Gauzy sees Q3 revenue $23M-$23.5M vs. $18.7M lat year

Third quarter 2024 revenues are expected to be in a range of $23M to $23.5M compared to $18.7M in the third quarter 2023, equating to approximately 24% growth at the midpoint. For the fourth quarter 2024, revenue is expected to be in a range of $28M to $34M compared to $22M in the fourth quarter 2023, equating to approximately 41% growth at the midpoint. “Strong demand for our cutting-edge vision and light control technologies continued in the third quarter,” commented Eyal Peso, Gauzy (GAUZ) Co-Founder and Chief Executive Officer. “The timing of shipments to meet the demand in our Aeronautics segment was limited by our production capacity, particularly in Europe, which we have expanded by agreeing with our workers’ union to add a second shift going forward. We expect approximately $4M of those initially scheduled third quarter shipments to be delivered in the fourth quarter, and the balance in 2025. Our backlog continued to expand in October, reflecting the robust demand for our products. Our team is energized to deliver on this accelerating momentum into 2025.” Mr. Peso continued, “We continue to expand our customer base and technological offerings, as evidenced by our recent announcements regarding Ferrari, the Capital District Transportation Authority of New York, and our next generation AI-powered ADAS for commercial trucks. We are highly excited for the future and the progress we are making to deliver superior results and shareholder value.”