Gauzy Ltd. Announces Record Fourth Quarter and Full Year 2024 Results
Gauzy (GAUZ) reported strong Q4 2024 financial results with record revenues of $31.1 million, up 41.8% year-over-year. The company achieved its first-ever quarter of positive Adjusted EBITDA at $0.2 million.
Key Q4 highlights include:
- Record gross margin of 36.5%, up 800 basis points
- Net loss narrowed to $11.4 million from $20.7 million
- Total liquidity of $40.6 million at quarter end
For full-year 2024, Gauzy reached record revenues of $103.5 million, a 32.8% increase, with over 80% recurring revenue. The company projects a revenue pipeline exceeding $1 billion over the next decade, including $409 million in contracted backlog. For 2025, Gauzy forecasts revenue between $130-140 million and expects its first full year of positive Adjusted EBITDA.
Gauzy (GAUZ) ha riportato risultati finanziari forti per il quarto trimestre del 2024 con entrate record di 31,1 milioni di dollari, in aumento del 41,8% rispetto all'anno precedente. L'azienda ha raggiunto il suo primo trimestre di EBITDA rettificato positivo con 0,2 milioni di dollari.
I punti salienti del quarto trimestre includono:
- Margine lordo record del 36,5%, in aumento di 800 punti base
- Perdita netta ridotta a 11,4 milioni di dollari rispetto ai 20,7 milioni di dollari
- Liquidità totale di 40,6 milioni di dollari alla fine del trimestre
Per l'intero anno 2024, Gauzy ha raggiunto entrate record di 103,5 milioni di dollari, con un aumento del 32,8%, con oltre l'80% di entrate ricorrenti. L'azienda prevede un pipeline di entrate che supera 1 miliardo di dollari nel prossimo decennio, inclusi 409 milioni di dollari di backlog contratto. Per il 2025, Gauzy prevede entrate tra 130 e 140 milioni di dollari e si aspetta il suo primo anno intero di EBITDA rettificato positivo.
Gauzy (GAUZ) reportó resultados financieros sólidos para el cuarto trimestre de 2024 con ingresos récord de 31,1 millones de dólares, un aumento del 41,8% interanual. La empresa logró su primer trimestre de EBITDA ajustado positivo con 0,2 millones de dólares.
Los aspectos destacados del cuarto trimestre incluyen:
- Margen bruto récord del 36,5%, un aumento de 800 puntos básicos
- Pérdida neta reducida a 11,4 millones de dólares desde 20,7 millones de dólares
- Liquidez total de 40,6 millones de dólares al final del trimestre
Para el año completo 2024, Gauzy alcanzó ingresos récord de 103,5 millones de dólares, un aumento del 32,8%, con más del 80% de ingresos recurrentes. La empresa proyecta un pipeline de ingresos que supera los 1.000 millones de dólares en la próxima década, incluidos 409 millones de dólares en backlog contratado. Para 2025, Gauzy prevé ingresos entre 130 y 140 millones de dólares y espera su primer año completo de EBITDA ajustado positivo.
Gauzy (GAUZ)는 2024년 4분기 강력한 재무 실적을 보고했으며 3,110만 달러의 기록적인 수익을 달성하여 전년 대비 41.8% 증가했습니다. 이 회사는 20만 달러의 긍정적인 조정 EBITDA를 기록한 첫 번째 분기를 달성했습니다.
4분기의 주요 하이라이트는 다음과 같습니다:
- 36.5%의 기록적인 총 마진, 800 베이시스 포인트 증가
- 순손실이 2,140만 달러에서 1,140만 달러로 축소
- 분기 말 총 유동성이 4,060만 달러
2024년 전체 연도에 대해 Gauzy는 1억 3,500만 달러의 기록적인 수익을 달성했으며, 이는 32.8% 증가한 수치로, 80% 이상의 반복 수익을 포함합니다. 이 회사는 향후 10년 동안 10억 달러를 초과하는 수익 파이프라인을 예상하며, 그 중 4억 900만 달러는 계약된 백로그입니다. 2025년에는 Gauzy가 1억 3천만 달러에서 1억 4천만 달러 사이의 수익을 예측하며, 긍정적인 조정 EBITDA의 첫 전체 연도를 기대하고 있습니다.
Gauzy (GAUZ) a annoncé de solides résultats financiers pour le quatrième trimestre 2024 avec des revenus record de 31,1 millions de dollars, en hausse de 41,8 % par rapport à l'année précédente. L'entreprise a réalisé son premier trimestre d'EBITDA ajusté positif avec 0,2 million de dollars.
