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Gauzy Ltd. Announces Second Quarter 2025 Results

Record Backlog Purchase Orders of $42.9 Million at Quarter End

Highly Anticipated New Product Lines Announced; Includes Commercial Aircraft Cabin Shading, ADAS Smart Vision for Buses, and Pre-Fabricated Stacks for Smart Glass

New Strategic Customers Secured in Architecture, Aeronautics and Safety Tech

Closed on $15 Million of Debt Financing with Mizrahi Bank, Israel’s Third Largest Bank, Including $5 Million in July

Reaffirms 2025 Guidance

TEL-AVIV, Israel and NEW YORK, Aug. 13, 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 second quarter ended June 30, 2025.

Second Quarter 2025 Highlights (Compared to Second Quarter 2024)

  • Revenues of $20.1 million, compared to $24.4 million
  • Gross margin of 21.4%, compared to 27.0%
  • Net loss of $10.7 million compared to a net loss of $23.1 million
  • Adjusted EBITDA1 of ($8.7) million compared to ($3.9) million
  • Purchase order backlog of $42.9 million compared $36.2
  • Total available liquidity of $36.2 million, including cash of $1.2 million and $35.0 million undrawn credit facility at quarter end

Six Months 2025 Highlights (Compared to Six Months 2024)

  • Revenues of $42.4 million, compared to $49.1 million
  • Gross margin of 23.6%, compared to 26.1%
  • Net loss of $21.5 million compared to a net loss of $36.3 million
  • Adjusted EBITDA1 of ($14.1) million compared to ($8.7) million

1 Adjusted net loss and Adjusted EBITDA are financial measures that are not required by, or presented in accordance with, U.S. GAAP. Please see Annex A of this release for a reconciliation of Adjusted net loss to net loss and Adjusted EBITDA to net income (loss), the most directly comparable financial measures stated in accordance with GAAP for each of the periods presented. 

“We were pleased to see solid momentum with our multi-year contracted backlog of purchase orders growing to a record $42.9 million at quarter end alongside several key business milestones that strengthen our overall competitive position,” commented Eyal Peso, Gauzy Co-Founder and Chief Executive Officer. “Our customer General Motors has begun delivering Cadillacs with the largest ever smart glass panel in a vehicle that uses our SPD technology, marking another milestone in the EV sector. We launched a breakthrough smart glass product, a prefabricated smart glass stack, that will accelerate automotive OEM adoption of dynamic glazing. Additionally, we are expanding into the strategic high margin marine market following successful installation of our technology at the MSC terminal in Miami, and we are supporting commercial spaces for some of the biggest brands in the world, like Moderna.”

“Importantly, we have seen some customers more than double orders for the year during the second quarter, and demand remains strong, however dynamics in the timing of our shipments are reflected in our results," Peso continued. “In light of that, we expect our full year results to be heavily weighted towards the second half.”

Peso concluded, “We have a stronger balance sheet and record backlog that put us on firm footing into the second half. We are reaffirming our full year guidance, reflecting our confidence in our ability to execute on the substantial opportunities ahead. My conviction in Gauzy’s strategic direction and growth remains as strong as ever, as evidenced by the significant purchase of shares I made during the quarter. We look forward to delivering on our goals and creating exceptional shareholder value.”

Top Business Milestones and Accomplishments Since Last Earnings Release

  • First customer deliveries of General Motors' Cadillac CELESTIQ with industry's largest Smart Glass panel with Gauzy SPD
  • Launched its prefabricated Smart Glass Stack, accelerating automotive smart glazing Adoption by Tier 1s and OEMs
  • Expansion into strategic, high margin marine sector including nine marine contracts to date
  • New major cities equipped with Smart-Vision ADAS on bus fleets now include Manchester, U.K. and Strasbourg, France
  • Major companies like Moderna choose Gauzy LCG® smart glass for commercial spaces and company headquarters
  • New products to be launched and revealed include AI-Powered ADAS Smart-Vision for Buses, and commercial cabin shading in Aeronautics
  • CEO purchased 210,000 shares during second quarter as previously announced

Second Quarter 2025 Results

Revenues for the second quarter were $20.1 million compared to $24.4 million in the prior year quarter. The difference was primarily driven by multiple segments experiencing shifts in the timing of deliveries, which are not expected to impact full year deliveries.

