,257)	(527)
Increase in inventory	(6,430)	(3,861)
Increase in trade accounts payable	2,471	434
Increase (decrease) in accrued expenses and other	102	(3,022)
Net cash provided by (used in) operating activities	1,950	(5,035)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,420)	(2,862)
Net cash used in investing activities	(1,420)	(2,862)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term loans	(551)	(571)
Net change in short term loans from banks	-	6,369
Net cash (used in) provided by financing activities	(551)	5,798
Net decrease in cash and cash equivalents and restricted cash	(21)	(2,099)
Cash and cash equivalents and restricted cash at beginning of period	51,566	7,434
Cash and cash equivalents and restricted cash at the end of period	$ 51,545	$ 5,335
Supplementary information on investing and financing activities not involving cash flows:
Additions of operating lease right-of-use assets and operating lease liabilities	82	147
Reclassification between inventory and property, plant and equipment	-	579
Supplemental disclosure of cash flow information:
Interest paid	154	267

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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UNCLASSIFIED

TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 1 - GENERAL

Description of Business

TAT Technologies Ltd., (“TAT” or the “Company”) an Israeli corporation, incorporated in 1985, is a leading provider of solutions and services to the aerospace and defense industries. TAT has the following wholly owned subsidiaries, hereinafter collectively referred to as the “Group”: Limco-Piedmont Inc. (“Limco-Piedmont”), Limco Airepair Inc. (“Limco”), a wholly owned Delaware subsidiary of Limco-Piedmont, Piedmont Aviation Component Services LLC (“Piedmont”), a North Carolina limited liability company, wholly owned subsidiary of Limco-Piedmont Inc., and Turbochrome Ltd. (“Turbochrome”). Additionally, the Company holds 51% of TAT-Engineering LLC (“TAT-Engineering”), which was established in January 2016 as a joint venture. The accounting treatment of the joint venture is based on the equity method due to participating rights granted to the other stockholder.

TAT operations is focused on the following four segments: (i) original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories mainly through its Kiryat Gat facility; (ii) MRO (“Maintenance Repair and Overhaul”) services for heat transfer components and OEM of heat transfer solutions through Limco; (iii) MRO services for aviation components (mainly Auxiliary Power Unit “APU” and Landing Gear “LG”) through Piedmont; and (iv) overhaul and coating of jet engine components through Turbochrome. TAT targets the commercial aerospace (serving a wide range of types and sizes of commercial and business jets), military aerospace and ground defense sectors. TAT’s shares are listed on both the NASDAQ (under the symbol TATT) and Tel-Aviv Stock Exchange (under the symbol TAT Tech).

On February 28, 2026, Israel and the United States launched a joint attack on Iran, targeting key officials, military commanders and facilities, resulting in the death of Iran’s Supreme Leader and other key officials and military commanders. In response, Iran launched ballistic missiles and drones against targets in Israel and in other countries in the region, including the United Arab Emirates, Bahrain and Kuwait, as well as at U.S. military assets in the Middle East. The escalation also contributed to resumption of hostilities between Israel and Hezbollah in Lebanon. In early April 2026, the United States and Iran agreed to a conditional ceasefire that included Israel, and a separate ceasefire arrangement is in place between Israel and Lebanon. Although a ceasefire has since been announced, regional tensions remain high and the security situation remains uncertain. The situation remains volatile, and we are unable to predict if, when, or on what terms further escalation may occur or be resolved.

Currently, TAT continues its business and operations but the intensity and duration of Israel’s current war is difficult to predict, as are such wars’ economic implications on our business and operations and on Israel’s economy in general. We continue to monitor political and military developments closely. To date, the Company’s operations and financial results have not been materially affected by these events. Also, since this is an event beyond the Company’s control and may impact our Israeli activity, its continuation or cessation may affect our expectations. The Company continues to monitor its ongoing activities and will make any needed adjustments to ensure continuity of its business, while supporting the safety and well-being of its employees. For the three months ended March 31, 2026 and 2025, the Group’s activity in Israel contributed $13,296, and $12,272 million out of total revenue of $41,147 and $42,142, respectively.

