Business
Gauzy Ltd. Announces Strong Second Quarter 2024 Results
Delivers Revenues at Higher End of Previously Announced Expectations Aeronautics, Safety Tech and Automotive Demand Drove Strong Double-Digit Growth Robust
About this update from Gauzy Ltd.
[{"type":"text","content":"Delivers Revenues at Higher End of Previously Announced Expectations Aeronautics, Safety Tech and Automotive Demand Drove Strong Double-Digit Growth Robust Year-to-Date Results and Solid Customer Order Book Reinforce Encouraging Growth Outlook TEL AVIV, Israel, Aug. 08, 2024 (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 second quarter and first half ended June 30, 2024. Second Quarter 2024 Highlights (Compared to Second Quarter 2023) Revenues of $24.4 million increased 22.4% compared to $19.9 millionGross margin of 27.0% improved 680 basis points compared to 20.2%Net loss of $23.1 million compared to a net loss of $18.8 millionNon-GAAP Adjusted net loss of $7.8 million compared to an adjusted net loss of $8.9 millionStrengthened balance sheet with $63.7 million of cash and equivalents at quarter endCompleted initial public offering in June 2024 and began trading on Nasdaq “We are a global leader of vision and light control technologies, from R&D through manufacturing our products at scale, providing customers with cutting edge solutions across a wide range of end markets”, commented Eyal Peso, Gauzy Co-Founder and Chief Executive Officer. “From cockpit and cabin shading in commercial and business aircraft from some of the world's largest OEMs, to replacing mirrors with advanced driver assistance systems on complete transportation systems in entire cities, to glass technologies that improve energy efficiency from cars to buildings, we are aiming to revolutionize mobility and architectural end markets with products that have a meaningful impact on safety and sustainability.” “We are driving impressive backlog growth year-to-date across a diverse range of end markets,” Mr. Peso continued. “During the quarter, we were incredibly pleased to increase our market share of global aircraft cockpit shading to 95% for commercial airlines and business jets, expand deployment of our Smart Vision ADAS/CMS system to the transportation systems in over 80 major global metro areas, and exceed 1,000 combined customers across our four segments.” Mr. Peso concluded, “The strong results we delivered for the second quarter of 2024 exceeded our expectations, building on the momentum we brought to our initial public offering in ...