Gross profit for the second quarter was $4.3 million compared to $6.6 million in the prior year quarter. Gross margin for the second quarter was 21.4% compared to 27.0% in the prior year quarter, primarily attributable to lower revenues over a fixed cost base, particularly in Aeronautics.

Total operating expenses for the second quarter were $16.8 million, compared to $14.5 million in the prior year quarter, mainly due to higher corporate expenses associated with being a public company versus a private company during the same quarter last year, as well as higher D&A and R&D.

Net loss for the second quarter was $10.7 million compared to $23.1 million in the prior year quarter, mainly due to a decrease in financial expenses and interest expense, partially offset by an increase in total operating expenses and a decrease in gross profit.

Adjusted EBITDA for the second quarter was ($8.7) million compared to ($3.9) million in the prior year quarter, primarily driven by the same factors outlined above for gross profit and operating expenses.

Segment Performance
(U.S. dollars in thousands)

    Second Quarter 2025
    Aeronautics     Architecture     Automotive     Safety tech     Total
Revenues from external customers   $ 6,862     $ 2,489     $ 1,406     $ 9,297     $ 20,054
Gross profit (loss)   $ 1,576     $ 843     $ 220     $ 1,647     $ 4,286
Gross profit (loss) margin     23.0%       33.9%       15.6%       17.7%       21.4%
    Second Quarter 2024
    Aeronautics     Architecture     Automotive     Safety tech     Total
Revenues from external customers   $ 10,045     $ 2,625     $ 912     $ 10,827     $ 24,409
Gross profit (loss)   $ 3,753     $ 916     $ (148)     $ 2,071     $ 6,592
Gross profit (loss) margin     37.4%       34.9%       (16.2)%       19.1%       27.0%
                                       

Balance Sheet, Liquidity and Cash Flow

As of June 30, 2025, the Company had total liquidity of $36.2 million, including $1.2 million of cash and cash equivalents and $35.0 million of available capacity under its undrawn credit line. At quarter-end total debt was $53.0 million, including $9.2 million of short-term receivable financings. During the quarter the Company closed on $10 million of debt financing with Mizrahi Bank, Israel’s third largest bank, and subsequent to quarter end expanded borrowings by an additional $5 million under similar terms with Mizrahi Bank, further enhancing liquidity. The Company remains committed to funding the business through non-dilutive capital sources and expected future cash flows.

Guidance

The Company continues to expect full year revenue to be in the range of $130 million to $140 million. Based on the benefit of scale, favorable operating leverage and strong recurring revenue base, the Company expects Adjusted EBITDA to be positive for the full year 2025.

Conference Call and Webcast:

Gauzy will host a conference call and webcast to discuss its results for the second quarter ended June 30, 2025 and other information related to its business at 8:30 a.m. Eastern Daylight Time on Wednesday, August 13, 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 1112120.

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 Germany, France, the United States, Canada, China, Singapore, and the United Arab Emirates. Gauzy serves leading brands across aeronautics, automotive, and architecture in over 60 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. 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.

 
GAUZY LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)

(U.S. dollars in thousands, except share data)
 