Furthermore, global conflicts continue to create volatility in global financial and energy markets and contribute to supply chain shortages adding to the inflationary pressures in the global economy. These lead to higher material and labor costs, and as a result the Company decided to retain higher inventory levels. The Company actively collaborates with its suppliers to minimize the impacts of supply shortages on manufacturing and MRO services.

International operations are subject to a number of other risks, including import and export laws and the impact of tariffs. Changes in global tariff regimes, whether recently implemented or anticipated, may have broader implications for the Company’s operations. These may include increased volatility in purchasing prices due to shifting import costs, particularly with respect to raw materials and components sourced internationally.

Furthermore, elevated tariffs can affect the pricing structure and profitability of cross-border transactions, potentially requiring adjustments to existing contracts with customers and suppliers located outside of the United States. While the full impact of these tariffs remains uncertain, the Company expects that tariff related costs will be substantially passed to customers. As such, the Company is expecting minimal to no impact from the changes above.

F - 9

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UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

TAT TECHNOLOGIES LTD.

U.S. dollars in thousands

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying interim consolidated balance sheet as of March 31, 2026, the interim consolidated statements of income, interim statements of cash flows and the interim consolidated statements of shareholders' equity for the three months ended March 31, 2026 and 2025 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting.

In management’s opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair statement of the Company’s financial position as of March 31, 2026, as well as its results of operations and cash flows for the three months ended March 31, 2026 and 2025.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for other interim periods or for future years.

The accompanying unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2026.

Significant Accounting Policies

There have been no changes to the significant accounting policies described in the 2025 Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose the nature of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting years. Actual results could differ from those estimates.

As applicable to these financial statements, the most significant estimates and assumptions relate to: recoverability of inventory and income taxes.

Concentrations of Credit Risk

Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents and deposits, derivatives and accounts receivable.

Cash and cash equivalents are deposited with several major banks in Israel and the United States. Such deposits in the United States and Israel may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the financial institutions that hold the Group's cash and cash equivalents are financially sound, and that the Group has not been affected by certain banking institutions in the U.S. Accordingly, minimal credit risk exists with respect to these financial instruments.

The Group has a relatively large number of customers with established private and public companies, and governmental institutions which mitigate the credit risk. The Group performs ongoing credit evaluation of its customers' financial condition. As part of the risk management, the Company purchased a credit insurance policy from a well-known insurance Company. As of March 31, 2026 and December 31, 2025 the Company has a single customer which represents 18% and 13% of the Company's accounts receivable, respectively.

F - 10

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONT)

New accounting pronouncements adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The ASU improves the disclosures about a public business entity’s expense and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, SG&A and research and development). The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

NOTE 3 - INVENTORY

Inventory is composed of the following:

	March 31, 2026	December 31, 2025
Raw materials and components	$ 62,032	$ 59,585
Work in progress	18,792	15,478
Finished goods	912	486
Total inventory	$ 81,736	$ 75,549

Inventories write down expenses due to slow inventory amounted to $0 and $251 for the three months ended March 31, 2026 and 2025, respectively.

The Company maintains a wide range of exchangeable units and other spare parts related to its products and services in various locations. Due to the long lead time of its suppliers and manufacturing cycles, the Company needs to forecast demand and commit significant resources towards these inventories. As such, the Company is subject to risks including excess inventory no longer relevant.

F - 11

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Royalty commitments

The Company is committed to paying royalties as percentage of revenue or as a percentage of purchase in the amount range from 5% to 25% to certain OEM as part of the Company's licenses agreements. Royalties expense was $1,310 and $1,373 for the three months ended March 31, 2026 and 2025, respectively.