Les points forts du quatrième trimestre comprennent:
- Une marge brute record de 36,5 %, en hausse de 800 points de base
- La perte nette a été réduite à 11,4 millions de dollars contre 20,7 millions de dollars
- Une liquidité totale de 40,6 millions de dollars à la fin du trimestre
Pour l'année entière 2024, Gauzy a atteint des revenus record de 103,5 millions de dollars, soit une augmentation de 32,8 %, avec plus de 80 % de revenus récurrents. L'entreprise prévoit un pipeline de revenus dépassant 1 milliard de dollars au cours de la prochaine décennie, y compris 409 millions de dollars en arriéré contractuel. Pour 2025, Gauzy prévoit des revenus compris entre 130 et 140 millions de dollars et s'attend à sa première année complète d'EBITDA ajusté positif.
Gauzy (GAUZ) berichtete über starke Finanzzahlen im vierten Quartal 2024 mit Rekordumsätzen von 31,1 Millionen Dollar, was einem Anstieg von 41,8 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte sein erstes positives bereinigtes EBITDA mit 0,2 Millionen Dollar im Quartal.
Wichtige Highlights des vierten Quartals sind:
- Rekordbruttomarge von 36,5 %, ein Anstieg um 800 Basispunkte
- Nettoverlust verringerte sich auf 11,4 Millionen Dollar von 20,7 Millionen Dollar
- Gesamtliquidität von 40,6 Millionen Dollar zum Quartalsende
Für das gesamte Jahr 2024 erzielte Gauzy Rekordumsätze von 103,5 Millionen Dollar, was einem Anstieg von 32,8 % entspricht, mit über 80 % wiederkehrenden Einnahmen. Das Unternehmen prognostiziert eine Umsatzpipeline von über 1 Milliarde Dollar im nächsten Jahrzehnt, einschließlich 409 Millionen Dollar an vertraglich gebundenem Auftragsbestand. Für 2025 erwartet Gauzy einen Umsatz zwischen 130 und 140 Millionen Dollar und rechnet mit dem ersten vollen Jahr eines positiven bereinigten EBITDA.
- First-ever quarter of positive Adjusted EBITDA ($0.2M in Q4 2024)
- Record Q4 revenue of $31.1M, up 41.8% YoY
- Significant gross margin improvement to 36.5% (800bps increase)
- Strong contracted backlog of $409M
- Over 80% recurring revenue base
- Safety-Tech division revenue grew 73% YoY
- Healthy liquidity position of $40.6M
- Q4 net loss of $11.4M despite improvement
- Total debt of $38.4M as of year-end
- Automotive division revenue declined 14.7% YoY
- Full-year 2024 net loss of $53.2M
Insights
Gauzy's Q4 and FY2024 results mark a pivotal inflection point in the company's financial trajectory. The achievement of first-ever positive quarterly Adjusted EBITDA of $0.2 million represents a fundamental shift from cash-burning growth to sustainable business economics.
Q4 revenue surged
While still reporting net losses, the narrowing gap (
The
Segmentally, Safety-Tech's
Gauzy's strong results reflect growing market adoption of its vision and light control technologies across multiple verticals. The outstanding supplier award from Yutong (world's largest bus OEM) validates the company's Smart-Vision ADAS technology in commercial transportation, a massive addressable market.
The introduction of black SPD smart glass technology strengthens Gauzy's competitive position in the multi-billion dollar smart glass industry. This technology category is seeing accelerating adoption in luxury automotive, architecture, and aeronautics segments.
Strategic partnerships with companies like Ambarella for AI-powered ADAS applications and MABA Industrial for South Korean market expansion demonstrate Gauzy's ability to build an ecosystem around its core technologies.
The FMCA exemption renewal is particularly significant, opening potential retrofitting opportunities for over 900,000 buses in the U.S. market alone with the Smart-Vision system. Meanwhile, increasing Ferrari shipments show premium automotive OEMs embracing Gauzy's SPD technology.
The diverse application of Gauzy's technologies across prestigious installations (MSC cruise terminal, The Frame in Dubai, Washington Monument elevators) showcases the versatility and growing acceptance of its products. The segment performance breakdown reveals how Gauzy's technological diversification strategy is delivering balanced growth while creating multiple paths to market expansion.