    Three months ended
June 30
    Six months ended
June 30
 
    2025     2024     2025     2024  
                         
REVENUES   $ 20,054     $ 24,409     $ 42,421     $ 49,138  
Cost of revenues (exclusive of depreciation and amortization)     15,249       17,323       31,386       35,330  
Depreciation and amortization     519       494       1,017       1,001  
TOTAL COST OF REVENUES     15,768       17,817       32,403       36,331  
GROSS PROFIT     4,286       6,592       10,018       12,807  
Research and development expenses (exclusive of depreciation and amortization reflected below)     4,868       4,131       8,325       8,512  
General and administrative expenses (exclusive of depreciation and amortization reflected below)     6,076       5,271       11,773       11,400  
Sales and marketing expenses (exclusive of depreciation and amortization reflected below)     4,142       4,153       7,811       8,443  
Depreciation and amortization     1,710       1,021       3,312       2,042  
Other expenses (change in fair value of contingent consideration)     -       (63 )     -       (38 )
TOTAL OPERATING EXPENSES     16,796       14,513       31,221       30,359  
OPERATING LOSS     (12,510 )     (7,921 )     (21,203 )     (17,552 )
OTHER INCOME     -       130       -       130  
INTEREST EXPENSES     (2,302 )     (3,212 )     (4,182 )     (7,659 )
OTHER FINANCIAL INCOME (EXPENSES)     4,092       (12,062 )     3,942       (11,169 )
FINANCIAL INCOME (EXPENSES), net (including amount reclassified from OCI reserve)     1,790       (15,274 )     (240 )     (18,828 )
LOSS BEFORE INCOME TAX     (10,720 )     (23,065 )     (21,443 )     (36,250 )
INCOME TAX     16       (22 )     71       (84 )
LOSS FOR THE PERIOD   $ (10,736 )   $ (23,087 )   $ (21,514 )   $ (36,334 )
OTHER COMPREHENSIVE LOSS, net of tax                                
NET ACTUARIAL GAIN (LOSS)     (65 )     (27 )     64       208  
FOREIGN CURRENCY TRANSLATION LOSS     (296 )     (401 )     (313 )     (988 )
RECLASSIFICATION OF FAIR VALUE GAIN ON CHANGES OF OWN CREDIT RISK     -       4,873       -       4,317  
FAIR VALUE GAIN (LOSS) ON CHANGES OF OWN CREDIT RISK     (10,586 )     (329 )     (10,244 )     (5,394 )
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)     (10,947 )     4,116       (10,493 )     (1,857 )
NET COMPREHENSIVE LOSS   $ (21,683 )   $ (18,971 )   $ (32,007 )   $ (38,191 )
LOSS PER SHARE BASIC AND DILUTED   $ (0.57 )   $ (2.60 )   $ (1.15 )   $ (5.14 )
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE     18,738,657       8,869,691       18,732,196       7,072,950  
 


GAUZY LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(U.S. dollars in thousands, except share data)
 
    June 30,     December 31,  
    2025     2024  
Assets            
CURRENT ASSETS:            
Cash and cash equivalents   $ 1,235     $ 5,615  
Restricted cash     130       119  
Trade receivables, net of allowance for credit losses of $1,566 and $1,262 as of June 30, 2025 and December 31, 2024, respectively     16,991       24,358  
Institutions     4,598       4,227  
Inventories     17,397       15,876  
Other current assets     6,101       4,413  
TOTAL CURRENT ASSETS     46,452       54,608  
                 
NON-CURRENT ASSETS:                
Restricted long term bank deposit     151       139  
Restricted investment in marketable securities     3,096       3,215  
Operating lease right of use assets     10,742       10,515  
Property and equipment, net     31,085       27,461  
Other non-current assets     2,997       2,707  
Intangible assets:                
Customer relationships     13,046       12,081  
Technology     3,054       3,589  
Goodwill     22,854       20,282  
Other intangible asset     3,329       3,648  
TOTAL NON-CURRENT ASSETS     90,354       83,637  
TOTAL ASSETS   $ 136,806     $ 138,245  
             
Liabilities, and shareholder’s equity            
CURRENT LIABILITIES:            
Short-term borrowing and current maturities of bank loan   $ 8,608     $ 3,353  
Short-term loan relating to factoring arrangements     9,237       13,184  
Trade payables     24,441       18,130  
Employee related obligations     12,163       8,887  
Accrued expenses     8,713       5,805  
Deferred revenues     1,246       883  
Current maturities of operating lease liabilities     2,601       2,315  
Current maturities of finance lease liabilities     25       45  
Warrants and phantom warrants to purchase ordinary shares     276       206  
Other current liabilities (including $0 and $890 due to related parties as of June 30, 2025 and December 31, 2024, respectively)     3,564       3,920  
TOTAL CURRENT LIABILITIES     70,874       56,728  
LONG-TERM LIABILITIES:                
Long-term debt measured under the fair value option     27,357       17,777  
Long-term bank loan     7,820       4,128  
Operating lease liabilities     7,593       7,528  
Finance lease liabilities     39       43  
Long-term employee related obligations     151       1,416  
Employee rights upon retirement     1,384       1,347  
Other long-term liabilities (including $1,770 and $0 due to related parties as of June 30, 2025 and December 31, 2024, respectively)     3,728       948  
TOTAL LONG-TERM LIABILITIES     48,072       33,187  
COMMITMENTS AND CONTINGENT LIABILITIES                
TOTAL LIABILITIES   $ 118,946     $ 89,915  
             