Litigation

On July 12, 2022, TAT filed a suit against TAT Industries Ltd. in the District Court of Tel Aviv. TAT had leased the Gedera facility from TAT Industries Ltd. until the termination of the lease agreement in 2022. TAT asserts that TAT Industries Ltd. has unlawfully forfeited a bank guarantee that was granted for the benefit TAT Industries Ltd. in connection with the lease in Gedera in the amount of $750 thousands. On December 28, 2022, TAT Industries Ltd. filed a counterclaim against TAT asserting damages caused by TAT in connection with the lease in Gedera. The evidentiary hearings concluded on June 29, 2025, and the parties completed their closing arguments by November 23, 2025. TAT intends to vigorously defend the counterclaim by TAT Industries Ltd. and TAT estimates that is not probable that TAT Industries Ltd.'s claim against TAT will be approved.

NOTE 5 - EARNINGS PER SHARE ("EPS")

Basic earnings per share are based on the weighted average number of ordinary shares outstanding, net of treasury shares. Diluted EPS is based on those shares used in basic EPS plus shares that would have been outstanding assuming issuance of ordinary shares for all dilutive potential ordinary shares outstanding.

	Three Months Ended March 31,
	2026	2025
Numerator for EPS:
Net income	$ 3,400	$ 3,813
Denominator for EPS:
Weighted average shares outstanding – basic	12,983,137	10,940,358
Dilutive shares	221,153	270,913
Weighted average shares outstanding – diluted	13,204,290	11,211,271
EPS:
Basic	$ 0.26	$ 0.35
Diluted	$ 0.26	$ 0.34

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 6 - SEGMENT INFORMATION

Segment Activities Disclosure:

TAT operates under four segments: (i) OEM of heat transfer solutions and aviation accessories mainly through its Kiryat Gat facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components (mainly APU and LG) through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary.

• 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 of 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.
• 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.
• MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components, as well as APU lease activity. 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.

The Group’s chief operating decision-maker (“CODM”) is the CEO of the Company. The CODM evaluates segment performance and allocates the Company’s resources, the CODM uses segment measures of revenue, gross profit, operating income and total assets. The CODM reviews budget-to-actual variances of both profit measures on a monthly basis when making decisions about allocation of the Company’s resources to the segments.

F - 13

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 6 - SEGMENT INFORMATION (CONT)

Segments statement operations disclosure:

The following financial information is the information that CODM uses for analyzing the segment results. The following financial information is a summary of the operating income of each operational segment:

	Three Months Ended March 31, 2026
	OEM of Heat Transfer Solutions and Aviation Accessories	MRO Services for heat transfer components and OEM of heat transfer solutions	MRO services for Aviation Components and Lease	Overhaul and coating of jet engine components	Elimination of inter-Company sales	Consolidated
Revenues - external	$ 10,698	$ 11,031	$ 16,862	$ 2,556	$ -	$ 41,147
Revenues - internal	42	92	11	-	(145)
Cost of revenues	7,722	7,593	14,465	1,539	(203)	31,116
Gross profit	3,018	3,530	2,408	1,017	58	10,031
Research and development	251	250	-	70	-	571
Selling and marketing	679	502	831	170	-	2,182
General and administrative	1,356	1,096	1,585	256	-	4,293
Operating income	732	1,682	(8)	521	58	2,985
Financial (income) expenses, net	(764)	102	653	(30)	-	(39)
Income before taxes	$ 1,496	$ 1,580	$ (661)	$ 551	$ 58	$ 3,024

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 6 - SEGMENT INFORMATION (CONT)

Segments statement operations disclosure (cont.)