Delivers Fourth Quarter Revenue Growth of
Narrows Adjusted Net Loss for the Quarter, Continuing Path to Improved Profitability
Delivers on Goal to Produce First Ever Quarter of Positive Adjusted EBITDA in the Fourth Quarter
Full-year Sales Surpassed
Introduces 10-year Committed and Contracted Backlog, Reflecting Accelerating Long-Term Demand Across Segments
Initiates 2025 Guidance of Healthy Double-digit Revenue Growth and First Ever Full Year of Positive Adjusted EBITDA
TEL AVIV, Israel and NEW YORK, March 11, 2025 (GLOBE NEWSWIRE) -- Gauzy Ltd. (Nasdaq: GAUZ) (“Gauzy” or the “Company”), a global leader of vision and light control technologies, today announced financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights (Compared to Fourth Quarter 2023)
- Record revenues of
$31.1 million increased41.8% compared to$22.0 million - Record gross margin of
36.5% improved 800 basis points compared to28.5% - Net loss of
$11.4 million compared to a net loss of$20.7 million - Non-GAAP Adjusted net loss of
$3.7 million compared to an adjusted net loss of$11.2 million - Positive Adjusted EBITDA of
$0.2 million compared to ($6.0) million - Total available liquidity of
$40.6 million , including cash of$5.6 million and$35.0 million undrawn credit facility at quarter end
Full Year 2024 Highlights (Compared to Full Year 2023)
- Record revenues of
$103.5 million increased32.8% compared to$78.0 million - Record gross margin of
28.7% increased 310 basis points compared to25.6% - Net loss of
$53.2 million compared to a net loss of$79.3 million - Non-GAAP Adjusted net loss of
$29.3 million compared to an adjusted net loss of$36.8 million - Adjusted EBITDA of (
$14.2) million compared to ($20.7) million
“Our best ever quarter performance demonstrated strong execution across all business segments, with robust demand driving record revenue that led to our first ever quarter of positive Adjusted EBITDA, a major milestone for our company,” commented Eyal Peso, Gauzy Co-Founder and Chief Executive Officer.
"Looking back at 2024, I'm incredibly proud of what we accomplished in our first seven months as a new public company. We surpassed
Top Q4 2024 and Subsequent Business Milestones and Accomplishments
- Received outstanding supplier award from Yutong, the world’s largest bus OEM, for the Company’s Smart-Vision® ADAS
- Introduced black SPD smart glass technology, further cementing Gauzy’s dominant position within the multi-billion smart glass industry
- Strategic partnership with Journeo PLC on track to enhance road safety on London’s fleet of 8,500 buses with ADAS
- Partnering with Ambarella to harness AI for breakthroughs in ADAS, with road safety enhancing technology already operational in Ford trucks
- Bolstering presence in South Korea through strategic collaboration with MABA Industrial, positioning Gauzy well to capture adoption of Smart-Vision® Camera Monitoring System (CMS) in a market that averages over 255,000 commercial vehicle sales per year
- Secured Federal Motor Carrier Safety Administration (FMCA) exemption renewal, opening the Company up to the potential retrofitting of more than 900,000 buses in the U.S. with the Smart-Vision® system
- Increasing shipments to Ferrari of Suspended Particle Device (SPD) smart glass technology due to overwhelming customer choice to select smart glass over carbon roof as part of eight year contract
- Gauzy smart glass technology now featured at iconic locations around the world, including the MSC cruise ship terminal in Miami, the Frame in Dubai, and the elevators at the Washington Monument in Washington, D.C.
Fourth Quarter 2024 Results
Revenues for the fourth quarter of
Gross profit for the fourth quarter of
Total operating expenses for the fourth quarter were
Net loss for the fourth quarter of
Non-GAAP Adjusted net loss for the fourth quarter of
Non-GAAP Adjusted EBITDA for the fourth quarter was
Fourth Quarter 2024 Segment Performance
Safety-Tech Division Results
Safety-Tech revenue of
Aeronautics Division Results
Aeronautics revenue of
Architecture Division Results
Architecture revenue of
Automotive Division Results
Automotive revenue was
Balance Sheet, Liquidity and Cash Flow
As of December 31, 2024, the Company had total liquidity of
As of December 31, 2024 the Company had basic and diluted ordinary shares outstanding of 18,720,287.
Guidance
The Company is providing its initial expectations for full year 2025. The Company expects full year revenue to be in the range of
Conference Call and Webcast:
Gauzy will host a conference call and webcast to discuss its results for the fourth quarter and twelve months ended December 31, 2024 and other information related to its business at 8:30 a.m. Eastern Daylight Time on Tuesday, March 11, 2025. The webcast of the conference call can be accessed on the "Investors" section of Gauzy’s website at www.investors.gauzy.com. For those unable to access the website, the conference call will be accessible domestically and internationally, by dialing (800) 717-1738 or (646) 307-1865, respectively. Upon dialing in, please request to be connected to the Gauzy earnings conference call. To access the replay of the call, dial (844) 512-2921 (Domestic) or (412) 317-6671 (International) and enter the passcode 1128059.