SHAREHOLDERS’ EQUITY:            
Ordinary shares (No par value per shares, 34,930,909 and NIS 0.23 par value per shares 14,269,282 shares authorized as of June 30, 2025 and December 31, 2024 ; 18,743,137 and 18,720,287  shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively)     865       865  
Additional paid-in capital     276,927       275,390  
Other comprehensive loss     (13,406 )     (2,913 )
Accumulated deficit     (246,526 )     (225,012 )
TOTAL SHAREHOLDERS’ EQUITY   $ 17,860     $ 48,330  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 136,806     $ 138,245  
                 


(*) Following the IPO and as of June 30, 2025, the authorized share capital of the Company is 49,200,191 ordinary shares with no par value
   


GAUZY LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(U.S. dollars in thousands)
 
       
    Six months ended  
June 30,
    2025     2024  
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net loss   $ (21,514 )   $ (36,334 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
Depreciation and amortization     4,329       3,043  
Gain (loss) from sale and sale of property and equipment, net     -       (16 )
Unrealized losses (gains) on restricted marketable securities     128       (1,525 )
Share-based compensation     1,970       3,324  
Earn-out liability Revaluation     -       (38 )
Non-cash financial expenses (income)     (1,252 )     18,075  
Changes in operating assets and liabilities:                
Trade receivables     9,391       (1,248 )
Other current assets     (1,510 )     (103 )
Institutions     133       (1,408 )
Inventories     225       (1,872 )
Operating lease assets     1,098       1,115  
Other non-current assets     39       41  
Trade payables     4,196       3,756  
Accrued expenses     2,106       11  
Payment of Earn-out     -       (2,210 )
Other current liabilities     (6,170 )     (317 )
Other long-term liabilities     2,621       (207 )
Employee related obligations     1,072       1,326  
Employee rights upon retirement     69       63  
Deferred revenues     302       (101 )
Operating lease liabilities     (1,103 )     (1,038 )
Net cash used in operating activities     (3,870 )     (15,663 )
                 
CASH FLOWS FROM INVESTMENT ACTIVITIES:                
Purchases of property and equipment     (3,648 )     (4,342 )
Proceeds from sale of property and equipment     -       124  
Net cash used in investing activities     (3,648 )     (4,218 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from initial public offering     -       75,000  
Underwriters’ IPO costs     -       (6,750 )
IPO other costs     -       (1,730 )
Proceeds from loans and warrants under the 2025 Loan Agreement     9,900       -  
Payments in respect of bank borrowings     (1,513 )     (1,168 )
Proceeds from exercise of options into ordinary shares     -       12  
Financial lease payments     (39 )     (130 )
Payments to short-term loan relating to factoring arrangements, net     (5,232 )     (1,059 )
Settlement of Phantom warrants     (188 )     (1,500 )
Proceeds from issuance of convertible loans     -       11,750  
Proceeds from long-term debt measured under the fair value option, net     -       29,149  
Repayment of long-term debt measured under the fair value option     -       (24,600 )
Net cash (used in) provided by financing activities     2,928       78,974  
                 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (4,590 )     59,093  
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH     221       (13 )
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD     5,734       4,705  
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD   $ 1,365     $ 63,785  
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH REPORTED IN THE CONSOLIDATED BALANCE SHEETS:                
Cash and cash equivalents   $ 1,235     $ 63,700  
Restricted cash     130       85  
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS   $ 1,365     $ 63,785  
                 
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:                
                 
Right-of-use assets obtained in exchange for lease obligations: Operating leases   $ 343     $ 101  
Conversion of preferred share to Ordinary shares   $ -     $ 70,537  
Conversion of CLAs to Ordinary shares   $ -     $ 69,570  
Exercise of warrants   $ -     $ 443  
Reclass of warrants to Additional paid in capital   $ -     $ 28,225  
IPO costs   $ -     $ 185  
Sale of property and equipment   $ -     $ 67  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                
Interest paid   $ 2,808     $ 1,679  
Income taxes paid   $ 2     $ 16  
                 


 
GAUZY LTD.
SEGMENT REVENUE AND GROSS PROFIT
(Unaudited)
(U.S. dollars in thousands)
 