Three Months Ended March 31, 2025

	OEM of Heat Transfer Solutions and Aviation Accessories	MRO Services for heat transfer components and OEM of heat transfer solutions	MRO services for Aviation Components and Lease	Overhaul and coating of jet engine components	Elimination of inter-Company sales	Consolidated
Revenues - external	$ 9,750	$ 11,909	$ 18,298	$ 2,185	$ -	$ 42,142
Revenues - internal	337	568	-	-	(905)	-
Cost of revenues	7,173	8,823	16,045	1,107	(960)	32,188
Gross profit	2,914	3,654	2,253	1,078	55	9,954
Research and development	149	140	-	35	-	324
Selling and marketing	451	554	788	135	-	1,928
General and administrative	1,076	795	1,504	157	-	3,532
Operating income	1,238	2,165	(39)	751	55	4,170
Financial expenses, net	(718)	150	630	(4)	-	58
Income before taxes	$ 1,956	$ 2,015	$ (669)	$ 755	$ 55	$ 4,112

F - 15

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 6 - SEGMENT INFORMATION (CONT)

The following financial information identifies the assets, depreciation and amortization, and capital expenditures to segments:

	Three Months Ended March 31, 2026
	OEM of Heat Transfer Solutions and Aviation Accessories	MRO Services for heat transfer components and OEM of heat transfer solutions	MRO services for Aviation Components and Lease	Overhaul and coating of jet engine components	Amounts not allocated to segments	Consolidated
Total assets	$ 80,108	$ 47,565	$ 94,967	$ 11,139	$ (972)	$ 232,807
Depreciation and amortization	252	291	721	89	(40)	1,313
Expenditure for segment assets	632	113	638	37	-	1,420
	Year Ended December 31, 2025
	OEM of Heat Transfer Solutions and Aviation Accessories	MRO Services for heat transfer components and OEM of heat transfer solutions	MRO services for Aviation Components and Lease	Overhaul and coating of jet engine components	Amounts not allocated to segments	Consolidated
Total assets	$ 78,541	$ 45,305	$ 93,473	$ 10,321	$ (911)	$ 226,729
Depreciation and amortization	905	1,107	2,894	356	(161)	5,101
Expenditure for segment assets	3,179	839	7,180	225	-	11,423

F - 16

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UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

TAT TECHNOLOGIES LTD.

U.S. dollars in thousands

NOTE 7 - REVENUES

Total revenues - by geographical location were attributed according to customer residential country as follows:

	Three Months Ended March 31,
	2026	2025
Sale of Products
United States	$ 9,595	$ 7,981
Europe	794	836
Israel	1,503	1,770
Other	2,014	2,137
	$ 13,906	$ 12,724
	Three Months Ended March 31,
	2026	2025
Sale of Services
United States	$ 16,881	$ 19,719
Europe	4,347	4,183
Israel	1,810	1,604
Other	4,203	3,912
	$ 27,241	$ 29,418

Total long-lived assets - by geographical location were as follows:

	March 31, 2026	December 31, 2025
United States	$ 37,458	$ 37,790
Israel	15,188	14,939
Total	$ 52,646	$ 52,729

Contract liabilities:

Contract liabilities primarily included advance payments from customers expected to be recognized within a year. For the three months ended March 31, 2026 and 2025, $831 and $1,692, respectively, of the recognized revenue was included in deferred revenue at the beginning of the periods.

F - 17

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TAT TECHNOLOGIES LTD.

UNAUDITED CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

NOTE 8 - SUBSEQUENT EVENTS

TAT, through its Piedmont subsidiary, holds less than 5% of the equity securities of First Aviation Services Inc. ("FAvS"). In April 2026, an independent third party entered into a definitive agreement to acquire First Aviation Services. The company anticipates receiving cash proceeds as a result of the transaction in the range of $4.3 to $4.5 million and a resulting gain of $4.1 to $4.3 million upon and subject to the closing of the transaction.

F - 18

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Exhibit 99.2

TAT TECHNOLOGIES LTD.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

You should read the following discussion and analysis of our financial condition and results of operations together with (i) our unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026, included as Exhibit 99.1 to this Report on Form 6-K (this "Report"), (ii) our audited consolidated financial statements and other financial information as of and for the year ended December 31, 2025 appearing in our Annual Report on Form 20-F for the year ended December 31, 2025 (our "Annual Report") and (iii) Item 5 — "Operating and Financial Review and Prospects" of our Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled "Cautionary Statement Regarding Forward-Looking Statement" and in the section entitled Item 3.D. "Risk Factors" of our Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Unless otherwise designated, the terms "we", "us", "our", "TAT", "the Company" and "our company" refer to TAT Technologies Ltd.