A copy of Gauzy’s annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on Gauzy’s investor relations website at https://www.investors.gauzy.com/. Gauzy will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at ir@gauzy.com.
About Gauzy
Gauzy Ltd. is a fully-integrated light and vision control company, focused on the research, development, manufacturing, and marketing of vision and light control technologies that are developed to support safe, sustainable, comfortable, and agile user experiences across various industries. Headquartered in Tel Aviv, Israel, the company has additional subsidiaries and entities based in the United States, Germany, France, China, Singapore, UAE, South Korea and Canada. Gauzy serves leading brands in over 30 countries through direct fulfillment and a certified and trained distribution channel.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding Gauzy’s strategic and business plans, technology, relationships, objectives and expectations for its business, growth, the impact of trends on and interest in its business, intellectual property, products and its future results, operations and financial performance and condition and may be identified by the use of words such as “may,” “seek,” “will,” “consider,” “likely,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not believe,” “aim,” “predict,” “plan,” “project,” “continue,” “potential,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” or their negatives or variations, and similar terminology and words of similar import, generally involve future or forward-looking statements. In particular, forward-looking statements in this press release include its anticipated revenues and other results for the year ended December 31, 2025, as well as its expectations regarding its projected revenue, serial production programs and expanded backlog over the next decade. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements reflect Gauzy’s current views, plans, or expectations with respect to future events and financial performance. They are inherently subject to significant business, economic, competitive, and other risks, uncertainties, and contingencies. Forward-looking statements are based on Gauzy’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s Annual Report on Form 20-F filed with the SEC on March 11, 2025 and in subsequent filings with the SEC. The inclusion of forward-looking statements in this or any other communication should not be considered as a representation by Gauzy or any other person that current plans or expectations will be achieved. Forward-looking statements speak only as of the date on which they are made, and Gauzy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as otherwise required by law.
Non-GAAP Disclosure
In addition to Gauzy’s financial results reported in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), this press release and the accompanying tables and related presentation materials may contain one or more of the following Non-GAAP financial measures: Adjusted Net Loss, EBITDA, Adjusted EBITDA, Net Loss Margin and Adjusted EBITDA Margin. Gauzy believes that these measures provide useful information about its operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key measures used by management in its financial and operational decision making. Non-GAAP financial measures have limitations as analytical tools and may not be comparable to companies in other industries or within the same industry with similarly titled measures of performance. In addition, these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The presentation of this financial information is not intended to be considered as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these Non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures and not rely on any single financial measure to evaluate our business.
Adjusted Net Loss. The Company defines Adjusted Net Loss as Net Loss, adjusting for certain financial expenses, the amortization of intangible assets, certain acquisition and debt raising related costs, non-cash fair value adjustments and expenses related to equity-based compensation and doubtful debts.
EBITDA. The Company defines EBITDA as Net Loss, excluding net financial expense, tax expense and depreciation and amortization.
Adjusted EBITDA. The Company defines Adjusted EBITDA as EBITDA (as defined above) excluding acquisition-related costs, one-time expenses, equity-based compensation expenses and doubtful debts.
Net Loss Margin. The Company defines Net Loss Margin as Net Loss for the period divided by revenue for the same period.
Adjusted EBITDA Margin. The Company defines Adjusted EBITDA Margin as Adjusted EBITDA (as defined above) for the period divided by revenue for the same period.
For more information on the Non-GAAP financial measures, please see the reconciliation tables provided in this press release. The accompanying reconciliation tables have more details on the U.S. GAAP financial measures that are most directly comparable to Non-GAAP financial measures and the related reconciliations between these financial measures.
The Company has provided forward-looking expectations regarding Adjusted EBITDA. The Company cannot reconcile its projection of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, without unreasonable efforts because of the unpredictable or unknown nature of certain significant items excluded from Adjusted EBITDA and the resulting difficulty in quantifying the amounts thereof that are necessary to estimate net income (loss).
