Gauzy Ltd. reported its financial results for the third quarter ended September 30, 2024, on November 12, 2024, with revenues reaching $23.0 million. This represents a 24.6% increase compared to $18.7 million in the prior year's third quarter, driven by broad-based strength across its segments.
Gross profit for the quarter was $7.0 million, an 11.1% increase from $6.3 million in Q3 2023, though gross margin decreased to 30.4% from 33.7%. The company's Adjusted net loss narrowed to $7.0 million from $7.5 million in the prior year period, indicating progress towards improved profitability.
Adjusted EBITDA for Q3 2024 was negative $4.8 million, compared to negative $3.9 million in Q3 2023. Gauzy reaffirmed its fourth-quarter 2024 guidance range of $28 million to $34 million in revenue, and highlighted continued expansion of its backlog, signaling ongoing demand for its products.
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