All references in this Report to "dollar," "USD" or "$" refer to U.S. dollars and the terms "Israeli currency", "NIS", and "ILS" refer to Israeli New Shekels.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this Report may constitute "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "might," "will," "could," "would," "intends," "plans," "believes," "anticipates," "expects," "seeks," "estimates," "predicts," "potential," "continue," "contemplate" or "opportunity," the negative of these words or words of similar import. Similarly, statements that describe our business outlook or future economic performance, anticipated revenues, expenses or other financial items, introductions and advancements in development of products, and plans and objectives related thereto, and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are also forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Factors that could cause or contribute to such differences include, but are not limited to, those set forth in Item 3.D. "Risk Factors" in our Annual Report, as well as those discussed elsewhere in our Annual Report and in our other filings with the Securities and Exchange Commission.

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Company Overview

TAT is reliant on the robustness of the commercial and military aerospace and ground defense industries. Any downturn in these industries could weaken demand for its solutions and services and negatively impact its financial results. The commercial airline industry is cyclical and has historically been subject to fluctuations due to general economic and political conditions, such as fuel and labor costs, price competition, downturns in the global economy and national and international events.

TAT’s cost of revenues for OEM operations and MRO services consists of component and material costs, direct labor costs, quality assurance costs, shipping expenses, royalties, overhead related to manufacturing and depreciation of manufacturing equipment. TAT’s gross margin is affected by the proportion of its revenues generated from each of its operational segments.

The principal factors that affect the operating income of TAT’s four segments, in addition to their gross profit, is the expenditure on selling and marketing expenses and general and administrative expenses. While TAT closely monitors its operating expenses to prevent unnecessary spending, we believe that these operating expenses may increase in the future in accordance with our plans to grow the business.

TAT’s research and development expenses are related to new products and technologies or significant improvement of existing products and technologies.

TAT’s selling and marketing expenses are related to commission payments, compensation and related expenses of TAT’s sales teams, participation in trade shows, travel expenses, advertising expenses and related costs for facilities and equipment.

TAT’s general and administrative expenses are related to compensation and related expenses for executive, finance and administrative personnel, professional fees such as legal, audit, SOX, internal audit, insurance premiums and general corporate expenses and related costs for facilities and equipment.

2

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Results of operations

TAT's management evaluates its performance by focusing on key performance indicators, which are revenues, sources of revenues, gross profit, operating income and EBITDA. These key performance indicators are primarily affected by the competitive landscape in which TAT operates and its ability to meet the challenges posed.

The results of operations presented below should be reviewed in conjunction with the unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, included in Exhibit 99.1 to this Report, our audited consolidated financial statements as of and for the year ended December 31, 2025 appearing in our Annual Report, and Item 5 - "Operating and Financial Review and Prospects" of our Annual Report.

The following table presents, for the periods indicated, information concerning TAT's results of operations:

	Three Months Ended March 31,
	2026		2025
U.S. dollars in thousands	Amount	%	Amount	%
Revenues:
Products	$ 13,906	33.8%	$ 12,724	30.2%
Services	27,241	66.2%	29,418	69.8%
	41,147	100.0%	42,142	100.0%
Cost of goods:
Products	10,099	24.5%	8,331	19.8%
Services	21,017	51.1%	23,857	56.6%
	31,116	75.6%	32,188	76.4%
Gross profit	10,031	24.4%	9,954	23.6%
Operating expenses:
Research and development, net	571	1.4%	324	0.8%
Selling and marketing	2,182	5.3%	1,928	4.6%
General and administrative	4,293	10.4%	3,532	8.4%
	7,046	17.1%	5,784	13.7%
Operating income	2,985	7.3%	4,170	9.9%
Interest expenses	(148)	-0.4%	(335)	-0.8%
Other financial income, net	187	0.5%	277	0.7%
Income before taxes on income	3,024	7.3%	4,112	9.8%
Provision for taxes on income	145	0.4%	592	1.4%
Profit before share of equity investment	2,879	7.0%	3,520	8.4%
Share in profits of equity investment of affiliated companies	521	1.3%	293	0.7%
Net income	$ 3,400	8.3%	$ 3,813	9.0%