GAUZY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
(U.S. dollars in thousands, except share data)
| Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| REVENUES | $ | 31,131 | $ | 21,950 | $ | 103,527 | $ | 77,980 | ||||||||
| Cost of revenues(exclusive of depreciation and amortization) | 19,324 | 15,423 | 71,718 | 55,992 | ||||||||||||
| Depreciation and amortization | 441 | 273 | 2,068 | 2,047 | ||||||||||||
| TOTAL COST OF REVENUES | 19,765 | 15,686 | 73,786 | 58,039 | ||||||||||||
| GROSS PROFIT | 11,366 | 6,264 | 29,741 | 19,941 | ||||||||||||
| Research and development expenses(exclusive of depreciation and amortization reflected below) | 4,460 | 4,375 | 17,590 | 16,035 | ||||||||||||
| General and administrative expenses(exclusive of depreciation and amortization reflected below) | 5,967 | 5,764 | 22,194 | 16,187 | ||||||||||||
| Sales and marketing expenses(exclusive of depreciation and amortization reflected below) | 3,866 | 4,622 | 16,134 | 15,302 | ||||||||||||
| Depreciation and amortization | 1,528 | 984 | 4,608 | 3,664 | ||||||||||||
| Other expenses (change in fair value of contingent consideration) | - | (753 | ) | (23 | ) | 747 | ||||||||||
| TOTAL OPERATING EXPENSES | 15,821 | 14,992 | 60,503 | 51,935 | ||||||||||||
| OPERATING LOSS | (4,455 | ) | (8,728 | ) | (30,762 | ) | (31,994 | ) | ||||||||
| OTHER INCOME | (196 | ) | 25 | (44) | 32 | |||||||||||
| INTEREST EXPENSES | (2,620 | ) | (4,469 | ) | (11,519 | ) | (13,493 | ) | ||||||||
| OTHER FINANCIAL INCOME (EXPENSES) | (4,050 | ) | (7,357 | ) | (10,795 | ) | (33,629 | ) | ||||||||
| FINANCIAL EXPENSES,net (including amount reclassified from OCI reserve) | (6,670 | ) | (11,826 | ) | (22,314 | ) | (47,122 | ) | ||||||||
| LOSS BEFORE INCOME TAX | (11,321 | ) | (20,529 | ) | (53,120 | ) | (79,084 | ) | ||||||||
| INCOME TAX EXPENSES (INCOME) | 30 | 148 | 62 | 183 | ||||||||||||
| LOSS FOR THE PERIOD | $ | (11,351 | ) | $ | (20,677 | ) | $ | (53,182 | ) | $ | (79,267 | ) | ||||
| OTHER COMPREHENSIVE LOSS, net of tax | ||||||||||||||||
| NET ACTUARIAL GAIN (LOSS) | (116 | ) | (594 | ) | (16 | ) | (367 | ) | ||||||||
| FOREIGN CURRENCY TRANSLATION GAIN (LOSS) | 347 | 1,245 | (268 | ) | 1,151 | |||||||||||
| RECLASSIFICATION OF FAIR VALUE GAIN ON CHANGES OF OWN CREDIT RISK | - | - | 4,317 | - | ||||||||||||
| FAIR VALUE GAIN (LOSS) ON CHANGES OF OWN CREDIT RISK | (4,544 | ) | 326 | (6,431 | ) | 443 | ||||||||||
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | $ | (4,313 | ) | $ | 977 | $ | (2,398 | ) | $ | 1,227 | ||||||
| NET COMPREHENSIVE LOSS | $ | (15,664 | ) | $ | (19,700 | ) | $ | (55,580 | ) | $ | (78,040 | ) | ||||
| LOSS PER SHARE BASIC AND DILUTED | $ | (0.61 | ) | $ | (3.93 | ) | $ | (4.11 | ) | $ | (18.19 | ) | ||||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE | 18,719,433 | 5,265,467 | 12,927,717 | 4,356,665 | ||||||||||||
GAUZY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(U.S. dollars in thousands, except share data)
| December 31 | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 5,615 | $ | 4,575 | ||||
| Restricted cash | 119 | 130 | ||||||
| Trade receivables, net of allowance for credit losses of | 24,358 | 19,671 | ||||||
| Institutions | 4,227 | 6,926 | ||||||
| Inventories | 15,876 | 13,174 | ||||||
| Other current assets | 4,413 | 2,045 | ||||||
| TOTAL CURRENT ASSETS | 54,608 | 46,521 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Restricted long-term bank deposit | 139 | 127 | ||||||
| Restricted investment in marketable securities | 3,215 | 1,932 | ||||||
| Operating lease right of use assets | 10,515 | 12,377 | ||||||
| Property and equipment, net | 27,461 | 20,530 | ||||||
| Other non-current assets | 2,707 | 1,000 | ||||||
| Intangible assets: | ||||||||
| Customer relationships | 12,081 | 13,917 | ||||||
| Technology | 3,589 | 5,698 | ||||||
| Goodwill | 20,282 | 21,550 | ||||||
| Other intangible asset | 3,648 | 4,292 | ||||||
| TOTAL NON-CURRENT ASSETS | 83,637 | 81,423 | ||||||
| TOTAL ASSETS | $ | 138,245 | $ | 127,944 | ||||
| December 31 | ||||||||
| 2024 | 2023 | |||||||
| Liabilities, redeemable convertible preferred shares and capital deficiency | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Short-term borrowing and current maturities of bank loans | $ | 3,353 | $ | 4,146 | ||||
| Short-term loan relating to factoring arrangements | 13,184 | 10,032 | ||||||