    For the period of three months ended June 30, 2025
    Aeronautics     Architecture     Automotive     Safety tech     Total
Revenues from external customers   $ 6,862     $ 2,489     $ 1,406     $ 9,297     $ 20,054
Intersegment revenues     -       -       -       -       -
Cost of revenue     5,064       1,584       1,123       7,478       15,249
Depreciation and amortization     222       62       63       172       519
Gross profit   $ 1,576     $ 843     $ 220     $ 1,647     $ 4,286
                                       


    For the period of three months ended June 30, 2024
    Aeronautics     Architecture     Automotive     Safety tech     Total
Revenues from external customers   $ 10,045     $ 2,625     $ 912     $ 10,827     $ 24,409
Intersegment revenues     782       104       -       -       886
Cost of revenue     6,056       1,661       1,060       8,546       17,323
Depreciation and amortization     236       48       -       210       494
Gross profit (loss)   $ 3,753     $ 916     $ (148 )   $ 2,071     $ 6,592
                                       


 
Annex A

Non-GAAP Financial Measures

The following tables show the Company’s non-GAAP financial measures reconciled to the comparable GAAP financial measures included in this release.

GAUZY LTD.
RECONCILIATION OF U.S. GAAP NET LOSS TO NON-GAAP ADJUSTED NET LOSS
(unaudited)
 
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
(in thousands of USD)   2025     2024     2025     2024  
Net Loss   $(10,736 )     (23,087 )   $(21,514 )     (36,334 )
Other financial (income) expenses, net(1)   $(4,092 )     12,062     $(3,942 )     11,169  
Amortization of intangible assets(2)   $778       823     $1,492       1,653  
Acquisition related costs and debt raising costs   $159       852     $243       2,182  
Non-cash fair value adjustments(3)   $-       (193 )   $-       (168 )
One-time expense (income)   $88       -     $209       -  
Equity-based compensation expense   $1,072       1,164     $1,970       3,324  
Doubtful debt expenses(4)   $267       553     $304       389  
Adjusted Net Loss   $(12,464 )     (7,826 )   $(21,238 )     (17,785 )


(1) Expenses related mainly to the valuation of financial instruments, convertible loans, note purchase agreements and investments.
(2) Intangible assets resulted from the acquisition of Vision Lite.  
(3) One-time expenses (income).  
(4) 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
June 30,
    Six Months Ended
June 30,
 
(in thousands of USD)   2025     2024     2025     2024  
Net Loss   $(10,736 )     (23,087 )   $(21,514 )     (36,334 )
Income tax expense (income)   $16       22     $71       84  
Financial (income) expenses, net   $(1,790 )     15,274     $240       18,828  
Depreciation and amortization   $2,229       1,515     $4,329       3,043  
EBITDA   $(10,281 )     (6,276 )   $(16,874 )     (14,379 )
Acquisition related costs and debt raising costs   $159       852     $243       2,182  
Non-cash fair value adjustments(1)   $-       (193 )   $-       (168 )
Equity-based compensation expense   $1,072       1,164     $1,970       3,324  
One-time expense (income)   $88       -     $209       -  
Doubtful debt expenses(2)   $267       553     $304       389  
Adjusted EBITDA   $(8,695) )     (3,900 )   $(14,148) )     (8,652 )
Net Loss Margin   (53.5 )%     (94.6 )%   (50.7 )%     (73.9 )%
Adjusted EBITDA Margin   (43.4 )%     (16.0 )%   (33.4 )%     (17.6 )%
Net cash used in operating activities   (3,307 )     (8,725 )   (3,870 )     (15,663 )
Capital expenditures(3)   (1,929 )     (2,922 )   (3,648 )     (4,342 )
Free Cash Flow   (5,236 )     (11,523 )   (7,518 )     (19,881 )


(1) One-time expenses (income).
(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.
(3) Capital expenditures mainly include expenditures related to leasehold improvements, production line and laboratory equipment, prototypes and intellectual property. See “Liquidity and Capital Resources — Capital Expenditures” below for more information.
   

Contacts

Media:
Brittany Kleiman Swisa
Gauzy Ltd.
press@gauzy.com

Investors:
Dan Scott, ICR Inc.
ir@gauzy.com


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