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4

Revenues

TAT, directly and through its subsidiaries, provides a variety of solutions and services to the commercial and military aerospace and ground defense industries, including:

(i) OEM of heat transfer solutions and aviation components, such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers (through TAT Israel);
(ii) MRO services for heat transfer components and OEM of heat transfer solutions (through our Limco subsidiary);
(iii) MRO services for aviation components (through our Piedmont subsidiary); and
(iv) Overhaul and coating of jet engine components (through our Turbochrome subsidiary).

U.S. dollars in thousands	Three months ended March 31,		Change
	2026	2025	$	%
OEM of heat transfer solutions and aviation accessories	$ 10,740	$ 10,087	653	6.5%
MRO services for heat transfer components and OEM of heat transfer solutions	11,123	12,477	(1,354)	-10.9%
MRO services for aviation components	16,873	18,298	(1,425)	-7.8%
Overhaul and coating of jet engine components	2,556	2,185	371	17.0%
Eliminations	(145)	(905)	760	-84.0%
Total revenue	$ 41,147	$ 42,142	(995)	-2.4%

Total revenues were $41.1 million for the three months ended March 31, 2026, compared to $42.1 million for the same period in 2025, a 2.4% decrease. The change in revenues reflects a mixed performance across our operating segments. Revenues increased in both the OEM of heat transfer solutions and aviation accessories segment and the overhaul and coating of jet engine components segment. These increases were more than offset by lower revenues in the MRO services for heat transfer components and OEM heat transfer solutions segment and in the MRO services for aviation components segment as our MRO segments were hindered by supply chain disruptions in the quarter. These supply chain disruptions are not viewed as a systemic issue as our intake and backlog of work remain robust.

Cost of revenues

TAT's cost of revenues for OEM operations and MRO services consists of component and material costs, direct and indirect labor costs, quality assurance costs, royalties, shipping expenses, overhead related to manufacturing and depreciation of manufacturing equipment.

TAT's gross margin was affected by the proportion of TAT's revenues generated from OEM operations and MRO services in each of the reported periods.

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U.S. dollars in thousands	Three months ended March 31,		Change
	2026	2025	$	%
OEM of heat transfer solutions and aviation accessories	$ 7,722	$ 7,173	$ 549	7.7%
MRO services for heat transfer components and OEM of heat transfer solutions	7,593	8,823	(1,230)	-13.9%
MRO services for aviation components	14,465	16,045	(1,580)	-9.8%
Overhaul and coating of jet engine components	1,539	1,107	432	39.0%
Eliminations	(203)	(960)	757	-78.9%
Total cost of revenue	$ 31,116	$ 32,188	$ (1,072)	-5.3%
Gross profit	$ 10,031	$ 9,954	$ 77	0.8%

Cost of revenues was $31.1 million for the three months ended March 31, 2026, compared to $32.2 million for the same period in 2025, a 3.3% decrease. As a percentage of revenues, cost of revenues decreased to 75.6% for the three months ended March 31, 2026, from 76.4% in the prior-year period.

The decrease in cost of revenues was primarily driven by a more favorable mix of segment revenues and improved operating efficiencies. The improvement in cost of revenues as a percentage of revenues reflects better absorption of fixed manufacturing overhead and continued focus on cost management across our operations.

Operating expenses

Research and development expenses, net

Research and development expenses, net are related to new products and technologies or to a significant improvement of products and technologies, net of grants and participations received.

Selling and marketing expenses

Selling and marketing expenses consist primarily of commission payments, compensation and related expenses of TAT's sales teams, participation in trade shows, travel expenses, advertising expenses and related costs for facilities and equipment.