| Trade payables | 18,130 | 13,989 | ||||||
| Employee related obligations | 8,887 | 8,745 | ||||||
| Accrued expenses | 5,805 | 6,767 | ||||||
| Deferred revenues | 883 | 742 | ||||||
| Current maturities of operating lease liabilities | 2,315 | 2,494 | ||||||
| Current maturities of finance lease liabilities | 45 | 240 | ||||||
| Acquisition earn-out liability | - | 2,997 | ||||||
| Current maturities of long-term debt measured under the fair value option | - | 14,286 | ||||||
| Warrants and phantom warrants to purchase ordinary shares | 206 | - | ||||||
| Other current liabilities (including | 3,920 | 448 | ||||||
| TOTAL CURRENT LIABILITIES | 56,728 | 64,886 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term debt measured under the fair value option (including | 17,777 | 30,841 | ||||||
| Convertible loans (CLAs) measured under the fair value option (including | - | 55,940 | ||||||
| Long-term bank loans | 4,128 | 7,850 | ||||||
| Warrants and phantom warrants to purchase preferred shares | - | 21,566 | ||||||
| Operating lease liabilities | 7,528 | 9,112 | ||||||
| Finance lease liabilities | 43 | 96 | ||||||
| Long-term Employee related obligations | 1,416 | 1,868 | ||||||
| Employee rights upon retirement | 1,347 | 1,208 | ||||||
| Other long-term liabilities | 948 | 931 | ||||||
| TOTAL LONG-TERM LIABILITIES | 33,187 | 129,412 | ||||||
| COMMITMENTS AND CONTINGENT LIABILITIES (see Note 11) | ||||||||
| TOTAL LIABILITIES | $ | 89,915 | $ | 194,298 | ||||
| REDEEMABLE CONVERTIBLE PREFERRED SHARES: | ||||||||
| Convertible Preferred Shares A, A-1, A-2 and A-3 (hereafter “Preferred Shares A”) (NIS 0.23 par value per share, 0 and 3,671,937 shares authorized as of December 31, 2024 and, 2023, 0 and 2,192,611 issued and outstanding as of December 31, 2024 and, 2023, respectively); | ||||||||
| Convertible Preferred Shares B (NIS 0.23 par value per share, 0 and 439,091 shares authorized as of December 31, 2023 and 2024, 0 and 333,366 issued and outstanding as of December 31, 2024, and 2023, respectively) ; | ||||||||
| Convertible Preferred Shares C (NIS 0.23 par value per share, 0 and 2,195,457 shares authorized as of December 31, 2024 and 2023, 0 and 590,059 issued and outstanding as of December 31, 2024 and 2023, respectively; aggregate liquidation preference of | ||||||||
| Convertible Preferred Shares D (NIS 0.23 par value per share, 0 and 2,195,457 shares authorized as of December 31, 2024 and 2023, respectively, 0 and 1,587,881 issued and outstanding as of December 31, 2024 and 2023, respectively; aggregate liquidation preference of | ||||||||
| TOTAL REDEEMABLE CONVERTIBLE PREFERRED SHARES | - | $ | 70,537 | |||||
| SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY): | ||||||||
| Ordinary shares (49,200,191 and 16,987,315 shares authorized as of December 31, 2024 and 2023 respectively; 18,720,287 and 5,276,184 shares issued and outstanding as of December 31, 2024 and 2023) | 865 | 320 | ||||||
| Additional paid-in capital | 275,390 | 35,134 | ||||||
| Other comprehensive loss | (2,913 | ) | (515 | ) | ||||
| Accumulated deficit | (225,012 | ) | (171,830 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY): | $ | 48,330 | $ | (136,891 | ) | |||
| TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY): | $ | 138,245 | $ | 127,944 | ||||
GAUZY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in thousands)
| Year ended December 31 | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (53,182 | ) | $ | (79,267 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 6,676 | 5,711 | ||||||
| Loss from sale of property and equipment | 217 | 203 | ||||||
| Unrealized losses (gains) on marketable securities | (1,287 | ) | 1,655 | |||||
| Share-based compensation | 6,607 | 2,567 | ||||||
| Earn-out liability Revaluation | (23 | ) | 747 | |||||
| Non-cash financial expenses | 16,130 | 39,489 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Trade receivables | (5,928 | ) | (5,395 | ) | ||||
| Institutions | 640 | (311 | ) | |||||
| Other current assets | 160 | (1,356 | ) | |||||
| Inventories | (3,325 | ) | (2,271 | ) | ||||
| Operating lease right of use assets | 2,378 | 2,532 | ||||||
| Other non-current assets | (76 | ) | 8 | |||||
| Trade payables | 4,954 | 1,909 | ||||||
| Accrued expenses | (1,746 | ) | 2,874 | |||||
