Gauzy Ltd. provided preliminary revenue estimates for the third quarter of 2024 and guidance for the fourth quarter regarding the company's production capabilities and financial outlook.
Key points
- Production Expansion: Added a second production shift at the Lyon, France, facility to boost capacity. Agreement reached with the workers’ union to facilitate this expansion.
- Financial Performance: For Q3 2024, the expected revenue range is $23.0 million to $23.5 million, representing a 24% growth from the same quarter in 2023 ($18.7 million). For Q4 2024, the expected revenue range is $28 million to $34 million, representing a 41% growth from fourth quarter in 2023 ($22.0 million).
- Demand & Backlog: Strong demand particularly noted in the Aeronautics segment. Approximately $4 million of shipments delayed from Q3 are scheduled for Q4, with the remainder in 2025. Backlog continues to grow, reflecting demand for Gauzy’s products.
- Future Outlook: The company expresses optimism for growth and expansion, highlighting a diversified customer base and technological advancements, including partnerships with notable companies like Ferrari and a focus on AI-powered technology.
“Strong demand for our cutting-edge vision and light control technologies continued in the third quarter,” says Eyal Peso, co-founder and CEO, Gauzy. “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 $4 million 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.”