General and administrative expenses

General and administrative expenses consist of compensation and related expenses for executive, finance and administrative personnel, professional fees such as legal, audit, SOX, internal audit, other general corporate expenses and related costs for facilities and equipment.

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	Three Months Ended March 31,		Change
U.S. dollars in thousands	2026	2025	$	%
Research and development, net	$ 571	$ 324	$ 247	76.2%
Selling and marketing	2,182	1,928	254	13.2%
General and administrative	4,293	3,532	761	21.5%
Total operating expenses	$ 7,046	$ 5,784	$ 1,262	21.8%

Research and development, net

Research and development expenses were $0.6 million for the three months ended March 31, 2026, an increase of 76.2% compared to $0.3 million for the same period in 2025. The increase was primarily driven by higher personnel-related costs associated with additional headcount and increased spending on materials and supplies to support the launch of our new FutureWorks R&D Lab and development cost of our NewGen thermal solution. As a percentage of revenues, research and development expenses were 1.4% for the three months ended March 31, 2026, compared to 0.8% in the prior-year period, reflecting our continued investment in innovation and product development capabilities.

Selling and marketing

Selling and marketing expenses were $2.2 million for the three months ended March 31, 2026, compared to $1.9 million for the three months ended March 31, 2025. The increase reflects higher promotional activity and continued investment in brand-building initiatives to support revenue growth. Selling and marketing expenses represented 5.3% of revenues for the three months ended March 31, 2026, compared to 4.6% in the prior-year period.

General and administrative

General and administrative expenses increased 21.5% to $4.3 million for the three months ended March 31, 2026, from $3.5 million for the same period in 2025. The increase was primarily driven by higher personnel-related expenses, including additional headcount to improve the finance department capabilities given the change in our regulatory environment, stock-based compensation, and recruitment costs associated with hiring key officers and senior executives. These increases are consistent with our long-term strategy to strengthen our organizational infrastructure in support of both organic and inorganic growth initiatives. General and administrative expenses were 10.4% of revenues for the three months ended March 31, 2026, compared to 8.4% in the prior-year period.

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7

Other expenses (income)

Interest expenses, net

Interest expenses, net consist of interest income and expense. Interest income and expenses relate to the interest received from or paid to banks for the outstanding deposits and debts, respectively.

Other financial income, net

Other financial income, net included foreign exchange gain (loss) for the changes in rate of the ILS or other currencies against the U.S. dollar.

Provision for taxes on income

Tax expense consists of Israeli and U.S. federal and state taxes on the income of TAT's business and changes in deferred tax assets or liabilities.

U.S. dollars in thousands	Three Months Ended March 31,		Change
	2026	2025	$	%
Interest expenses, net	$ (148)	$ (335)	$ (187)	-55.8%
Other financial income, net	187	277	(90)	-32.5%
Provision for taxes on income	145	592	(447)	-75.5%
Share in profits of equity investment of affiliated companies	521	293	228	77.8%

Interest expenses, net

Interest expense, net was $0.1 million for the three months ended March 31, 2026, compared to $0.3 million for the same period in 2025. The decrease reflects lower borrowing costs and reduced average outstanding debt during the period. Interest expense represented 0.4% of revenues for the three months ended March 31, 2026, compared to 0.8% in the prior-year period.

Other financial income, net

Other financial income, net was $0.2 million for the three months ended March 31, 2026, compared to $0.3 million for the same period in 2025. The change was primarily driven by interest income earned on money market placements, partially offset by higher foreign exchange losses related to the revaluation of long-term loans denominated in Israeli Shekel. These losses resulted from fluctuations in the U.S. dollar/ILS exchange rate during the first quarter of 2026. In contrast, other financial income in the first quarter of 2025 was mainly attributable to foreign exchange gains. As a percentage of revenues, other financial income, net was 0.5% for the three months ended March 31, 2026, compared to 0.7% in the prior-year period.

