Financial Performance - Fourth quarter revenue reached $31.1 million, a 41.8% increase from $22.0 million in the prior year quarter[4] - Full-year sales surpassed $103.5 million, reflecting a 32.8% growth compared to $78.0 million in 2023[4] - The net loss for the fourth quarter narrowed to $11.4 million, down from a net loss of $20.7 million in the prior year[4] - Net loss for the year ended December 31, 2024, was $53,182 thousand, an improvement from a net loss of $79,267 thousand in 2023, representing a 32.8% reduction[35] - Total revenues for the twelve months ended December 31, 2024, reached $103,527 thousand, up from $77,980 thousand in 2023, indicating a growth of 32.8%[38] Profitability Metrics - Adjusted EBITDA for the fourth quarter was positive at $0.2 million, compared to a loss of $6.0 million in the prior year quarter[10] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $(14,249) thousand, an improvement from $(20,697) thousand in 2023[42] - The company reported an operating loss of $4,455,000 for Q4 2024, an improvement from a loss of $8,728,000 in Q4 2023[29] - The company reported a net loss margin of -36% for the three months ended December 31, 2024, compared to -94% in the same period of 2023[42] Revenue Growth - The Safety-Tech division reported a revenue increase of 73.0% in Q4 2024, reaching $13.0 million compared to $7.5 million in the prior year[11] - Revenues for Q4 2024 increased to $31,131,000, a 42.1% growth compared to $21,950,000 in Q4 2023[29] - Revenues from the Aeronautics segment for the three months ended December 31, 2024, were $13,391 thousand, up from $10,570 thousand in the same period of 2023, a growth of 26.0%[38] Customer Retention and Backlog - Over 80% of 2024 sales were from recurring customers, highlighting strong customer retention[5] - The company has a contracted backlog of at least $409 million, contributing to a projected revenue pipeline exceeding $1 billion over the next ten years[5] Liquidity and Assets - Total liquidity as of December 31, 2024, was $40.6 million, including $5.6 million in cash and $35.0 million in undrawn credit facilities[15] - Cash and cash equivalents increased to $5,615,000 in 2024 from $4,575,000 in 2023, a growth of 22.7%[31] - Cash and cash equivalents at the end of the year increased to $5,734 thousand from $4,705 thousand at the beginning of the year[36] - Total current assets rose to $54,608,000 in 2024, compared to $46,521,000 in 2023, reflecting a 17.9% increase[31] - Total non-current assets increased to $83,637,000 in 2024 from $81,423,000 in 2023, a growth of 2.7%[31] Cost and Expenses - The cost of revenue for the twelve months ended December 31, 2024, was $71,718 thousand, compared to $55,992 thousand in 2023, reflecting a 28.2% increase[38] - Research and development expenses for the twelve months ended December 31, 2024, were $17,590,000, up from $16,035,000 in 2023, indicating a 9.7% increase[29] Debt and Liabilities - Total liabilities decreased significantly to $89,915,000 in 2024 from $194,298,000 in 2023, a reduction of 53.7%[32] - The company’s accumulated deficit grew to $225,012,000 in 2024 from $171,830,000 in 2023, reflecting a 30.9% increase[32] Future Outlook - The company expects 2025 revenue to be between $130 million and $140 million, indicating approximately 30% growth compared to 2024[16]
Gauzy Ltd.(GAUZ) - 2024 Q4 - Annual Report