| Payment of Earn-Out | (2,974 | ) | (344 | ) | ||||
| Other current liabilities | 579 | 55 | ||||||
| Other long-term liabilities | 61 | 497 | ||||||
| Employee related obligations | 159 | 3,828 | ||||||
| Employee rights upon retirement | 192 | 88 | ||||||
| Deferred revenues | 164 | (1,703 | ) | |||||
| Operating lease liabilities | (2,281 | ) | (2,631 | ) | ||||
| Net cash used in operating activities | (31,905 | ) | (31,115 | ) | ||||
| CASH FLOWS FROM INVESTMENT ACTIVITIES: | ||||||||
| Purchases of property and equipment | (11,616 | ) | (5,929 | ) | ||||
| Proceeds from sale of property and equipment | 161 | - | ||||||
| Purchase of IP | - | (4,500 | ) | |||||
| Investment in long-term deposits | - | (194 | ) | |||||
| Net cash used in investing activities | (11,455 | ) | (10,623 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from initial public offering | 75,000 | - | ||||||
| Offering costs | (8,665 | ) | - | |||||
| Proceeds from issuance of convertible loans | 11,750 | 27,225 | ||||||
| Payments in respect of bank borrowings | (3,685 | ) | (1,829 | ) | ||||
| Payment of Earn-out liability | - | (1,323 | ) | |||||
| Settlement of other current liability | (200 | ) | - | |||||
| Settlement of Phantom warrants | (2,813 | ) | - | |||||
| Proceeds from exercise of options into ordinary shares | 12 | 2 | ||||||
| Proceeds from issuance of redeemable convertible preferred shares | - | 1,316 | ||||||
| Proceeds in respect of bank borrowings | - | 114 | ||||||
| Proceeds from short term loan relating to factoring arrangements, net | 3,889 | 2,159 | ||||||
| Proceeds from long-term debt measured under the fair value option | 29,149 | 19,750 | ||||||
| Payments of long-term debt measured under the fair value option | (59,657 | ) | (5,400 | ) | ||||
| Finance lease payments | (213 | ) | (325 | ) | ||||
| Net cash provided by financing activities | 44,567 | 41,689 | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 1,207 | (49 | ) | |||||
| TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (178 | ) | 58 | |||||
| BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | 4,705 | 4,696 | ||||||
| BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 5,734 | $ | 4,705 | ||||
GAUZY LTD.
SEGMENT REVENUE AND GROSS PROFIT
(Unaudited)
(U.S. dollars in thousands)
| Three months ended December 31, 2024 | ||||||||||||||||||||
| Aeronautics | Architecture | Automotive | Safety tech | Total | ||||||||||||||||
| Revenues from external customers | $ | 13,391 | $ | 4,077 | $ | 656 | $ | 13,007 | $ | 31,131 | ||||||||||
| Cost of revenue | 6,393 | 2,486 | 600 | 9,845 | 19,324 | |||||||||||||||
| Depreciation and amortization | 152 | 57 | 58 | 174 | 441 | |||||||||||||||
| Gross profit (loss) | $ | 6,846 | $ | 1,534 | $ | (2 | ) | $ | 2,988 | $ | 11,366 | |||||||||
| Three months ended December 31, 2023 | ||||||||||||||||||||
| Aeronautics | Architecture | Automotive | Safety tech | Total | ||||||||||||||||
| Revenues from external customers | $ | 10,570 | $ | 3,093 | $ | 769 | $ | 7,518 | $ | 21,950 | ||||||||||
| Cost of revenue | 6,257 | 2,054 | 672 | 6,431 | 15,413 | |||||||||||||||
| Depreciation and amortization | 93 | 48 | - | 132 | 273 | |||||||||||||||
| Gross profit (loss) | $ | 4,221 | $ | 991 | $ | 97 | $ | 956 | $ | 6,264 | ||||||||||
| Twelve months ended December 31, 2024 | ||||||||||||||||||||
| Aeronautics | Architecture | Automotive | Safety tech | Total | ||||||||||||||||
| Revenues from external customers | $ | 41,380 | $ | 13,173 | $ | 3,333 | $ | 45,641 | $ | 103,527 | ||||||||||
| Cost of revenue | 22,858 | 8,565 | 3,883 | 36,412 | 71,718 | |||||||||||||||
| Depreciation and amortization | 970 | 196 | 58 | 844 | 2,068 | |||||||||||||||
| Gross profit (loss) | $ | 17,552 | $ | 4,412 | $ | (608 | ) | $ | 8,385 | $ | 29,741 | |||||||||
| Twelve months ended December 31, 2023 | ||||||||||||||||||||
| Aeronautics | Architecture | Automotive | Safety tech | Total | ||||||||||||||||
| Revenues from external customers | $ | 33,829 | $ | 12,613 | $ | 1,835 | $ | 29,703 | $ | 77,980 | ||||||||||
| Cost of revenue | 21,246 | 8,498 | 1,967 | 24,281 | 55,992 | |||||||||||||||
| Depreciation and amortization | 1,030 | 177 | - | 840 | 2,047 | |||||||||||||||
| Gross profit (loss) | $ | 11,553 | $ | 3,938 | $ | (132 | ) | $ | 4,582 | $ | 19,941 | |||||||||
GAUZY LTD.