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8

Provision for taxes on income

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. As a percentage of revenues, the provision for taxes on income was 0.4% for the three months ended March 31, 2026, compared to 1.4% in the prior-year period.

Share in profits of equity investment of affiliated companies

Share in profits of equity-method investees amounted to a gain of $0.6 million for the three months ended March 31, 2026, compared to a gain of $0.3 million for the same period in 2025. The increase reflects improved operating performance of the affiliated companies during the period.

Liquidity and Capital Resources

As of March 31, 2026, TAT had cash and cash equivalents of $51.2 million, compared to $51.3 million as of December 31, 2025, reflecting a modest decrease of $0.1 million during the period.

During the three months ended March 31, 2026, TAT reduced its loans and lines of credit with commercial banks by $0.6 million, consistent with management's focus on strengthening the balance sheet and lowering financial leverage.

Capital expenditures totaled $1.4 million for the three months ended March 31, 2026. These investments were funded primarily through existing cash resources and cash generated from operations. TAT expects that its current cash position, together with anticipated operating cash flows, will be sufficient to fund planned capital expenditures and ongoing operational needs.

Management believes that anticipated cash flows from operations, combined with current cash balances, will be adequate to meet the Company's liquidity requirements for at least the next 12 months from the issuance date of the unaudited financial statements. Future capital requirements will depend on a variety of factors, including the pace of revenue growth, expansion of selling and marketing activities, entry into new markets, and the timing of new product and service introductions.

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Cash Flows

The following table summarizes TAT's statements cash flows for the periods presented:

U.S. dollars in thousands	Three Months Ended March 31,
	2026	2025
Net cash provided by (used in) operating activities	$ 1,950	$ (5,035)
Net cash used in investing activities	(1,420)	(2,862)
Net cash provided by (used in) financing activities	(551)	5,798
Net increase (decrease) in cash and cash equivalents	(21)	(2,099)
Cash and cash equivalents and restricted cash at beginning of the period	51,566	7,434
Cash and cash equivalents and restricted cash at end of the period	$ 51,545	$ 5,335

Net cash provided by operating activities for the three months ended March 31, 2026, amounted to approximately $2.0 million, compared to net cash used in operating activities of $5.0 million for the three months March 31, 2025.

Net cash provided by operating activities was $2.0 million for the three months ended March 31, 2026, reflecting the combined impact of operating performance and working capital movements. Operating cash inflows were primarily driven by a $2.5 million increase in trade accounts payable, largely due to the timing of inventory-related purchases, and a $2.9 million reduction in trade accounts receivable. These inflows were offset by a $6.4 million increase in inventory and a $2.3 million increase in prepaid expenses and other current assets, primarily attributable to prepaid royalties under a vendor agreement.

Net cash used in operating activities was $5.0 million for the three months ended March 31, 2025. Operating cash flow was negatively affected by several working capital outflows. Inventory increased $3.9 million as the Company expanded stock levels to support projected sales. Trade accounts receivable increased $3.5 million, reflecting higher sales volume during the quarter and the related timing of collections. Accrued expenses and other current liabilities decreased $3.0 million, primarily due to the settlement of accrued royalties. The net operating cash outflow for the period reflected the timing of royalty settlements and the working capital required to support higher ongoing sales activity.

For the three months ended March 31, 2026 and 2025, net cash used by investing activities was $1.4 million and $2.9 million, respectively. The cash usage was substantially attributed to investment mainly in machinery and equipment for strategic improvements at the Company's various operating facilities.

For the three months ended March 31, 2026, net cash used in financing activities was $0.6 million. Net cash used in financing activities was primarily attributable to repayments of long-term loans.

For the three months ended March 31, 2025, net cash provided by financing activities was $5.8 million, primarily from $6.4 million gross proceeds from short-term credit, net of repayment of long-term loans by $0.6 million.

Off-Balance Sheet Arrangements

We are not a party to any material off-balance sheet arrangements. In addition, we have no unconsolidated special purpose financing or partnership entities that are likely to create material contingent obligations.