RECONCILIATION OF U.S. GAAP NET LOSS TO NON-GAAP ADJUSTED NET LOSS
(unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| (in thousands of USD) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net Loss | $ | (11,351 | ) | (20,677 | ) | $ | (53,182 | ) | (79,267 | ) | ||||||
| Other financial (income) expenses | $ | 4,050 | 7,357 | $ | 10,795 | 33,629 | ||||||||||
| Purchase price accounting amortization | $ | 746 | 745 | $ | 3,246 | 3,320 | ||||||||||
| Acquisition related costs and debt raising costs | $ | 424 | 1,430 | $ | 2,796 | 1,890 | ||||||||||
| Non-cash fair value adjustments(1) | $ | - | (753 | ) | $ | (23 | ) | 747 | ||||||||
| One-time expenses and project costs | $ | 234 | - | $ | 143 | 116 | ||||||||||
| Equity-based compensation expense | $ | 2,261 | 594 | $ | 6,607 | 2,567 | ||||||||||
| Doubtful debt expenses(2) | $ | (40 | ) | 135 | $ | 358 | 234 | |||||||||
| Adjusted Net loss | $ | (3,676 | ) | (11,169 | ) | $ | (29,260 | ) | (36,765 | ) | ||||||
| (1) | One-time expenses related to the Earn Out Agreement with the Sellers. | |
| (2) | Doubtful debt expenses related to accounts receivable that we do not expect to collect; such amounts are not included in our net trade receivables. | |
GAUZY LTD.
RECONCILIATION OF U.S. GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
(unaudited)
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| (in thousands of USD) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (11,351 | ) | (20,677 | ) | $ | (53,182 | ) | (79,267 | ) | |||||||
| Income tax expenses (income) | $ | 30 | 148 | $ | 62 | 183 | |||||||||||
| Financial (income) expenses, net | $ | 6,670 | 11,826 | $ | 22,314 | 47,122 | |||||||||||
| Depreciation and amortization | $ | 1,969 | 1,257 | $ | 6,676 | 5,711 | |||||||||||
| EBITDA | $ | (2,682 | ) | (7,446 | ) | $ | (24,130 | ) | (26,251 | ) | |||||||
| Acquisition related costs and debt raising costs | $ | 424 | 1,430 | $ | 2,796 | 1,890 | |||||||||||
| Non-cash fair value adjustments(1) | $ | - | (753 | ) | $ | (23 | ) | 747 | |||||||||
| One-time expenses and project costs | $ | 234 | - | $ | 143 | 116 | |||||||||||
| Equity-based compensation expense | $ | 2,261 | 594 | $ | 6,607 | 2,567 | |||||||||||
| Doubtful debt expenses(2) | $ | (40 | ) | 135 | $ | 358 | 234 | ||||||||||
| Adjusted EBITDA | $ | 197 | (6,040 | ) | $ | (14,249 | ) | (20,697 | ) | ||||||||
| Net Loss Margin | -36 | % | -94 | % | -51 | % | -102 | % | |||||||||
| Adjusted EBITDA Margin | 0.6 | % | -28 | % | -14 | % | -27 | % | |||||||||
| (1) | One-time expenses related to the Earn Out Agreement with the Sellers. |
| (2) | Doubtful debt expenses related to accounts receivable that we do not expect to collect; such amounts are not included in our net trade receivables. |
Contacts
Media:
Brittany Kleiman Swisa
Gauzy Ltd.
press@gauzy.com
Investors:
Dan Scott, ICR Inc.
ir@gauzy.com
FAQ
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